World Financial Group Reviews
Legit or Scam?
Group (WFG) is a multi billion dollar
financial services corporation with a hybrid
business model. It deals with several
financial products including: Life
Insurance, Variable Universal Life
Insurance, Mutual Funds, Annuities, and
World Financial Group's hybrid model
is very similar to that of
Primerica. It's basically the
fusion of a standard financial services
business with Network Marketing. Meaning that they recruit and train new
associates to go out and sell financial
products while recruiting people to join the
Due to this practice many former recruits
have called World Financial
Group a Scam. However, there is no way that World
Financial Group is not an outright scam, it's a publicly traded firm that brokers real
products. Then why does it have such a
notorious reputation? The reason that people call World Financial Group a Scam is
because there are several downsides to this
hybrid business model.
First of they
encourage recruiting and selling to friends
and family. Second, although they screen recruits
many lack a formal education, third, when
recruiting they're often evasive and conceal
the true nature of the business, marketing
it as a salaried position, and finally WFG's
varying product commissions cause some reps
to give financial advise that would benefit
them more than their customers.
People need to know what they are getting
themselves into when they join the World
Financial Group. The opportunity
requires investing heavily in your own
financial education, which is not a bad
thing. Yet it also requires heavy
sales and recruiting practices.
World Financial Group claims
to have some very noble goals, such as
spreading financial education to those in
dire need of it. The problem is that,
at times, the needs of WFG reps to recruit
and make money overshadow that goal and give
WFG a bad reputation.
Would you like to add your review for
World Financial Group?
Customer Responses, Reviews, or Complaints for
'World Financial Group'
6:54pm on December 3rd, 2013
Yeah this lady at my job keeps from World Financial group keeps pressuring me to buy insurance and even went as far as showing me bank deposit rolls in her phone "proving" just how much she makes every month from her recruits. Her business card has MBA by her name but I'm certain her degree is an undergrad in a different field than business. If I didn't know any better I would have thought I should jump right in with her in order to earn tons of money.
7:28pm on December 2nd, 2013
Total scam, Very creep people, as a insurance agent you don't go around recruiting people, that's how they make there money, no one actually is a real agent selling to anyone, Why would you trust anyone at this place?
Ed N. California
1:49pm on September 24th, 2013
I started my training with Transamerica WFG it's seems like a legit business. I see all the negativity comments but i don't care what you all say, I'm going to dedicate my time by educated myself and get license to try this out. However, I will be on top of my game if at any time i feel like it is all a scam and I will go no wheeee from here then I will quite. Doesn't hurt to try and I have nothing to loose besides maybe $200 from the fees. Wish me luck! Super motivated! And ambitious as i em.
WFG insider California
3:12pm on July 28th, 2013
To Elizabeth Monterey
WFG people cheat and lie through their teeth all the time. That so-called "boss" is NOT hired by WFG for sure. He just wanted to recruit u and eventually sell you or your acquaintances some lift insurance by claiming it is a "JOB" or hiring. Why does WFG tolerate such unethical practices? WFG only cares the end result -- how much life insurance they sell. WFG is not liable for any of their independent contractors' actions as a financial advisor. As a self employed person, the contractor carries all of the risk. If you conduct business in a manner that is unethical or make a mistake or do something illegal, the SEC is coming after you personally, not WFG.
Scott Location unknown
6:34am on July 28th, 2013
"janice wilkes". They did it because it is NOT a legit JOB and there is why they cannot even post it in any job board. The trick you described is a well known. When a WFG cult member tries to recruit their own friend or family member, they use the same trick. They will tell whatever their friend and family members want to hear in order loot them into the cult. Once you get in their office, they will try to brainwash you to join them. At the end of the day, they want to sell you some life insurance. That is in their blood!
janice wilkes Location unknown
5:09pm on July 23rd, 2013
I got a call from a person because they saw my resume on career builder.com The person did not tell me there name. The person did not tell me the name of the company (WFG). Until when you get inside the place and attend to the orientation. They began to give the name of the company and they tell you there ways of being successful. Once you complete the orientation, you meet up with one of the managers. Therefore the trick is that you have to pay 100 dollars to complete the application. I left and I did not want no involvement from the company (WFG).
CM San Jose, CA.
2:32am on July 7th, 2013
To: Chris Pratt, Sacramento, CA
Not everyone at WFG is just concerned with making millions, or broke! Many agents are actually there to help people.
And, not sure what your relationship is with the Asian lady... There are different mixes of people working as agents, and only those who work at it after they get their licenses make money. Most I've seen do drive very nice cars...
As far as your even asking someone else to pay for your own background check-- that says more about you than them!
CM San Jose, CA.
2:05am on July 7th, 2013
To: Anonymous in Philadelphia, PA.
#1: No one gets paid until they get their CA. State license. This is told to you when you're first recruited.
#2: Agents are paid commission from the big companies (the insurers, like Pacific Life or ING, etc.) that people have their policies through-- not out of the client's pockets. Are you sure you heard it right?
#3: Agents DO start at the bottom, which is NOT 50% of the contract, nor out of the client's/friend's/family's monies.
Giving you and the agent the benefit of the doubt, maybe there was so much info exchanged at the time that you misheard it?
CM San Jose, CA.
1:50am on July 7th, 2013
To: one smart lady, Redding, CA.
This guy you're talking about would not be anyone's choice for an agent, considering his questionable character! And I doubt he has ANY State licenses, considering his legal record!
He sounds like a pathological liar, judging by your description of his known lies to date. So, what makes you believe he's telling you the truth about his affiliation with WFG? My guess is that he was rejected as a possible agent from the beginning-- & that that's why he mentions "it would be best not to have a criminal record" in the first place! Maybe he's using the WFG name to get back at them for not accepting him?
It's probably one of his friends who works with WFG, not him. I think many of us have a relative/friend or two that we would never recommend as business partners or fellow agents because of who they are. The guy you describe sounds like one of those.
Please don't judge the whole company negatively from your association with such a questionable character such as he.
Business owner Coachella ca
3:28am on June 28th, 2013
I own my own business. I am a insurance broker and own small coffee shop. I was ask by another business owner come check out a presentation by a WFG rep at his place of business. So I went and was given a very interesting opportunity and the product WRL UIL made lots of since. As a broker and being in the insurance business, I know it takes great customer service and it takes lots of money to advertise, get people come buy from you..
What I saw was the opportunity to help families build a financial foundation and have life insurance to protect their love ones if the bread winner dies. So, I immediately saw my dreams and goals of helping these families in my community be able to afford life insurance and also saving money send their childern to college.
I saw myself and my business growing, instead of just ME alone trying to get my Latino community stop having car washes and putting boxes of donations in markets to bury a love one. I saw hundreds of ME helping families!
I made good money in my life time, but now with WFG I am reaching my goalsam and making more money than by myself! No more overhead, payroll, bills, ect......
If you are not a people person or have no dreams and goals, this life opportunity not for you! I did my research read so much negative comments, but I went with what I know that insurance companies are all legit..I was already an agent with most of them.. So, can't be a scam! Do a real research, not go by comments.
I met so many wonderful people from all over the world and WFG pays for all my vacations! I don't need to use my money go see Hawaii, Canada, Paris. All paid by WFG...
Now my hard work is paying off! I feel so blessed!
COACHELLA Valley DreamTeam!
A MOTHER LOS ANGELES
11:09am on June 22nd, 2013
I AM A MOTHER...MY SON WAS HIRED BY WFG...DONT KNOW THE OUTCOME YET...BUT HOPE GOES WELL...HE PAID THE 100.00 DOLLARS FOR THE LICENSE AND BOUGHT LIFE INSURANCE FOR HIMSELF...HAS BEEN GOING OUT TO TRAIN WITH THE RECRUITER..ON HIS TIME OFF FROM HIS WORK...I JUST HOPE EVERYTHING IS TRUE BECAUSE DONT WANT TO PAY OUT OF MY OWN POCKET ...FOR THIS JOB...WILL SEE. BE BACK NEXT MONTH...
5:31pm on June 6th, 2013
Everyone's review's are interesting. There are no rights or wrong here. Everyone who has experienced with World's Financial Group has their own opinion. I personally thought it was nice to know what reputation they've got since I have heard about it. In conclusion, I am not interested whatsoever.
one smart lady Redding, CA
3:42am on June 4th, 2013
I personally know a WFG Rep who has made several FRAUDULENT claims on his WFG presentation on youtube. I was cracking up as I watched his video, he is a manipulator and liar. With all that I have read, about this WFG company, he is apparently in the perfect environment. During his video presentation:
#1 - he immediately claims that he has his Master's in Business Mgt, is finishing up his Master's in Psychology and is working on his Doctorate in Psychology. NO HE IS NOT! He barely received his BA from an online program from University of Phoenix. Although, nobody is certain he received a degree, because nobody has seen his Diploma.
#2 - he talks about the $100 background check fee and advises that it would be best to not have a Criminal record. However, in 2008, he was arrested and served time for a FELONY. He was a Pharmacy Tech at Walgreens (Redding) and was stealing prescription drugs and selling them on the street. After observing his theft, for 6-months, Walgreens filed charges. He is on probation and owes at least $60,000 in restitution. I doubt that he has been able to repay or have his FELONY expunged.
#3 - he claims to be licensed in 4 States? I doubt it.
For those who are considering WFG and it's financial programs, you might want to do the research on the company and who it allows to represent it. I wonder if this young man's FRAUDULENT claims on a world wide website, can cause him legal issues. He is representing the "plan" involved with becoming a recruit, all the while, LYING about who he is. Hmmmm.....? Makes a person wonder. Regardless of how great or scammy this WFG company might be, I know for a fact that one representative is a con-artist. Beware!
2:13am on June 2nd, 2013
All the complaints I read now are because of the communication problems. I agree there are some WFG agents that are not fully knowledgeable about the products. But, are you sure the agents you have in other company better?
I am lucky to have a very educated upliners who knows a lot of financial stuff. But my previous financial advisor from a big and well know company is lack of this knowledge. Yeah, she might present well and dress well. I know now she is just like the average Wfg agents knew a little bit of it.
For those have bad experience with the WFG agents, you need to be aware of the other financial agents might be doing the same thing.
It really depends in the agent you meet no matter Which company.
7:44pm on May 26th, 2013
I have been recruited by both, for sure more so Primerica. Not interested in pryamids nor buy term and invest the difference because most people do not invest the difference. The best thing to do is join an actual agency that will give you access to inexpensive. I do not think any of these organizations give you access to discounted leads. They get you to go after family and friends and then that list gets exhausted and then what? It is great to be an independent agent but to join organizations that do not have good reputations, not a good idea. Maybe some of you have a list of 500-1000 people to call and meet with but I sure do not. I am sure not going to force friends and family to buy insurance from me. Definitely not my style. I have a consultative approach and if they get a policy from me, great, if not that is OK as well. That is my 2 cents. If anyone wants to start an agency with me or be a part of a big one let me know via email. Vriccardi@msn.com.
Vincent San Jose, California
7:44am on May 13th, 2013
I actually had a rep from WFG in my house sometime ago, and after a financial analysis he made recommendations on how to save in some expenses i had, and how to lower my over spending. i found that advice very useful and successful. further, i had an old 401K and recommended me to roll over into an IRA with a company called Jackson National, it turned out to be a very good advice, also recommended me to start a long term plan in something called 7702 (a) which after 4 years it has performed good, at least a little better that he projected it using a company called Pacific Life. I did a research on those two companies and they are great companies in the financial market. I had a good experience, they answered my questions, educated me on some investments in my 401K portfolio and i am very greatful for their services. i am sure everyone has a different experience with his company but as far as mine is concern, i am very happy they came into my house. i also have a College fund for my 2 kids through them with Franklin Templeton and some mutual funds savings for emergencies. in my opinion it has been a great experience with them.
1:22pm on May 11th, 2013
WFG is not the company people should sign up for. From their point of view, they want to use every words against you and trick you believing that their company can help benefit you in the future. I recently stepped into their office and mostly got tour around by bunch of people who claim to be billionaire. Now if their company were such an successful place to be at, why aren't there people living out in the street signing up for it. They only tell me what i want to hear that sound too easy to be true.
Nothing in life is easy, If you want to get high paying job or learns about the business. You have to start at the bottom to work your way to the top. I remember when one of WFG employee was telling me how i would make money was to sigh other people up but here the catch, if i would to get paid it would be off that person or family cash into the WFG account. Funny thing is I would get 50 percent of that family/person but the person who recruit would also get 50 percent of me from that family as well. This may not be a illegal scam but however it is a legit scam ( still a scam). Your best bet is to stay away from them
Former WFT agent California
12:00am on May 7th, 2013
I joint and quit this company after I realized their unethical practices in business and my upliner kept pressing me to recruit&sell to my my close friends and relatives. I almost lost one of my best friends because the MD was so pushy to sell him some life insurance during my so-called field training. A few similar incidents started giving me BAD reputation among my friends. It was a disaster!
The more I worked with these people, the more I felt uncomfortable with. Their agents would recruit anyone who can sell the products regardless of their professional backgrounds. There is zero training on becoming a financial advisor/eductor other than having people repeat some scripts. Every session is about how good the product(universal indexed life insurance) is and no question can be asked(if u raise your question, they would say "talk later"), talking about recruit and more recruit, lambasting those who don't buy the idea or quit are "losers". Most of the so-called agents in the office are non college graduates including restaurant chefs, stay-home moms and grocery workers. I don't mean to look down at them. Some of them barely speak much English, but they were able to pass the life insurance exam. Secret? The upliners actually have some study guides that would guarantee them to pass the exam if they memorize them.
In order to complete the so-called 3-3-30 for a high commission rate, most of the agents did the followings:
1). sell the UIL insurance to themselves and their family members who may not need it at all. Failing to complete the 3-3-30 are regarded as not sharing the same "vision".
2). most of their customers are low incomers who don't even know what 401k and IRA stand for.
3). they just care about making some $.
4). simply use the same script to recruit and sell products to others.
5). most agents have ZERO idea about financial concepts, but they call themselves "advisor", "educator". WTF!!
6). mislead and give out false promise to their clients regarding investment returns.
I was with this company for a few months and I was able to make some sales. After I realized I needed to get out of this before losing all my friends and people who have trust on me, I quit and notified those, who bought the products from me. I even took money out of my own packet to refund them.
If you don't want to lose your friends and relatives, stay away from them!!!!!
Derf Nugget California
3:52am on April 24th, 2013
There is no comparison between WFG and Primerica. Primerica is modeled under the principle "buy term invest the difference". How can you compare Primerica when Primerica agents only wanted you to buy insurance that is term, meaning all your paying is flushing down the toilet. Making me invest the difference does not really give any options on how I will not lose my money. All they did is sell me the insurance (term) and I'm on my own if I lose money in an investment. What kind of an option is that? Well, I am not so bitter about Primerica because the time they had my business I did not know any company out there that can give me a better options. I met this WFG representative and did a presentation that made a lot of sense. He also discussed the business side of WFG. After that he said thank you to us for giving him the opportunity to share the information. So I was waiting for the sales pitch and I asked him, aren't you going to sell me your product or recruit me like everyone else out there? He told me that his objective was to share the information wether if I buy or join is all up to me. He would be delighted for me to buy the product but he will only sell the product if it is for me. He told me, if I am interested about the products or joining the business to give him a call. He even told me to research about WFG and the companies they represent and then make an informed decision. I did research it and I found out that WFG is just like any other company. It is always a target. No difference. There will always be unhappy people for whatever reason. It all boils down to, you have to make a decision that will be for your interest. I like what WFG shared with me and they were straight, honest and no beating around the bush. They gave my space. So, I decided to acquire their services. The guy set me up with good financial strategy. I know he did and I compared the products they offer to most investment I have out there. He was able to structure my finances well and he knows what he was talking about. Very knowledgeable. I am 50 y.o. and I own several businesses and I am a CPA (US University). All WFG offers are options that regular people does not know. If you know Math, Accounting, Economics, Investing, Business and Market Trends you will understand the products they offer. I would like to join this company in the future. Currently, I am too busy with my businesses. I think it is a brilliant business flat form. Very Low start up Capital and huge potential ROI. I appreciate WFG for showing me all the products that are available out there. More power to you guys!
2:21pm on April 23rd, 2013
To all those looking to join WFG, research, research, research. I will be the first to admit I am not Warren Buffet and could benefit from additional financial advice. This process if nothing more has opened up my eyes and i think you are reading this for the same reason, to see what other experiences good and bad WFG had provided, and just want some more information. I am just not sure that WFG is properly motivated or its employees educated enough to provide sound financial advice impacting the rest of your life. Regardless of who you are considering to invest with, everyone needs to be aware of the risks involved in this type of business or any investment, big company or not. Remember Sub-prime mortgages ,and remember NO ONE WILL BAIL YOU OUT if things go south.
I recently had a visit from someone from WFG, the first thing I noticed was how difficult it was to get the rep to admit what it was they actually sold. This was a big warning bell for me I had to research online have come to the conclusion the products they sell are brokered insurance policies, retirement plans, mutual funds, debt relief, and they will advise you of different investment strategies all geared toward the products they sell. Again this was crazy to me as to why it was such a big secret and they tried to recruit me before I can even tell what they were selling just using the line "how many people do you think good financial advise could help?" well, I have to agree! approximately 100% of people would like to make good financial decisions.
The biggest complaint I have with this whole process is that I don't think a few weeks training will enable you to be prepared for giving financial advice for the life of the client, it seems to be set up as so anyone can start their "dream" of becoming a financial advisor, unfortunately less than one percent of their employees stay the course and in the mean time if anything goes wrong who do you think your family and friends are going to be mad at if they ever talk to you again. It seems the WFG "financial advisor" has put in the absolute minimum requirements of becoming an advisor by passing the state/provincial exam, and I am not saying they will give you bad advice its just everyone is new and uand likely will not be around in a year or even have enough experience to give educated advice. WFG wants you to put the same stock in someone with a few weeks or months of part time training as the financial advisor who had studied it in a classroom environment over a number of years. Where do you think the greater risk is? Which one has more to loose? the plumber turned financial advisor or the graduated financial advisor?
How much is it worth to you if incorrect investment advise costs you your life savings or your home. How much is that risk worth to you? your family? your friends?
That all being said I will admit that at least this process had got me thinking and researching on my own the different options that are available and what the risks of each option is.
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