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industry & Markets
Succession Planning for Smaller Brokerages
With Kenny Nicholls—President & CEO, Western Financial Group
Afocus on people, growth and social responsibility is what propels the industry forward. New 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." 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."
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