2010: Birth of Greatway - Greatlife Financial transformed into Greatway Financial, and started as a small Managing General Agency (MGA), with 60 advisors, committed to growing a life-changing organization with integrity centered around the promise of doing better for people.
2018 0621 - FCM Multicultural Magazine - A Meeting With Marlon Antonio, President and C.E.O. of Greatway Financial Inc - [link]
“I joined WFG (World Financial Group) in January 2004,” said Marlon. And from there, he talked about his journey, challenges, personal growth, his failures, and his successes up to where he is now with his own very successful company – Greatway Financial Inc.
2022 1014 - FSRA - TO: Greatway Financial Inc. - Notice of Proposal to Make Compliance Order -
2022 1025 - Advisor.ca - FSRA initiates enforcement action over MGA’s training practices. The regulator alleged a firm’s training instructs life agents to mislead consumers, which the firm refutes, by Staff - [link]
“Greatway’s training instructs agents to mislead consumers by deliberately not providing consumers with an adequate understanding of the financial product that they are purchasing,” FSRA’s notice of proposal stated. “The training specifically instructs agents to not inform consumers about the insurance aspect of the life insurance product that supports the IRP,” directing agents to focus on the savings and investment aspects instead.
In a statement, Greatway responded that FSRA’s report doesn’t reflect how it operates. Its agents “are trained to thoroughly explain to their client the life insurance product for at least two hours, including the key risks and disclosures of the policy,” the company said.
2023 0212 - halifax.citynews.ca - Regulator reining in Greatway’s multiple levels of questionable insurance marketing - [link]
Greatway’s approach, and the way it coaches its purely commission-based agents to use its “result-proven system” to sell insurance, has, however, raised serious concerns with regulators — so much so that Ontario’s insurance watchdog ordered the company to destroy all teaching materials, and retrain agents by the end of March, because the old instructions could lead to unfair or deceptive practices under the law.
The Financial Services Regulatory Authority of Ontario (FSRA) alleges that Greatway has focused its sales almost entirely on universal life insurance, a complex financial product usually used by the wealthy for estate planning. It also alleges the company’s training encourages agents to sell the same product to all consumers regardless of their income or needs.
While Greatway has disputed some of the regulator’s findings, it has agreed to comply with the order.
Along with remedial teaching for all its agents, the order requires the company to reach out to all Ontario policy holders to help them assess whether their plans are really suitable and to help address concerns if not.
2020 - highinterestsavings.ca/forum/ - Greatway Financial (Bank of Montreal's policy) Insured Retirement Plan | RRSPs and RRIFs | Discussion forum - [link]