American corporate finance (FOA) on Monday unveiled its reverse mortgage brand. american financial reverse (FAR) and american advisors group (AAG) — combined under singular. american finance Continue to be a brand.
This change is expected to take effect from the third quarter of 2024, but this change remains subject to certain regulatory considerations. This is seen as a “milestone” for the combined company, which became a leader in the reverse mortgage industry virtually overnight after acquiring AAG in 2023.
To learn more about what the rebranding means for the company's future efforts, RMD sat down with Chris Moschner, FOA's chief marketing officer, for an exclusive interview.
Next steps towards full integration
“This is another important moment in our evolution and the result of continued collaboration between our teams to optimize our operating platform,” said FOA President Kristen Siefert. “We see this as a precursor to our plans to break down barriers to reverse mortgage adoption and make home equity a core element of modern retirement living.”
When asked why now was the right time for the rebrand, Moschner explained that while other integration priorities took precedence, everything came together at the right time.
“Since AAG merged with FAR last April, we have focused on integrating our teams, systems and processes, and we have made significant progress,” he said. “We knew early on that we wanted to move strategically and operate as a single brand, but we didn't have to do that right away. Those were far more pressing needs.”
With the operational integration well underway, he said, the time was clear for the next milestone: brand integration. But choosing a unified brand was also a consideration, as AAG (particularly because of its long-time employee of publicist Tom Selleck) may have been a potential option.
Moschner explained that the selection of FOA as the unifying brand came from intense market research on brand awareness and equity, and that the data shows FOA is the best option. . One of the biggest benefits is being integrated under an existing parent company.
“We truly believe that this integration is very important because it benefits not only marketing but the entire company,” Moschner said. “If you think about it, this allows us to better focus our resources on raising awareness among our target audience.
“A single brand helps our customer experience. You can imagine the person on the phone having to navigate three different brands. It gets difficult, but this It helps simplify our vision and story for voters.”
This applies to employees, wholesale partners, and even investors. The company also believes FOA can become a leadership brand, especially when combined with the marketing “strength and reach” of the AAG assets acquired through the acquisition (this includes its continued relationship with CEREC) said Moschner.
employees and partners
What the new brand integration means for employees is that it creates new opportunities for synergy within the organization and could help improve internal culture, Moschner said.
For brokers, a unified brand helps signal potential partnerships, such as those with futures mortgage companies.
“On The Gathering just a few weeks ago, it became clear that forward mortgage lenders were seriously considering reversing,” Moschner said. “If they're looking for a partner, they're looking for someone like us who has a great product portfolio. Our advertising could potentially be something that draws them in. there is.”
Moschner said the synergies between its various channels allow FOA to lead not only as a lender in its own right, but also as an ambassador for the reverse mortgage industry to companies that have expressed interest in the space. He said it would be.
“We're building synergies across our different channels and really using our brand as an ambassador and really promoting our value products here, not just the benefits that we offer. I really like this idea of using it as a way to consistently inform the market,” he explained. .
Find the right timing and expand your business
In terms of timeline, the company has been preparing for this integration for the past few months. The goal is to start the process in Q3 2024, but it is expected to take some time.
“All these things don't happen at once,” he says. “As you can imagine, there are channels and many materials that need to be updated and migrated, but the bulk of the migration will occur in the third quarter. You can see that it exists in the market.”
As for what the entire reverse mortgage industry should know most about this move, Moschner said this is just one step in a larger journey for the company.
“Importantly, external partners in this category should look to Finance of America for leadership and look forward to exciting future moves as we look to build this category. Because we consider ourselves the leader in this category,'' Moschner said. He said. “And the reverse category, I think we all agree, could be much larger and more relevant to more older Americans and older homeowners in this country than it is now. This is one of the factors that will ultimately help you achieve that goal.”
