Insurance Business Great-West Life announces distribution network overhaul

Great-West Life announces distribution network overhaul Great-West Life announced yesterday that it is further restructuring its advisory channel organization in an effort to improve the system.

The new structure “includes three distinct individual advisor networks, and a wholesaling organization that together will improve efficiency, modernize our approach to distribution and help fuel future growth,” explained Great-West Life Advisory Network executive vice-president Nick Pszeniczny.

Under the changes, the company will have three advisory networks: Wealth and Insurance Solutions Enterprise (for elite advisors), Affiliated Partnerships (serving MGAs and National Accounts), and Freedom 55 Financial – which continues as its own network.

Pszeniczny told The Insurance and Investment Journal that about 250 positions are anticipated to be eliminated due to the announced changes to the channels – approximately 200 in 2017 and another 50 in 2018.

Great-West Life had previously announced the elimination of 1,500 positions in a previous release.

Pszeniczny also said that the 250 eliminated positions would be in field management, wholesaling and administration roles, stressing that the company will keep its “very best.”

He also said that there are no plans to reduce the organization’s 25,000 advisors. According to Pszeniczny, the goal of the restructuring is not to trim down their numbers, but to better align them.

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