The Ontario Broker - Volume 21, Issue 5 - 41

INDUSTRY & MARKETS
SUCCESSION PLANNING FOR SMALLER BROKERAGES
With Kenny Nicholls-President & CEO, Western Financial Group
A focus on people, growth and social
responsibility is what propels the industry
forward.
N
ew technology and weather
events-and more recently, finding
proper coverage for harder-to-place
risks-may be the key factors driving
industry change, but it's consolidation that
has some brokerage owners considering
their succession plan. As the industry shifts,
larger organizations like Western Financial
Group are looking to expand into new
markets to attract new customers, which has
Kenny Nicholls hopeful and excited about the
future for both brokers and consumers.
" The next three to five years look promising
for this industry as it continues to evolve. The
pandemic showed us that staying agile is
critical. As such, we need to prioritize the unique
needs of our customers and team members at
every turn. We're embracing opportunities to
grow and confront challenges with our people,
customers and communities by our side. "
VOLUME 21 | ISSUE 5
In times of transition-like this past year
and a half-there are opportunities for
brokerages and their brokers to grow within
the industry. Succession partnerships
have made Western Financial Group the
organization it is today and remain a
significant area of interest.
" Consolidation is an industry trend that isn't
going anywhere. Smaller brokerages are
considering all their succession planning
options while customers are looking for
convenient choices to purchase insurance. It's
no secret that some risks are getting harder
to place. Brokerages must have diverse
offerings and offer the flexibility to choose
how customers connect with them.
" Taking action in times of uncertainty
is crucial for organizational success. As
businesses look towards the future, the
emphasis should remain on people and on
local communities. We can have all the latest
and greatest technology, but it's our people
and relationships that make us who we are. "
" Our commitment to our communities
through our Western Financial Group
Communities Foundation remains stronger
than ever. We want to play an important role
in the communities we operate in, and we
encourage our people to get involved. It's
who we are as an organization. We look for
community engagement and involvement in
any potential new brokerage team members. "
Western Financial is currently celebrating the
20th anniversary of their charitable Western
Financial Group Communities Foundation
with their 20 Weeks of Giving initiative. The
brokerage is also fostering a more inclusive
workplace, where all feel welcomed to share
their expertise and unique perspectives.
" We're excited to have our people and customers
stand beside us. We're a growing organization,
and we face challenges head-on. As an
organization, we've continued to take care of our
people. That won't change. We have so much to
celebrate and look forward to as we look to the
future and the industry moves forward. "
41
The Ontario Broker - Volume 21, Issue 5

Table of Contents for the Digital Edition of The Ontario Broker - Volume 21, Issue 5
