Finance of America Unifies FAR, AAG Under Single Brand
Finance of America Reverse , a leading provider of home equity-based financing solutions, has announced plans to consolidate its American Advisors Group (AAG) and Finance of America Reverse (FAR) brands under the single brand name, Finance of America. The change is expected to take effect in the third quarter of 2024, subject to regulatory considerations. This strategic move aims to drive long-term growth, streamline the company's offering, and enhance the customer experience.
Consolidating brands under the Finance of America name can increase marketing effectiveness and create a powerful brand presence in the market.
Streamlining the company's offering can enhance the customer experience and drive long-term growth.
The strategic business transformation focused on driving enterprise value for customers, employees, partners, and investors can lead to a more efficient operational platform.
The brand consolidation may require significant resources and efforts to ensure a smooth transition and brand recognition.
Regulatory considerations in certain jurisdictions may pose challenges or delays in implementing the brand consolidation.
The timeline for the official launch of the new brand platform and messaging in early 2025 indicates a longer transition period, potentially impacting short-term brand recognition and market presence.
Simplified Brand Portfolio Exemplifies Streamlined Company Focus
This brand consolidation is a milestone in the Company’s strategic business transformation focused on driving long-term growth and enterprise value for customers, employees, partners and investors. At the same time, a unified Finance of America brand will further streamline and clarify the Company’s offering in the market and enhance the customer experience.
Kristen Sieffert, President of Finance of America, said, “This is another key moment in our evolution and the result of ongoing collaboration among our teams to optimize our operational platform. We see this as the precursor to our plan to break the reverse mortgage adoption barrier and make home equity a core component of a modern retirement.”
Chris Moschner, Chief Marketing Officer of Finance of America, said, “Focusing our resources on a single Finance of America brand increases our marketing efficacy and enables us to create a recognizable and powerful brand in the market. We are preparing for an exciting path forward over the months and years ahead, and this is a necessary first step on that journey.”
Today’s announcement is the first phase of a longer-term brand strategy that will culminate with an official launch of the new brand platform and messaging slated to go live in early 2025.
About Finance of America Reverse
Finance of America Reverse LLC (“Finance of America Reverse”), a subsidiary of Finance of America Companies Inc. (NYSE: FOA), provides customers with access to an innovative range of modern home-equity based financing options to help fund retirement. Through its team of Licensed Loan Officers and network of professional and wholesale partners, Finance of America Reverse stands as the oldest and largest reverse mortgage lender in the country. The company is licensed nationally and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240503122706/en/
For Finance of America Media: pr@financeofamerica.com
For Finance of America Investor Relations: ir@financeofamerica.com
Source: Finance of America Reverse LLC
FAQ
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