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'
12:18am on May 26th, 2009
WFG is a SCAM!
it is true that AEGEON is a reputable, high profile company. However, WFG is not.
Their recruiting technique is to emotionally appeal to new recruits. Think about it, humans react with emotion, so when WFG says something like 'work for yourself and plan out your own schedule and spend more time with your family' - well most people would want that.
WFG makes a whole lot of money through ''educational meetings/conventions'' that you have to PAY in order to attend. While youre there, you are supposed to bring new people to be recruited, and the cycle continues.
Their 'highly trained' agents are brainwashed into thinking that they can strike it rich, and most dont make money. So why do these agents stay? Well i presume to think that most of them are trying to get their money back that they spent by scamming new 'employees'. I mean think about it, you pay for books, two or three meetings a month(admissions is usually in the hundreds) , food for your 'potential clients', gas, etc.
A word to the wise: Entrepreneurship is about dreams and aspirations but it shouldnt be combined naive foolishness. If you look at all the successful entrpreneurs, they had to WORK their way up before striking it rich. how do i know this?
-i am a highly skilled auto mechanic (not joking)
i have worked at this shop for the past seven years and when the owner retired last year, i bought it from him. I then expanded the shop and before you know it, everyone wants to maintain their car instead of buying a new one due to the economy. We did over $400k in PROFITS last year, and myself and the crew only worked about 3 days a week. Ive had my experiences with wfg and i wont get into that.
STAY AWAY FROM LORNA MALLARI
she is very unprofessional and has no clue what she is doing. She dresses up and tries to be a businesswoman and doesnt even know how to work her own blackberry. hell, she doesnt even know how to type an email.
brandon w va beach
10:31am on May 4th, 2009
ive had herd both sides and i will give this things a try and get back to you all. i will say Social Security is being funded by people who will never get back what they put into it. In fact, there will be people who will 'contribute' money into it and will not get a dime back. Some people who are eligible to receive Social Security Income have to pay a Social Security tax on Social Security Income. 100k in my Fidelity 401K that has lost 15% in the last year. No one would consider a college degree or a Fidelity 401k a scam I suppose. But based on many people's definition, it would be considered a scam. Let me ask a question. Do you think that Aegon which owns WFG, is worth over 400 billion dollars from collecting $100 backround check fees from potential associates? Let me ask another question. Do you think working to make another man or company richer is a scam? Cause the truth is no matter how hard you work for that company, they aint never gonna break you off a piece of the pie! Wfg gives "employees" the opportunity to be their own boss. Honestly, WFG is not for everyone. It's only for the people who are willing to work hard and fight for their dreams! P.S. I hope your boss don't catch you playing on the computer on company time. Get back to work!
Adrian Nanaimo, BC
10:33pm on April 25th, 2009
I have my own successful business, a construction company. We do at least $300,000 a year in business. It's hard work. If you work at a regular job...THAT is technically a pyramid scheme. The Top Level People make the money, the people at the bottom make very little. Luckily, I'm the boss, I make the money, my workers make less, for more hard work. That business. Name ONE business where the new guy, at the bottom, makes more than the guy at the top, the boss. Everything is a pyramid. WFG is a highly regarded company in the industry. Call Franklin Templeton Inc. yourself (one of the largest financial companies)...or Transamerica.
Adrian Nanaimo, BC
10:26pm on April 25th, 2009
I've signed up for their training too. They give you formal training in obtaining your mortgages and securities licenses, sure it costs money...school costs money. They're not going to pay for your licenses. Sure they want you to "recruit" friends and family. Why wouldn't you tell your friends and family about something that could help them. Investing in the same things the banks do, without the banks help. Your taking the middle man out of the picture.
5:33pm on April 4th, 2009
1) MLM programs arent for everyone. Its very hard work and most people do not have the mind set to do this. I've worked for many different companies (non-MLM) and was self employed for a while. I am not cut out for either one, YET.
2) Everyone sells in one form or another. When you go ask for a raise you have to "SELL" why you should get one. Its not a good feeling nor do most people do it well. ITS HARD WORK.
3) Everyone works for money whether they like to believe it or not. How much money do you actually keep? Not much. We are not taught at schools how to work with money or have money work for us.
Is this company a scam? I believe not. I understand about the background check and the $100. I went to the interview today. I loved it, but I also have a different mindset about money and work. I also love doing finances on my own. I am going to the second interview on monday. I will pay the $100 because I know myself that I spend more than $100 normally on junk food weekly. I think investing $100 in my background check will be good for me.
Not all MLM's are legitimate. The ones that are legitimate will teach you all the sales and life skills you will need to know to be successful in all aspects of your life. If you have the right mindset this will work for you. If you like working in the "E" part of the Cashflow Quadrant then by all means be the best "E" you can be. I like being both "B" and "I". That side of the quadrant is much harder, but the rewards are much higher too.
Last few thoughts...I owned a partnership business fail on me and lost $60,000 and 2 years of time. I also lost over $60,000 in the last 10 years on the stock market. This is from lack of education and experience. Now that I have the experience. I choose to pick up the education. This is a great opportunity to learn something new and exciting. Its not going to be easy, but losing $120,000 was not easy either. And for those that find losing $120,000 amusing, I do too. You only fail now to become great later. Thomas Edison failed 2000 times to perfect the light bulb. Everyone around the world knows what a light bulb is. I have only failed 2 major times. I will continue to fail until I succeed. This is one of the steps to succeeding. The question is how many times are you willing to fail? Everyone posting is right so I dont attack anyone. Everyone is different. Do what you do best and be the best at what you do.
1:08am on April 2nd, 2009
Heres my 2 cent. $100 for app fee shows that your serious. "Anyone can do it" moto, well yes, but you're going to need to be licensed. So doesn't that show enough that you at least know what you're doing? Insurance is just like Real Estate, as long as you have your license by passing a state test then you can sell. Doesn't mean you have to have a college degree does it? Not everyone is made for this business. Some feel better knowing that they are getting paid hourly. For me, I like to sell. Say you don't recruit and just sell life insurance policies all day. You can still make a couple hundred dollars for every policy sold.
1:41pm on March 30th, 2009
All of these comments have been enlightening considering my second interview with WFG is scheduled for tomorrow. I've been grappling with skepticism all weekend long since attending the first meeting.
Though I am not totally incapable of being a good salesman, I can only sell things I am really passionate about. There is a tinge of dishonesty in some of WFG's practices which I simply can't dismiss.
I want to make good money but not at the expense of screwing someone else. I'm not going to the second interview.
11:52am on March 25th, 2009
wfg is not a scam
its for real sales people.
if u cant sell, dont even bother signing up.
I know people making good money,
I also people making no money,
it all about sales sales sales.
by the way I'm not with wfg.
some of my friends doing it...
but its good to get educated about financial products, u can just go and study somewhere in a educational institution..
Anonymous Location unknown
5:00am on March 11th, 2009
lets b honest the business is not for everyone and i hate lying to people about they will be successful when all we are doing is just taking away their appointments for us associates to get money... sure possibly that new recruit will do something and get rich in WFG but reality is that they have a 97 percent chance of failing... the products are great but recruiting no thank you
WFG, Associate (Champion) Anaheim, CA
4:18pm on March 9th, 2009
Let's be honest with ourselves....
I would say all companies will always have some type of flaws. I would also say there will always be dishonest people in the world. However, WFG ALWAYS practices to take the clients in consideration because those who take advantage of clients will NEVER succeed in this business. What is the problem getting a license? Wouldn't you agree your hair stylist, manicurist, and the list goes on has a license to conduct business? Why would you expect anything different from a Financial Representative? You are licensed with the state meaning you can take that license anywhere, depending on the type of licensing. The next time you pay your car insurance, think about who is making money from that? Guess this would be considered a pyramid scheme as well. Better get rid of that car insurance agent because they are taking advantage of you!
Those who have not succeeded with WFG are those who are just to smart....You failed so instead of taking responsibility for your own failure, you point the blame elsewhere. If you were to make money right away then I would be a bit skeptical but this takes hard work, dedication, a positive mind, and determination. This is not a get rich scheme this is a business. I have never seen a business take off right away, have you? My family was more important to me than all the negativity that surrounded me. I thank GOD I went with my better judgment and continue to grow with WFG.
Stop looking for an easy way to succeed in life and don't be afraid to work hard...NO EXCUSES.
Anonymous Location unknown
5:12am on March 7th, 2009
why recruit a man who has no education?? because possibly that man didnt have the opportunity to be educated and therefore minimizes the possibilities of making money... u never know that person that looks no gud for anything could actually be good and they will be really greatful if they make a lot of money
Anonymous Orange County
3:08pm on March 4th, 2009
A friend of mine asked me to come check out WFG since I was interested in the financial services industry. I have a 4 year degree from UCLA. When I went to the "interview" they didn't even ask to see my resume, which was the 1st doubt that came into my mind. I paid the $100 (background check, which I think was bogus since I have a felony on my record and I still got the "job") since it was my friend that referred me and I trusted him. Then I was asked to go to a training seminar. I saw the presentation video and like other pyramid/mlm schemes the video was a hype presentation. That was doubt #2. The training was more along the lines of getting the associates pumped up. What completely made me pick up and pack up was when I asked how they market and recruit clients. Every time I asked that question it was switched around by me trying to recruit a Joe Schmo to work for WFG. Maybe its my ego but why would a well educated man like myself want to recruit a bag boy at the local grocery store to work for me? WFG is definitely not a scam, but it is NOT what you think you are getting into.
sgvbuster San Gabriel California
11:19pm on March 2nd, 2009
If you actually do research, the only thing that keeps most multi-level marketing companies from being illegal is that they have products to sell in order to make money. If they have no products to sell, then it is an illegal pyramid scheme. The difference between a pyramid scheme and a ponzi scheme: Ponzi scheme one individual benefits and gets all the money!! A Multi-Level Marketing Company is actually a revised pyramid schemse that consists of many different levels of mini ponzi schemes = hence multi-level marketing!!! Every level benefits but whom ever started that company gets most of the money! So you get to be your own Bernie Madoff!! But a multi-level marketing company or pyramid scheme is doomed to fail because you will eventually run out of people to recruit. While a Ponzi scheme you could get the same people to reinvest into your scheme and keep it running until you get caught!! In both organizations you are motivated to prey on good people, desperate people, and people you trust!
Anonymous Location unknown
12:49am on March 2nd, 2009
first of all... ur stupid 2 questions are out of place!! look at the f**ing market!! oviously its not going to give u anything if ur on a variable product!
11:40pm on February 28th, 2009
I forgot to say, if you can't even afford a $100 upfront charge or a few hundred to become licensed you sure aren't qualified to tell anyone else how to manage their finances and should be asking them to help you. LOL
11:37pm on February 28th, 2009
I'm looking into signing up part time. With our miserable economy I don't think any full time job is safe anymore. Why not have a full time job and a part time job that could grow or cover you in case you lose your primary job. I've got all the damn degrees and what do I really have, tons of student loans and I could still get laid off at any time. Who cares if it is multi-level or pyramid. Some jobs have profit sharing, most don't give you anything beside hourly pay or salary, or bonus that are not even guaranteed. This business will grow if you put in the effort. If you tried and failed get over blaming the world and take responsibility for your own performance. Money magazine had a bad report on them, but Money magazine's recommended stock portfolio has sucked, anyone following that should be calling Money a scam financial magazine. Every financial industry has good and bad employees, hopefully this company sets you up to succeed, if you then fail its on you.
1:54pm on February 28th, 2009
If you are not born to be a sales person you are in the wrong industry. If you are not born to "handle people" or manipulate them is not for you.
The business model is build for new recruits to provide hot leads for registered reps.When you join you are not registered one and you do not make any money and by the time you are one your market is dried up and you end up cold calling or quitting.
The benefits: get a license and move to a traditional financial co who required only series 6 license
You might have 1% chance to make a living
Before joining ask 2 questions
Want to see every registered reps in the rooms TAX RETURN
Want to see every reps who own VUL the return on investment.
Because if you get license is what you will sell, every thing else you sell will not match Wallmart greeting guy salary.And is hard to believe you will get to sell your pension plan to Microsoft employees
If you are broke stay a away the company will drown you in debt.
geroge san diego
7:40am on February 27th, 2009
looks lik u george has been scammed before.. i mean it does sound like u have been through many companys and therefore not succeeding thats why you are so skeptical... im also sure that the companys that you have worked for before were insurance and securities companys right?? if not no wonder you havn't been asked for a background check!!
George Las Vegas
1:55pm on February 24th, 2009
If any company asks you to pay $100 for a background check it is a scam. No company I ever worked for asked me to pay for a background check.
Anonymous Location unknown
2:15pm on February 23rd, 2009
At WFG you are working for someone else. Every sale you make the person who brought you into the company gets your money. You only get money if the people you brought sell something. Find the CNN Money Magazine article about WFG and it explains the whole company. The title is "Hubert The Great Hubert Humphrey wants to sell Middle America loads of gimmicky, high-cost investments through an army of part-time brokers. The scary part: It's working."
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