An industry-first collaboration between the later life lending community has demonstrated the true power of working together towards a common goal.
With various pressures impacting homeowners aged 50-plus, more discussions than ever are happening around how they plan for and enjoy retirement when it comes, along with the growing need to financially support their families. There has never been a better time to open conversations and share ideas and, in doing so, address the challenges they face.
With that in mind, Hodge recently co-hosted a series of free adviser events across the UK called the Later Life Lending Collaboration. This series of interactive events discussed the later life lending sector and provided an opportunity for lenders and brokers alike to share their expertise and knowledge.
At Hodge, we believe collaboration – and education – is crucial.
Recent Hodge research shows 70% of brokers need more education in the later life space. We know education is key, which is why we formed this unique collaboration to give brokers access to lenders who cater across the breadth of the later life market, from affordability-based residential mortgage solutions to lifetime mortgage options.
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Shared conversations and goals
Our collaboration team was made up of later life lenders and distributors including Hodge, LiveMore, Standard Life Home Finance, L&G Home Finance, Family Building Society and Air Mortgage Club.
The thought leadership sessions and the topics discussed were designed to empower the broker to better support their customer’s mortgage journey, enabling them to navigate key life events with confidence and dispel any myths around solutions that may be available to them, opening up business opportunities and professional connections.
Topics of discussion included the importance of comprehensive conversations, the changing face of the over-50s and customer demographics, divorce after 50, the art of intergenerational lending, saving your clients thousands in compound interest and product innovation and advice standards.
Keynote speaker Jon Dunckley, founding director of About Consulting Group and a qualified consultant in psychology, financial services and business management, explored the psychology of the adviser-client relationship and how simple changes can lead to powerful conversations.
He commented: “The later life lending collaboration has been a breath of fresh air. Providers pulling together and working toward a common goal to share insights and knowledge with advisers is, for me, the embodiment of Consumer Duty in action. So much useful information imparted in an engaging and positive environment and so many actionable tips for advisers to better help their customers. It’s been an absolute pleasure to be involved.”
Valuable learnings for later life lending professionals
But don’t just take my word for it.
After the sessions, I asked David Forsdyke, head of later life finance at Knight Frank Finance, if the event had been useful to him. He told me: “I always pick up a few bright gems of information that I would otherwise miss, be it a new product development, a new concept or innovation from a lender, or a new marketing idea. For example, the session on divorce in the over-50s has got me thinking about a new message to take to the various law firms I work with.
“I also got a reminder of some of the good news stories I may have let slip. For example, the intergenerational lending session reminded me of the value and saving that can be found when parents or grandparents contribute to a first-time purchase. It’s something I’ve written about before and this has reminded me to refresh that story in our marketing. There was huge value in connecting and catching up with the people leading the way in our market. It was a chance to voice our thoughts and ‘feel’ the mood in the market. Discussing the challenges, concerns for and opportunities in the over-50s market with the lenders was encouraging.”
These events show that diving into the psychology of the broker and client relationship showcases the need for holistic advice and how important it is to really understand a client’s individual needs. It was a fantastic example of how to showcase the opportunity for professional connections and how working together and sharing ideas can present better outcomes for customers – I want to take this opportunity to thank the fantastic brokers who supported our events throughout the year.
The Later Life Lending Collaboration was a real first in the industry and one that demonstrated perfectly how lenders and distributors can come together to educate brokers.
That education, knowledge and understanding in turn ensures that the customer achieves the best possible outcome that is individual to them. There was so much useful information shared, all of which goes on to better help their customers.
We are so pleased with the positive results that we are planning to continue the journey and will be getting together to plan a series of events for 2025.
