Legal & General today announced that it is exploring its options with regard to providing financial advice on Legal & General Home Finance’s range of products.
9 Apr 2019
Reflecting the company’s commitment to tackling the challenges for the UK’s retirees, the move is a response to customer demand for a Legal & General branded advice service for its lifetime mortgage products.
While the later life lending market was the fastest-growing part of the mortgage market last year, more conversations need to happen about lifetime mortgages as a normal part of retirement planning.
Subject to regulatory approval, a lifetime mortgage advice service would form part of the rapidly growing Retail Retirement division of Legal & General. Grant Hughes, formerly Head of Financial Planning at Mercer and CEO of Jelf Financial Planning, has joined Legal & General this week, to work with Sara McLeish, Strategy and Commercial Director, in taking the plans forward.
Chris Knight, CEO of Legal & General Retail Retirement "As a generation of asset-rich, cash-poor retirees increasingly look to release their housing wealth, demand for lifetime mortgages will continue to grow. While we will continue to develop new and innovative products, we believe the next challenge for this market is to match demand more closely with distribution."