An advice firm specialising in equity releases and a platform facilitating client access to the government’s Pension Loans Scheme have formed a strategic partnership.
The partnership between Smooth Retirement and Pension Boost is aimed at augmenting their compatible capabilities through the provision of expert advice and assistance with all forms of home equity release, according to a statement.
Smooth Retirement and Pension Boost both provide specialist professional services to assist income-poor, asset-rich retirees to access some of the saved equity in their homes so they can improve their lifestyles and live better in retirement.
Pension Boost is a national independent specialist service for seniors wishing to access the federal government’s reverse-mortgage style Pension Loans Scheme (PLS).
Smooth Retirement delivers holistic equity release planning and broking in an all-in-one nationwide service, providing access to independent advice on commercially available products and providers.
Smooth Retirement chief executive and managing director Scott Phillips said the partnership formally recognised the commercial and ethical alignment of the two business models – both being pure fee-for-service, no commission and client-focused.
“Working with Pension Boost, we can offer a much superior and streamlined service to clients seeking equity release by identifying the best solution for them and assisting them to access it – whether that be the government’s PLS, or commercial reverse mortgages and alternative equity release products,” Mr Phillips said.
Pension Boost chief executive and founder Paul Rogan said equity release was becoming increasingly sought after by seniors who are wishing to live a better life but are ‘income poor’, noting there has been unprecedented levels of enquiry into the PLS since the eligibility rules were expanded in July 2019, opening the scheme up to vastly more seniors.
“More and more Australian retirees are looking for ways to supplement their retirement incomes and seeking assistance and advice to help them navigate their way through the often confusing and conflicting information and lengthy application process,” Mr Rogan said.
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