The merger of MGM Advantage and Stonehaven brands will result in the creation of a retirement account later this year.
MGM Advantage has announced that it has merged its brand with Stonehaven, the equity release provider, to create Retirement Advantage, a new brand with a focus on the UK’s mainstream retirement market.
Stonehaven, the equity release specialist, was bought by MGM Advantage for an undisclosed sum in January 2014.
Chris Evans, chief executive of Retirement Advantage, said the new firm would support and promote the launch of the new brand through advertising and communications to advisers, while gearing up to launch The Retirement Account later in the year.
He added: “We believe getting the right advice really can make all the difference to peoples’ retirement outcomes, which is why we insist all of our customers take expert advice from financial advisers.”
Adviser view:
Chris Daems, director of Cervello in London, said: “As the retirement landscape changes I expect we will see companies adapting to provide solutions designed for the new marketplace. Therefore this move by MGM seems to make sense.
“The litmus test will be whether the products and services provided through MGM will meet adequately a need required by those approaching retirement.”
