I was contacted by a WFG Registered Representative not too long ago. Before jumping to conclusions I decided to do some research and gather the facts instead of basing my decisions from opinions. I was invited to a presentation of the company and it was clearly spelled out that the marketing system used by WFG is different from most financial services firms. I considered selling these services and I understood that I would be compensated by 100% commissions on my personal production, but would have the opportunity to grow a business by building an agency of financial services representatives. This is not an easy task, but the company provides training and support for individuals willling to take on this opportunity.
This is no reason to call this company or their marketing business model a scam.
There are countless companies that operate in a multilevel marketing model and are by no means out to scam people. In the contrary, it is the most powerful way to build a business and reduce overhead costs, while building an organization of professionals when properly implemented. I agree that some people may not adhere to the proper training and will choose to implement their own tactics of getting people to join their organization. This is human nature. The company is formatted to operate in a professional, honest manner when prospecting for new financial services reps. Unfortunately, in a large organization with over 500 offices Nationwide in the USA and new offices opening up in China, there are bound to be cases of individuals who choose to follow their own method.
Most importantly, I realized that this company is owned by one of the largest insurance providers, Aegon of the Netherlands. Which also owns Transamerica and other large insurance firms in the USA. These are highly reputable firms that are strictly regulated by the Securities and Exchange Commission.
Do yourself a favor and become more educated before you jump to conclusions.
FINRA is the largest independent regulator for all securities firms doing business in the United States.
You can do a search on World Group Securities, the Securities Broker which WFG representatives must register through to sell securities. World Financial Group is the marketing company, while World Securities Group is the registered BROKER FIRM.
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you can search countless broker firms, such as Citi group, which is the real rip off.. you will find over 1400 cases of misconduct, violations, arbitrations, millions in fines, and many many unhappy customers of Citi group. Weird how you don't see a rip off report about this. I would like to post the violations of so many broker firms in the USA, but that would be the equivalent of a full time job.
WORLD GROUP SECURITIES REPORTS NO SUCH VIOLATIONS AND HAS ABIDED BY THE RULES AND REGULATIONS OF THE SEC.
I am happy to have been associated with this company and I feel greatful for having a representative meet with me and help me develop a financial plan. Before this I was clueless about how money worked and how to avoid paying too many taxes on my life savings. I am now on track with a great retirement account, I have a college savings plan for my child set up, and I am happy to refer clients to World Financial Group because I was treated in a professional manner.
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
