FindBob Helps Canadian Financial Advisors Grow and Protect their Practices

Matchmaker, Matchmaker

Roland Chan is a matchmaker of an entirely different kind. Rather than pairing up lonely hearts, Chan, a serial entrepreneur, technologist and financial advisor, is seeking to help other financial advisors working in the financial services and insurance world find the right match for their book of business with his company FindBob.

“Financial advisors in Canada today are responsible for managing over $1 trillion in wealth. At the average age of 59, many themselves are nearing retirement age, and yet, for all the retirement counsel they give others, more than 80% of financial advisors have no succession plan of their own,” says Chan.

Chan understands the financial service industry very well. He grew up in the business, so to speak. His father established his own successful financial services and insurance practice 26 years ago, and was joined by his son in the business in 2008.

“I began my career as a software architect, but after stepping into the financial services industry to help my father I grew to love the industry and the millions of dollars it puts back into the community and the economy,” says Roland Chan. “There are some terrific people working in the business who have committed their lives to their clients and to educating the public on the best way to build savings and protect wealth.”

Chan also knows too well the consequences of poor succession planning.

“Around the same time I joined the family practice, we had an advisor who had been with the firm for 15 or 16 years pass away suddenly.  He didn’t have a continuity plan to protect his book of business. In financial services, both the firm and the individual own a percentage of recurring revenue flowing in from clients. Because there was no succession plan in place, it took me over a year to transfer the value from that book of business to our advisor’s widow. And unfortunately, by that time, close to 50% of its value had eroded, due to clients moving on and/or or other agents poaching his business.”

It is a story that Chan has heard repeated over and over again through his work in the industry, and as VP of Advocis, the Financial Advisor’s Association of Canada’s, Toronto Chapter. He also learned why advisors were so reluctant to plan for their own future. “Most advisors don’t participate in succession planning not because they expect to live forever, but rather they can’t find an adequate partner, or find the whole process too daunting.  Their firms want to support and encourage them to do so, yet they lack effective and scaleable processes.”

Realizing there was an unmet need for a more effective solution to aid advisors with succession, he decided it was time to put his decades of technology experience to work to build FindBob, a unique marketplace that pairs advisors looking to scale back or retire, with others in the industry (ideally in the same firm) who are looking to enter the industry or expand.

FindBob’s platform has strongly resonated with the financial advisory community. Since becoming a client of the Accelerator Centre in 2015, Roland Chan’s venture has achieved steady market traction. The company is on the brink of closing its fourth Canadian enterprise client, and now represents the largest insurance practices in the country and the second largest trade association for investment and insurance advisors. “We provide real value to these firms,” says Chan. “We help them protect their existing assets, generate new revenue, recruit new talent and meet their fiduciary responsibility to clients. Currently, FindBob is the only platform focused on on assisting financial institutions with internal transitions. Our marketplace is allowing advisors to discover opportunities within their own firm and connect with others seeking to buy, sell, merge or find a successor. “If you are able to move a block of business internally within a single financial institution that achieves the best outcome for advisors, for industry and for client.

To fuel its next stage expansion, FindBob was able to tap into $30,000 in AC JumpStart funding, made possible through FedDev Ontario.

“Obviously getting an injection of non-dilutive money is tremendously helpful,” says Roland Chan. “It allowed me the freedom to hire a person devoted to customer success, a role that creates real value for the company and for our clients.  Thanks to the AC we added a critical non-technical hire, and now Sylvia is our point person on many enterprise engagements.” – Roland Chan—

Based in Toronto, Chan travels the Toronto-Waterloo corridor as often as possible to also connect with the Accelerator Centre’s team of mentors.

“From Kevin Elop, who sends me a five page email response to my question; to Kevin Hood who has saved me from jumping off a cliff on 3 or 4 occasions; to Bob Rushby and Steve Fyke who always offers poignant technology and design advice; to Jackie Lauer’s hiring expertise; to Ellyn Winters, who has forced me to focus on inbound marketing and PR – areas that are decidedly not in my comfort area; the mentors have helped me look at my business from many different points of view.” – Roland Chan—

ACJumpStart is made possible by and investment from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) and is delivered in partnership with Conestoga College, Wilfrid Laurier University and the University of Waterloo.