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World Financial Group Reviews

Legit or Scam?


World Financial 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 Mortgages.

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 business opportunity.

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.



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Customer Responses, Reviews, or Complaints for 'World Financial Group'


Average Rating is 2.60 out of 5 based on 320 reviews.

Paul   Indiana

4:34pm on September 23rd, 2010

I want to comment on so much I do not know where to begin.
I see this company trying to provide people an entry level way into the industry.
Visit your local bank or investment firm and ask, what takes to sell investments; you will be surprised of the scrutiny they will go through before you are able to sell.
The background checks and fingerprinting are for the public’s protection, one of the many steps taken.
Check FINRA they maintain a database for you to check out the broker.
I have seen people brand new to the industry sell investments that paid the broker more than most people make in a year. This does not make this new broker less worthy of the sale because this was his first paycheck. This person was in the right situation to make this happen!
Edward Jones, TD Ameritrade, have different distribution and marketing systems in place, this does not make them wrong just different.
People do make 14,000 when they are properly licensed to sell financial products it is true.
Spend the time effort and money so you can be in a position to help people and yourself.
I have NASD 7, NASD 66 securities licenses, Insurance licenses for Life, Health and property and casualty that cost over $4200 to obtain. It cost money to get into this industry!
This is not an easy industry; the turnover rate is very high. The reward for hard work is very good.
Take responsibility for yourself, check out the people you are choosing to do business with.
The best to you all.

Dianna   San Jose

6:05pm on September 10th, 2010

I read this portion of a recent comment:

"you must have your series 6 license to sell the majority of the products and pass the anti-money laundering course all paid out of your own pockets"

After the money laundering course, would anyone stay with WFG? The more I read, the more uneasy I become. If a friend of yours is involved with WFG, do you really think that the police (or SEC enforcers) will not be knocking at your door to ask questions?

I have registered total non-interest on this business since a member of my household got involved with WFG. However, that has become less and less of an option as I read more. I must ask, where are the supposed watchdogs on this? If people working for WFG must be licensed, then they're open to scrutiny by some fairly impressive boards and investigatory agencies; that being the case, is it just that WFG skirts the very frayed fringes of the edges of the law, or are the number of "scam!" cries sour grapes?

Smus   Toronto

12:13am on September 8th, 2010 

The problem is people don't get this. WFG is not a scam. Doesn't mean you go on google and type "wfg-scam" and click on something that's it. People must have an open mind when looking to go forward with a business like that. Second of all the company is not about selling or recruiting, it is about financial education. Educating people, telling them stuff they really did not know. Yes you do make money, infact alot of money but you're getting paid not for selling something to someone No, you're getting paid well for doing you job well and potentially saving a family from the cruelty of this day's financial industry.

Let me ask all of you a question, If I told you you had two options of getting paid for doing a certain job. First is salary, and second is compensation. Would you work harder on your compensation job or on your salary job. Ofcourse you will work hard on your compensation job and that is the reason WFG has that system. They want you to do the best you got for every family you have a chance to sit with. And the moment you keep money in mind, you will probably make money but never will be successful.

steve   wisconain

10:11am on September 1st, 2010 

WFG is a scam. The grass is greener on the other side working for a real financial firm than at WFG. SCAM Big time!!!

By the way I was working for WFG for a long time too and know the inner workings and found greener grass elsewhere!!!

Anonymous   Location unknown

9:04pm on August 30th, 2010 

They are notorious liars! I was recruited by WFG and got lied to time and time again. They said the business is not based on selling, it's based on presenting yet how do you make money when you don't sell? They even lied about you only need your life insurance license in order to get paid when in reality, you must have your series 6 license to sell the majority of the products and pass the anti-money laundering course all paid out of your own pockets. Even if you have written business, there is no guarantee you'll get paid or keep your client because your client must make the first premium payment.

Larry   LA

4:58pm on August 24th, 2010 

World Financial Group is a scam! Do not listen to their ploys! After being approached by one of the representatives, I looked into the company online - I am glad I did so because World Financial Group is a pyramid-type scam! The person who approached me gave my information to another representative who proceeded to call me several times, even after I'd expressed that the the venture is not something I'm interested in pursuing. The rep then became angry and tried bullying me into joining by saying that WFG is a professional work environment and if I'm not ready to be a professional then I can contact her when I am. Completely UNPROFESSIONAL. The rep clearly started grasping at straws when she realized she was losing me as a new recruit.

Crystal   Edmonton

7:55pm on August 20th, 2010 

The review is fairly accurate with regards to what the company actually does. It is a heavily regulated industry and it is very difficult to scam people with out consequences. Recruiting is the heart of every single solitary business out there. There are signs every where for recruiting drives to different businesses. Like everything else there are many people out there who make companies look bad because their head got too big and they lost their minds on what their true focus is. I love reading these forums because I wonder just how many of these people are on the correct path to achieving their financial goals and that they will have the ability to retire comfortably - the banks won't talk to regular joes and help them the same way that this company does. Financial Advisors in the traditional industry only pay attention to "high net worth" clients. I know that from experience - I don't want to work until I am dead and I certainly don't want to put my money in a place where I gotta borrow it back for more than they borrowed it from me. Do your research and then make an informed comment about what you are talking about. Cya in the funny papers.

Kate   Los Angeles

1:18pm on August 18th, 2010

The people who leave positive comments about WFG on these sites sound exactly like the woman who tried to get me to give her $100 for having had the pleasure of listening to her deliver a shallow and uninformative "speech" for about an hour. When I said I wanted to see what the course was like first, she got defensive and abusive and spat out at me, "It's not a course!" It's a business! They used my landlady's apartment to get to her tenants, friends and relative. My landlady trusts the old friend of hers who has been recruited by of WFG. It is a confidence game based on one's confidence in the people they have known for years. But the WFG women in charge of the gathering was not known to any of us. Anybody who tells you she'll be taking money off you for nothing--RUN! Not only is it a scam, it is a cult. In my opinion, the people who leave positive comments are people who are scammers from WFG. They comments sound robotic, don't they?

J   Canada

5:33pm on July 23rd, 2010 

I think all the ones who are tainted by WFG, are complaining because they have too much time on thier hands!!!!!!!! Get a life. It's the sales industry. If you feel scammed by any insurance company not just WFG then thats your own fault for being persuaded instead of purchasing an actual need. If they were a scam they wouldnt exist!!! oh, and pyramid structure? every company has that structure bosses bonus of thier employee's!!! quit being so resentful

john   california

6:36am on June 10th, 2010 

Now every one pay attention. WFG not a scam but... a pyramid scheme in disguise. you see if you don't buy the product then they will recruit you.. make you work for them because that's how they get their residual money. you have to recruit people and all those you recruited. and work hard. they get residual. so, that's how they become rich. I uncovered their secret but i have to go into. more details..just get your licenses and go on your own. i will post another comment with deeper details. at a later time. for the meantime good luck

Darrell   Oceanside

1:34pm on June 9th, 2010 

I am very happy I did not take the word of those saying WFG is a scam. Being involved with WFG is the best thing I could of done I just wish I did it sooner. It is not WFG that is a scam I believe some individuals out there like any where you go make it bad. So don't say WFG is a scam it's the individual you are dealing with make it bad so my advice is to find someone more reputable to guide you. Also, those who do nothing and expect money to fall in their lap are sadly mistaken because everything legal in life has a process and if you are not coachable, trainable, loyal and committed then no WFG is not for you because WFG is do able. Anyone looking to do WFG you must know that yes you will have to work hard in the begining and if you are not prepared to work hard and get paid your worth for your efforts then no WFG is not for you. Don't waste your Traininer/Reps time or your time. But if you are really serious about building a business from grass roots efforts then yes we are looking for you because you are the ones that will help change the minset of those who think its a scam. WFG has produced everything it said for me and I have only been in the business for 1 year. Patience is a key factor. I am honest its not for everyone and if you see it's not for you then move on don't degrade something that is good and has the good of the people in mind. WFG has never scam me or anyone that I know. $100 for background check, think about it someone does the background check for you, there are administrative fees, maitenance of a website, paychecks issued, personal production maitenance, and a host of other behind the scenes activities going on and you only pay $100.00. Start up your own business outside of WFG and I assure you that the $100.00 in WFG is something you wish you could pay to start that outside business. If you have the right mindset you will invest $100.00 and make a few thousand part time with hard dedicated work ethics not a bad trade off. I wish you luck who ever you may be, but the truth is and you don't have to listen to me, but the truth is WFG is not a scam.

older and wiser   california

4:07am on June 9th, 2010 

Mind you out there! Learn from Suzy Orman on how to invest your own hard-earned money rather than handing it over for someone who used to worked in fast food restaurant (like some of the writer wrote in.) Even a young graduate from college who works for WFG will not qualify to invest MY $$$!

Ex-broker   Washington

3:34am on June 9th, 2010 

For Sean from Los Angeles (April 27, 2010)

Being licensed as an insurance or securities agent is not the same as being certified as a Financial Planner (CFP). You need a lot more, both in education and in experience, to get your CFP.

I am not sure what's in your IRA with Prudential, but it sounds like Annuity. The guarantee that comes with annuity costs money, so it's not fair to say that your former broker did not sell you annuity with guarantee return because "they do not make as much commission." In fact, the more features the product is, the higher the cost; which translates to more commission for the agent. Without the guaranteed return, it does not make sense to put annuity in IRA because IRA itself is already tax-deferred, so your former broker might be doing the right thing at the beginning. Why do you want a tax-deferred instrument in a tax-deferred account?

Today, more and more people put annuity in their IRA because most of their wealth are in IRA and they want guaranteed return due to recent market melt-down. The only thing that your former broker failed to do is to find out if your goals had changed. Should he/she know that you like guaranteed return and do not mind paying extra, he/she will sell you the annuity in a heartbeat.

-Good luck

Bruce   Canada

2:35am on June 9th, 2010 

WFG is shady, inconsistent, and of lower quality. They have no screening process, i.e. interviews, focus on quantity over quality, and have very low requirements for their agents (i.e. minimal education and licensing.)

Of more concern are the numerous lawsuits, and disciplinary hearings against Aegon/WFG, and their reps.

Aegon was involved in two major lawsuits, while WFG,individual branches,and reps have faced fines and punitive action.

Most recently, in Winnioeg,Canada, muliple WFG branches are under investigation for issues over leveraged accounts, and a couple of WFG reps were caught by SEC setting up a ponzi scheme, while working with WFG and using WFG clients.

Do some research, these cases have been made public. Aegon/WFG have been involved in more fraud than you can shake a stick at. Stay away, and tell your friends to stay away.

Hardworker   los angeles

10:48pm on May 2nd, 2010 

If I were you I would look very closely at the type of people that have posted. I see people that rate it very low and people that rate it very high, not very many people that give it a middle grade. Now compare the content of the messages. Did you notice that the people that gave it a low rating rarely give it a fighting chance? they go google it click on scam and give it up. They wouldn't know a credible source if it was standing in front of them. FINRA, SEC, Better Business Bureau, Aegon and 340 BILLION dollars in assets mean nothing to them. These people are negative and usually close minded but deep down inside they know and I know that they gave up on themselves and blame the company for their lack of success...they are ignorant, small thinkers and without a change of mindset i am sadended to say they will never succeed at anything.
WFG is my favorite place in the world. I graduated from a pac 10 school with a physiology degree and am now in a top private medical school and thanks to wfg my loans are minimal, my schedule is flexible and I have a passive income. In my office there are lawyers, cpa's, ministers, cops, mechanics, full time mom's and the best friends i've ever made.
I'm not saying that all WFG offices are great, it's always good to keep an open mind in both directions there are good people and bad people in EVERY industry and EVERY company but the potential in WFG is as big as you are willing to let it be.

Good luck everyone.


Sean   Los Angeles

7:54pm on April 27th, 2010 

WFG representatives are looking to earn a living the same as the next guy or "CFP". Most large firms won't even touch an individual unless they already are in the upper echelon on the financial scale. WFG seeks to even the playing field for the average Joe who has never been taught how taxes and interest can work for/against an individual. Don't forget, in order for a WFG rep to offer any product (life ins, annuities, mutual funds, etc) THEY MUST BE LICENSED! That means they met state requirements the same as your glorified CFP. WFG set me up with an IRA with a guaranteed return through Prudential. When I called my "CFP" and told him I wanted to liquidate my current IRA to transfer to Prudential, he tried to talk me out of it, saying they offered one, as well. So why was it never offered in the first place? the reason is because they do not make as much commission. The WFG rep was the one looking out for me, not the CFP. Buyer beware.

luaghin about wfg   utah

9:17pm on April 15th, 2010 

I got a call today from a wfg guy who talked about recruiting me. I asked a couple of times what organization he worked for and he dodged the question. He finally told me he actually represented wfg. I told him that I had a friend who was leaving a carls jr. once and about to get on his motor bike when a wfg guy approached him and tried to recruit him to become a financial adviser. I told him I though it was ludicrous that anyone without any formal education could work for as a financial representative. I asked him if he had anyone in the office without a bachelors degree and he said yes. I said, "ok then, I'm not interested. Education matters! Why would you trust your money with someone who has no idea how to calculate the difference in the amount of social security someone would receive if they applied at an early retirement age, full retirement age and post retirement age. Education matters and wfg representatives have no idea what they are doing!!!

Ex-broker   Washington

9:09pm on March 29th, 2010 

Whether or not WFG is a scam depends on your upline. The systems are good to help those who are serious about success, but can be very easily abused. If you have a good upline, you are in luck. If you have a bad upline, you can suffer.
Don't trust those recruiters who told you the business is easy. Financial Service business is tough! The success rate for WFG’s new recruits is roughly 1 to 1.5% (i.e. making good money); compared this with the survival rate for financial advisors at Merrill Lynch, Morgan Stanley etc. at about 10 - 20%. Why is it so low at WFG? Because WFG does not pre-screen recruits for competency, they will hire you on the spot (though might be turned down later if you have criminal record). At the big brokerage houses, they pre-screen you, they test you, and finally hire you if they think you can make it. Even so, the success rate is only 10 to 20%. The products that WFG sell are pretty similar to those sold at big brokerage houses without additional cost. Depending on your upline, WFG’s “training” meetings can be educational, or waste of time. At big brokerage houses, you can get paid while in training; at WFG, you are considered as entrepreneur and have to have your own expense account. Majority of financial advisors at traditional brokerage houses are more competent than those at WFG because of the recruitment process, but there are competent financial advisors at WFG as well. One advice that I can give to new recruits: Beware of those uplines who are only interested on getting the commission out of your recruits and referrals and do not care about your licensing so you too can receive commission. Look for those uplines who are serious about your success. For those who are already successful at WFG, think about what Xuan (Executive Chairman at WFG) once said at one of those big rallies; you have to be able to look at him in the eyes that you don’t screw up people. Why do I know these? I am a semi-retired fully licensed financial advisor from a big wirehouse (big brokerage firm) who is currently being recruited to join WFG and has gone to Xuan’s rally a few times, but still undecided because of what I have seen on the field. I will join WFG when I am ready to bring opportunities to those people who are serious about success by helping other people achieve their financial goals through legitimate business and financial advising practice.

Anonymous   Location unknown

7:21pm on March 19th, 2010

I have a question for all of you. Are ANY of you licensed?

Rider   Il

2:41pm on March 9th, 2010 

Its nothing more than a marketing firm that happens to have registered reps. Its NOT a financial services firm. How many of the reps are full-time?

Probably in the area of 1000.

Would you take advice from a man or woman telling you how to improve your insurance position who also happens to be doing something else during the day? Im a plumber during the day,,,but do this to get some extra cash....ohhh and by the way-- have you considered a career change? maybe you should come work for WFG.

From any industry services journal WFG is not listed as a major player in the Financial Services arena.. How can that be with 14,000 so called reps????

LPL, WFC, ING, RBS, UBS, NYLife, MetLife, all are ranked higher. Its because WFG is nothing more than a gloried advertising channel for the parent company. Since it has people SELLING its goods it needs to have them "registered".

Theres nothing wrong for you to think that WFG is not a legit company. IT IS LEGIT, but dont think your in the same class or league as a professional financial adviser when you work for WFG.

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