A new sourcing system for equity release and retirement lending products being launched in May will be available to advisers free of charge and will offer products with enhanced terms for members of the Equity Release Club and Later Life Academy.

AIR Sourcing is being launched by Answers in Retirement Ltd which says it has been designed to focus on consumer outcomes.

“Due to the vast array of different products available and the many variations offering cashbacks, incentives and features such as interest and capital repayments, we felt it was time to create sourcing software that assisted advisers in identifying not only products with features that met their clients’ needs, but also which truly represent the best value to the client,” said Ray McCarthy, marketing and distribution director at Answers in Retirement Ltd.

“The market is growing at a faster pace than ever before and advisers, experienced and new, who use AIR Sourcing will benefit from software that offers real due diligence in matching products to client needs, but also offers confidence in the fact that recommendations are made with the benefit of real insight into products.”

AIR Sourcing allows users to operate a filtering process which reduces the entire current list of products, and their variations, to a suitable final shortlist, allowing advisers to compare only suitable products using a true-cost comparison. It takes account of not only interest rates but also incentives such as cashbacks and fee incentives.

Advisers will also be able to request their Key Facts Illustration online and download the correct application forms, or apply online with providers offering this functionality.

Simon Hayter, head of specialist sales, retirement solutions, at LV=, said: “The equity release market has been showing strong growth in recent years, and this can only be expected to be maintained with an increasing retired demographic and the evolution of external factors such as pension freedoms. Importantly this system focuses on good customer outcomes as the driver at its heart. Technology is key in all walks of life these days, and initiatives like this are to be welcomed.

“With the ever-increasing number of propositions available, having a system that helps individuals compare different features and costs, aligned with client needs can only be a good thing.”