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'
7:45pm on December 21st, 2010
Watch out for the PHP recruiters also, the guy Patrick Bet David use to work for WFG and now took his "act" and went rogue! Same deal, recruit you to sell insurance to your family, friends, dog, cat, etc., then when you can't make a living at it, you quit, they keep the insurance and the company scores! If you want to sell insurance work for Farmers or something, and even then shop around and find the cheapest quote. I was quoted with PrimeAmerica and they are exxxxpeeennnsive! But WFG was no better, but make sure it's a reputable insurance company otherwise you might not get your money when a tragedy occurs!
U know Over there
4:32pm on December 21st, 2010
World Financial Group owns Western Reserve Life, which is the main insurance they push, I wonder why?Before you do business with these people, check to see if they are who they say they are. Some of them have been reprimanded by the SEC and still remain in the organization doing business, what type of company allows this?????
La Verdad Not there
12:18pm on December 21st, 2010
Yes, pyramid,Sure keep pitching that angle,at least the "pyramids" I work for pay me to work, not the other way around,Keep taking money from the ones looking for opportunity.
Anonymous Location unknown
1:13am on December 19th, 2010
When you all say pyramid scheme ...you all have forgotten that a pyramid is built from bottom to top(like the work you all do, you work for your boss, so they become rich and stay on top of you)and not from top to bottom where a company like WFG does(using the top knowledge one to built a team and teach them, so every one who is at the bottom goes to the top)..
Chase Away Los Angeles
1:26am on December 15th, 2010
Imagine your accounts are managed by a part timer, you trust this person with your entire life savings but they dont have a degree, studied for 52 hours (1 week) and now is licensed to MANAGE your life savings. You call them about your account, but they are busy at their full time job and cant really do anything for you, You call their office and no one picks up because everyone is at their real job. Then, they try to recruit you and say you can do the same.
La Verdad Around...
7:20pm on December 14th, 2010
If you breathe, they will hire you...you take financial advice from someone that was last week flipping burgers...? You should be careful what office you work out of also, some offices are ran better than others, and the POMONA office, well check out who you start doing business with first, before you start.
La Verdad Everywhere
2:40pm on November 24th, 2010
Stay away from the Pomona office...more info to follow from La Verdad.
11:02am on November 23rd, 2010
Okay, so I'm being "recruited" by WFG. I use that term just to relate to the conversation. Here has been my experience. I was approached by a WFG representative. She and I had a casual conversation about nothing in particular. Most people discuss what they do for a living as "small talk". She told me she was in financial services. This peaked my interest because the more information you have the better off you are. Anyway, she gave me her contact information and the conversation eventually ended (we talked about a lot of different topics including football, travel, astrology, etc). Mind you, we were both on vacation in Mexico.
When I got back home I sent her an e-mail so as to "stay in touch". I was hoping she could share some of her knowledge about financial matters. We shared a few more emails and then I began asking about mortgages. She provided some insight and the conversation led to her recommending I speak with someone local to me since she was in CA and I lived in MD. After giving her my phone number, someone from the local office called me to arrange a financial consultation ... free of charge. When this person came to see me, he asked all the relevant questions and took my financial "picture" back to his office so that he could form a path I should follow. At our next meeting he detailed what he felt would be a good allocation of the funds I had and how to plan for the future. Along with this information, he indicated to me that if I were interested in making "extra" money, I should consider coming on board with the company. He told me about the flexible schedule, he told me that I might be able to build the business to a point where I could leave my current job but he also told me I wouldn't have to in order to build the business. Months past during these meetings. At no point was I pressured to make the modifications that were recommended nor was I pressured to join the company.
In the interim, I kept in contact with the individual I met on vacation and she in turn, continued to check in with me. Once I, emphasis on I, decided that I wanted to pursue the company's potential for myself, she put me in touch with individuals that would help me decide if the opportunity was right for me. All along I have been told what to expect, I have been told what is required of me, I have been given no false pretense about any get-rick-quick schemes but I have been told there is potential to become financially independent.
Just like with any business venture, you have to be open-minded enough to listen to what you're being told and mature enough to ingest that information and make a decision for yourself.
Sure, there will be agents that work for WFG that don't do things the way they should. Look around your present employer. I'm sure you'll find these types of people there as well. I hope this information has been helpful to you if you're trying to decide whether of not WFG is right for you. Maybe your 'recruitment' experience has been better, maybe it's been worse. Judge for yourself what you're about to embark on including your own commitment.
John doe Philly
2:13pm on October 26th, 2010
College has sent you all to work for the wealthy.
Antonio San Francisco
1:22pm on October 10th, 2010
I think, a petition should be sent to the Dept of Insurance, to check out and advise the public about WFG and Aegon responsibilities to the public and so on. I'm more than certain Aegon would not appreciate this type of publicity about their partnership with WFG.
Rebecca San Francisco
2:26am on October 7th, 2010
Although WFG may appear, to some, as a scam or Pyramid Scheme, it is actually a good way for people to learn about finance. The trainers at WFG do not claim that this is a get rich quick scheme. They impress upon the new recruits, as well as the veterans of the biz, the need to be mentally tough and resilient. There are many people who knock this business before even giving it a chance. If you want financial knowledge or want to own your own business, WFG can provide you with the tools to go in either direction. If you think you are going to walk in and make money right away, you are barking up the wrong tree. As far as the 'out-of-pocket' expenses to get licensed...it takes money to make money. The benefits will be worth it if you conduct your business with honesty and integrity, as it all boils down to the individual agent and their conduct...not WFG as an entity.
3:29pm on September 24th, 2010
I was contacted yesterday on my cell phone by what I suppose is a WFG rep. My phone said "private caller" so I let it go to voice mail. I listened to the message and the caller mentioned seeing my resume on the internet and that I might be a good fit, but did not mention the company name; Red Flag number 1. I called him back this morning and found out it was for WFG.
Now, I'm a licensed architect with absolutely no training in the financial arena. So why is a financial group interested in an architect? Furthermore, simply being as architect is evidence that I don't know much about wealth since architects are the most underpaid of all licensed professionals. Red Flag number 2.
I researched them on the internet today and have not been pleased with what I've found. The general idea I get from researching WFG is that it is MLM in one shape or another. Red Flag number 3.
All I need to hear is the word "up-line" once and I've heard all I need to. I nearly blew off my best friend from high school because of an MLM scheme years back and I'm sure not going to subject myself or anyone I hold near and dear to that again.
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 publicís 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?
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.
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.
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.
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?
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