Equity Release Box Set - the results are in!

New features
5m read
Feb 2022
Ian Beestin

In a recent webinar Money Alive CEO Andy Kirby and Co-Founder Ian Beestin discussed the firm’s new Equity Release box set and the great feedback it is already getting from adviser’s clients.  We’re delighted to share these results with you but first…

A bit of background - why create an Equity Release box set?

The Money Alive video engagement platform has been designed to make it easy for advisers to give their clients access to interactive, educational video box sets on key financial topics. They help clients better understand a subject, prior to meeting their adviser, and allow advisers to offer a consistent, robust approach to explaining a topic. They significantly reduce the amount of time advisers need to spend explaining terms and key concepts to clients which, as you will appreciate, can be very time consuming indeed. 

Recent research by Canada Life suggests that 1 in 10 over 40 year olds are considering equity release as an option in the future.  The sheer size of the advice opportunity was one of the reasons that Money Alive, already well known for its box sets in the DB and pensions market, decided to add equity release to its video engagement platform. 

Technology has a big part to play in reducing the time advisers spend explaining a subject to clients prior to a face-to-face meeting. Money Alive’s experience in the DB market has proved how valuable this approach can be.

As well as saving time, Money Alive also helps advisers manage their risk. The Equity Release advice market has some similarities to DB and is under increased scrutiny by the FCA. 

The consistent and robust process to client education that can be demonstrated by using Money Alive box sets can also help with PI insurance. Money Alive has been described by a user as “worth its weight in gold” due to the consistency of presentation it facilitates from all advisers in a firm which, in turn, reduces risk. 

Viewing the box set before a meeting helps the client think about whether equity release could be right for them. As we know, it won’t be for everyone and efficiencies can be achieved by advisers only committing serious time to clients with a higher likelihood of progressing. People who have watched the box set are better informed, aware of the options and usually better motivated too. This results in better quality meetings. 

In the webinar Andy talked about his experience as an adviser where for every 10 enquiries, a solution may only be suitable for just 2 or 3 clients. Using box sets pre-meeting helps to identify these clients.

Equity Release Council Checklist

The Equity Release Council has a checklist that outlines what needs to be considered when discussing equity release.  In just over 30 minutes the Money Alive box set covers off many of these points. The heavy lifting of discussing all the checklist content is substantially reduced by the technology. The platform also evidences the viewer has seen and confirmed that they understand them.

Bite size videos

To maintain viewer engagement the box set is broken down into ten short videos. Each is followed by simple questions to gauge engagement and understanding. Viewers have the option to record questions for their adviser as they view too. Previous box sets have proved that this approach is extremely successful in getting information over to clients. 

Furthermore, a report by the regulator suggested that over 50% of customers could be classed as vulnerable. In the equity release market that percentage could arguably be even higher. Using the Money Alive platform makes it easy for a prospect to share the viewing with a trusted friend, loved one or family member (which in turn can reduce risk) and animations can be more engaging than pages and pages of text.

And finally - the results!

Last year a voluntary survey for viewers was added to the end of each box set and Money Alive have received over 11,000 results so far. The following results have come exclusively from Equity Release box set viewings:

  • 100% of viewers valued their adviser providing access to Money Alive platform
  • 83% believe they are more informed on subjects ahead of their next advice meeting
  • 92% consider the Money Alive experience a valuable addition to the advice process
  • 83% agree that Money Alive has helped their decision making
  • 9/10 rate the quality of the information in the videos

And some all important feedback from advisers too…

  • I love the idea of animation and pictures explaining complex issues
  • This could be the future of the advice process

To find out more, book a demo with one of our team.

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