Air Group, the leading later life services platform, has today announced in excess of £1 billion of later life lending was placed through its Air Club distribution business in 2021.
Air Club, the distributor for equity release and later life advisers, has over 7,500 adviser members and, in 2021, those members were responsible for in excess of 25% of all market completions.
Air Club members also produced over 34,000 KFIs during the year – up 83% – with two million hits on its Air Sourcing system, and over 100,00 active sessions taking place.
Air Sourcing is home to Air Group’s full range of propositions which also includes: Air Later Life Academy – the commercial and training organisation for later life advisers; and Air Rewards – the Group’s Scheme for members to accumulate points for all engagement with Air Group.
As a result of the business placed through Air Club in 2021, members received over £20 million in procuration fee payments, with an additional £3.8 million of commission paid out to member firms as a result of its tiered membership structure.
Members who join Air Club receive enhanced commissions depending on the level they are within the Club. It has normal membership, plus Platinum membership for those who place a minimum of six cases a year, Elite membership where firms are approached to join, and Select is a limited panel proposition, available through invite.
Air Club recently launched an online calculator to allow advisory firms to determine the level of commission they can earn via the proposition.
Stuart Wilson, CEO at Air Group, commented: “As far as we’re aware £1bn is the biggest ever volume of later life lending business distributed in one year so to be able to announce that Air Club members have breached this amount is a real boost to the team here, but also a sign of the growing levels of activity and business in this space, and that advisers are absolutely vital to the provision of later life finance to consumers.
“We have seen a significant increase in customers, product options and business in the later life lending space, and we anticipate this will continue to grow in 2022 as the sector expands and there is a growing need and understanding of the solutions these products can provide.
“Advice is crucial and, as a distributor, we want to reward advisers for their excellent work and ensure they have access to the best products, the best terms, the best technology, the best training, and the best rewards structure.
“We are here to help and support them at every possible step of the way, and we have a large number of initiatives to unleash this year to ensure they continue to meet their own ambitions and that they get the most out of every piece of business they write.”