Marketing moves
When FOA acquired the assets of American Advisors Group (AAG), it also inherited their marketing apparatus. This transition was generally viewed positively by individual reverse mortgage professionals in the industry.
However, FOA is now embarking on a new marketing campaign titled “A Better Way With FOA.” This initiative was announced shortly after the company selected a new creative advertising agency.
During an earnings presentation, Kristen Sieffert, President of Finance of America Companies, expressed that the new campaign signifies a departure from traditional celebrity endorsements. The focus now is on storytelling that resonates with the real-life goals and aspirations of today’s homeowners.
The company aims to showcase relatable scenarios that challenge stereotypes and portray reverse mortgages as a practical tool for responsible financial planning, whether it’s for funding renovations, covering unexpected expenses, or simply providing peace of mind.
FOA plans to integrate this message across all customer and marketing touchpoints, with a full transition to the new campaign expected to be completed by the end of June. Despite the campaign being online on a small scale for less than a month, the company has already observed a 16% improvement in upper funnel inquiry to lead conversion in direct mail results.
Looking ahead, FOA anticipates gaining insights into new customer demographics engaging with the brand, leveraging this data to enhance growth and product development strategies.
Sales metrics and a C-suite addition
Sieffert highlighted FOA’s readiness to introduce new solutions to address evolving needs. The company’s focus on fundamental aspects of the business has led to significant improvements in key operational metrics in the first quarter.
She praised Jonathan Scarpati, an FOA executive, for his promotion to Chief Production Officer of Finance of America Reverse (FAR). Scarpati’s extensive experience in leading the wholesale division positions him well to oversee sales and production strategies across both wholesale and retail channels.
Scarpati’s promotion to the C-suite role at FAR follows his appointment to the board of directors at the National Reverse Mortgage Lenders Association (NRMLA). With a decade-long tenure at FOA, Scarpati expressed optimism about driving growth and innovation in leveraging home equity for homeowners.
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