Interview With Jamie Prickett, CEO Of Experior Financial Group Inc.

Introduction:

Experior Financial Group Inc. has swiftly emerged as a leading player in the financial services industry, earning the prestigious title of “Best Independent Advisors in Canada for 2024.” Founded in 2014 by Jamie Prickett and Lee-Ann Prickett, the company has made significant strides in both the Canadian and US markets with its innovative business model, which empowers agents through true ownership and comprehensive support. In this exclusive interview, Brett Hurll, Editor of Global Financial Market Review, sits down with Jamie Prickett to discuss Experior’s founding journey, the unique value proposition that sets them apart, their rapid expansion, and the vision for the company’s future. This conversation delves into the strategic decisions and core values that have driven Experior’s success, providing insights into the challenges and opportunities that lie ahead.

Brett Hurll (BH):  Jamie, congratulations on being named the Best Independent Advisors in Canada for 2024. How does it feel to achieve this recognition?

Jamie Prickett (JP):  Thank you, Brett. It's an incredible honour. This award is a testament to the hard work and dedication of our entire team at Experior Financial Group. We've always strived to provide top-notch service to our clients and support our advisors in every possible way.

 BH:  Could you share a bit about the founding journey of Experior Financial Group? What inspired you to establish the company back in 2014?

 JP:  Lee-Ann and I founded Experior Financial Group in 2014 with a clear vision: to create a company that truly supports its agents and clients. With our combined three decades of industry experience, we saw gaps in the market where agents were often treated as commodities rather than valued partners. We wanted to change that by providing an environment where agents could grow their businesses and offer clients superior financial solutions.

BH:  How have your and Lee-Ann Prickett's experiences shaped the vision and strategic direction of Experior?

 JP:  Our experiences have been crucial in shaping Experior's direction. Having worked in various roles within the industry, we understood the challenges agents face, especially in terms of ownership and support. This understanding drove us to design a business model that offers true ownership to our agents, allowing them to pass on their business to beneficiaries, thereby creating lasting legacies.

BH:  Experior offers its licensed agents true ownership of their business. How does this model work, and what benefits does it provide to your agents?

JP:  Our model allows agents to own their books of business fully. This ownership means they can sell their business or pass it on to a beneficiary. Unlike other companies where agents might face restrictions when leaving, we ensure that agents retain their business and can transition smoothly. Additionally, we have a buyout program where we offer to purchase the book of business if an agent wishes to sell, often at a higher valuation than the market standard. This provides stability and security for our agents.

BH:  Can you explain the significance of allowing agents to pass on their business to a beneficiary and how this aligns with Experior's mission of building lasting legacies?

 JP:  Allowing agents to pass on their business is integral to our mission of building lasting legacies. It ensures that the hard work and dedication our agents put into their business can benefit their families for years to come. This policy provides peace of mind and aligns with our broader goal of creating sustainable and long-term value for our agents and their families.

BH:  Experior has distinguished itself with its proprietary Expert Financial Analysis (EFA) software. Could you elaborate on how this tool specifically benefits your clients?
 JP:  Our EFA software is a comprehensive tool that allows us to offer tailored financial solutions to our clients. It analyzes a client's entire financial picture, including debts, insurance needs, education planning, and retirement planning. This holistic approach ensures that our clients receive personalized advice that addresses all aspects of their financial health, leading to better outcomes and satisfaction.

BH:  What do you believe sets Experior apart from other financial service providers in the North American market?

 JP:  Several factors set us apart. Firstly, our commitment to agent ownership and support is unmatched. Secondly, our EFA software allows us to provide highly personalized financial advice. Finally, our rapid growth and expansion, particularly in the US, demonstrate our ability to scale while maintaining high service standards. We've created a unique blend of support, technology, and entrepreneurial opportunity that is very attractive to both agents and clients.

BH:  Experior has seen rapid growth and is now one of the fastest-growing MGAs in Canada, with significant expansion in the USA. What strategies have been pivotal in achieving this growth?

JP:  Our growth strategy has been multi-faceted. Key strategies include a strong focus on agent recruitment and retention, investing in technology like the EFA software, and maintaining a flexible yet robust back-office system. Additionally, we've emphasized training and development, ensuring that our agents are well-equipped to serve their clients effectively. This combination has allowed us to scale quickly and enter new markets successfully.

BH:  What are your future expansion plans, and how do you see Experior evolving in the next five years?

JP:  Looking ahead, we're planning to expand further into the US market and are exploring opportunities in Mexico and Puerto Rico. We also have our sights set on markets like Vietnam, the Philippines, and potentially India and Nigeria. Our goal is to become a global player while maintaining the high standards of service and support that have driven our success. In the next five years, we envision Experior growing its agent base significantly and potentially exploring a public offering to further fuel our expansion.

BH:  It sounds like you have ambitious plans. How has the expansion into the US market been going so far?

 JP:  The US market has been very receptive. The size of the market and the relatively easier licensing requirements have played to our advantage. We were able to replicate the systems we perfected in Canada, which made our US operations more seamless and efficient. The growth rate in the US is actually outpacing our growth in Canada, and we're excited about the potential there.

BH:  With your model of agent ownership and support, have you faced any challenges in maintaining consistency and quality as you expand?

 JP:  Maintaining consistency and quality is always a challenge when scaling up, but we’ve implemented robust training programs and compliance measures to ensure our standards remain high. We conduct three to four training sessions weekly and monitor the business closely to ensure that our agents are well-prepared and our clients are well-served. Our focus on education and support has been pivotal in maintaining the quality of our services.

 BH:  Training seems to be a cornerstone of your approach. Can you elaborate on how you support your agents' continuous development?

 JP:  Absolutely. We offer extensive training opportunities to our agents. This includes weekly online classes, live seminars, and personal development tours led by myself and our Chief Business Development Officer. Our industry is always evolving, with new products, regulatory changes, and technological advancements. Keeping our agents informed and skilled is critical to our success and their professional growth.

BH:  How do you ensure that the financial products you offer remain competitive in the market?

 JP:  We have partnerships with a wide range of providers, which allows us to offer a diverse portfolio of products from life insurance to investments. Our product range includes everything from basic life insurance to complex investment products like segregated funds in Canada and annuities in the US. This variety ensures that we can meet the diverse needs of our clients. We also continually review and update our offerings to ensure they are competitive and in line with market demands.

BH:  Can you tell us more about your client base? Are they primarily individuals, families, or businesses?

 JP:  Our client base is quite diverse, but we primarily focus on individuals and families. We provide comprehensive financial services that cater to various life stages, from young families planning for education to retirees looking for secure investment options. Our goal is to help our clients build and protect their wealth throughout their lives.

BH:  You mentioned the importance of trust in your client relationships. How do you build and maintain that trust?

JP:  Trust is fundamental in our industry. We build trust by providing transparent, honest, and personalized advice. Our agents are trained to prioritize the client’s best interests, and we have stringent compliance measures to ensure this. Additionally, our EFA software helps provide clear and comprehensive financial analyses, which builds confidence and trust in our recommendations.

BH:  Looking back, what would you say has been Experior's most significant achievement since its inception?

 JP:  One of our most significant achievements has been the successful recruitment and retention of top-tier agents. These individuals have believed in our vision and helped drive our growth. Another milestone was paying our first dividend to our shareholders last year, marking a significant step in our financial maturity. Finally, our ability to scale rapidly while maintaining high service levels is something we are very proud of.

BH:  How do you envision Experior's impact on the financial lives of families across North America in the long term?

 JP:  Our long-term vision is to positively impact millions of families across North America by providing them with comprehensive, personalized financial advice and services. We aim to help families build wealth, secure their financial futures, and create lasting legacies. By empowering our agents and leveraging our technology, we believe we can make a significant difference in the financial well-being of our clients.

 BH:  It’s clear that your innovative approach and dedication to both agents and clients have positioned Experior for continued success. Looking ahead, what are some of the key trends or changes you anticipate in the financial services industry?

 JP:  One of the key trends we’re observing is the increasing importance of digital tools and platforms. Clients are becoming more tech-savvy and expect seamless digital experiences. However, despite the rise of digital, we believe that personal, face-to-face advice will remain crucial, especially for complex financial decisions. We also foresee continued growth in demand for holistic financial services that address all aspects of a client's financial life.

 BH:  With the rise of digital tools, do you see any threats from fintech companies or digital-only financial services?

 JP:  While fintech companies and digital services are making inroads, we don't see them as a direct threat to our business. Our value proposition is based on personalized advice and building long-term relationships, which is something that digital-only platforms struggle to replicate. That said, we do embrace technology to enhance our services and improve efficiency, but the human element remains central to what we do.

 BH:  Lastly, as you continue to grow and expand, how do you plan to maintain the company culture and values that have been so integral to Experior’s success?

 JP:  Maintaining our company culture and values is crucial as we grow. We do this by staying true to our mission of supporting our agents and clients, fostering a collaborative and inclusive environment, and ensuring that our leadership embodies and promotes our core values. Regular communication, transparent decision-making, and continuous investment in our team’s development are also key strategies we employ to preserve our culture.

 BH:  Jamie, thank you for sharing your insights and the remarkable journey of Experior Financial Group. It's clear that your innovative approach and dedication to both agents and clients have positioned Experior for continued success.

 JP:  Thank you, Brett. It's been a pleasure discussing our journey and vision with you. We're excited about the future and committed to continuing to provide exceptional value to our agents and clients.

Conducted by Brett Hurll, Editor of Global Financial Market Review