Canadian Bazaar
TORONTO: How did Om Financial Inc. become one of the largest Managing General Agents (MGAs) in insurance in Ontario?
Give credit to its clear-eyed founder with a long-term vision.
“Yes, we are one of the largest MGAs in Ontario and we represent every single company. When an MGA will have five companies, we represent all major insurance companies,” says President and CEO Rahul Bhardwaj who founded Om Financial in 1999.
“I dream big and I put in place plans to realize my dreams,” he adds.
Sitting in his brand-new office on Derry Road in Mississauga, Bhardwaj says his next goal is to become one of the top 10 national MGAs in Canada.
That goal may not be far off as the company has been posting a double digit annual growth over the years.
In fact, 2021 turned out to be a banner year in its history as Om Financial posted a huge leap in its business.
“True, 2021 was our flagship year when we registered major growth in terms of adding more MGA contracts, insurance brokers and increasing business volume. We posted about 30 percent growth,” says the gentlemanly President-cum-CEO of Om Financial.
With nearly 1,400 brokers across Canada, the company is fast spreading its business all over the country.
As he guides his venture to newer heights, Indian-born Bhardwaj opens up about his journey to Canada as a 17-year-old boy, his plunge into the insurance industry and making it to the top.
Excerpts from the interview:
Q: First things first. Tell our readers who Rahul Bhardwaj is.
I was born in Gurgaon near New Delhi. My father Om Prakash Bhardwaj was a gazetted officer with the Indian government. Being the youngest of four brothers, I was very close to him.
Unfortunately, tragedy struck us in 1988 when my father suddenly passed away.
I was 17 at that time and we were devastated.
Since my eldest brother Sunil had moved to Canada in 1986, we came to Canada to join him.
But the move to Canada was a “two-sided sword” option for me.
Being the youngest, I needed to be disciplined. I attended high school to prepare for university.
I finished my 12th and 13th grades and then enrolled at the University of Toronto to study economics. Finally, in 1995 I embarked on my career by joining Sun Life.
Q: Why did you join this business?
When I was in university, I looked at my brother as my role model. He dressed well, drove a nice car, lived in a nice home and seemed very satisfied.
I thought that’s what I wanted in my life. So I asked him if I could join his team. He accepted me reluctantly because this business is not easy.
My brother was a salesman manager with Sun Life at that time and I joined his team in 1995.
Q: How was your beginning?
I had a very successful first year, qualified for many incentives and conferences. At the age of 23, it was a great experience for me.
Q: How did you do so well in your first year when lots of people don’t survive in this business?
Well, I was persistent and created my own market by making calls and building centre of influence and relations with professionals. It was tough, but I didn’t give up. But the first three years were very difficult.
Out of 33 of us who joined together, I think only seven are still in this business. I am the only one to become an MGA.
After five to six years in the business, I was able to sell 200-250 policies each year when an average salesman sold 50-70 policies.
Q: Were there no problems in the initial stages of your career?
There were some trying times – from August 1999 to April 2000. I went into debt to the tune of $100,000 while I was setting up my business.
But I decided to go back to selling personally. I was so determined to succeed that I paid off my debt and became $100,000-surplus within just eight months.
Q: And you did qualify for the Million Dollar Round Table (MDRT) in 2000, right?
Yes, I qualified for the Million Dollar Round Table (MDRT). It is an international honour for which only three percent of financial advisors qualify – it is an elite club. These financial advisors are considered to be the cream of the crop.
I also taught as a moderator level-2 life insurance licence qualification course for Advocis for three years (1998-2001). During this period, I helped over 200 advisors to study for level-2 licence.
But what was at the back of my mind was to duplicate myself – my success. That’s why I started Om Financial. Many people who joined me at the inception are still with us.
Look, this business is need-based. We provide solutions and it means peace of mind. We provide financial security when families need it the most.
In our industry, the most difficult thing is to find a client. Providing a solution is not difficult because we are selling something that is intangible and it is for the long term. Insurance and financial benefits are part of it.
Q: When was the take-off point for Om Financial?
To begin with, I had two companies on board. In 2001 when I took over the franchise of Equinox Financial, it came with four companies. That’s how we kept adding companies.
But the burst of our expansion began in 2005 when I started acquiring other MGAs. The first one was John Ferrier & Associates. Later in the years we acquire Prairie Financial Group and Palm Financial and Advent Financial to name a few.
Q: So when did Om Financial become a top player?
All the acquisitions from 2005 to 2015 made us a big player.
We opened multiple offices across GTA and two office buildings.
From 2015 onwards, our major growth came through MGA direct contracts and acquisitions of MGAs and producers. Actually, acquisitions brought us lots of new producers.
Today, we can claim to be Ontario’s independently owned biggest South Asian MGA and we have a very retention rate of our producers.
Q: What is the secret of your high retention rate?
A few things stand out. What we do for our advisors, few MGAs do. We do regular conferences. We take them to exclusive resorts, we go for five-star/seven star cruises – at the company’s expense.
We have been going on cruises since 2005. And the next big one will be to Dubai.
We also provide weekly training to our advisors so that they are up-to-date with their education.
Q: Okay, define for us the USP of Om Financial.
We stand apart from the competition for a few things.
One, as the principal owner of the company, I don’t compete with our advisors. I am one of the few principles of MGAs not to do this.
Two, I devote 100 percent of my time to management, training and well-being of my brokers.
Three, as I said before we have a very retention rate of our producers in the market for a reason.
Four, since I have grown up from the bottom, I understand all the needs of my team. I am not someone who took over an established business. I have created it from the bottom up and I know all stages of this business.
Q: Even then, why would a client come to Om Financial?
Clients come to Om Financial because:
– of the education, trust and transparency of our advisors.
– we provide them with the best products in the market at competitive rates.
– we give them the best choices and solutions and products through the best services that they can get anywhere.
That’s why clients come to us.
Q: Coming to your business philosophy, what principles have you followed to create your hugely successful venture?
Broadly speaking, we have followed three principles:
1: Good ethics.
2: Transparency.
3: Healthy competition.
Q: Can you expand on them?
The first two are self-explanatory.
Speaking about healthy competition, Om Financial has never created animosity in the market. We have never robbed or stolen from our competition. I mean we have never stolen business or people from other brokerages.
Because of this, there is no ill-will towards us in the market. Which is a big thing!
If we acquired any brokers, it was those who were retiring from other MGAs.
We provide solutions and build relationships with those MGAs or brokers who plan to retire or slow down in the business
Q: Okay.
Ever since I started, my dream was to become the largest national MGA. To fulfill this dream, we have been working very hard, adding more people every day to our management to spread across Canada.
All the MGAs we have acquired have propelled us towards our goal.
Q: Any role models who might have helped you in your business?
There isn’t any person who is my role model. I like duplicating success by employing, transforming my abilities and knowledge to other advisors. That’s my model of doing business. If they do well, I do well.
That’s what McDonald’s has done. I follow the McDonald’s model.
Q: Do you read about great business people?
I just pick up pieces from here and there and adopt them. But I do watch TV.
Q: Do you believe in destiny?
I follow the path that teaches us how to be good human beings, how to realize our own self through meditation and keeping a faithful life.
Q: What is your mantra for relaxation?
By playing golf and spending time with my family.
Q: Most people of your generation who came from India are avid Bollywood fans. Tell us about your favourite Bollywood stars and movies.
I am a great fan of Amitabh Bachchan and Aamir Khan. But my favourite star is Nana Patekar. His roles are so dominating and clear-cut. He just fascinates me with his performances.
Speaking of Bollywood movies, I think Zindagi Na Milegi Dobara is my all-time favourite.
Q: If you had not come to Canada, what would you have become in India?
Since most in our family were government employees, I too would have joined some good job in India.
Q: What is your favourite travel destination?
My love cruises and I have been on as many as 17 cruises so far. And the best cruise that I have ever undertaken was from New Zealand to Australia. They are so exciting and one learns so much every time one is on a cruise.
Q: Do you miss anything in life?
Yes, I miss my dad. I wish he were around today. He taught me a lot about life – how to be content, how to chase your dreams and so many other things.
Q: What’s your individual identity?
Inside, I am always an Indian. Externally, I am an Indo-Canadian.
Q: They say behind every successful man, there is a woman – and a family. What about you?
Yes, my wife Subodh is our pillar. We married in 1996. She is a successful real estate lawyer, running her Bhardwaj Law Office in Toronto. Our son Rohit is studying business at university and our daughter Pooja is in grade eight. My mom Shanti is with us to guide us.
Q: What is important for you in life? Money or something else?
Yes, money is required to live a decent life. But the key to happiness is a balanced life.
Thankfully, I have three people who have helped me live a balanced life. My brother Sunil has been my role model and guide, my mother has given me love and blessings and my wife has given me her total support. I won’t be successful without them.
Q: What is your typical day like?
I get up at 6 am and start work at 9 am. By 6 pm, I go home to be with my family.
Q: Where would you see Om Financial in the coming years?
In the next five years, Om Financial will be on target to become one of the top 10 national MGAs in Canada.
Rahul is now like family to me: Guilroy Henriques
| I joined Rahul Bhardwaj in 2001 and I have stayed with On Financial ever since. I actually first met Rahul at a brokerage where I was an office manager. He used to come there as an RESP provider. He told me that once you get your life insurance licence, please call me. But I lost touch with him by the time I got my license. So I went to various brokerages, telling them that I wanted good training in this profession. But nobody was willing to offer that. Then I picked up a directory and started looking for all the Bhardwajs in it. Lo and behold! There was one Rahul Bhardwaj. I called him and what he said is still etched in my mind. He said: ‘You have my full backing. If you are successful, Om Financial will be successful as well! His strongest point is that he genuinely cares for his advisors and staff. Why is he super successful? Because his is not purely a business relationship with his advisors. They are like an extended family for him. This man brings a personal touch to his professional relations. Personally speaking, we are like a family. Even if I have a personal problem, I always count him for proper advice. His support has meant so much to me all these years. Thank you Rahul! |
