Member Article

McCarthy & Stone launch financial services

Ali Crossley, executive director of McCarthy & Stone

Private retirement home provider McCarthy & Stone have launched into financial services, aiming to capitalise on a gap in the market.

Research conducted by the company suggested future financial planning was a taboo among retirees and the older generation.

Bdaily recently spoke with executive director, Ali Crossley, who said: “We’ve researched quite extensively into the experiences, and the needs of the older generation.

“The appointment of our non-executive advisory board was a major part of this. They have really given us huge insight into some of the stereotypes the older generation face, and our products are informed by these considerations.

“Our research shows many people are burying their heads in the sand about how they will cope in the future, hence they never discuss it with their children or other family members.

“We are extremely concerned, but not surprised, that a significant proportion of today’s over 60s have no idea how they are going to cope in the future with finance and housing.”

Among the new services to be launched is a Pension Annuities Services, with experts who will assess health and lifestyle factors in order to secure a better pension income; an Equity Release Service, which aims to deliver impartial and “no nonsense” advice about releasing the value in their home; and a Guaranteed Funeral Plan, allowing people aged over 50 to pre-pay their funeral costs.

The products will be delivered mainly through contact centre operations, but also in face-to-face meetings where necessary.

Ali continued: “These products are not exclusively for those living in retirement homes, our reach is going to be a lot broader.

“One of the main things is the use of language. It’s a really key area, and the wrong use of language can be derogatory, causing huge problems.

“Quite often, my board will pull me up on this. For instance, using the term retired is often wrong, as many of the older generation are still involved in non-executive positions and other very active roles.”

Given recent mis-selling and fixing scandals, it is an interesting time for McCarthy & Stone to branch into the financial services sphere.

“I think we have reached a stage where consumers are, quite rightfully, distrustful of some of these brands that have been hit by scandal. We can step into this space as many see McCarthy & Stone as a long-trusted company,” says Ali.

“Take home insurance for example. Of course, retirement properties tend to be safe and secure, as there is staff on site, and that should be reflected in the premiums. It’s this type of thing that isn’t being catered for in the market at the moment.”

This was posted in Bdaily's Members' News section by Tom Keighley .