I am a 30 year old woman...but when I was 19 years old I got recruited into this company. Doing some research I've found the name has changed various times and I think now is called World Financial Group.
I got involved in this business because I've always been very independent and wanting to take care of myself. I got pulled in by a friend and was "SOLD THE DREAM" so they say.
As a part of joining the company they coax you into buying their WRL product (mutual funds / life insurance) After a year in the business, I still had not obtained my license and was starting to get a little leary about the workings of the business.
I have no regrets as I had a good time (plus I did learn a lot). I ended up dating one of the supposed TOP PRODUCERS in the business. At the time he was 24 years old...drove a LEASED Mazda (nice car) and supposedly made over 24,000 per month. Well eventually I went to his place and he lived in a studio apartment in a not so good location with no good furniture, etc. When I asked "so where does the 24,000 a month go?" he said that he would send money home to vietnam to his family. I had no reason to question this and just thought that was sweet. Then I went to another supposed "TOP PRODUCER'S" house as it was one of his friends and they had a crappy place too but drove a NICE BMW...now he had no family in Vietnam or China for that matter - where did all his thousands per month go? So after reading many of these reports on this company I came to realize that they tell their people to get fancy cars to lure in the people and show that there is a lot of money to be made. He had no money...he just pretended to (someone later said fake it until you make it)
When I received my first statement on the product I bought into ($75 a month for a year) - I had lost $400 and next to the $400 loss it said "MISCELLANEOUS CHARGES". Well basically...instinct told me that MISC charge was being pocketed by WMA or my sponsor.
I brought my contract and statement to a family friend who worked for American Express Financial Advisors and he was shocked. Being a naive 19 year old I signed a contract stating that I had 30,000 worth of assets (I lived at home and drove a 74 beetle - no assests) and 180,000 life insurance (I had no kids and my parents didn't need the money). Ron Spessard was my sponsor and when I confronted him on this...he was mad saying that my family friend financial advisor broke the code of advisors. I told him, he is a family friend looking out for me. My friend said what Ron did was the equivalent to selling a 20 year term life insurance to an 80 year old man, just plain wrong!
So after seeing what they were doing, I got out then and there and just ate the $900 I put into it (a lot for a 19 year old).
I can see how people could make money and some really did do this full time, but it's through lying and scamming people...that isn't cool with me and people need to look at the bottom line and why they are losing that money to "MISC" charges.
Santa Clarita, California