Ontario MGA enters US marketBy Alain Thériault | August 19 2019 11:30AM
Experior Financial Group, an Ontario-based MGA with branches across Canada, is entering the US through an agreement with a large American MGA, what the industry usually calls an Insurance Marketing Organization or IMO.
Experior runs 25 branches in Canada. The Group now wants to expand south of the border: it has set its sights on New York, Texas, Ohio, Georgia, California and Florida.
Experior CEO, Jamie Prickett, explains that a partnership with a large American MGA will allow it to launch its operations in those states, with access to 12 suppliers for now. He declined to name the MGA.
In full swing by October
Experior is currently working on making the back-office system functional in the United States, because suppliers operate differently south of the border, Jamie Prickett says. “We’ll open our office in Buffalo on September 1 and we’ll be fully operational in October.”
Experior will obtain its license to practise in the United States in late August, says Lee-Ann Prickett, President of the MGA.
She adds that the partnership with an IMO will ease Experior’s entry in the US, where each state has different insurance regulation and where insurers have their own methods. “Every state is very unique,” she adds.
Targeting varied markets
Experior is mainly targeting the same market in the United States that fuelled its success in Canada: the underserved mid-market, Jamie Prickett says. “We also have a network of high net worth clients,” he adds.
Lee-Ann Prickett says she is concentrating on recruiting middle-aged and millennial advisors.
Experior does not plan to conduct online direct selling, says Shelden Smollan Chief Experience Officer at Experior. “We focus on working with advisors in developing their business, not trying to create customers on a self-serve basis. People need full financial advice to achieve their financial goals. You can’t do that online.”
3000 advisors before 2021
Experior has a team of 55 managers and a growing cohort of advisors, Jamie Prickett says. He adds that Experior currently has 1,250 advisors and is in the midst of an intensive recruitment phase. “Last month (July) was a record for us: we recruited 165 advisors.”
He says the company’s goal is to attract 3,000 advisors by late 2020, in both Canada and the United States.