The equity release provider has teamed up with the retailer for an equity release advertising campaign which will see Retirement Plus advertise in the company’s food stores, pharmacies, travel agents, car sales and funeral outlets.
The campaign will use radio adverts as well as leaflets and stickers in over 900 Co-op outlets in the north of England, reaching a whopping 7.9 million people.
Duncan Young, managing director of Retirement Plus, says: “We are doing this to educate people about equity release products.
“We don’t think we will sell any products for a while but we will get our name in front of lots of people. Business could follow as a result of that.”
Despite this direct-to-consumer initiative, Retirement Plus stresses that it remains committed to selling its equity release products exclusively through intermediaries.
Dean Mirfin, business development director at Key Retirement Solutions, says he does not think brokers will see this move as a threat. Rather he believes the campaign is a step towards making equity release more of an everyday high street product.
Mirfin says: “Anything that brings equity release closer to the person in the high street is a good thing.
“Regardless of how successful the Retirement Plus advertising campaign is in business terms, it will raise awareness of the product.”