Greatway Financial, scammed my wife into an Insured Retirement Plan with Universal Life using a BMO Insurance policy.
They sold her some life insured life insurance "investment" known as an Insured Retirement Plan
After 5-years, they tried to recruit her into becoming a so-called financial advisor, obviously I questioned this and looked deeper into the "investment."
So the investment was costing her $150 per month, but somehow, it left her with less then her principal payment after 5-years.
When she tried to cancel, they informed her that it would cost her $2,800 in "surrender charges" which is the equivalent of nearly half of her investment.
All I can say is that many people have absolutely no clue about how to use RRSP, TFSA or why they should use segregated funds or life insurance "investment."
My wife was duped by Greatway Financial's advisor, I hope nobody else is. I have no idea why BMO is staining their reputation with a company like this.
When she tried to cancel, they attempted to talk her out of it for close to 30-minutes.
After a careful review, it was very clear this product from BMO (which was legitimate) was only suitable for high net worth individuals who maxed out their TFSA & RRSP, as well who had substantial supplemental income that they wanted to save for retirement. The product outlined a recommended age of 35+ (she was only 27) and had no savings, worked min. wage, and did not have substantial supplemental income.
Please be careful out there before signing contracts.
Although the law states an advisor must work in a clients best interest, this may not always work out as it is suppose to.