Key Partnerships saw growth of more than 71% in 2016 with referral customers releasing an average £100,598, nearly double the £55,260 on average released by customers going direct to equity release advisers.

In response, the core team at Key Partnerships of national account managers, business development managers and telephone account managers who provide dedicated support for introducers has already been expanded to 10 with more recruitment planned in 2017.

The company says it is increasingly focussing on customers referred by introducers and has allocated a number of dedicated Key Retirement advisers to this channel. These dedicated advisers are experienced in dealing with the complexities of larger cases including the need to factor in related transactions involved such as the purchase of a property.

These advisers have been proactive in working closely with introducers and demonstrating how equity release referrals can be used to expand their customer proposition and create a profitable new revenue stream.

Will Hale, director at Key Partnerships, said: ‘2016 was a breakthrough year for the industry as it broke through the £2 billion mark providing a strong platform for further expansion in 2017.

“There are more opportunities for innovation in equity release market than ever before with the ongoing impact of interest-only mortgages coming to maturity and pension freedoms starting to have a major impact.”