Lifetime mortgage provider Equity Release Solutions has been acquired by Personal Touch Financial Services, which has launched it as its own retirement arm – Personal Touch Retirement Solutions.
The new subsidiary will be run by Equity Release Solutions managing director Kevin Stelfox, who will head it up with the assistance of 100 specialist advisers.
The new retirement arm will offer equity release, annuities, and a drawdown equity release advice service, which compares the whole market and offers exclusive product deals, as well offering a referral service for non-specialist advisors.
Commenting on the acquisition of Equity Release Solutions and the creation of the new retirement solutions arm, Mr Stelfox said: "A combination of one of the strongest financial services brands in the UK market place and the expertise of ERS makes this a market-leading proposition for advisers, clubs, networks and corporate bodies to refer retirement solution clients.
"We will have some exciting remuneration share models and will be looking to recruit more retirement and equity release specialists to meet the demand that is being generated. All of this makes it an incredibly exciting time at PTRS."
Martin Wilson, chairman of Personal Touch Financial Services, added: "We see massive growth potential in this market but it is essential the gap is plugged through market-leading expertise and service and that is what we have done.
"We genuinely believe that we will more than double the turnover in this business area over 2009 and have strategic development plans for PTRS beyond that."
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