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'
2:41pm on September 17th, 2009
Not a scam but terrible people and bad information. Just out of college my wife and I thought we'd plan for the future. My father knew someone at his work who was a WFG agent and invited us to a meeting where a senior sales agent (Andrew Wellner, Orem UT) and his recruit told us of the wonders of the variable life insurance product. We sat there for 2 hours asking questions and they assured us that we could withdraw principal contributions after a year at no cost and made other promises about the product(we later found were untrue or misconstrued).
After about a year and us better understanding what we had got ourselves into and actually getting hold of a prospectus (not given to us at the time we invested) I complained to Western Reserve Life about the misinformation the senior sales agent had given us. WRL contacted the sales agent who claimed he had never met us and sent us a letter disregarding our complaints and concerns. Needless to say we stopped making payments and have let the policy lapse.
We lost about $3,500 which I consider a small amount to pay for a hard lesson learned. I would never recommend WFG or WRL as they are uneducated about what they sell and give poor customer service. I would recommend getting a subscription to Kiplingerís magazine, you will get more out of reading that than anyone at WFG could ever offer you.
Darek Bartow, FL
1:12pm on September 2nd, 2009
Does anyone on here know what a "pyramid scheme" is? First off let me tell you that it is illegal. If you have a television, you know that the financial industry is currently one of the most highly regulated in the world. A pyramid scheme is when you get paid for getting a recruit. At WFG, you do not make one cent off of a recruit just for getting a recruit. A company that hires a 1099 employee does not make any money off of them until they render a service that pays them or compensates them in some way. What's the difference? If someone recruits someone and they do nothing, neither one gets paid. If they actually take the time to learn the system and produce, they both make money. Sound like a scam? hmmmm. Also, I read where you have to recruit to make $ with WFG, this is also untrue. You can go out and write business and never recruit a soul, ever. Not only that but you can make an excellent living doing only that. As a business owner though, doesn't it make more sense to build a team and grow your business? Or is that bad too? McDonalds expands their business and hires people to "make money off of them" yet I'd be willing to bet that pretty much everyone on here patronizes them. If you choose to believe that this is a scam, fine you have the right to remain ignorant. I'd recommend going to a credible source such as FINRA and the Securities and Exchange Commission. If these governing bodies allow them to operate, ask yourself, Are you smarter than them and the 400+ (i.e. Prudential, Pacific Life, Meryl Lynch, JP Morgan,etc. (heard of these before?)) other companies that have WFG at the heart of their company strategies? By the way, if you don't like their business model and think it's a scam than you should cancel your subscriptions with Facebook, MySpace, DirecTv, Verizon, etc. Oh, Google is coming out with a Network Marketing "scam"...Google it
8:25pm on August 29th, 2009
wfg is not a scam!!!!... and for those people who are sayn its a scam you think you know everything about it all you probably know is rumors.. everything you do in this world you have to work for it really hard if you want to be someone in life!! duh!!.. life isnt easy!!... im currently working for them and love it!!! you learn so much that people out there need to know about it to!!
Leo 007 Ex- Agent Los Angeles
2:31pm on August 29th, 2009
Note: what you are about to read is my opinion and what I have experienced.
WFG is not a ScamÖ.. It is a real business, but a different type of business. Only way to make it in this company is to recruit, recruit and recruit. If you donít like or want to recruit this is not the business for you.
Been in the business for years, but finally left after I hit and ran into the reality wall. Was recruited by a friend that asked me for his helpÖ sounds familiar? When I started I got all license, 6, 63, and Life to find out that a new product came out call EIUL and all you need is Life license. This was the beginning of the end. To start, you do have to recruit, thatís the only way you can really sell other than to your friends and family. Hence your real market is Friends, Family, and new Recruits. I have seen only a few who were new that can sell out of their hot or warm market.
The company offers a great chance for people to get into the insurance / financial field, but itís a double edge sword. Most people and new recruit has zero to no real knowledge or experience along with the people that are training them. Scary part is that they are one trying to teach people about finance. As long as you can sign your name and pay for the sign up fee, you are now part of the company. So if you can walk, talk and breathe youíre in. Donít get me wrong, there are a lot of nice people in the company with big hearts, dreams and do educate/help people to some extent. Some of them actually know what they are talking about (about 5% out whole company...mostly old timers).
Thatís was my two cents, hereís the meatÖ.the number one product they sell is EIUL. Doesnít matter what the customer want or can really afford my upline and MD always press for the EIUL. EIUL is like a Swiss army knife, itís a saving account, retirement account, loan account, and life insurance. All day long the company says to push for EIUL, EIUL, and EIUL. Thatís the only product that a new person can really sell and make money since all they have is life license. I started to loss confidence and most importantly heart into the company. I came in to learn about financial services not to become an one product sales person. I go to the meetings, same thing over and over again. Only way to make it big in this company is to recruit a lot of people. I gave my 100%, showed up to all the meetings and small/big conventions. Introduce and meet up with my friends and family until the well dried up. Recruited people to have them drop like flies because my upline and MD didnít really know how to train and retain them. So those stopped me from recruiting and focus on the financial products. Finally the company just left me alone got to the point that I was just a PMA= professional meeting attendee and a place to hang my license. I got let go due to lack of production on the securities side.
Story has an upsideÖ.. I took what I learn and applied it to different part of industry. What I am doing now, I have a real chance on opening my own office as a broker. So do I regret joining the company? No, only regret is that I didnít get out early
Former Agent Utah
3:13am on August 28th, 2009
I was an agent for WFG for almost a year and dumped around $2,000 never making a penny. I went on appointments all the time with my up line but he wasn't able to close deals and even when he sent his up line. I did have two deals go through though before I got my license. One of them was my sister-in-law because she trusted me but later canceled it because it was way too expensive. The other was to a friend of my mom he didn't speak very good English. I was in a hurry to get my license before the last deal went through so I could make some money but my up lineís up line went behind my back and closed the deal days before I received my license. I asked my up line about it but he just talked his way around it.
The whole time I was there I tried to follow their guidelines and be "coachable" even when my gut told me not to trust them. I always gave them the benefit of the doubt even when they were acting very suspicious about question others and I had. I kept telling myself to believe them but finally I couldnít take it. They really do try to brainwash you into believing what they want you to believe. Going to their training meetings and convention brainwashed me for a while. There are many red flags about this company and if you bring it to them you can tell something is wrong and that is how I finally snapped out of their brainwash.
There is a lot of information they donít tell you until you stumble upon it. My up line spent the majority of the time getting me to recruit by; talking to friends and family, calling randomly, and even going to stores and cornering people. We almost got kicked out of a Wal-Mart because we had gone there so many times hitting up workers and customers which is bad practice. I was told in meetings that certain types of insurance policies were better because it paid more money. This policy was an EIUL. They said that they want us new recruits to make money fast because the beginning is the toughest and this policy would benefit us more financially. They would talk about figuring out what the best vehicle for each person is but then turn around and press us to do EIULís.
I got into this business with an EIUL and regret doing it. I didnít do my homework and was duped. After becoming more educated and having someone point out the increasing cost to insure an EIUL I went to my up line. He asked him why it is beneficial to have a policy at that age costing me thousands of dollars to insure. It does help build your investment over time but by the time you old it is way too expensive to keep. I also added that many of the clients that have had EIULís for many years have had them lapse because it was too expensive. They also talked me into this policy saying that the money is mine. Every appointment and meeting they said the money was mine but if you read the policy it states that it is given in loans. I expected my up line to have a good explanation for all this but ended up getting talked around with useless explanations that didnít make sense. He was really scrambling to come up with something and was very nervous. This was the final straw that told me I couldnít trust these guys anymore. How can I sell or recruit friends and family with people I canít trust.
I have read other comments mentioning these same things including the heavy push of EIULís. I would go to an appointment where term life insurance made more since with a Roth IRA investment plan because of the clientís low budget, but my up line would still push for an EIUL. When I was more educated I started asking them about doing the term life and Roth and sometimes they would try it but after saying that they donít pay as well. The deal I mentioned earlier with the friend of my mom was only done because they finally resorted to doing the term and Roth. This only came after the women was being pursued by Primerica. My up line pushed for an EIUL but the agent from Primerica convinced her that a term life and Roth was better for her situation. My up line then conceded and admitted that it was better for her only because it was the only way to beat out the competition and get her business.
I could go on all day about my experiences with WFG but the bottom line is that they canít be trusted plain and simple. They may be backed by AEGON but only because they are profitable and although a multi level marketing scheme they are legal. That is when they arenít hiding complaints and losing nearly $2 million in unregistered investments. They can make up all the excuses they want but just because they change their name from WMA to WFG doesnít mean they arenít responsible for the poor business practice. You can stick it out, work your butt off, lie to people, and go against what you believe and you might make a lot of money for WFG. For me I couldnít do it anymore. Iím glad I stayed in school and now I can make an honest living.
Araceli K Las Vegas NV
2:05am on August 23rd, 2009
I just started with WFG a month ago and I think that it's a great company, but like any other business we all have to start from the bottom but since i got laid off from my previous job I was just home and before I get more depress I rather ocupy my mind somewhere else So I decided to give me the opportunity of building my own business.
See how it goes.
Good Luck to all of you!
God Bless you
Anthony Q. Los Angeles, CA
10:02pm on August 21st, 2009
I understand that WFG and Primerica are of the same mold (MLM; investment products; insurance) however I do not agree that the training and education WGF provides their new recruits is good enough to work with everyday consumers. I have been in the financial business for a long time and was turned off by the recruiting process and how they push their people to sell.
I was asked and asked and asked and asked and asked to go to a meeting so I finally gave in and went. After spending some time asking questions of the associates I found that majority of the associates had little to no background in financial services except for at WFG. I found that most people have been in the business for less than 5 years and would not divulge and specific information regarding their policies, products or education. I also found that most WFG associates sell their products to minority groups who may not speak much English if at all. It made me feel as if they were taking advantage of the lower income consumer. I feel this way because the lower income consumer most likely does not know much about the products the associates sell which makes the presentation easier for the associate because there are less objections and when they do have objections they are of simple nature. I wonder if the average WFG associate could sell an insurance product to another financial adviser from an established firm? I wouldnt think so only because the financial adviser from the established firm would run information circles around the average WFG associate as I did. However this is not the average WFG associates fault! It is WFG itself because they are not considering the moral responsibility to the consumers they should carry. WFG claims to care about its consumers but it is a facade. If WFG cared about its consumers they would make each and every associate pass extensive financial courses after they receive their product licenses because we all know that passing the state test or series 6 exam have nothing to do with real work activities.
WFG would not have such a bad reputation if it was to focus more on education than it does on recruitment.
Something to chew on: My WFG buddy tried to sell me a EIUL but could not explain the differences in policies, riders or companies. He could not handle my questions or objections but when I did the research for myself I found that his "up-line" had pressed a certain WRL product because it pays the most commission but provides me with less coverage for more money. Tell me, is that truly looking out for your consumer or is that trying to make a quick buck?
I do not know of any Ivy League or Pac-10 grads who work for WFG. I wonder why?
Lily Tran Gold St.
11:06pm on August 11th, 2009
Also For those who are saying oh wfg is a scam its bad well for your information try looking up Wells Fargo scam, or even your work and see if it scams people. One reason why so many of the people talks negatively of wfg is because they know they need something better than their jobs or why would you be looking into a different opportunity.
Lily Tran San Jose Gold St.
10:48pm on August 11th, 2009
Okay so lets get down to the whole point. For those who do not like wfg please just keep your comments to yourself. Every body has different reasons and I don't blame you. We are all adults so it feels like we are in high school all over again.
Lets get this straight! Aegon is a company that owns about 460 Billions in assets and been in business for 150 years. This company has been around longer than all of you! So face it, they know what they are doing, No company this big is going to be stupid and buy a company who is a scam or out their scamming people.
For those who are looking for products or programs from World Financial Group. Too bad we do not have any. Why? Because we are a broker. And for those who do not understand what a broker is there is dictionary.com. Please help yourself by looking that up.
Again, you will only succeed if you put your efforts into it. I see many people who want to go to heaven but do not want to die. For those who put in only $3000 dollars that is way too little. And secondly you do not understand what this company does yet if you only put out $3000. If you did put out $3000 and you did not make any money back man that is sad. you put out way more than your suppose too. And this is a "BUSINESS" not a get rich quick scheme. Please do not carry in your employee mindset into a business because your doing your self a disservice.
Thank you all for reading, hope this has answered your question. Another thing if you want to be successful, remember to listen to your coach no bench sitters who make no money because all they know how to do is sit there and talk.
SUSAN AGAIN ATLANTA
12:57am on August 4th, 2009
IF YOU ARE LAZY --- DO NOT JOIN WFG
it is not for everyone. but if you are a hard worker and you are coachable and very open minded - then this could be for you.
for all you dummys who keep calling WFG a scam ----- JUST SHUT UP ALREADY!! IF YOU WEREN'T SO LAZY IN THE FIRST PLACE THEN THINGS COULD OF BEEN GREAT FOR YOU BUT THE ONLY THING YOU KNOW HOW TO WORK HARD AT IS THAT DAMN MOUTH OF YOURS. ARGG!! ENOUGH ALREADY!!
Anna los angeles
12:47pm on July 31st, 2009
Do not believe it!!! My husband and I put $3000 at least in this company, but we didn't get a penny from them.
Gerry Yang Sacramento
7:15pm on July 30th, 2009
Life is not easy and there's no short cut in order to succeed. Even in high school, not everyone graduates or succeeds...It's because they don't really want to. In college, not everyone finishes either, could you just call it a scam like this business? What about the ones that graduated? Would they call it a scam? In life, u have to go thru it and really want it in order to achieve it. Most importantly, u got to have the passion for it or else u will end up quitting and will not be able to see the beauty of it. Remember, whether it's WFG or other businesses out there or just going to school or life in general, it's not important how u start from the beginning it's more important how u finish it.....Therefore, scamming only exist in your life if u fail or not succeed. U got to give yourself more time to really push yourself over the hill to see the beauty of the business or whatever you're doing...and if still not see it then, it's probably not for you. Try something else...It's your mind that will create your success whether you're in WFG or any other businesses out there, alright!!!!!!!!!!
1:32pm on July 25th, 2009
ONE SMART PERSON RECRUITS A GARDENER OR A MECHANIC(NOTHING WRONG WITH THESE TWO PROFESSIONS I WAS A MECHANIC AND A GARDENER SOMETIME IN MY LIFE), MAKE THEM WEAR A SUIT AND A BLACKBERRY, SELL THEM A DREAM ABOUT HELPING PEOPLE(AND THEIR POCKETS). GO TROUGH HIS FRIENDS AND PICK THE ONES WITH A GOOD JOB AND TELL THE NEW RECRUIT TO ASK THEM WITH HIS TRAINING, A GOOD FRIEND USUALLY DO WHATEVER IT TAKES TO HELP A FRIEND, SO HE ACCEPTS, AND THEN HE IS COOPERATING ALL HAPPY TO BE HELPING HIS FRIEND, WHAT HE DOES NOT KNOW IS THE GARDENER AND HIS "LEADER" ARE THINKING ABOUT HELPING THEMSELVES WITH THE COMMISSION OF THE SALE, USUALLY $6OO TO $1.200 GREEN USA DOLLARS, IS IT FAIR?, EVERYTHING IS HAPPINESS, THEY WILL TELL YOU LIES LIKE: WHAT A BEAUTIFUL FAMILY YOU HAVE, I LOVE YOUR HOUSE, YOU GUYS MAKE A NICE COUPLE, ETC.ETC., BUT WHEN YOU START TO SHOW NO INTEREST, THEN THEY GET MAD AND BECOME PUSHY.
FIND OUT BEFORE YOU JOIN OR ACQUIRE A PRODUCT!, READ ALL THE COMPLAINTS AND LISTEN TO THEM!, TOO MANY PEOPLE CAN NOT BE WRONG.
1:43am on July 23rd, 2009
I keep hearing people refer to this as a scheme/scam/pyramid. First of all, this is a "business". Any business you must invest in it. If you open a McDonalds, Burger King etc... you need to put money up. And any franchise, you need to invest thousands in it first. This is not a job. Most of you people say that why should you have to pay to get a job, well you're right. If thats what you want, then go get a "job". Let some one tell you when to be at work, when to go home, when you can take a vacation and if they allow you to take time off to take your kids to the doctor.
Secondly, we work with reputable companies. We provide a service, which I may add, if you want to walk into a Payne Webber or a Bear Stearns, they won't want to talk with you if you don't have a quarter of a million dollars to invest with "them". The investment does not go with WFG. We are a "broker". Just like when you go get auto insurance or homeowners insurance.
Thirdly, recruiting is a choice, not mandatory. So if I want to go out like a real estate agent and work on my own production, then thats what I do. Just like I did when I did real estate. But I "choose" to "build" a business. This is a free country and if you don't want to join, then don't. It's that simple.
I do realize that not all people have what it takes to be their own boss, but for me, I refuse to be anyones "Robot". Most people need to be guided and told what to do. That dosent make this a "scam". It just makes good business sense.
Jeff Las Vegas
4:58pm on July 14th, 2009
I've seen the good and bad of this company. Educating the public on how money works is an admirable goal. However, the need to recruit and make commission often overshadows the educational goal, leaving many recruits feeling angry and cheated. It's not for everyone, and I would feel much better investing with someone who does not want to recruit me and simply loves what they are doing. Why would you invest with someone who does not seem as reputable as a professional who has been doing it for years - AND who actually has money so they know what they are teaching? Experience it but beware - there is usually no way to make money EASILY. If you are going to work hard, might as well do something you love. I don't know too many people who LOVE selling life insurance. Save it for the pros ....
4:41pm on July 13th, 2009
WFG is a great business, but requires hard work and dedication its no get rich scheme and provides alot of training to their agents. I seen it with my own eyes how lifes have been changed, I personally know one of the ceo's and knew him when he had nothing. I am proud to know him. And please this company can't be compared to Primerica. Primaamerica eats WFG's dust.
anon Los Angeles
8:30pm on July 6th, 2009
Anytime a company has to go out and recruit like crazy and the company can not sell it self to possible candidates then something is really wrong. The people are brainwashed and I think its sad when people prey on the emotions of individuals who are going thru the thing we call LIFE. Life is not easy, but this company wants you to believe it is.
HStar Los Angeles
8:27pm on July 6th, 2009
I was influenced by a friend to get involved with the company and now I regret it big time.Sign #1 I should have known it was a scam when they asked for the $100 upfront fee (like mom says why do you have to pay for a job?) then they wanted me to drive to a far off location and not state the nature of the company to anyone who might ask. Sign #2 can't tell anyone the company info.Sign #3 they asked for more money and kept on trying to recruit people. I was like "when do you actually help the clients" all i wanted was some help. Pyramid scheme gone bad.
9:09pm on June 25th, 2009
I was in Wfg. It took me 3 years to see the light. WFG is not a scam. But, its not for everyone. I left bec even though the upper heads portray themselves as the great one, they still think with one head. And thats the head between the legs. Just take care of yourself and trust no one!!!
Chris Huntington Beach
8:02pm on June 13th, 2009
If you have any intelligence whatsoever you can tell that these people who gave these negative reviews have no idea how business works.
How can WFG be a scam when it makes millions of dollars and everyone involved is so happy. Many of my friends are involved with WFG and they are multi-millionairs or at least making hundreds of thousands per year and they are honest people.
I don't understand why these idiots spend all this time thinking of ways to discredit this reputable firm.
How is recruiting people a scam, I don't understand.
Why is selling financial services a scam.
Is there some rule that you are not supposed to sell things to your friends and family?
If you beleive in a product or service, wouldn't you WANT to recomomend them to your family?
Haven't you ever recomended a good movie? Or a good store? - So when you do that are you pestering your friends and family.
These people are obviously morons.
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