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'
3:33pm on February 3rd, 2010
I wanted to post here to let people know about this business. I have no affiliation with them or any other financial firm for that matter. This is simply an unbiased opinion based off my own personal research and experience with them.
I am an average middle class American with an education and a curiosity for finding the truth!
My wife was recently approached by a member of WFG (world financial group). She has gone to the meetings, paid her OWN fees and she even coerced me into sitting through one of their extensive "training sessions" which I was told would benefit my wifes progress.
Upon looking around the office, no degree was proudly displayed (what college grad doesn't want this displayed?) nor where there any licenses displayed indicating some form of extensive formal training.
Bottom line is, these people are no more than uneducated used-car salesmen (sorry if I offend any car salesman!) If you trust your life savings with someone of this caliber, or lack thereof, please by all means invest your life savings with them, I on the otherhand will kindly oblige! They pressure you into buying what is known as EIUL (equity induced universal life insurance). The reason for this is because this pays the highest commission...dahhh! Furthermore, they will also tell you that you are not smart for having a conventional mortgage and that you should swap over to a subprime interest-only loan backed by them--might I add the very ones that helped to create the housing crisis we are in!
This is not intended to be a bashing session; however, I want people to be aware! Do not trust your hard earned money with people that are uneducated, working for commissions and that DO NOT care about your financial future. Do the research on the business, the numerous complaints and lawsuits speak for themselves!
Little word of advice--educate yourselves and invest your money the way you see fit! The internet has all the information you need to become a savvy investor! Stop paying idiots to do something you can do yourself!
3:57pm on February 2nd, 2010
Many of the comments are given from a point of frustration and simply not knowing the facts.
Having been an agent for many years I can say that WFG is not MLM. It does have some similarities but by law it is not an MLM.
It is a different model for financial services. Compensation is earned by commission and there are various levels of compensation which is no different than an Allstate or State Farm company.
Local agents are compensated at different rates as are district, regional, etc levels of operation. All share in the generation of premium and are compensated accordingly.
So enough of the stupid chatter that WFG or Primerica are MLMs. They operate under the same regulations as any other insurance or financial services company regulated by your state or gov't entity.
They do market their products differently and if you have a complaint about that then you have every right to do so.
I received good training during my tenure at WFG and worked with some great people. The problem is that you have a company that has a lot of products but in reality only a few are really trained on and promoted. And because of terrible market conditions many of these market driven products are cannabalizing themselves and the consumer is left holding the bag.
My complaint with WFG is that for most people it is not all what it is cracked up to be. A terrible amount of attrition and failure happens and for many people that try and fail...they feel abused. For that I am sorry, I really worked hard to train my agents in product knowledge and how to properly disclose the products and their use as a financial vehicle.
For those that are contemplating purchasing a product...know the difference between saving and investing. It is not necessary to risk all of your money in the 'market'. Investigate the tax benefits of using cash value life insurance, it is true, and learn to save and possibly risk some of your investment in the market, but not all of it. Always be aware of fees.
I would highly recommend people to read "A Path to Financial Peace of Mind" by Dwayne Burnell or visit infinitebanking to learn some time tested ways to save. For many years I disparaged the use of whole life insurance due to my ignorance and WFG ways. Today I have my experience to help my clients even more.
My two cents worth.
8:15pm on November 2nd, 2009
A word of advice. When it comes to your financial well being, work with a professional. A professional financial planner is a CFP (certified financial planner), has a series 7 and 63 license, has an insurance license, a bachelors degree, 10 yrs of investment experience working for a wire house and has worked for a large insurance company for at least 5 years. Donít settle for anything less. And go with someone who does fee-based financial planning and the option of either fee based or commission based asset management. Look at UMA before ETS and ETFs before mutual funds. Stay away from stocks. Most non-professionals only do well in an up market. Follow my advice and you will avoid a lot (but not all) of people who are just out to make a buck off you. Best of luck!
5:56am on October 18th, 2009
I was worked in WFG almost 2 years. I believe WFG can change my life, can help my dream come true before. BUT it is WRONG.
It is MLM company, i believe recruit is not a problem, and the product provide with WFG is good not bad, HOWEVER the agent from WFG to Sell is a problem, they don't tell the true to the client. whatever they like to said just they want close the case at the end. whatever they like to said just want you to Join. They don't know the underwriting for the product, and all the things, they just lied the client.
WhAt the help with WFG,i don't think so it can help people dream come true, change people 's life. It help people lose the money, you will get poor when you JOin WFG. $100 to Join WFG not a problem, But After you join WFG you will Paid a lot of money for the Crazy things, then you don't get any income, WHen you join WFG, it don't let you make money, It will cost you a lot of money. They just tell you what they think, but it isn't by law.
PLEASE DON'T JOIN WFG. YOU WILLN'T GET INCOME YOU JUST LOSE YOU MONEY IN WFG. WFG IS SCAMS.
3:00pm on October 13th, 2009
While WFG is not a "scam" in the illegal sense (though several law firms and regulatory boards have made claims against WFG reps for illegal activity), WFG is a poorly regulated MLM business. MLM should not be mixed with the financial industry.
The vast majority of agents have no post-secondary education or experience in finance, and the products WFG offers are limited, and are not the best products out on the market.
If you want better products or advice, go to firms with better product selection, better employee screening, higher standards, and better reputations.
WFG is the bottom of the barrel, given all the selection out there, IMO.
John Pham San Diego
11:37pm on October 12th, 2009
WFG/WMA is not a scam. They're just being unethical about their products. Most of their agents are not educated,and money hungry. They only care about themselves. I used to be with them 12 years ago, when they are still WMA. TUAN LE is my MD.. Please do not....I mean Do not associated with any type of business with them or their agents.... I was taught to ripped customers off by them, I can't sleep at night, that's why I left the company..
ME, MYSELF & I ORANGE, CA
3:06am on September 27th, 2009
A closed mind will keep you poor. A open mind can make you rich. Generations of bad habits and following the same road everyone else travels on will make your next generations poorer than you. If you are wanting to break out of that cycle and travel on the road less traveled on than WFG can make sense. If you think like an employer rather than an employee then WFG will make all the difference.
12:46am on September 20th, 2009
I have been pretty entertained with all these remarks about World Financial Group aka WFG. As a researcher, I suggests that people go to credible sources when making an informed decision rather than looking for someone's advice on the internet. First of all, every company recruits! the top recruiting company is the Army. Secondly, as for addressing the issue of it being a pyramid, every company is built on a pyramid structure with your common President, Vice president, Managers then workers etc. Only difference is, in the corporate world, there can only be one of each but many workers. Thirdly, the issue of WFG being a scam, It is only a scam to those who fail because they have scammed themselves into trying to make quick money but did not succeed. MLM's are made for people who have ambition, perseverance and strong mindsets. Sadly, majority of the middle class working families who like to stay in a "job" cannot understand such concepts. In any business besides a "job" there are overhead costs first before reaping the rewards. Some people have expressed that they lost thousands of dollars and did not receive anything. Well, welcome to the real world of business! No business is guaranteed. Most businesses lose more than what they make and some end up closing before they are even able to make back their overhead cost. I am just amazed that people have time to come on the internet to bicker about something they have failed in. My word of adivce is, instead of trying to ruin something good for people, please go and channel your energy into something positive for yourselves. I hope that this will help clear up a lot of things for people who are looking to the commentaries on the internet for advice. One last comment for those who do not have common sense.... if you read a comment that says negative things about WFG but mentions the word Primerica then most likely that person is a Primerica agent who is trying to demote his/her competitor. If you read anything negative about WFG but at the end, tries to promote something "better" then they are trying to demote their competitor by promting themself on-line. Again, these are common sense but for those of you who might not realize it, I just thought I point it out. This will save you a lot of time from reading negative things that were put on here by people. Also, remember that when people feel threaten about their biggest competitor regardless of what company it is, there will be negative things about them.
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!!!!!!!!!!
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