Contact: James Hickey
Trowbridge Deloitte
Partner
(02) 9322 5009

Contact: Louise Denver
Deloitte
Media Relations
0414 889 857

The second annual financial planning survey conducted by independent actuaries and advisers, Trowbridge Deloitte, reveals that 23 out of the 24 leading financial planning dealer groups surveyed already have a panel providing reverse mortgage products. 

The importance of the product has grown over the past 12 months to the extent that more than 50% of those surveyed believe that reverse mortgages will be an important financial planning tool within 12-24 months. 

“This is a significant change to last year when many financial planning dealer groups were either unaware of the product or thought it would take more than three years to gain any support,” said James Hickey, Trowbridge Deloitte Partner and author of the survey.

In the last twelve months most of the major financial planning dealer groups have established their panels offering reverse mortgages. The major providers according to representation across dealer group panels are Bluestone, Macquarie and OFG. ABN AMRO and Mariner also feature.

The quality of the product and the support for training of planners were the stand out features when selecting a provider according to those surveyed.  

Commissioned by Bluestone Equity Release, the survey findings will be used to assist the industry and financial planning body to continue to introduce training and services for advisers wanting to know more about reverse mortgages. 

The Chief Executive of Bluestone Equity Release, Mr Peter McGuinness says “Bluestone has been working actively with the financial planner community for over two years now. We would encourage the Financial Planning Association (FPA) of Australia to take these research findings as further evidence that the product is becoming a core part of financial planning, and to continue working with its members in formal training and development in reverse mortgages.”
 
“Indeed, training for planners is seen as the key concern for many dealer groups over the coming year,” said Hickey.

For the full Press Release, please see attachment below.