• Report: #136080

Complaint Review: WMA - World Marketing Alliance - WMA Securities - World Financial Group

  • Submitted: Tue, March 22, 2005
  • Updated: Tue, September 18, 2012

  • Reported By:daly city California
WMA - World Marketing Alliance - WMA Securities - World Financial Group
875 Mahler Dr Daly City, California U.S.A.

WMA - World Marketing Alliance - WMA Securities - World Financial Group ripoff misrepresentation of everything the financial field stands for. Be very careful and try to stay away Daly City California

*Consumer Comment: Are you kidding me right now?!

*UPDATE EX-employee responds: WMA was aware of illegal business practices

*Consumer Comment: Groan...

*UPDATE Employee: Well Said Chad

*UPDATE Employee: Thanx for the incredible insight, Carmine!

*UPDATE EX-employee responds: Thanks for the incredible insight Ryan

*UPDATE Employee: WMA is not even around anymore.

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After reading the several articles regarding this company, I feel compelled to put in my 2 cents. Being a previously successful associate of WMA, WMA Securities, WFG or whatever their name is now, I still have reservations about this company. Though I tried to track them down and see what they are up to, I am not able to find too much info on them except a lot of negative publicity. When I was a member of their organization, they boasted the launching of their website displaying all of their CEO's.

First, how many CEO's can a company have? Second, the website which WAS www.wmas.com is longer around. What happened? Perhaps the many lawsuits or SEC investigations inspired the founder, Hubert Humphrey to change his company's name.

My past with the company goes like this: I was originally brought into the Daly City office in California where 95% of the members were Filipinos. Now, I do not have any problems with any ethnic groups, but everyone was speaking tagalog. The ones that recruited me and I have not a clue what they were talking about. At the same time, I noticed the treatment was definitely favored towards "their kind" and we were ignored and considered "outsiders" Many times, we all felt like they made fun of us with the strange looks, a few words exchanged and laughter. I have been in management positions before and ran a crew of salespeople, and I know this Daly City office have not a clue how to make their guests feel welcomed. But I was not there to make friends, but to make money.

Now after attending many of their meetings, I went through the whole process of signing up, making my payments, buying my own insurance policy (which was required) and obtained my licenses. I was "sold on the dream" which is something they preach alot.

However, the office CEO, Chito Rojas was a charismatic character. Every meeting, he would show up with a different car and encourage the members to show them off to new recruits. I also heard him say the term, fake it til you make it, which I found disturbing because after all, this is supposed to be a legit financial company that "helps" people with their financial future. At least that's what they said in front of new recruits.

Still, I persisted, recruited many and built a small team. I sold contracts, recruited, attended meetings and their conventions, and even meeting the true vice president and founder of the company. I got paid for my efforts. SOmetimes, those were good checks, sometimes they were gas money, depending on sales and recruits.

After many meetings and meeting after the meeting which often lasted til after 1am, I oticed that the company and nearby satellite offices were recruiting kids, mostly asian boys and girls straight out of high school. Many wore baggy jeans and spiked hairstyles. On a couple of instances, I was in an office closing a large deal and recruiting when a few of the kids ran by and used some street slang w/ profanity. Everything solid I just told my clients turned out to be a fat lie within 3 seconds. My mind became clear after that day. This company has no intention of halping people, but to recruit heavily, make them buy insurance policies called VUL's and make money off of that. The more I thought about it, the more I needed to escape.

I attended a few more meetings and made the final decision when I witnessed a manager and some of her young associates flat out break the law and would certainly warrant an SEC investigation if they were to find out. Well, that was not the first time. Chito, the Daly City's CEO dated a woman named MArlynn. One day, the SEC walked in, seized all of her files and took her away. Later, I learned that she is now banned from doing any kind of business in the financial or real estate field forever. That may be a rumor, but I have not seen her again.

In closing, if you are thinking of joining, read everything carefully, ask yourself if you see any red flags, what does your instinct tell you? Better yet, stay away. If you're already in it and wish to defend WMA, ask yourself, how much are you actually making? Is it really worth it what they put you through? If you are a master at spotting lies and sad stories, you'll notice that a lot of the leaders lied their way to the top. meaning they tell inspirational stories about their humble beginnings and how much they are worth today. Be careful!

William
daly city, California
U.S.A.

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This report was posted on Ripoff Report on 03/22/2005 09:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/WMA-World-Marketing-Alliance-WMA-Securities-World-Financial-Group/Daly-City-California/WMA-World-Marketing-Alliance-WMA-Securities-World-Financial-Group-ripoff-misrepresen-136080. 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.

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Updates & Rebuttals

#1 Consumer Comment

Are you kidding me right now?!

AUTHOR: dwinegar - (United States of America)

Are you all kidding here? This is nothing more than a scheme, a pyramid  what ever you want to call it. First of all no company would have interviews at 7pm if they were legit,and when have you ever had to pay a company to work for them really! Isn't that why your looking for a job so you can make money? Why in gods name would you pay anyone for your own background check. Why not just attach one to your resume along with the 3  references and take that right out of the equation. Why because they are making a 100 bucks off of you they are not running a background check trust me. Because any legit Financial institution would have not hired probably 95% of the people who applied because they don't hire people with bad or iffy credit it is a high risk and one they are sure not to walk into. These people are a disgrace at best, I wonder how you lay your head down at night or look yourself in the mirror knowing that your scamming people, people that have worked their whole life only to fall victim to a horrible economy and have lost just about everything and here they are looking for a job to put food on the table and a roof over their heads only to be taken advantage of by common trash. I am so glad I didn't fall victim to this not so well laid out scheme. I have been laid off for over three years now have exhausted my savings and all my unemployment benefits and at this very moment have no idea how i am going to pay my bills let alone buy food this month as I have no income at all. But i do know this for sure I am certainly not going to pay someone money to hire me regardless of the price. I hope that WFG has to pay for what they are doing to people it is a shame that the world we live in still today allows people and companies to scam the less fortunate to line their own sorry pockets. I suppose it wouldn't bother the people the are so called employees of WFG if this was happening to there mom's or grandma's or even better to themselves. I bet the out come would be quite different. WFG your nothing more than con artists and should be put out of business for good. You should be ashamed of yourselves.

 
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#2 UPDATE EX-employee responds

WMA was aware of illegal business practices

AUTHOR: Richard - (United States of America)

According to a monthly news letter that was put out by WMA (now WFG, World Financial Group), the daily city offices were repeatedly warned before a report was filed from Deluth, GA with the SEC.  This was what caused the eventual arrest and bans from members from that office and thier affiliates.

I was working out of different office when we heard these horror stories.  I didn't make much money with mwa as i had signed up under their internet concept of zillionaire.com which was bought out by earthlink and discontinued.



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#3 Consumer Comment

Groan...

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

" I believe this is the whole idea behind franchising which is how most of the businesses you drive by every day operates on. If I own one profitable McDonald's franchise I don't make as much $$ as if I own 2 or 3 or 4 or 5 profitable Mcdonald's franchises, right? So, Ryan left out the word profitable, give the guy a break, he left out one word, assuming a smarty-pants out there like yourself would assume that part of his argument. Maybe he shouldn't have assumed that, I mean look at how many problems there were with your argument."

Um, the issue there is that if you own 3 McDonald's stores, the managers at those stores don't try to get people to open up stores below them. So really, your analogy doesn't work.
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#4 UPDATE Employee

Well Said Chad

AUTHOR: Frank Schoen - (U.S.A.)

Chad you posted a great point, if you really study the language pattern however, I am fairly certain it is Ed or one of his staff that is just using the name Carmen to try to legitimize the complaints against the company, thus making it easier to hock the Corporate Advocacy Program to people wanting to defend the honor of their company.
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#5 UPDATE Employee

Thanx for the incredible insight, Carmine!

AUTHOR: Chad Ky - (U.S.A.)

Carmine, your argument could also use a lot of work. First of all, I was able to pass my insurance test on the first attempt, as well as my Series 6 and Series 63 exams. But, there is no way that anyone passes these THREE tests with all-night crams sessions. Now, they are multiple choice, so it is possible you got lucky. The insurance test is in most opinions the easiest of the 3, though.

The securities industry is EXTREMELY regulated, do you work in the industry, have you ever done business, there is an absolute ton of disclosure and documentation required with everything that is done. I am NOT saying that the industry shouldn't be like that, I'm just saying that it is.

"There are a lot of companies that aren't multi-level-marketing firms... for instance Four Seasons. Last time I checked they don't coax employees into reserving rooms and try and get their families as well to do the same." - Are you sure they don't offer a discount to employees for staying in their hotels? Are you sure? Is that coaxing?

"A philosophy of the more outlets you have the more money you will probably earn' is something that someone that lacks a thorough financial background would conclude." - I believe this is the whole idea behind franchising which is how most of the businesses you drive by every day operates on. If I own one profitable McDonald's franchise I don't make as much $$ as if I own 2 or 3 or 4 or 5 profitable Mcdonald's franchises, right? So, Ryan left out the word profitable, give the guy a break, he left out one word, assuming a smarty-pants out there like yourself would assume that part of his argument. Maybe he shouldn't have assumed that, I mean look at how many problems there were with your argument.
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#6 UPDATE EX-employee responds

Thanks for the incredible insight Ryan

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

Ryan, your argument could use some work. First of all, the strict' test to sell insurance, I never studied for, stayed up all night the night before, showed up half asleep, and passed (this was about 2 months after I took the class). As well, historically, often we see regulation' occurring in areas were companies are abusing/engaging in less then admirable activities.

The Securities industry is somewhat' strictly regulated because it is an industry where you're dealing with peoples' livelihoods, and on the basis of bad info (intentional or not)... the potential exists for a person to ruin another's life quite easily.

There are a lot of companies that aren't multi-level-marketing firms... for instance Four Seasons. Last time I checked they don't coax employees into reserving rooms and try and get their families as well to do the same. On that note, I guess you could say the Ritz-Carlton too, but these are organizations that more often than note pride themselves in establishing long-term relationships (that's something WFG has yet to figure out).

Your grammatical errors convey a lack of professionalism that reflects just as poorly on yourself as it does WFG. Starbucks doesn't have a trillion outlets... so please stop with the exaggerations and misinformation which your company is known for (I don't want to know what you tell your clients assuming you have any, I'm sure you regularly commit prosecutable offenses).

A philosophy of the more outlets you have the more money you will probably earn' is something that someone that lacks a thorough financial background would conclude.
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#7 UPDATE Employee

WMA is not even around anymore.

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

WMA was sold a few years ago to a company called AEGON, a Dutch company who even bought Trans America. They turned the company around and named it World Financial Group. The previous owner Hubert Humphrey or whatever his name is, is some out of there. With Aegon, who is a 400 Billion dollar company they are taking WFG into the right direction. For one, the Securities market is highly regulated. You have to pass strict test in order to sell life insurance and annuities.

My wife joined this company 2 years ago and I was pretty pissed after reading all the WMA stories. I thought she joined some cult thing that makes money. After going to the meetings and conventions for the past year I see that it's a legit company now. I see my wife working very hard to get her licensing, going out every night to meet with clients and I see the checks coming in. Hell, I'm even a member now and to tell you the truth I have a lot of fun learning the free information they give us at the meetings.

Everyone claims this is some pyramid scheme or MLM. What company isn't? If I own a store and have a thousand sales represent working for me, how happy is that going to make me? This is the same in any corporate environment. Star bucks has a trillion outlets because the more outlets you have the more money you will most likely earn.

All in all WMA is gone, the old owner is out and can't even do life insurance anymore. He has a company called WLG. WFG is a good company and I see first hand that people are working very hard to make a career out of it.
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