The appointments come ahead of the anticipated launch later this year of a new and innovative lifetime mortgage product from the Pru and signal the company’s commitment to making its presence felt in this market. The lifetime mortgage team will complement Prudential’s existing specialists in the retirement income, investment and protection fields.
The newly appointed team are all ex-Norwich Union. Their remit is to develop Prudential’s relationship with brokers in the lifetime mortgage market and pave the way for the introduction of its new lifetime mortgage product. The new team comprises Mark Spooner, David Taylor and Karen Stallabrass.
Over the last year, Pru has invested heavily in adviser support. Sales support at the Prudential now stands at 175 people – over double that of last year – with four specialist teams.
The Pru recognises the importance of providing access to specialist teams who offer partners technical sales support for complex products, troubleshooting, market information and product innovation. In addition, the teams run conferences, seminars, and workshops designed to improve advisers’ technical knowledge in specialist areas.
It is believed the lifetime mortgage market is set to fundamentally change and grow. Ali Crossley, Director for Lifetime Mortgages at Prudential, comments: “Our lifetime mortgage is being developed with advisers’ needs in mind. We’ve recruited a specialist team because we know our partners appreciate sales support and value good service. Our aim is to make sure advisers have an exemplary experience when dealing with the Pru.”
Pru’s estimates are that the market will grow from £1 billion advanced per annum today to £6.8 billion in 2008. For over-65 year-olds, 66 per cent of their wealth is in their homes, and this is worth up to £693 billion (B&W Deloitte Research).
Prudential research shows that 91 per cent of advisers think people will have to release equity in their homes to supplement their retirement income. What’s more, 13 per cent of advisers think that the lifetime mortgage market will drive their business growth. Of the 57 per cent of advisers who don’t currently sell the product, a quarter are set to enter market within the next year.
Ali Crossley continues: “There’s a growing recognition that lifetime mortgages are suitable for many different types of people – from low-income pensioners, to those who want a change in lifestyle, to planners trying to mitigate inheritance tax. The Pru has vast experience in the retirement market and as such is in a great position to offer an innovative lifetime mortgage product.”