Published on May 28, 2015
Finance et Investissement Magazine’s 2015 Ranking of Multidisciplinary Firms – MICA STILL ON TOP WITH A SOLID TRACK RECORD
Québec, May 25, 2015 – MICA received its annual report card with an overall grade of 95%, a true feat of strength in the financial services industry. This result is head and shoulders above that of the competition and puts MICA in first place among multidisciplinary firms for the eighth consecutive year in the ranking of Finance et Investissement magazine. Its closest rival was Sun Life with a grade of 90%.
In addition to this exceptional overall result, MICA received a perfect score of 10 out of 10 in the most important category for independent advisers, namely independence in the sale of products. An impressive grade of 99% was also given to several categories that are among the most important ones for advisers, namely stability of the firm, legal and compliance services, and fulfillment of the promises made by the firm upon hiring.
“As could be expected, the introduction of new rules disrupted a bit the client services departments of all of the industry’s players,” said Luc Cournoyer, MICA Vice-President of Operations, who received the best grade among all the branch managers of the surveyed firms. “Our team’s ability to take action and find a solution in each situation once again yielded the expected results, and we’re very proud of that.”
Marc Gingras, one of MICA’s four shareholders, said proudly, “Since 2008, we’ve had pretty much the same number of advisers, we’ve doubled the number of employees at our head office, and our assets have grown nearly fivefold.” Once again, MICA President Gino-Sébastien Savard said he was thrilled to have managed to maintain above-average client services, and added: “It’s not scientific, but we look at the survey results to improve our service offerings. These are our clients’ opinions, and they matter to us.”
According to Executive Vice-President Martin Savard, the fact that the firm has topped the major networks in the FI ranking for the past eight years confirms the effectiveness of its strategy and business model.
Priorities for 2016
“Succession planning is a critical issue in the industry, and we’ve been working very hard for several years to train talented representatives so they may take over for our advisers who are nearing retirement,” said Gino-Sébastian Savard. This concern was also raised by advisers in the Finance et Investissement survey.
For shareholders, the priorities are innovation and the improvement of business practices. An example of this is the integration into the firm’s sales force of specialists dedicated to providing advisory services, including investment and insurance planning for clients, coaching in the implementation of good business practices, and communications and marketing support, as well as the addition of several products and services. “A new structure was put in place in 2015, and we’re already seeing the benefits for our clients,” concluded Martin Savard.
The ranking of multidisciplinary firms
The annual ranking is based on advisers’ assessments of their firm’s conditions of practice. The survey was conducted through telephone interviews between March 17 and May 8, 2015. Between 15 and 32 representatives of each dealer answered the questionnaire, for a total of 308 interviews. The table includes the weighted averages of respondents’ answers based on the importance they attribute to each element. Firm directors and branch managers are not eligible for the ranking.
About Finance et Investissement magazine
Launched in 1999, Finance et Investissement informs French-speaking investment professionals about the actors, products, trends and technologies of the financial services industry in Quebec and Canada. In addition to its numerous news articles, the magazine includes sections on products and insurance, research and the economy, as well as business development, to help advisers increase their sales figures. The editorial team of Finance et Investissement is based in Montréal, and the magazine’s content closely reflects Quebec’s financial industry.
Established in the city of Québec for the last 30 years, MICA distributes a wide range of current personal insurance products through its network of 170 representatives located all across Quebec. It also offers personalized, high-return investment solutions and products. The firm also responds to all individual financial needs through its partnership agreements. The company is distinguished by the quality of its human capital and by its approach, with its focus on diversity, freedom and a close working relationship with advisers.