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'
Been around Seattle, WA
8:41am on March 3rd, 2014
WFG is not a scam or a pyramid. They actually help middle class to high net worth individuals with a comprehensive plan that helps their clients. They are more interested in helping than New York Life, and and Stock brokerage firm. No good deed goes unpunished though because there are ignorant dumb people out there who don't know a thing about money, insurance or investing and they are scared to do the right thing and guess what? They end up losing all their money because they are too dumb and inexperienced to recognize a good thing when they have it! WFG is a company that doesn't push one product, they have the best products from the best companies. Wealthy people understand this and so do intelligent people. It's only dumb people that can't see the value with WFG. But they never will be wealthy or intelligent so at least someone tried to educate them.
7:14pm on February 18th, 2014
You can google any company and come up with negativity...if that is what you are looking for. WFG is a great company for people who want to run a business. If you are employee minded and don't want to change, it is not for you. WFG is changing the way the financial services industry works, THAT IS WHY THEY RECRUIT. Jobs recruit, universities recruit, the arny recruits, lol. WFG sits down with everyday people and helps families. They have access to over 140 companies so they can offer you something you can afford based on what you say you need. As opposed to those with quotas and limited financial products, who have to convince you that you NEED their product. Stop being afraid and see for yourself.
Michele G Los Angeles
11:17pm on February 17th, 2014
Lots of variables to consider before getting involved with WFG.
Funny how that most of the leadership out of the El Segundo location are either gone or in a couple of cases locked up.
A k Surrey
11:09pm on January 10th, 2014
I think it is legit.
10:30pm on January 6th, 2014
I was approached by a friend who has just started at WFG looking to recruit me. I was unable to get a clear understanding what the job itself entitled.
The job itself isn't really something I would be interested in doing, but I have read through several responses on here and it sounds like it's 50/50 on peoples experience with the company. I don't feel like joining in something with that kind of risk. I myself do have a college degree, but I know my friend who has just started there dropped out of college to work there. I am a bit curious to there hiring methods, do they really give anyone a chance regardless of education or past experience?
11:09pm on January 5th, 2014
Mona, you spelled LOSERS incorrectly.
11:54am on December 30th, 2013
Having been recently laid off, a rep from WFG called stating he had been given a copy of my resume as a referral from a trusted person and had a job opening for which I was the perfect candidate. After repeated questioning, it took him several minutes to disclose he found my resume on CalJobs. (Misrepresentation #1).
I further questioned him if he read my resume and understood my qualifications, education, work history and licenses--which he said he did and I had the experience required to fill an opening for a financial advisor. My career has been in banking, lending, real estate and compliance; not as a financial advisor (Misrepresentation #2).
Then I asked if he was the person who could make a hiring decision or if he was a recruiter for the company. He avoided answering the question by stating he wanted to invite me to a meeting where I could learn about the company--the perfect set-up for a MLM.
If they start out with two misrepresentations and avoiding answering direct questions, then there are too many red flags to even consider this company any further.
5:34pm on December 27th, 2013
For the many people who are trashing WFG...I feel extremely sorry for them. Unfortunately, this is a free country with freedom of speech. Having said that many financial services brokerage and other competitors who can NOT compare with the products that World Financial Group has to offer, does an unfounded negative write up about the company. I suggest do your own research. World Financial Groups, Financial Backer, AEGON, who is publicly traded in 8 different stock markets, including the NEW YORK STOCK EXCHANGE is backed up with over $550 BILLION in assets. In addition, I saw WFG's write up in the FORBES MAGAZINE in OCT. 2013....an 8-page write up. If you're INTELLIGENT, I'm sure you can figure out that FORBES MAGAZINE with their impeccable reputation and credibility will NOT risk their solid reputation and credibility unless WORLD FINANCIAL GROUP is solid, credible and reputable. THINK ABOUT IT!!! Don't listen to the LOOSERS....because once you listen to them, then you would have deprived yourself, your family and your kids with the BEST products, allowing you to prepare yourself for a better financial future.
2:59pm on December 18th, 2013
I am a Financial Consultant working for a major bank. Series 7, 66 and CA life licensed. BA Economics from a UC school and currently working on my CFP.
I am blown away by the people WFG recruits and allows to go out and invest people's money. Although legal, their multi-level marketing is morally questionable and only lines the pocket of the person on top. New recruits will burn through friends and family and then eventually go back to flipping burgers. Just terrible.
Churn and burn new recruits and their family members is the business model.
Jena South Florida
8:57pm on December 9th, 2013
As an operations research scientist, I think WFG's Business Model is fabulous. It gave them the shortest path to sell more Life Insurance which makes life insurance more affordable to everybody.
(Option #1) If you have NO money but have a lot of education, work for WFG part-time because you have the brain to approach people and set up a plan for them.
(Option #2) If you have money to buy perm life, buy it now don't wait too old and too sick to get the insurance because life-insurance is a tax-free beneficial to you (the tax-free cash growth) and your survivors (the proceeds)! Either way both you and WFG would be benefited!
(Option #3) = Option#1 + Option#2
Anybody selling life-insurance is considered a creep. Yet when somebody dies of a sudden sickness in a family, they wish they listened to the agent who passed by their door 5 years ago!
You cannot call a business model a SCAM when they deliver what they promise!!! "SCAM!!!" I wish you would be MORE responsible when you spit that word out of your brain!
I have just joined WFG 2 months ago. I wouldn't call that licensing exam easy! When I joined, I met majority good honest agents and 1 wreckless agent. The bad one happens to be my upline so I have to work around him and protect my friends from him (it is not easy!). That would not stop me from working for WFG because WFG has a SOUND BUSINESS MODEL! There are not-so-good people everywhere. Not-so-good ones can use your GOOD model to do their own thing. How can you screen them all? All insurance agents are screened also by Department of Finance of your state, and by credit agencies, and background checking! It is the public's duty if you think the government screening and WFG screening didn't do a good job. You should report that agent to the department of finance and WFG and get him suspended! But you cannot call WFG a bad company based on some wreckless agents. On the other hand, if not WFG's great business models have been pushing the secured financial products, a lot of families would have run into financial meltdown because of poor financial planning or buying the wrong financial products!
Finally, Life Insurance is the most honorable thing to own because you are actually storing away your riches in heaven giving God a mean to take care of your survivors, your schools, and also how much you are willing to take responsibility our own life.
If I were you, I would consider myself lucky visited by a good WFG agent because they do recommend great products like GIUL from very strong company such as WRL: a great product to grow your cash reserve at the same time you can borrow from it (low or no interest) like it is your bank plus a great death benefit to help out others!
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!
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