A Cool Springs company that helps people get out of timeshare contracts has launched an insurance agency that will market final expense and life coverage.
Wesley Financial Group founder and CEO Chuck McDowell has recruited Matt Rettick to lead Wesley Mutual, which is starting life focused only on Tennessee residents but plans to be active in 40 states two years from now.
Wesley Mutual is launching with nine employees, some of whom are crossing over from Wesley Financial’s main operations. Rettick has more than three decades of insurance and financial services experience and was most recently president of Cool Springs Financial Group, a premium financing life insurance agency.
“Helping others is at the core of what we do,” said McDowell, whose timeshare exit business has worked with more than 15,000 consumers. “As with timeshares, the expenses related to the death of a loved one can have devastating financial consequences for those left behind.”
McDowell and Rettick are aiming to write $35 million in annualized premiums in 2022. Most final expense policies provide $10,000 to $20,000 in coverage and at that level cost less than $100 per month.
Before helping lead Cool Springs Financial Group, Rettick founded investment advisory firms Brookstone Capital Management and Virtue Capital Management, as well as broker-dealer Center Street Securities. He was also founder and CEO of Covenant Reliance Producers, which later became Virtue Advisors.
“Wesley has a well-earned reputation for being a consumer advocate, so this is a natural extension of the business,” Rettick said. “We’re working with the best-of-best insurance companies in the industry […] We believe Wesley Mutual will be quickly establish itself as a leader in this segment.”