Vancouver-based Customplan Financial Advisors and Mississauga, ON-based OM Financial Inc. have forged a strategic alliance that will enable their advisors to stretch their reach across the country and meet the needs of clients wherever they are in Canada. 

The companies said the agreement allows the two MGAs to share technology platforms and resources and provide a large suite of products for financial advisors, including broker access to 19 major insurers’ MGA contracts.

Rahul Bhardwaj, president and CEO of OM Financial, said the alliance will give brokers access to clients across the country. Advisors can live in Ontario but have clients out West and vice versa, significantly strengthening its position as a national MGA.

“Now they can have a physical presence in those offices, meet clients there and basically expand our boots on the ground in different provinces. They can do the same,” said Bhardwaj. 

“It’s actually better for the client. They can walk in and say they have a product and service that they got in Ontario but they know there’s an office in a different city and they can get some service there or even change their banking information.” 

Bhardwaj noted the current trend of insurance companies buying up MGAs with, he said, insurers wanting to act more as a distributor rather than just a manufacturer. 

“I don’t blame them, but we want to create a larger picture to the advisors who want to deal with independent MGAs.

“So we are an independent MGA with offices across most of Canada. We are basically giving a true choice to brokers so that when you deal with us there are no underlying conditions.”