I have been a strong advocate of truth and always given anyone a chance to see the truth. This time, I let myself be recruited to see what the complaints are ALL about WFG.
THE COMPLAINTS ARE ALL TRUE.
They are great in recruiting without disclosure. They collect your money with big promises of training and making money.
After they collect the $100.00. you are on your own. They pushed you to get clients so that they can show you how to do it. Truth is, so that they can write a policy to make money.
They never disclosed that once signed, you will become their captive agent. There are fees for their services called E&O.
WFG TAKES 30 TO 35% FOR THEIR SERVICES BEFORE THEY EVEN GIVE YOU YOUR COMMISSION. I fyou don't provide them a checking account, you will be charged $20.00 for having your check mailed to you.
The up line gets the most of the commision. During fast trac, they tell you that you will make 80% in addition of your recruits making it a total of 100%.
They will never tell you that you start from 25% or less once you are licensed. You must recruit so many until you get promoted to an associate to get 35% of your commission that may be as high as 127% with the least of 80% being paid from the insurance commission.
In fact, you will never reach the 80% commission until you reached a certain huge amount of sale and many reccruits.
The up line will take almost of the new associates commission. This must be against the law.
HERE IS WORST PART, IT IS NOT EASY TO GET OUT. THEY WANT YOU TO STAY IDLE FOR SIX MONTHS AND NOT ALLOWED TO WRITE POLICY ANYWHERE ELSE BECAUSE YOU CAN'T RESIGN IN AN INSTANT.
THIS IS LIKE A "CULT". UP LINES ARE THE ONE MAKING ALL THE MONEY WHILE THE HARD WORKING NEW RECRUITS GETS THE LEFT OVER. THE UP LINE DOES NOTHING TO HELP THE NEW RECRUITS UNDERSTAND THE WHAT, WHEN, HOW, AND WORST OF ALL, THE POSSIBILITY OF BREAKING THE LAW BECAUSE OF LACK OF INFORMATION.
I would like someone from this company to answer a huge question that I think are extremely valuable to anyone seriously considering being apart of this type of business (including myself). Now that being said, if no one does answer the questions its pretty obvious that this is fishy and a scam.
Full explaination below but here is the question:
WHERE DOES THE MONEY TO PAY EVERYONE COME FROM?
I personally have been approched by a friend about this business to sell life insurance and use it as an investment for long term. Of course it sounds great and perfect and it seems as if the product is legit.
Now Im NOT going to automatically call it a MLM scheme because a MLM scheme is signing up a mass amount of people under you in which the upfront cost partially goes to you and the people above in the hope that they get people below them.
For that to be entirely true, I would have to prove that the $100 ""background check"" is PARTIALLY going to the people above. In which they even make money if you dont do anything but sign up. Which I DONT really think is the case here.
It seems like there is a large amount of people in this company and the people that put in the Hard work actually make a decent amount of money. I was told that someone putting in the hard work will be earning at least +$50K yearly. Now someone way up the chain can make as much as +$500k a year.
I was told that the big conventions range about 20k people so I think can safely assume that throughout this company there is at least 100K people that put in $100 to just get started (which includes the people that dont do anything and fall off entirely).
I think I can safely assume that at least %5 are hard working.
So undershooting everything by large amount, 5k people x $50k is $250million yearly.
Now let me assume that all those people actually pay ~$100 a month because they have the life insurance that they are trying to sell.
100k people x $100 a month x 12 months = $120million yearly
why not add $100 ""background check"" to everyone adds another $10million.
to even break even 100K more people would have to just get the insurance.
WHERE DOES THE MONEY TO PAY EVERYONE COME FROM?
All this money should be going to these people's insurance and I do understand how the insurance business works- get the money now invest it and pay these people later when they need it or when they die etc. BUT no smart business would use this model because its a losing money model. I dont want to make assumptions about the ethics of this company. But can someone at least make sense of this for me.
Honestly, if I feel that I am given a legit answer. I will join and start making money, but if I join this I dont want it to fall apart after I have invested my time and my family and friends time/money.
Hi my names Jay and a i'm currently a College student, i joined WFG for about two Months. My Friends Sister Recruited me, and before i say anything else, if i had only said NO to her face i would have never had to gone thru this ordeal. she came to my house knowing i needed a part time job and introduced me to this company called ""World Finance Group"" and said you know that big pyramid building in san francisco, well this is the company. (Totally false WFG is apart of Transamerica Not Transamerica itself, So Them saying they are transamerica seems wrong.) This Explains my experience with this company, and i'll be reviewing there company. this is not a bias report, because believe it or not WFG is not a scam, however they are a multilevel marketing company. thats a Legal Pyramid Scheme, you can make money with this company without Recruiting, But Highly Doubtful With the system they use, when you pay $100 you're a trainee recruit. your job is to recruit 3 friends, and family, you're warm market. (pretty much people that respect you enough to even show up) And to get them signed up and under you. and you have 30 days to do it.
What to Expect? When you get to wfg for an interview or group interview they have a mofunzone, an artificial motivation zone to attact and keep recruits. many of the presentations are repeated over and over again. there was a guy called eric cohlet and he went on about how he was a immigrant > went to jail> dedicated to be a millionare > Joined the company 20 years ago> rich and owns houses and drives a nice car. they sell you a dream, your recruits are brought downstairs and lectured about basic mathematic formulas like compounding intrest, and wfg's mission. After you think you're going to work for the company they hit you with a $100 ""BackGround Check"" which simply goes to there mother company aegon. (it says be an aegon agent pay our $100 start up fee on the main website)
1. System Flaw
this system they call 3-3-30 that's Three Recruits Three Sales within 30 days *Note if you don't do your 3-3-30 you will not make any money, and you are given another month to get the 3 sales and recruit. Your 3-3-30 you will make $0 on this commision. because your upline gets your first 3 sales (Thats right, you don't make any money until you pass your 3-3-30 and you're promoted to a official Associate) After passing your 3-3-30 You'r an associate and can start making money.... Off the people you recruited. thats right ladied and gentleman thats how these snakes operate, recruit your friends that trust you, use them and make money. They also make you give them a 25 Personal Prospect List, Do not give it to these people they will have your phonebook from your cellphone and Constantly call the people you put up to recruit them. so even if you quit ahead of time, they still win because they have your list of sale potentials.
2.It's only $100 to sign up, NOT
When i joined WFG i was told it was ""only $100"". thats how they get you hooked. when you invest $100 for a shady ""back Ground Check"", its really just a sign up for your online WFG account. Now you can't back out or you'll feel like i just lost a hundred dollars. Then theres the Licensing Fee's for a online class (seriously to work with these people you take a 52 hour online Insurance Class and get certified) the class itself was $80, Plus the Actual Life and Health insurance Test Cost $100, Followed by Finger Printing $80, Every Single Convention/Big Events are paid out of your pocket. I got suckered into going to the convention of champions because everyone on my team ""pressured me into going"" ""You'll never make it in this buisiness, vivian's groups bringing 60 people we need that many to go"" ""its just 3 days that'll change your life forever"". i lost about $800 On my trip to the convention of champions. (please note i am a student that works part-time spending this much money on this company instead of spending it on school for classes and books was the worst, most retarded mistake of my life). After getting Licenesed you have to go thru a process called appointing. you pay WFG to be able to sell the products they offer... Initially i was told it was only $40 So i coughed up the money and paid only to find out i had to pay EVERY Month Because selling life insurance you need insurance for yourself, if your clients sue you or anything you'll have protection. This $40 also goes to your Online Wfg Account, if you stop paying the account is terminated I quit after 2 months afterwards... and i was charged $80 for 2 months because my WFG online account was still open, even though i left i was still charged for something i never used. my upline Agent Jill threatened that it would keep growing and ruin my credit if i didn't cough up the money. so i did and i sent in my letter of resignation i never ever want to deal with these people again.
3. How the company makes so much money.
Every Recruit asked to buy the overpriced life insurance policy. therefore if a client ask's if they own the product the WFG agent is able to vouch for the insurance because they own it. so who makes commision on the insurance you bought? Your upline does!!! also because you own it, your friends, family and acquantances. when i bought my 500k policy i was told it was only going to be $100 a month, however the premium went up to $250, that was over twice as much as i expected to pay. thats not all. my upline signed my mother, father, and little brother up. she would have made at least $8000 on our sale alone. plus She first stated it would be less than $400 for my parents, she called week after week adding at least $50 each time till there bills were up to $800 each. she kept saying the money you pay and put into this doesn't go to me, it goes to your retirement. When my mom decided to downgrade her insurance Agent Jill States ""Tell her is she serious. she needs more for her protection and told me to tell my mom if she was ""Serious"" with her final decision. She Tried to use me to guilt out my own mother... but honestly she just wanted to make a bigger commision . my parents had there policys for a month and cancled. after they cancled i decided to quit as well, however now i had lost over $2000 and i feel obligated to pay my parents back.
4. Aftermath
When i was done with WFG my upline called me Twice (span of 2 months) Only to tell me that i had to pay $80 for my internet account, (which i never even looked at since i felt hurt and scammed and honestly wanted to get the hell away from these people) The second time she said i quit because its my own fault. that there system is flawless and the only people that quit are lossers. so to summarize
*Reading This will save you time. if you can't be fucked with reading my whole review
- losses $2,000 to this company
- theres no training all the meetings are scripted repeats and the only time you actually learn something is on super saturday, because its a public event.
-Overpriced insurance, and inconsistant premiums.
- Associates only start at 35% compared to other companys which offers you 80% - 95%
- The companys policy is no Money Made Until This 3-3-30 was completed. (3 sales 3 Recruits in 30 days) if you do not do 3-3-30 the only option is to get 10 sales to advance to 45% ( Goodluck on that)
DO NOT JOIN THERE SCAM, you'll be left to pester your friends and family to buy life insurance, which none of them needs if you're alright with Feeding off peoples fear of drying early, or telling yourself you're helping people and doing good. BE MY GUEST, but you have been warned.
World Financial Group Reviews
I have been a strong advocate of truth and always given anyone a chance to see the truth. This time, I let myself be recruited to see what the complaints are ALL about WFG.
THE COMPLAINTS ARE ALL TRUE.
They are great in recruiting without disclosure. They collect your money with big promises of training and making money.
After they collect the $100.00. you are on your own. They pushed you to get clients so that they can show you how to do it. Truth is, so that they can write a policy to make money.
They never disclosed that once signed, you will become their captive agent. There are fees for their services called E&O.
WFG TAKES 30 TO 35% FOR THEIR SERVICES BEFORE THEY EVEN GIVE YOU YOUR COMMISSION. I fyou don't provide them a checking account, you will be charged $20.00 for having your check mailed to you.
The up line gets the most of the commision. During fast trac, they tell you that you will make 80% in addition of your recruits making it a total of 100%.
They will never tell you that you start from 25% or less once you are licensed. You must recruit so many until you get promoted to an associate to get 35% of your commission that may be as high as 127% with the least of 80% being paid from the insurance commission.
In fact, you will never reach the 80% commission until you reached a certain huge amount of sale and many reccruits.
The up line will take almost of the new associates commission. This must be against the law.
HERE IS WORST PART, IT IS NOT EASY TO GET OUT. THEY WANT YOU TO STAY IDLE FOR SIX MONTHS AND NOT ALLOWED TO WRITE POLICY ANYWHERE ELSE BECAUSE YOU CAN'T RESIGN IN AN INSTANT.
THIS IS LIKE A "CULT". UP LINES ARE THE ONE MAKING ALL THE MONEY WHILE THE HARD WORKING NEW RECRUITS GETS THE LEFT OVER. THE UP LINE DOES NOTHING TO HELP THE NEW RECRUITS UNDERSTAND THE WHAT, WHEN, HOW, AND WORST OF ALL, THE POSSIBILITY OF BREAKING THE LAW BECAUSE OF LACK OF INFORMATION.
I would like someone from this company to answer a huge question that I think are extremely valuable to anyone seriously considering being apart of this type of business (including myself). Now that being said, if no one does answer the questions its pretty obvious that this is fishy and a scam.
Full explaination below but here is the question:
WHERE DOES THE MONEY TO PAY EVERYONE COME FROM?
I personally have been approched by a friend about this business to sell life insurance and use it as an investment for long term. Of course it sounds great and perfect and it seems as if the product is legit.
Now Im NOT going to automatically call it a MLM scheme because a MLM scheme is signing up a mass amount of people under you in which the upfront cost partially goes to you and the people above in the hope that they get people below them.
For that to be entirely true, I would have to prove that the $100 ""background check"" is PARTIALLY going to the people above. In which they even make money if you dont do anything but sign up. Which I DONT really think is the case here.
It seems like there is a large amount of people in this company and the people that put in the Hard work actually make a decent amount of money. I was told that someone putting in the hard work will be earning at least +$50K yearly. Now someone way up the chain can make as much as +$500k a year.
I was told that the big conventions range about 20k people so I think can safely assume that throughout this company there is at least 100K people that put in $100 to just get started (which includes the people that dont do anything and fall off entirely).
I think I can safely assume that at least %5 are hard working.
So undershooting everything by large amount, 5k people x $50k is $250million yearly.
Now let me assume that all those people actually pay ~$100 a month because they have the life insurance that they are trying to sell.
100k people x $100 a month x 12 months = $120million yearly
why not add $100 ""background check"" to everyone adds another $10million.
to even break even 100K more people would have to just get the insurance.
WHERE DOES THE MONEY TO PAY EVERYONE COME FROM?
All this money should be going to these people's insurance and I do understand how the insurance business works- get the money now invest it and pay these people later when they need it or when they die etc. BUT no smart business would use this model because its a losing money model. I dont want to make assumptions about the ethics of this company. But can someone at least make sense of this for me.
Honestly, if I feel that I am given a legit answer. I will join and start making money, but if I join this I dont want it to fall apart after I have invested my time and my family and friends time/money.
Hi my names Jay and a i'm currently a College student, i joined WFG for about two Months. My Friends Sister Recruited me, and before i say anything else, if i had only said NO to her face i would have never had to gone thru this ordeal. she came to my house knowing i needed a part time job and introduced me to this company called ""World Finance Group"" and said you know that big pyramid building in san francisco, well this is the company. (Totally false WFG is apart of Transamerica Not Transamerica itself, So Them saying they are transamerica seems wrong.) This Explains my experience with this company, and i'll be reviewing there company. this is not a bias report, because believe it or not WFG is not a scam, however they are a multilevel marketing company. thats a Legal Pyramid Scheme, you can make money with this company without Recruiting, But Highly Doubtful With the system they use, when you pay $100 you're a trainee recruit. your job is to recruit 3 friends, and family, you're warm market. (pretty much people that respect you enough to even show up) And to get them signed up and under you. and you have 30 days to do it.
What to Expect? When you get to wfg for an interview or group interview they have a mofunzone, an artificial motivation zone to attact and keep recruits. many of the presentations are repeated over and over again. there was a guy called eric cohlet and he went on about how he was a immigrant > went to jail> dedicated to be a millionare > Joined the company 20 years ago> rich and owns houses and drives a nice car. they sell you a dream, your recruits are brought downstairs and lectured about basic mathematic formulas like compounding intrest, and wfg's mission. After you think you're going to work for the company they hit you with a $100 ""BackGround Check"" which simply goes to there mother company aegon. (it says be an aegon agent pay our $100 start up fee on the main website)
1. System Flaw
this system they call 3-3-30 that's Three Recruits Three Sales within 30 days *Note if you don't do your 3-3-30 you will not make any money, and you are given another month to get the 3 sales and recruit. Your 3-3-30 you will make $0 on this commision. because your upline gets your first 3 sales (Thats right, you don't make any money until you pass your 3-3-30 and you're promoted to a official Associate) After passing your 3-3-30 You'r an associate and can start making money.... Off the people you recruited. thats right ladied and gentleman thats how these snakes operate, recruit your friends that trust you, use them and make money. They also make you give them a 25 Personal Prospect List, Do not give it to these people they will have your phonebook from your cellphone and Constantly call the people you put up to recruit them. so even if you quit ahead of time, they still win because they have your list of sale potentials.
2.It's only $100 to sign up, NOT
When i joined WFG i was told it was ""only $100"". thats how they get you hooked. when you invest $100 for a shady ""back Ground Check"", its really just a sign up for your online WFG account. Now you can't back out or you'll feel like i just lost a hundred dollars. Then theres the Licensing Fee's for a online class (seriously to work with these people you take a 52 hour online Insurance Class and get certified) the class itself was $80, Plus the Actual Life and Health insurance Test Cost $100, Followed by Finger Printing $80, Every Single Convention/Big Events are paid out of your pocket. I got suckered into going to the convention of champions because everyone on my team ""pressured me into going"" ""You'll never make it in this buisiness, vivian's groups bringing 60 people we need that many to go"" ""its just 3 days that'll change your life forever"". i lost about $800 On my trip to the convention of champions. (please note i am a student that works part-time spending this much money on this company instead of spending it on school for classes and books was the worst, most retarded mistake of my life). After getting Licenesed you have to go thru a process called appointing. you pay WFG to be able to sell the products they offer... Initially i was told it was only $40 So i coughed up the money and paid only to find out i had to pay EVERY Month Because selling life insurance you need insurance for yourself, if your clients sue you or anything you'll have protection. This $40 also goes to your Online Wfg Account, if you stop paying the account is terminated I quit after 2 months afterwards... and i was charged $80 for 2 months because my WFG online account was still open, even though i left i was still charged for something i never used. my upline Agent Jill threatened that it would keep growing and ruin my credit if i didn't cough up the money. so i did and i sent in my letter of resignation i never ever want to deal with these people again.
3. How the company makes so much money.
Every Recruit asked to buy the overpriced life insurance policy. therefore if a client ask's if they own the product the WFG agent is able to vouch for the insurance because they own it. so who makes commision on the insurance you bought? Your upline does!!! also because you own it, your friends, family and acquantances. when i bought my 500k policy i was told it was only going to be $100 a month, however the premium went up to $250, that was over twice as much as i expected to pay. thats not all. my upline signed my mother, father, and little brother up. she would have made at least $8000 on our sale alone. plus She first stated it would be less than $400 for my parents, she called week after week adding at least $50 each time till there bills were up to $800 each. she kept saying the money you pay and put into this doesn't go to me, it goes to your retirement. When my mom decided to downgrade her insurance Agent Jill States ""Tell her is she serious. she needs more for her protection and told me to tell my mom if she was ""Serious"" with her final decision. She Tried to use me to guilt out my own mother... but honestly she just wanted to make a bigger commision . my parents had there policys for a month and cancled. after they cancled i decided to quit as well, however now i had lost over $2000 and i feel obligated to pay my parents back.
4. Aftermath
When i was done with WFG my upline called me Twice (span of 2 months) Only to tell me that i had to pay $80 for my internet account, (which i never even looked at since i felt hurt and scammed and honestly wanted to get the hell away from these people) The second time she said i quit because its my own fault. that there system is flawless and the only people that quit are lossers. so to summarize
*Reading This will save you time. if you can't be fucked with reading my whole review
- losses $2,000 to this company
- theres no training all the meetings are scripted repeats and the only time you actually learn something is on super saturday, because its a public event.
-Overpriced insurance, and inconsistant premiums.
- Associates only start at 35% compared to other companys which offers you 80% - 95%
- The companys policy is no Money Made Until This 3-3-30 was completed. (3 sales 3 Recruits in 30 days) if you do not do 3-3-30 the only option is to get 10 sales to advance to 45% ( Goodluck on that)
DO NOT JOIN THERE SCAM, you'll be left to pester your friends and family to buy life insurance, which none of them needs if you're alright with Feeding off peoples fear of drying early, or telling yourself you're helping people and doing good. BE MY GUEST, but you have been warned.
-Jay