• Report: #339083

Complaint Review: WFG

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Tue, June 10, 2008
  • Updated: Thu, July 24, 2008

  • Reported By:San Diego California
WFG
Northridge, California U.S.A.

World Financial Group - DON'T LET THEM SCAM YOU! DO NOT LISTEN TO ANY WFG SUPPORTER. THEY PREY ON THE WEAK MINDED Northridge California

*Author of original report: Independent Contractor = Pay for your background check, licensing classes, conferences..

*Consumer Comment: In the defense of WFG

*Author of original report: I would still avoid them...

*Consumer Comment: WFG & fines

*Author of original report: WMA/WFG Secrets - read before you decide to work for them

*Author of original report: '10 Questions to Ask When Choosing a Financial Planner'

*Author of original report: '10 Questions to Ask When Choosing a Financial Planner'

*Author of original report: '10 Questions to Ask When Choosing a Financial Planner'

*Author of original report: '10 Questions to Ask When Choosing a Financial Planner'

*Author of original report: Give it a rest...

*Author of original report: Give it a rest...

*Author of original report: Give it a rest...

*Author of original report: Give it a rest...

*UPDATE Employee: Get real! This is hard work

*UPDATE Employee: Get real! This is hard work

*UPDATE Employee: Get real! This is hard work

*Author of original report: NASD Regulation Fines WMA Securities, Inc. $125,000 for Failure to Report Customer Complaints

*Consumer Suggestion: WFG is not a scam or scheme

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

I am disturbed by the brainwashing WFG members submitting rebuttals. There is no way you can be a broker without a college degree. No reputable company makes you pay $100 for a background check.

I spent a month with these people. They consist of criminals. How do I know? They do not run background checks. They say it takes a day. Not true. They say they don't care about your criminal record, only if you break federal laws. How many people really fall into this category?

Just go to this link: http://www.google.com/search?hl=en&q=%22world+financial+group%22+scam

or google: "world financial group" scam

Concerned Citizen
San Diego, California
U.S.A.

This report was posted on Ripoff Report on 06/10/2008 07:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/WFG/Northridge-California/World-Financial-Group-DONT-LET-THEM-SCAM-YOU-DO-NOT-LISTEN-TO-ANY-WFG-SUPPORTER-THEY-339083. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on WFG

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 18Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Independent Contractor = Pay for your background check, licensing classes, conferences..

AUTHOR: Mary - (U.S.A.)

If I wanted to be an Independent Contractor, I'd start my own business. The fact that WFG only hires you as an I.C. raises red flags for me.

Please don't talk about any formulas. Would you trust a high school grad with your financial portfolio? Because it seems that WFG hires just about any person that walks into their office.
Respond to this report!
What's this?

#2 Consumer Comment

In the defense of WFG

AUTHOR: Caringperson - (U.S.A.)

In response to any reports about WFG being a ripoff and no background check needed, scam, etc... There are licenses need and fingerprints have to be done for background checks. WFG is a marketing arm for investment companies and insurance companies. The $100 applciation is for admin fees that get you an independent contrator status and once your licensed you can offer the products and solutions of the different companies to help families.

The misrepresentation sometimes comes from someone offering a job, which it is not. It is a 1099 status.

WFG has an infrastructure and training system in place to ensure that people are successful and doing the right thing. Unfortunately not everyone follows the system and not everyone gets licensed. If you hear someone or read somethign negative, ask that person if they ever got licensed. 99% of the time they did not, or they had a bad experience due to a person, not the company.

The company is federally regulated. Check out FINRA's website (regulates teh industry) and do a broker search on WGS (the broker dealer for WFG) and do one on a firm like Ameriprise and such. You will be surprised to see that WGS has hardly anything bad against them, but Ameriprise, Merrill, Morgan and such have paid out Hundreds of Millions in fines.

As for the MLM deal. In order to make money in an MLM you need to recruit, but in WFG you do not need to recruit and people make alot of money in Mortgages, insurance and securities everyday. Farmers, State Farm and Allstate all allow a person to apply to build and agency. These are not MLM's. WFG also does, but you are not required to. WFG has people earning over $100,000+ per year on their pen.

I hope this sheds some light on the industry but all the bad press and reagrding WFG.

My recommendation is to research the SEC, FINRA, DOI, etc... Not Google, Yahoo, etc.. These are not regulated.
Respond to this report!
What's this?

#3 Author of original report

I would still avoid them...

AUTHOR: Mary - (U.S.A.)

Lynn of Oregon. I worked at WFG and besides fines they are pretty shady. How do you do background checks and not provide potential or "independent contractors" with a copy ? FCRA (Fair Crediting Reporting Act) allows potential employees/independent contractors with a copy of their background check. Of course, large insurance companies break laws but atleast they don't ask their employees to pay for their classes, background check, conferences etc. And you get a paycheck and benefits.

Also read this about the founder of WMA/WFG.

http://money.cnn.com/magazines/moneymag/moneymag_archive/2000/05/01/278258/index.htm
Respond to this report!
What's this?

#4 Consumer Comment

WFG & fines

AUTHOR: Lynn - (U.S.A.)

$125,000 because they neglected to report 900 complaints? That's nothing, since complaints can range from misunderstandings to legitimate complaints of all types. Take a look at how much some of the major insurance companies are fined yearly in each state. Your auto insurance company has most likely payed that much many times for infractions in several states. Check them out. I am with WFG and find that most are there to help others, unfortunately, like in all large businesses you will find people that do not do business with integrity. It is no reflection on the company. Recently an auto insurance agent was convicted of deceitful activity and it affected over 100 customers. He was representing some major companies. Does he make the companies evil? I think not. Funny someone mentioned the small start-up fee, we were just saying the other day that it was such a small amount to pay for such an awesome opportunity. The beauty of this company is you can become licensed and just work on a commission basis and not even bother with anything MLM, or you can build a team like MLM's. And, no college degree is required, just be intelligent enough to pass the test in your state.
I believe you can find a few people to complain about any company, thank God for free enterprise.
Respond to this report!
What's this?

#5 Author of original report

WMA/WFG Secrets - read before you decide to work for them

AUTHOR: Mary - (U.S.A.)

http://www.xwma.org/

This web site is thought provoking and scary. So if you decide to work for WFG, please don't.
Respond to this report!
What's this?

#6 Author of original report

'10 Questions to Ask When Choosing a Financial Planner'

AUTHOR: Mary - (U.S.A.)

'10 Questions to Ask When Choosing a Financial Planner'

This is not a spam message: Just some helpful hints on choosing your Financial Planner/Broker,etc. The link below is a governing agency. It is a real web site offering facts and tips on choosing your next Broker/Financial. When you go to WFG let them know these points & facts. If they refuse to answer, then you know you are being taken for a ride (dare I say scammed)

http://www.pueblo.gsa.gov/cic_text/money/financial-planner/10questions.html#10qs

Hope this helps.
Respond to this report!
What's this?

#7 Author of original report

'10 Questions to Ask When Choosing a Financial Planner'

AUTHOR: Mary - (U.S.A.)

'10 Questions to Ask When Choosing a Financial Planner'

This is not a spam message: Just some helpful hints on choosing your Financial Planner/Broker,etc. The link below is a governing agency. It is a real web site offering facts and tips on choosing your next Broker/Financial. When you go to WFG let them know these points & facts. If they refuse to answer, then you know you are being taken for a ride (dare I say scammed)

http://www.pueblo.gsa.gov/cic_text/money/financial-planner/10questions.html#10qs

Hope this helps.
Respond to this report!
What's this?

#8 Author of original report

'10 Questions to Ask When Choosing a Financial Planner'

AUTHOR: Mary - (U.S.A.)

'10 Questions to Ask When Choosing a Financial Planner'

This is not a spam message: Just some helpful hints on choosing your Financial Planner/Broker,etc. The link below is a governing agency. It is a real web site offering facts and tips on choosing your next Broker/Financial. When you go to WFG let them know these points & facts. If they refuse to answer, then you know you are being taken for a ride (dare I say scammed)

http://www.pueblo.gsa.gov/cic_text/money/financial-planner/10questions.html#10qs

Hope this helps.
Respond to this report!
What's this?

#9 Author of original report

'10 Questions to Ask When Choosing a Financial Planner'

AUTHOR: Mary - (U.S.A.)

'10 Questions to Ask When Choosing a Financial Planner'

This is not a spam message: Just some helpful hints on choosing your Financial Planner/Broker,etc. The link below is a governing agency. It is a real web site offering facts and tips on choosing your next Broker/Financial. When you go to WFG let them know these points & facts. If they refuse to answer, then you know you are being taken for a ride (dare I say scammed)

http://www.pueblo.gsa.gov/cic_text/money/financial-planner/10questions.html#10qs

Hope this helps.
Respond to this report!
What's this?

#10 Author of original report

Give it a rest...

AUTHOR: Mary - (U.S.A.)

Why do you keep defending this company? You think people are making this up? Then this web site should not be up and running? right?

I worked there and I want to let people know that they should not waste their time. You are probably a canned message from some poor sap from WFG,Aegon,WGA, whatever they are calling themselves these days.

Bad business ethics; you just can't call the police. People are scammed everyday, it is very hard to prove this sometimes esp. when you sign paperwork. All that said, WGA was fine over a year ago, and that is the truth for defrauding their customers. Financial governing bodies do not just fine people for nothing.
Respond to this report!
What's this?

#11 Author of original report

Give it a rest...

AUTHOR: Mary - (U.S.A.)

Why do you keep defending this company? You think people are making this up? Then this web site should not be up and running? right?

I worked there and I want to let people know that they should not waste their time. You are probably a canned message from some poor sap from WFG,Aegon,WGA, whatever they are calling themselves these days.

Bad business ethics; you just can't call the police. People are scammed everyday, it is very hard to prove this sometimes esp. when you sign paperwork. All that said, WGA was fine over a year ago, and that is the truth for defrauding their customers. Financial governing bodies do not just fine people for nothing.
Respond to this report!
What's this?

#12 Author of original report

Give it a rest...

AUTHOR: Mary - (U.S.A.)

Why do you keep defending this company? You think people are making this up? Then this web site should not be up and running? right?

I worked there and I want to let people know that they should not waste their time. You are probably a canned message from some poor sap from WFG,Aegon,WGA, whatever they are calling themselves these days.

Bad business ethics; you just can't call the police. People are scammed everyday, it is very hard to prove this sometimes esp. when you sign paperwork. All that said, WGA was fine over a year ago, and that is the truth for defrauding their customers. Financial governing bodies do not just fine people for nothing.
Respond to this report!
What's this?

#13 Author of original report

Give it a rest...

AUTHOR: Mary - (U.S.A.)

Why do you keep defending this company? You think people are making this up? Then this web site should not be up and running? right?

I worked there and I want to let people know that they should not waste their time. You are probably a canned message from some poor sap from WFG,Aegon,WGA, whatever they are calling themselves these days.

Bad business ethics; you just can't call the police. People are scammed everyday, it is very hard to prove this sometimes esp. when you sign paperwork. All that said, WGA was fine over a year ago, and that is the truth for defrauding their customers. Financial governing bodies do not just fine people for nothing.
Respond to this report!
What's this?

#14 UPDATE Employee

Get real! This is hard work

AUTHOR: Drumr - (U.S.A.)

Just one question?
How much does is cost to work for a reputable realty company? if your intent is to sell a home. Do the math! Please write back with your findings

Creating the potential own your business, $100 is a small price to pay! this business is not for everyone, especially if you think that this is a "get rich quick" deal! Because is not, you have to work hard and have a great level of integrity and drive to make work for you. What does a $100 bucks gets you these days in San Diego? A tank of gas for the week?

You get nothing for free anymore, by the way if you have a felony you can't work in our industry without the proper legal documentation from the court release paper and the approval of insurance companies that you will be representing, if it happens, I have seen that personally and it didnt for the person that applied.

If we were criminals as you stated, why are you writing this comments here? call the police, call the FBI or the IRS! do something more meaningful.

At times we are just unable to see what others do, and yes we do get bad apples in the bunch but we are not as you stated criminals. we do business in a highly regulated industry and companies such Aegon N.V., Transamerica, Western Reserve Life, Pacific life insurance and Innergy Lending would get involved with us if we were criminals as you stated.

I hope you have a wonderful time in the future!

www.worldfinacialgroup.com
www.wfgracing.com
http://www.worldfinancialgroup.com/LGOWI/LGOWI_splash.asp
http://www.worldfinancialgroup.com/wfghome.asp?loc=us
Respond to this report!
What's this?

#15 UPDATE Employee

Get real! This is hard work

AUTHOR: Drumr - (U.S.A.)

Just one question?
How much does is cost to work for a reputable realty company? if your intent is to sell a home. Do the math! Please write back with your findings

Creating the potential own your business, $100 is a small price to pay! this business is not for everyone, especially if you think that this is a "get rich quick" deal! Because is not, you have to work hard and have a great level of integrity and drive to make work for you. What does a $100 bucks gets you these days in San Diego? A tank of gas for the week?

You get nothing for free anymore, by the way if you have a felony you can't work in our industry without the proper legal documentation from the court release paper and the approval of insurance companies that you will be representing, if it happens, I have seen that personally and it didnt for the person that applied.

If we were criminals as you stated, why are you writing this comments here? call the police, call the FBI or the IRS! do something more meaningful.

At times we are just unable to see what others do, and yes we do get bad apples in the bunch but we are not as you stated criminals. we do business in a highly regulated industry and companies such Aegon N.V., Transamerica, Western Reserve Life, Pacific life insurance and Innergy Lending would get involved with us if we were criminals as you stated.

I hope you have a wonderful time in the future!

www.worldfinacialgroup.com
www.wfgracing.com
http://www.worldfinancialgroup.com/LGOWI/LGOWI_splash.asp
http://www.worldfinancialgroup.com/wfghome.asp?loc=us
Respond to this report!
What's this?

#16 UPDATE Employee

Get real! This is hard work

AUTHOR: Drumr - (U.S.A.)

Just one question?
How much does is cost to work for a reputable realty company? if your intent is to sell a home. Do the math! Please write back with your findings

Creating the potential own your business, $100 is a small price to pay! this business is not for everyone, especially if you think that this is a "get rich quick" deal! Because is not, you have to work hard and have a great level of integrity and drive to make work for you. What does a $100 bucks gets you these days in San Diego? A tank of gas for the week?

You get nothing for free anymore, by the way if you have a felony you can't work in our industry without the proper legal documentation from the court release paper and the approval of insurance companies that you will be representing, if it happens, I have seen that personally and it didnt for the person that applied.

If we were criminals as you stated, why are you writing this comments here? call the police, call the FBI or the IRS! do something more meaningful.

At times we are just unable to see what others do, and yes we do get bad apples in the bunch but we are not as you stated criminals. we do business in a highly regulated industry and companies such Aegon N.V., Transamerica, Western Reserve Life, Pacific life insurance and Innergy Lending would get involved with us if we were criminals as you stated.

I hope you have a wonderful time in the future!

www.worldfinacialgroup.com
www.wfgracing.com
http://www.worldfinancialgroup.com/LGOWI/LGOWI_splash.asp
http://www.worldfinancialgroup.com/wfghome.asp?loc=us
Respond to this report!
What's this?

#17 Author of original report

NASD Regulation Fines WMA Securities, Inc. $125,000 for Failure to Report Customer Complaints

AUTHOR: Don't Get Ripped Off - (U.S.A.)

* Now called World Financial Group, so that they cannot be associated with their former name: WMA Securities. WFG's license is inactive with NASD now called FINRA. So do not buy anything!

Don't be desperate, there is no way you will make money. You will waste your precious gasoline to attend brainwash sessions. They'll make you get up early on Sat. and let you know it is mandatory to attend these "seminars"

NASD Regulation Fines WMA Securities, Inc. $125,000 for Failure to Report Customer Complaints



Washington, D.C.NASD Regulation, Inc., announced today that it has fined WMA Securities, Inc., based in Duluth, Georgia, $125,000 for failing to report nearly 900 customer complaints.

These complaints represented approximately 75 percent of the firm's customer complaints for a 3 year time frame through March of 1999. A number of these complaints alleged misrepresentations and omissions in connection with the firm's sale of variable life insurance. Approximately 135 were serious enough to require an amendment to information about the firm's brokers as contained in the Central Registration Depository (CRD), the registration and licensing database maintained by NASD Regulation and disclosed to the public through its Public Disclosure Program.


Customer complaints provide the NASD with important information that often times assists with the identification of problem firms, branch offices, and registered representatives. Failure of a firm to abide by the customer complaint reporting rule impedes NASD Regulation's ability to detect and investigate potential sales practice violations and police its 5,500 member firms and over 625,000 registered representatives.


In settling this matter, WMA neither admitted nor denied NASD Regulation's findings. As part of its settlement with NASD Regulation, WMA agreed to retain an outside consultant to perform periodic reviews of its compliance with the provision requiring the reporting of customer complaints to the Association.


Investors can obtain more information about NASD Regulation as well as the disciplinary record of any NASD-registered broker or brokerage firm by calling (800) 289-9999, or by sending an e-mail through NASD Regulation's Web site, www.nasdr.com.

NASD Regulation oversees all U.S. stockbrokers and brokerage firms. NASD Regulation, the Nasdaq Stock Market, Inc.; the American Stock Exchange, LLC; and NASD Dispute Resolution, Inc. are subsidiaries of the National Association of Securities Dealers, Inc., the largest securities industry self-regulatory organization in the United States.
Respond to this report!
What's this?

#18 Consumer Suggestion

WFG is not a scam or scheme

AUTHOR: Steven S. Chicago - (U.S.A.)

WFG is not a scam or pyramid scheme. It is a legitimate business opportunity for entrepreneurWFG is not a scam or pyramid scheme. It is a legitimate business opportunity for entrepreneurs. Calling this a scam or scheme is just like calling any other brokerage style opportunity a scheme. These are licensed professionals working in a 1099 income opportunity just like a real estate broker would. You get with a broker, you get an agents license, you pay the broker office fees in most cases and you sell a house and make money for you and the broker, (up to 50% in many cases). You don't hear many, most of the currently licensed real estate agents calling their agency a scam, right? The fact is most do it full time and most fail, it is the simple truth. With WFG, you start part time, you don't have to do it full time in the beginning, which is what they encourage. You get a chance to see if you have the right stuff. Sure you spend money getting things started, same with any business. In many cases these expenses can be tax write offs. See how much it costs to open up a restaurant franchise some time. It's tens of thousands and many times you don't make money for years. Many of these WFG whiners are crying about spending a few thousand and they give up before they make anything. The fact is they are usually not entrepreneurs, they did not listen to their business mentors or act immediately when trained, and they are quitters and not in it for the long haul. WFG is in the Financial Services Business, an industry heavily scrutinized by State, Federal and self regulating bodies. You could not survive as a scam in this industry. WFG simply takes a different approach in the marketing and distribution of Financial Services which encourages those with a true entrepreneurial spirit to succeed.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory