How we got here and where we’re going, with Mike Sheffar

What does our future look like?

Since its inception over 20 years ago SPM Financial and SPM Benefits has always been about capability, collaboration and cohesion within the firm and with their clients. We had the chance to catch up with Mike Sheffer, Partner and Co-founder of SPM to find out more about how SPM began, its core strengths and what the future looks like.

How long have you been in the financial services industry?

I’ve been in the industry for 37 years. In 1986 I was just finishing up a degree at Western University when one of my football teammates was recruited by Canada Life (London Life at the time). He told me he thought I’d be good at it. At the time I had a job at a sporting goods store – not exactly a lifelong career aspiration. So I spoke with someone at London Life and was recruited. At the time I don’t think I appreciated the potential in this career or how rewarding it would be. But ever since then I jumped in with both feet and never looked back. 

What does the value of advice mean to you? 

The value of advice goes way beyond the financial stuff. It’s about partnering with clients to act as a trusted advisor to help them achieve their goals. Of course, as an advisor there’s an element of selling things, watching investments grow, etc. but the purpose behind a plan and the products is to establish deep and meaningful relationships with people. The value of advice is to deliver it in such a way to earn people’s trust by being honest and acting with integrity. That’s when you see people open up and be honest, vulnerable and transparent – that's when you really get into collaborative plan building and monitoring and seeing great results. 

When/How was SPM Financial created? 

Tim Potter, Keith Muchan (the P and M in SPM) and I were long time friends and colleagues who had been working together for years. We’d meet regularly as independent advisors to talk about our goals and business objectives and hold each other accountable. Even back then we understood the importance of surrounding yourself with like-minded, growth-oriented people, and the same applies to how we operate SPM today and what advisors join our firm. We really formalized our partnership when London Life purchased Prudential. As we started meeting with group clients with complex needs, our practices had more credibility if we came to the table as a team of 3 versus sole proprietors. When Great-West Life bought London Life in 1999 and we had access to their product shelf we became full brokers in the Group space. As we started working with business owners, our planning would flow over into their personal finances (which can be complex when intertwined with a business) and our practice grew with a propensity to support business owners personal and business needs, a unique pillar which still holds true today. We’re business owners ourselves and have enjoyed working with other business owners, accountants, lawyers, doctors and others who have complex planning needs. 

What sets SPM apart from other financial services firms? 

Lately there’s been a lot of consolidation in the industry. SPM Financial and Benefits is still a completely independent organization, which means we have a lot of choice and opportunity when it comes to providing unique offerings to our clients to meet their needs. Another benefit is our size, we’re large enough to make a difference, but small enough to really know our clients and one another. There’s a strong sense of community within our walls where we all enjoy and appreciate each other's company and capability. 

As a business owner, what’s a valuable lesson you’ve learned you’d like to pass on to other business owners? 

The importance of planning (bet you didn’t see that coming). As a business owner you always need to be thinking about the future. Have you set growth targets and developed a plan to achieve them? What happens when you achieve those targets? How much do you need to earn, invest and save to grow your business and ensure its integrity for years to come? It’s also good to plan if things go sideways. Always hope for the best and plan for the worst. Lastly, I think it’s important to document things. By taking the time to document commitments, you help create transparency and accountability on both sides of any business relationship. 

What about the future of SPM Financial are you most excited about? 

I think I’m most excited for the impact we can have for clients. While I don’t plan on going anywhere in the long term, we’ve started the succession process which means a larger leadership team with fresh ideas and perspectives at the table to grow our business and better serve the needs of our customers. We’ve also been growing the number of advisors in the firm so we can have a greater impact within our communities and the number of clients we serve. I’m excited for the next generation to take our business to new heights and be able to seize opportunities as they present themselves.