As the financial lives of Canadians grow increasingly complex, so too does the ecosystem of professionals that supports them. In this evolving landscape, a powerful concept is gaining traction: coopetition, the strategic blending of cooperation and competition.
Coopetition describes a relationship where organizations or professionals who may compete in some areas come together to collaborate in others, especially when shared values or public interest goals are involved. In the financial services sector, this principle is increasingly recognized as essential — not only among financial planners, but across the broader professional landscape, which includes Chartered Financial Analysts (CFA) charterholders, Chartered Professional Accountants (CPAs), lawyers and other allied professionals.
There are many areas ripe for collaboration. Of course, financial planners already collaborate closely with a variety of professionals to deliver comprehensive advice. By taking it one step further, planners can help ensure that all aspects of a client’s financial life are carefully considered and fully coordinated.
Just as coordinated health care — which sees professionals across medical disciplines working as a team — leads to higher-quality care and more efficient outcomes for patients, financial services clients benefit from an integrated approach. For planners and the professionals they work with, it’s about embracing a client-centric mindset, one based on an understanding that placing a client’s interest first often necessitates teamwork. This will help ensure that solutions are truly holistic, and that they’re tailored to the unique needs and goals of the people for whom they’re designed.
Consider the level of confidence a client can place in their planner knowing they’ve gone out of their way to provide advice and services informed by input from multiple experts. In terms of execution, this combined expertise and logistical cooperation can lead to more tailored and relevant advice. That, in turn, can be translated into action that will benefit the client’s financial situation.
A collaborative approach can build and reinforce public trust and confidence. When professionals from different disciplines collectively commit to shared values like integrity, objectivity and a dedication to acting in their client’s best interest, they demonstrate a unified standard of professionalism.
Elevating standards
Coopetition also supports the elevation of professional standards across the sector. By collaborating on continuing education initiatives or coordinating advocacy efforts, for example, allied organizations and professionals contribute to more consistent and rigorous standards. These joint efforts promote mutual respect and understanding across professions, while also improving the quality of services clients receive.
In a rapidly changing world, coopetition also fosters more efficient problem-solving. Complex financial issues related to societal changes, such as population aging or the increasing digitization of daily life, can overlap and impact clients in unexpected ways.
By sharing their distinct areas of expertise, professionals can respond with agility and insight, creating solutions that are both comprehensive and future focused. This type of cross-professional collaboration can address the interconnected nature of modern financial challenges.
Coopetition can also lead to greater alignment across professions in the advocacy arena. Put simply, a unified voice that transcends professional boundaries is more likely to drive meaningful policy change. Whether the members of a profession are advocating for improved financial literacy, enhanced access to professional advice or stronger consumer protections (such as those associated with title protection), joint efforts can have a significant impact on regulators and policymakers.
By standing together, professions can better shape the environment in which they operate — and the environment in which Canadians plan their financial futures.
For some, the idea of collaborating with professionals who are viewed as competitors may feel like an unwelcome compromise. In fact, coopetition respects the distinct contributions that each profession brings to the table. The deep understanding that a financial planner brings to their clients’ financial circumstances is critical. Likewise, a CPA’s in-depth knowledge of taxation, a CFA charterholder’s expertise in investments and a lawyer’s command of legal frameworks are incredible strengths. Far from diluting these strengths, coopetition provides a broader base of expertise from which professionals can draw.
At a time when the many areas of our lives are interconnected — from our health, housing and families to our businesses, retirements and legacies — the solutions we provide as financial professionals must be interconnected, too. Today, no single profession can meet every client need alone. By working together across traditional silos, we can elevate the entire financial services ecosystem and build a future where Canadians benefit from truly holistic, high-quality advice.
Formal channels for dialogue
To achieve the best possible outcomes, professional organizations must foster collaboration at the highest levels. This means creating formal channels for dialogue between professions, committing to shared standards and codeveloping continuing education, aligning advocacy efforts and actively building trust.
Joint task forces, shared research initiatives, cross-professional events and the mutual recognition of credentials or learning can all lead to positive changes across the financial services sector.
By modelling a collaborative mindset at the organizational level, professional bodies don’t just empower professionals to work together. They also send a clear message that their professions are united in their commitment to serving the public good.
As we look to the future, the professions that thrive will be those that embrace the spirit of coopetition. The most impactful and resilient practitioners will understand not only the depth of their own expertise, but the value of the expertise of others.