Experior Financial Group says it has doubled its advisor base in one year

In a February 5, 2024, article published by Insurance Portal about Experior Financial Group, its Chief Executive Officier (CEO) and Co-founder, Jamie Prickett, stated his goal of reaching 10,000 advisors within a year. Active in both Canada and the United States, the Guelph, Ontario-based managing general agency (MGA) was then celebrating its 10th anniversary. 

Experior Financial Group operates under a multi-level distribution life agency model. The MGA has three compensation tiers: MGA, associate general agent (AGA), and advisor. Experior Financial Group requires exclusivity from its advisors, meaning they are directly affiliated with the firm. The organization refers to advisors as agents.

Other Canadian MGAs operating under a multi-level marketing structure include Greatway Financial and World Financial Group. 

In an interview with Insurance Portal shortly after the company’s 11th anniversary, Jamie Prickett said he was pleased to have more than doubled the number of advisors in just one year, even though he had not yet reached the 10,000-advisor target. As of the interview on February 26, 2025, the company had 9,000 advisors, compared to 3,800 a year earlier, he said. 

It’s growing really fast, and at a faster pace in the U.S. than in Canada.– Jamie Prickett 

A surge in American recruits largely explains this growth, Prickett said. So much so that the company’s United States sales force now surpasses its Canadian one. “It’s growing really fast, and at a faster pace in the U.S. than in Canada. I feel like it's kind of starting to snowball a bit,” he said.. 

To explain why the company is recruiting more in the United States, he suggests that the American culture, which is “risk-oriented” and entrepreneurial, provides fertile ground for multi-level marketing organizations. 

He also noted that MGAs are more numerous in the United States than in Canada. “There’s a lot more independently operating MGAs in the U.S. than in Canada, which has the big five that everyone knows. The U.S. has the big 500. Most of them are multi-tiers,” Prickett said. He described Experior Financial Group as a hybrid that combines the best aspects of three life insurance distribution models: MGAs, career agencies, and multi-level marketing. 

Support and recognition 

Jamie Prickett also attributed the acceleration in recruitment to the transparency of Experior’s business model. “We don't sugarcoat anything and we don't hide anything,” he said. 

He then highlighted the company’s culture, which facilitates recruitment by focusing efforts on advisor growth. “There are competitors that will work the big producers. We are talking about helping the newest agents. The ones that have been plumbing a week earlier, now looking to get into the insurance field. That’s where the company will take them by the hand and really help them become professionals,” he said. 

Present during the interview, Shelden Smollan, Chief Experience Officer (CXO) at Experior Financial Group, noted that traditional MGAs can absorb the costs of maintaining a large advisor base because each one generates high revenues. “If the agent is not going to generate that revenue, then it’s not worth their efforts to continue to invest into him. That’s not the way that our operations work. Everybody has individuals that they can talk to. Our trainings are non-stop, every single day,” Smollan emphasized. 

The interview also coincided with the launch of Experior Academy, a training platform designed to onboard and train advisors. It offers videos, webinars, and training on financial strategies, client management, leadership, and regulatory compliance. Shelden Smollan stated that this allows advisors to start selling on day one, even on a part-time basis. 

Ownership structure 

Prickett believes that the company’s private status allows it to allocate a large share of its profits to advisor development without being accountable to external shareholders. 

“All of our shareholders are internal,” he added. Employees of the company become shareholders over a five-to-10-year period. This is the case for Shelden Smollan, for example. Jamie Prickett and Lee-Ann Prickett, president of Experior Financial Group, hold the majority of the shares. Advisors can also become shareholders. They reach the level of executive directors, with the status of AGA. 

15 per cent turnover rate 

Asked whether the 9,000 advisors affiliated with Experior would stay, Prickett replied that the MGA’s retention rate is 85 per cent after one year. He noted that most of the 15 % will leave the industry, while others will move to another organization. The average age of current advisors is 45, he said. 

Additionally, most American advisors joining Experior Financial Group are already licensed. “In Canada it's a mix of greenies in the process of getting their license,” Prickett observed. 

In Canada, the vast majority of new recruits work part-time in another job, Shelden Smollan pointed out. These recruits start slowly, he noted. “But that’s ok because they are learning to build their business. You need to study the business to understand the sales cycle. Most people in our business that become successful understand that. Once they become motivated and understand the sales cycle, their business will skyrocket,” Smollan said. 

Jamie Prickett revealed that the average first-year premium per sale for his advisors is $1,800 in Canada and $2,200 in the United States, which is approximately $1,527 USD based on the exchange rate as of March 11. In terms of premiums, the average advisor generates $10,000 annually. Prickett explained that this average reflects the fact that many advisors work part-time. It also includes the 15 per cent of advisors who leave within a year of joining the organization. 

According to Prickett’s estimates, an advisor who consistently produces over a year generates around $30,000 in first-year premiums. Meanwhile, AGAs generate an annual average of $140,000 in premiums.