Home Breadcrumb caret Industry News Breadcrumb caret Industry Fewer middle-tier MGAs left, says QFS CEO Qualified Financial Services has acquired another MGA, and its CEO says middle-tier companies are dwindling. By Vikram Barhat | March 19, 2013 | Last updated on March 19, 2013 3 min read Qualified Financial Services has acquired another MGA, Performins Canada Inc. This further alters Canada’s MGA landscape. It’s a significant acquisition for QFS, says Kevin Cott, CEO of Qualified Financial Services in Toronto. “By bringing the two [MGAs] together, we have come to a new level of about 1,000 committed advisors,” he says. “[This will ensure] a significant presence in Quebec, Ontario and the Atlantic region.” Read: Life insurance industry shake up in works The move, he says, is part of the strategy of building different kind of MGAs in the marketplace, which continues to shrink as the consolidation trend takes hold. Speaking about the trend, Cott says there are now very few middle-tier MGAs left in the market. “This is significant to acquisition because other than the large third-party-backed organization in the MGA marketplace, we’re probably now one of the largest privately owned MGAs,” he says. The latest acquisition will make QFS one of the leaders amongst the second-tier MGAs. Byren Innes, senior vice president and director of the NewLink Group in Toronto, says this development signals a new round and level in consolidation. “Performins was an early leader in consolidation, but now we see the consolidator being consolidated,” says Innes. “This demonstrates once again the need to have scale to be effective in the future.” Read: UPDATED: IDC WIN acquires Strategic Brokerage Services Cott says acquisition remains the firm’s overall strategy, which includes identifying smaller regional organizations for future considerations. “[They] would further support our geographic presence, whether it be in a particular province or an area of a province,” says Cott adding the firm’s future acquisitions will not be the size and significance of the one just concluded. In a staff memo, Cott says the transaction will lead to the addition of more than 400 new advisors. “We believe that QFS and Performins will be better together,” says the note. Read: MGA merger: Financial Horizons acquires Audis ////// Home//////Search Search Advisor Your results for MGA We found 116 matches. Sorted by: RELEVANCE//////MOST RECENT LifeAssist hires industry icons …the company’s board of advisors. Smeenk-Pritchard joins LifeAssist as the MGA implementation manager. She has more than 35 years of industry experience. Byren… Staff / January 14, 2013 Life insurance industry shake up in works …Canadian Council of Insurance Regulators’ Agencies’ Regulation Committee (ARC) position paper. Read: MGA regulation covers basic issues at consumer level The model would identify which… Staff / January 11, 2013 Updated: PEAK joins with Customplan …We may have stumbled on a very interesting way for an insurance MGA to retain its independence and its existing business, yet be part of… Vikram Barhat / January 11, 2013 CSA paper highlights ugly truth …clients are told that the total comp paid to the advisor and MGA equals, or exceeds, the first-year premium? ● Mutual Funds: How many clients… Justin August / January 11, 2013 Advisor’s top 25 stories of 2012 …24. 10 tips for young advisors and associates 23. Merger creates new MGA giant 22. Is retirement planning a waste of time? 21. IIROC wants… Staff / December 21, 2012 UPDATED: IDC WIN acquires Strategic Brokerage Services IDC Worldsource Insurance Network has acquired the MGA business of Calgary-based Strategic Brokerage Services. The transaction also includes the business of SBS West, an… December 3, 2012 How to mentor young advisors …Wise Advisory, CEO Julian Wise also has casual mentorships with members of MGA Performance Canada, where he’s on the board of directors. “I’m… Terri Goveia / November 21, 2012 3 law firms propose merger …Canadian firm and a firm with a substantial U.S. presence. Read: MGA merger: Financial Horizons acquires Audis The deal will enable clients to benefit… Staff / November 9, 2012 MGA merger: Financial Horizons acquires Audis Vikram Barhat Save Stroke 1 Print Group 8 Share LI logo