After job cuts, insurers detail new advisory network

Following the news that Great-West Lifeco will cut about 1,500 positions over the next two years, the insurer has announced a series of staffing changes.

Back in November 2016, Great-West Life, along with London Life and Canada Life, aligned their Canadian operations into two business units: one for individual customers and the other for group customers.

Read: Great-West Lifeco’s AUM climbs to $675B

As part of the change, the insurers renamed their individual distribution organization to Advisory Network in March 2017.

Today, the Advisory Network structure, which includes three distinct individual advisor networks and a wholesaling organization, is further detailed as follows. A spokesperson confirmed to Advisor.ca that any job reductions as a result of this new structure were included in the job cuts announced last month.

Appointments to advisor networks

• Freedom 55 Financial continues as a network of financial security advisors who develop plans for retail investors. Abbie MacMillan, vice-president of Freedom 55 Financial, will lead the revamped channel.
• Wealth and Insurance Solutions Enterprise brings together advisors from Wealth & Estate Planning Group and Gold Key. Mark Foris, vice-president of Wealth and Insurance Solutions Enterprise, will act as lead. Foris is formerly vice-president of sales, individual insurance. Mike Rigato, vice-president of Elite Advisor Group, will continue to focus on what the firms dub “elite advisors,” as he did in his prior role as vice-president and chief distribution officer of Wealth & Estate Planning Group.
• Affiliated Partnerships — Managing General Agencies and National Accounts reaches a group of financial services professionals. Jim Brownlee, vice-president of Affiliated Partnerships, Managing General Agencies, will lead. Brownlee is formerly vice-president of Freedom 55 Financial and Wealth & Estate Planning Group for Western Canada. Sanjeev Khosla, director of Affiliated Partnerships, National Accounts, will continue in his role.

Wholesaling

Product Sales & Marketing Centres and the Canada Life Regional Marketing Centres are being combined into one wholesale organization: Wholesaling and Product Solutions. Locations across Canada will be called Product Solutions Centres.

Reporting to Mike Cunneen, senior vice-president of Wholesaling and Product Solutions, Sean Downey, vice-president of Product Solutions Centres, will lead the sales organization in the Product Solutions Centres. Downey is formerly assistant vice-president of strategy and planning.

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