NewGround Financial

What NewGround Financial does

NewGround Financial Incorporated is a privately held, founder-owned Canadian insurance brokerage and financial advisory firm headquartered in Bedford, Nova Scotia, founded in 2018 by Nick Mombourquette. The firm specializes in group benefits and pension plans for Canadian businesses with 25-500 employees, alongside wealth planning and estate protection services for individuals, business owners, and family enterprises. It operates a specialty non-profit sector practice that delivers tailored benefits, RRSP, pension, and Employee & Family Assistance Program (EFAP) solutions, the latter in partnership with Impact Organizations of Nova Scotia (IONS).

The firm is licensed to operate across Nova Scotia, New Brunswick, Prince Edward Island, Ontario, and Alberta. Its core technology stack consists of industry-standard benefits administration and claims submission platforms (Sirius, BBD, Havern, myHSA) — no proprietary technology is disclosed. Distribution is anchored by Managing General Agency partnerships with Advice Canada (6,000+ advisors) and GroupQuest (1,000+ advisors), which provide access to niche insurance carriers and back-office support. The firm carries relationships with more than a dozen insurance carriers including Canada Life, Manulife, Sun Life, Desjardins, RBC Insurance, and GroupHEALTH.

NewGround's revenue model is commission-based, earning 6-10% of total client insurance premiums embedded in annual policy pricing. The go-to-market is sales-led and consultative, using a free plan analysis as a lead magnet and Microsoft Outlook booking for strategy calls. The firm employs approximately 8 people and has no external funding, no parent company, and no disclosed acquisitions. Founder Nick Mombourquette holds CEBS, GBA, RPA, and Family Enterprise Advisor designations and was recognized in 2023 as one of Canada's Best Financial Advisors Under 40.

Name

NewGround Financial

Legal name

NewGround Financial Incorporated

Website

https://newgroundfinancial.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

NewGround Financial is a Nova Scotia-based insurance brokerage founded in 2018 that provides employee benefits, pension, and wealth planning services to Canadian businesses with 25-500 employees across five provinces.

Ownership category

akta.pro rank

Headquarters

HQ city

Dartmouth

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Insurance Brokerage Commissions: The company earns commissions from insurance carriers, typically 6-10% of total premiums as mentioned in their competitive comparison. This is the primary revenue stream for their employee benefits and group insurance services.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

NewGround Financial is a Canadian insurance brokerage and financial advisory firm that designs, brokers, and actively manages employee group benefits and pension plans for businesses with 25-500 employees, and provides wealth planning and estate protection strategies for individuals and business owners. The firm earns commissions from insurance carriers (typically 6-10% of premiums) and is backed by national Managing General Agencies (Advice Canada, GroupQuest) giving access to niche carriers and broad product offerings.

Product overview

NewGround Financial is a financial advisory firm offering an integrated portfolio of employee benefits, insurance, and wealth planning services. The core offering centers on Group Benefits & Pension Plans for businesses (25-500 employees) and Wealth Planning & Estate Protection for individuals. Specialty services include Non-Profit Sector Solutions with tailored EFAP offerings. Additional add-on modules include Employee & Family Assistance Programs (EFAP) providing mental health and wellness support, and Health Spending Accounts (HSA) for flexible cost-controlled benefits. The firm operates as a brokerage backed by multiple insurance carriers and MGAs, providing access to diverse insurance and investment products.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Reduce employee benefits costs by 10-15% on average
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• Advice CanadacoreStrategic or Co-development PartnerLeading national Managing General Agency (MGA) that backs NewGround Financial. Represents more than 6,000 advisors across Canada and ensures compliance and up-to-date industry trends. Acts as back office support.
• GroupQuestcoreStrategic or Co-development PartnerPartner with over 1,000 advisors across Canada. Part of the MGA partnership providing back office support to ensure clients can always reach someone with questions about their program.
• International Foundation of Employee Benefit PlansminorStrategic or Co-development PartnerProfessional association providing resources and certification for employee benefits professionals.
• Family Enterprise CanadaminorStrategic or Co-development PartnerOrganization supporting family enterprises, providing resources and the Family Enterprise Advisor designation.
• IONS (Impact Organizations of Nova Scotia)coreStrategic or Co-development PartnerPartnership specifically for non-profit sector clients. NewGround Financial has partnered with IONS for EFAP services for all their members.
• NHNSA (Nursing Homes of Nova Scotia)minorChannel Partner/ Reseller/ DistributorAssociation partnership for providing benefits solutions to nursing homes and long-term care facilities.
• CSBT (Canadian Society of Benefit Trustees)minorChannel Partner/ Reseller/ DistributorPartnership providing benefits solutions to CSBT member organizations.

Scale indicators3 records

Recent moves5 records

Expansion highlights10 records

Broad incumbents

• Marsh Canada: Marsh Canada is a large global insurance brokerage operating in Canada, providing group benefits, risk management, and consulting to corporate clients. Represents the scaled incumbent in the same benefits brokerage category.
• Westland Insurance Group: Western Canada-rooted brokerage providing personal, commercial, and benefits insurance through carrier partnerships. Overlapping benefits brokerage services for SMB and mid-market clients.
• Aon Canada: Global professional services firm with a large Canadian benefits consulting practice serving mid-market and enterprise clients. Competes for the same corporate benefits advisory mandates as NewGround.
• BrokerLink: Canadian insurance brokerage offering personal and commercial lines with a growing benefits practice. National scope and broader product breadth position it as a larger alternative.
• Hub International Canada: Large North American insurance brokerage operating across Canada with corporate, personal, and benefits lines. A scaled incumbent offering overlapping benefits brokerage services to mid-market employers.

Direct peers

• People Corporation: Canadian provider of group benefits, pension, and HR consulting services to mid-market employers across Canada. Overlapping benefits brokerage and administration capabilities with a national footprint.
• Cowan Insurance Group: Canadian insurance brokerage offering group benefits, personal insurance, and wealth solutions to businesses and individuals across multiple provinces. Comparable client segment and broker-led model.
• Acera Insurance (formerly BBD Insurance): Canadian brokerage specializing in group benefits, insurance, and wealth planning for mid-sized businesses. Most directly comparable peer in terms of product mix, client size, and consultative brokerage model.
• Sirius Benefits (under People Corporation): Benefits administration partner of NewGround. Provides group benefits technology and administration services across Canada. Operates in the same benefits ecosystem and shares some carrier relationships.

Regional players

• Williamson Group Insurance Brokers: Canadian insurance brokerage focused on group benefits and retirement planning for businesses. Comparable mid-market benefits focus but with different geographic emphasis.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Customer concentration

• Xx.com/NewGround_inc
• YouTubeyoutube.com/channel/UCV99drVf2BZZdWgJqECCm0Q/featured
• Facebookfacebook.com/newgroundfinancial
• LinkedInlinkedin.com/company/newground-financial-inc
• Instagraminstagram.com/newgroundfinancial

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NewGround Financial