Daniel
New Castle,#2UPDATE Employee
Sat, March 06, 2004
To give some background of myself, I have been in the insurance and investment bussiness for about 3 years now. I hold a professional designation, and I am also currently pursuing and accounting degree. About 2 months ago, I joined WFG. I will also say that ALOT of what was mentioned in the article is true. They do focus on recruiting. However, this can be an opportunity as well. I am going to share my thoughts of both how WFG can be good and can be bad. GOOD: If you have the financial background, this company can be great. You really do have an abundance of companies to offer people. About 175 insurance companies, and about 1900 mutual funds. Also, the overhead is very minimal as if you were to start your own financial planning firm. My thoughts are you do what is best for the client all the time. I do not promote VUL except in certain situations. The former company I was with had a class action lawsuit along with many other companies just with regular UL policies. The policy is to complex for most clients and for most agents to explain. There are several tax laws involved (TAMRA, DEFRA, and TEFRA) just to name a few. I do mostly whole life or term and do alot of ROTH's. For someone that is willing to learn the business and not focus on recruiting, the financial services industry, mortgages, and banking have always been big business with alot of money to be made. People have always had money problems and with the information age and the enactment of ERISA, people need to be informed of what is going on and how to better their situation. BAD: The bad corelates with what was aforementioned in the article. Alot of people are brought into the business and just focus on recruiting. The training on how these money concept work is few and far between. You must find someone who knows what they are doing and it probably is not your marketing director. Also, as I mentioned above, you must get appointed with as many companies if you are to provide your clients with the best products. I am in arguements all the time with my MD because she only pushes VUL's. There are some compliance issues as well. When giving a presentation, they have new agents say that they have dozens of insurance companies to choose from when many are only appointed with 2 or 3, mainly WRL, Pacific Life, American Scandia, and Zurich. This is illegal to say this as it is misrepresentation. I personally am changing the way my office is doing business because it is my name that is out there. My team will do the right thing or I will turn them in. Again, this can be a great opportunity or a great mistake.
Matthew
Orem,#3Consumer Comment
Fri, August 08, 2003
Who am I? I am someone who has been looking into the company now for about a month. I have not been pressured besides the normal "We really think you would enjoy this" stuff. I have met with some people for whom I do not have a lot of trust, and a few for whom I do. I have sat in meetings next to quiet, nice people and watched others with face paint whoop and holler and throw darts at an image of another group's leader. (not my style) A lot of negative stuff has been posted here, some of which is not inherently negative, although presented in that light. Just as if someone described an all pinl house to you as if it was the worse thing in the world. Personally, I think it would be, but I'll bet there are people out there who would love it. WMA is officially WFG (World Financial Group) and is under management of former top distributors from WMA. I cannot vouch for people from the former group or even within this, but I can say that at list one of the top management (Rich Thawling) seems to be an upstanding high-achiever with real morals and values. I (living in Utah) have been approached by many MLM opportunities and have worked on the corporate side of more than a couple of MLM companies (NuSkin, SportNuts, Etc.). Network Marketing is not for everyone, and this WFG is certainly that, but different in a couple of ways important to me. First, no one gets paid for signing people up. All money paid to "associates" is from brokers when customers purchase financial products. Most MLMs pay a large chunk for signing people up, and then give you pitifull commissions on future purchases. Second, there are no monthly quotas you need to meet to stay in, like many companies that require a certain monthly volume to stay "active" or to "qualify" for commissions. Once you are an associate, your commissions are there. Of course, the higher your position (translate: more people you recruit), the higher your commission level. This is similar to many insurance company practices and has the effect of encouraging people above you to help you. Many have complained that you must pay for everything, logo paper, pens, business cards, brochures, licensing, etc. A real company gives these things to you. Lets face it, a real company would not hire and train 95% of the people WFG trains. If you always wanted to learn about this stuff and be licensed and qualified in these areas, here is your chance to jump into it where you otherwise would not be able to. There is a fee to join, and about $800 worth of training and licensing you must pay for, but when you have been "coded" (completed all training), they do reimburse $500 back to you. It is more expensive than if you bought the books and trained yourself, but then again, you get experienced people backing you up, and a company with many relationships with financial product providers. The bottom line is, you don't have to recruit people, no matter what they say in their training meetings. You don't have to scam people and misrepresent yourself or your products (as some people no doubt do). You can be honest with your friends and family, learn all you wanted to know about financial planning, and genuinely help people without regard to what pays your the highest commission. Some may say, "Sure, but you get hounded all the time with pressure to sell the high commission stuff!" To this I would say, "So what?" Enter the company, get trained, and then tell them you have no intention of recruiting anyone or actively selling the service, only helping the random person who happens along get the very best products for their own financial benefit. See how fast they leave you alone to do your own thing, and how fast they run to help when you do bring business. =) The bottom line is that the opportunity (just like most things in life) is what you make of it. The company has a very solid foundation with its new parent Ageon, and there are plenty of retiring baby-boomers who could benefit from an honest financial evaluation and information. But, it is not for everyone. If you have a job you love and do not have interest in financial dealings, then don't waste your time. If you wish you had extra income and have always wanted to learn more about how markets and insurance work, then maybe you should consider it. Personally, if I join, it will be with a single expectaion: to learn about and become qualified to advise on financial markets. And I think (personally), $300 - $400 is worth the price.
Anonymous
Stanton,#4Consumer Comment
Wed, February 20, 2002
Beware...the company called World Marketing Alliance (WMA) in our area, has changed to World Financial Group (WFG).
bob
chicago,#5UPDATE EX-employee responds
Sun, February 17, 2002
This company is a pyramid scheme at it's best. I personally spent 6-8 months with this so-called company. If you can breath, can pay for "classes", licenses, and know people who have money to invest, you're in. Pay your $100, and your on your way to a 6 figure income.
This is always thrown at you, see where you can be in only 2 years, or 3 years, etc. BUT, the key is recruiting.....as they say NUMBERS. Most people who are "associates", I wuldn't trust with, money or anything else for that matter. WMA has a 6 or 10 foot rule, I forget which, that whenever somebody comes within your "space",you are supposed to aproach them, and enlighten them about this great opportunity, WMA. And not being bad enough, then encroach upon them for their friends as well.
THe KEY is to get them to the meeting, say as little as possible during the initial visit, but bring them to a meeting so the hierarchy, MD, etc. can "persuade" them to join. BUT if they are not interested in joining as an associate, maybe an investor. AND ALWAYS, DO THEY KNOW ANYONE!!!Especially if they have money, or contacts. Because, the more people you bring in the fill up the bottom rung of the ladder, the FASTER YOU move up.
And of, course, the more potential $$ your MD will make. Because we here at WMA are only out to help families!! B.S. we at WMA are out to help ourselves.Yes, WMA does target companies that have just recently laid off their staff. Approach them, tell them we will hire them, and they could be in business for themselves.
Sound good, why not. That's what it's supposed to do. And you receive training, coaching, seminars to outline just how to do this. This company preys upon people's greed, their gullibility.
Yes, there are people making money, but they are at the top. They get a piece of everything that comes in the door.
At WMA, you must buy everything, nothing, I mean nothing is for free. Pens,paper, stationary, whatever, must be broght if you want the WMA logo on it.
Everything they do is FOR PROFIT.......theirs. If you are willing to sell your soul, alienate your family, have no moral conscience whatever, this company is for you. I thank God I am out.
Bob
#60
Tue, August 21, 2001
This email is a rebuttal to RipOff #4700.
It was sent by Must remain anonymous at this time at
[email protected].
Avoid World Marketing Alliance (WMA Securities) misrepresent Its Products, erroneous information, fraud & illegal pyramid schemes (#4700)
They filed the following rebuttal to the above Rip-Off Report:
Their email: [email protected]
Their name: Must remain anonymous at this time
Their relationship to the company: Devotee
Rebuttal:
NOT! I am not a devotee, only a pion employee and I am not making a rebuttal. Believe me, the home office antics are no less better. Nepostism abounds, discrimination, you name it, they got it! And believe you me, any changes to company name will change nothing else!!