Key Announces New Distribution Strategy Supported by Digital Advice Platform
22 October 2019
22 October 2019: Key – the UK’s largest equity release adviser – has announced a new distribution strategy, with a refreshed ‘whole of market’ (WoM) advice offering, branded ‘The Equity Release Experts’ and a new ‘Key Equity Release’ branded integrated service proposition. Both services will be supported by a new bespoke digital advice delivery platform which is designed to help advisers as they work to deliver specialist high quality advice.
Prompted by the growing concern that customers are finding it harder to find the right support, these evolutions provide a range of advice options within one award-winning organisation. They also build on Key Group’s ambition to make the right expert financial advice accessible for all people on their retirement journeys and to facilitate the growth and development of the market by attracting and retaining adviser talent in the industry.
The Equity Release Experts:
Due to its strong belief in the benefits that WoM advice can offer customers, Key has developed a new customer facing brand – The Equity Release Experts – for both its employed and self-employed advisers seeking to focus in this market. The company is keen to position The Equity Release Experts for significant growth and has appointed Rob Brennan (formerly Sales Director at The Right Equity Release) and Lyn Perrett (formerly Operations Director at The Right Equity Release) to lead its self-employed adviser division. Existing referral relationships with Key Partnerships will continue to be supported by this WoM function.
Key Equity Release:
Key has developed a new integrated service proposition, offering customers fee free advice and access to over 80 competitive Key Equity Release branded products. Based on in-depth customer insights, this new proposition will deliver outstanding value and encourage increased customer engagement with the market, while at the same time providing access to the award-winning advice and support people have come to expect from Key.
The Key branded products will be manufactured by more2life and funded by the largest and most diverse range of funding partners in the market. The products are designed to meet a broad range of customer needs, from low interest rates to high LTVs and come with a variety of customer-friendly options and features. With a team of fully qualified advisers, customers will benefit from Key’s specialist advice and should the Key branded products not meet their needs, they would be transferred to its WoM offering.
Key will be actively recruiting for both its WoM and Key Equity Release teams and is keen to speak to experienced ambitious advisers as well as those looking to enter the later life market.
New Digital Platform:
To support Key’s ambitions, Key Group is launching a new digital advice delivery platform which will support both its Key Equity Release and WoM advice teams.
Built using 21 years of knowledge gained through providing market leading advice, and the technological insights of AiR, this new platform will help to ensure consistency of advice and make the advice process smoother, quicker and more intuitive. This significant investment for the Group builds on its investment in AiR Group in May 2018 and supports the Group’s ambitions to increase the role of technology within the sector to improve customer experiences and advice quality.
Will Hale, CEO of Key, said:
“The later life market is evolving and we are evolving with it to ensure we remain at the forefront in meeting the needs of our customers, partners and colleagues. Significant work has gone into developing this new distribution strategy which I am proud to announce today.
“We recognise the important role that WoM advice plays and are delighted that Rob Brennan and Lyn Perrett have agreed to join the team to spearhead the development of our self-employed division. We are also pleased to unveil our Key Equity Release branded proposition which recognises that, for some customers, their needs would be better served by providing them with access to a range of competitive products from a brand they trust. This new offering will be supported by the same high quality advice that people expect from Key, as well as an end-to-end customer support service designed to help clients navigate what can be a complex process.
“We see both of our advice options as growth areas for the business and will be seeking to recruit ambitious advisers who want to be part of a great team. We are delighted to launch these initiatives which mean that whether a customer wants WoM advice, a Key Equity Release branded plan or access to other later life lending products, they can visit us.”
Simon Thompson, Group CEO of Key Group, added:
“When we rebranded earlier this month, we outlined our ambitions for the Group and the market, so we are delighted to unveil these changes. We firmly believe that this shift for Key will benefit our customers, partners and the broader sector - enabling us to make further improvements to the customer proposition while helping us to continue to invest in consumer education and awareness.
“The new digital advice delivery platform is a vital part of this evolution and will help improve the overall advice experience. We remain a customer-centric organisation and are delighted to bring this type of innovation to the industry. Looking to the future, we believe that bold moves like this will help to break down barriers and allow us to focus on developing innovative products as well as attracting additional customers, advisers and funders to the market.”