GUELPH, ONTARIO — The following is an open letter from Experior Financial Group:
Experior Financial would like to address a recent report conducted primarily by Ontario regulator, FSRAO.
Experior’s mission statement is “Building financial foundations for families to empower them today and leave a legacy for tomorrow.” A statement Experior believes embodies the idea of Fair Treatment of Consumers. See also Experior’s core values.
Of the 1,600+ licensed agents in Canada, fewer than 20% of them have less than two years’ experience, with the average tenure of an agent in Canada being eight years. Experior has never been reported and only one agent from Experior has had a complaint lodged against them. Experior has never had a claim with an Errors and Omissions Insurer.
When an agent makes a sale they upload all relevant documents. Experior staff review the application/illustration, the reason why letter, and the advisor disclosure form. Agents are required to attest that they have done a financial needs assessment. This needs analysis is attached to the client information so when reviewed, managers can ensure the correct product was sold to the client in keeping with the FTC.
Product training occurs weekly with two product partners providing live training on Thursdays. In a year an agent could expect to earn up to 80 CE Credits if they attend the live sessions. Issues like compliance, training, and field concerns are addressed at bi-weekly meetings held by the CEO. Annual reviews are completed which is a version of the surveys of business practice and attested to by their Executive Director. Anti-Money Laundering attestations are completed by all.
Experior is actively seeking another qualified compliance officer candidate. More monitoring of agents and implementing mandatory training will be a key focus for Experior as it moves forward.
Experior takes pride in the Tribrid model created to take the best from three types of industry models: Independent, Recruiting, and Career. Experior is a uniquely built company that compares to no other MGA (Managing General Agency) in the industry. Experior endeavors to always support quality training of ethical agents of good character.
