On March 14, Great-West Life and Canada Life announced the end of sales-volume based incentive conferences for advisors. Instead, they plan to transition towards open eligibility events that focus on advisor development for their independent distribution channels.
GWL is still considering its strategy for its London Life exclusive distribution channel. The new approach mirrors the Canadian mutual fund industry’s current practices.
Nick Pszeniczny, executive vice-president, Individual Distribution and Marketing, Great-West Life, London Life and Canada Life, explained the decision in a statement to advisors that was provided to the media. Noting that the industry, and the regulatory landscape, is rapidly evolving, he said that events in the financial markets over the last decade have caused insurers to re-examine business practices to ensure that consumers’ needs and priorities are paramount.
The right move for clients
“We believe it is the right time to make this change. It’s the right move for our clients, for our advisors and the Canadian market place,” he said.
Pszeniczny and Phil Marsillo, senior vice-president, Individual Distribution, Canada Life, sympathized with the loss of these travel incentives.
“We know some of you will find this decision to be disappointing and we understand that. However, with regulatory changes emerging and customer expectations growing, we want to position you for the highest level of success in your engagement with your clients. We ask for your support and sponsorship of this decision.”