We perhaps have always known that technology, new systems, advanced artificial intelligence (AI), digital tools and the like, were going to revolutionise the advice sector, but we had perhaps not counted on how thorough a job they would do, and how rapid, particularly in the years since the pandemic, the advance and usage would be.
Of course, this is no bad thing at all, and despite – in years past – reading plenty of comment pieces about how technology would replace human advisers, what we have thankfully seen is how technology has assisted the advice profession, improving efficiency, streamlining the client journey, and enhancing compliance.
This is as true for the later life lending space as much as anywhere, perhaps even more so, as we have seen various opportunities open across the sector, not just in terms of new products and criteria, but also new clients, new wants and needs, and new options for those who had not had access to the sector.
In essence, this has unlocked far greater numbers of clients, leading to the necessity of a greater understanding, so that we can adapt to  the ever-evolving market.
This calls for a fresh evaluation of the potential complexities from both the client’s perspective and the broader range of product solutions that meet their needs.
In our recent Master Later Life Lending Podcast, we heard from Equilaw’s Matt Taylor and Knowledge Bank’s Nicola Firth about how technology has acted as a real enabler for advisers in terms of being able to meet these growing challenges.
Use of this technology has been incredibly helpful for existing later life lending advisers, but it also has the potential to ease the passage into this lending space for those who might sense the benefits of being involved and are looking for the right routes to be able to access, find clients, and deliver the outcomes they want.
In the podcast, Matt and Nicola explained how the systems they’ve developed are designed to support all advisers, whether they’re already active or looking to enter the field.
These systems offer not only a foothold in the later-life lending advice sector but also provide the foundation to grow advisory practices to establish a holistic retirement lending advice service.
This is why we now utilise Knowledge Bank’s criteria search system within our sourcing platform – to assist advisers in finding the right lending products, significantly reducing the workload that was once required.
Previously, advisers had to manually research, sift through individual product spreadsheets from lenders, and then physically compare all the options to tailor recommendations for clients.
Now, not only can they save all that time, they’re also able to identify even more opportunities by finding criteria they may not have even considered as part of their initial client/product review.
Matt also highlighted how digital tools, including adviser and client portals, and an AI-backed case management system, has enhanced communication with all parties involved in the transaction.
On top of this he also discussed the ability to automate administrative tasks, such as document processing and call transcription, so advisers can focus more on building relationships and providing the advice and recommendations.
At Air, we have always focused on leveraging technology to support later life lending advisers by streamlining their processes and ensuring they have full visibility of all available options for both them and their clients.
Our platform enables advisers to quickly identify potential solutions for clients aged 50 and above using the Later Life Navigator tool, document customer objectives within our factfind WriteRoute, source products via Air Sourcing, and subsequently generate suitability reports.
We also recognise that mainstream mortgage advisers, who may not have previously explored the later life lending space, are now showing interest, drawn by the potential income opportunities.
These tech-driven solutions will help facilitate their transition into the sector, while also ensuring they fulfil their Consumer Duty responsibilities and broader compliance requirements.
Integrating later life lending-focused technology into an adviser’s existing process might seem like a significant step, but we’ve found it to be straightforward for the advisory firms we work with.
The Air platform can be easily tailored to fit the specific advice principles already in place within the firm or network.
Of course, the technology is certainly not going to stop here. We’ve already seen some considerable progress, particularly in terms of AI, which we know is moving at pace, enhancing compliance and improving customer engagement by transcribing calls, automating legal documentation, providing real-time updates and essentially acting as a powerful time-saving, efficiency-boosting tool for adviser firms to utilise right across the board.
Overall the benefits of utilising all this tech should be self-evident and we believe advisers and firms that ingrain these systems and propositions into their business are going to see real value from them, and will be able to service their clients effectively, while staying up-to-date with the latest developments in products, criteria, and lenders.
There’s really no need to be held back by a fear of involvement in this sector and what it might require.
You don’t have to delve too far to find access to all of this and more and, with demand only likely to grow, you should take the opportunity to make the most of what this tech can help you deliver.
Paul Glynn is CEO of Air
