{"id":1442,"date":"2024-04-09T02:00:32","date_gmt":"2024-04-09T02:00:32","guid":{"rendered":"https:\/\/financeify.ca\/?p=1442"},"modified":"2024-04-09T02:00:32","modified_gmt":"2024-04-09T02:00:32","slug":"is-it-worth-collaborating-with-competitors","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/04\/09\/is-it-worth-collaborating-with-competitors\/","title":{"rendered":"Is it worth collaborating with competitors?"},"content":{"rendered":"

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There are benefits to reaching out to competitors, such as gaining a different perspective and practicing management tips. But how to make contacts without revealing too much?<\/p>\n

Angus Watt<\/strong><\/span>CLU, DFOL
\nManaging Partner, Angus Watt Advisory Group, National Financial Bank<\/strong>
\nEdmonton, Alta. Years in business: 38<\/p>\n

I have a friend in the industry who I have known for 30 years. <\/span><\/p>\n

We talk about salaries and industry issues, but we won’t talk about customers. One day you may be playing golf and a competitor comes into your foursome. (You will) both be looking for information, so give out what you think you can without causing harm, and try to gather information. For example, (they might) ask, “What’s happening in the economy?” or \u201cIs there anyone new in your store?\u201d And I would say, \u201cWe had a record month,\u201d or \u201cWe had a slow quarter.\u201d<\/p>\n

I would have no problem discussing anything with the people in my organization and each of us would answer the question honestly. (If you are) someone who has been in the industry for a year or two, talk to some of the senior advisors in your office and invite them to lunch. Ask them to be your mentors.<\/p>\n

\"Brian Brian Himmelman<\/strong><\/span>B.Comm, CFP
\nPresident, Himmelman and Partners<\/strong>
\nHalifax, New South Wales<\/span>
\nYears in business: 20<\/span><\/p>\n

When I started in the industry, my manager was Jim Hutchinson, now an independent consultant. Now he is a competitor and a friend. We meet every three months for coffee and learn different things from each other. Since he’s on his own now, (meeting helps) keeps him connected to the industry. Meanwhile, he brings me back to basics. Because he is from a different generation, he does everything differently. I can get caught up in trying to imagine what things will look like in five or 10 years (and) he reminds me that there are simple habits and routines for success that need to be practiced every day. He will ask me, \u201cHow many client meetings have you had this week?\u201d And I might say, “Well, two,” because I was preoccupied with other things. But that’s what we’re all about – meeting people. There is no danger to himself. I also asked Jim to mentor some of my younger colleagues. He does it because he loves helping people. <\/span><\/p>\n

If someone came to me, I would give them time, especially if they are a high-level producer and I’m curious how they do it. I would be equally honored to share what I do with other people. There’s enough to do in Halifax for everyone, so I don’t mind sharing. However, if I worked in a niche market where it was impossible to hire more than one consultant, I would not give this idea to a competitor. Instead, I would tell them how to niche down: They can start with a lunch and learn or invite potential clients to a seminar over dinner.<\/p>\n

\"Susan Susan Creasy<\/strong><\/span>CLU
\nOwner, Susan Creasy Financial Inc.<\/strong>
\nKingston, Ont<\/span>
\nYears of operation: 35<\/span><\/p>\n

There are many senior advisors that I called<\/span> years and asked for lunch. We talked about our business, how many employees we have and what they do. We all know each other as many of us started taking life insurance training courses together many years ago.<\/p>\n

I also have a women’s study group of about seven advisors from across Ontario. We meet twice a year and learn from each other. We talk about how the practice works, about succession and family business, and about our thoughts about the new product. No one is from the same city, that’s why we are open, honest and sincere, because we do not compete. If I have a client who is moving and needs an advisor in Toronto, I am willing to send all the documentation to a member of my study group because I know the client will be well taken care of.<\/p>\n

In Kingston, most advisors know each other. If I called and said, \u201cLet’s have lunch. I’m looking for advice on GMWB or segregated funds\u201d \u2013 it’s not dangerous. I actually have clients in common with several advisors. I could tell them, \u201cOur mutual client wants to do this. What do you think?”<\/p>\n

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There are benefits to reaching out to competitors, such as gaining a different perspective and practicing management tips. But how to make contacts without revealing too much? Angus WattCLU, DFOL Managing Partner, Angus Watt Advisory Group, National Financial Bank Edmonton, Alta. Years in business: 38 I have a friend in the industry who I have […]<\/p>\n","protected":false},"author":1,"featured_media":1443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[793,794,92],"class_list":{"0":"post-1442","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-collaborating","9":"tag-competitors","10":"tag-worth"},"aioseo_notices":[],"yoast_head":"\nIs it worth collaborating with competitors? - Financeify<\/title>\n<meta name=\"description\" content=\"There are benefits to reaching out to competitors, such as gaining a different perspective and practicing management tips. 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