• Report: #372790

Complaint Review: World Financial Group WFG

  • Submitted: Sun, September 14, 2008
  • Updated: Mon, April 20, 2009

  • Reported By:armonk New York
World Financial Group WFG
6345 Balboa Blvd Encino, California U.S.A.

Alon Micheals, World Financial Group Alon Micheals Should go to JAIL!! People at WFG should be ashamed Encino California

*Consumer Comment: WFG IS A GREAT COMPANY FOR THESE TROBLED ECONOMIC TIMES

*UPDATE Employee: To the poster above me...

*UPDATE Employee: Why WFG is not an MLM... Why you pay for your licenses... Why this is not for everyone...

*Consumer Suggestion: had a positive experience

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These are a huge part of the mortgage crisis in the country. Anybody who has any common sense should sense something is off when they go to the seminar.

It is such a classic scam I felt stupid for even getting through the door.

The head guy at Encino name is Alon, he is made allot of money and will let you know it. What he does not tell you is how many people were hurt in the process.

Multi Level Marketing is one thing, this is tricking poeple into pushing products they have no business pushing. Products that if done wrong can really ruin peoples lives, things like insurance and loans.

Remember, if you hear the name Alon and WFG, get out of there!

Jmandoo
armonk, New York
U.S.A.

This report was posted on Ripoff Report on 09/14/2008 10:15 AM and is a permanent record located here: http://www.ripoffreport.com/r/World-Financial-Group-WFG/Encino-California-91316/Alon-Micheals-World-Financial-Group-Alon-Micheals-Should-go-to-JAIL-People-at-WFG-shou-372790. 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.

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REBUTTALS & REPLIES:
0Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

WFG IS A GREAT COMPANY FOR THESE TROBLED ECONOMIC TIMES

AUTHOR: Wfguy - (Canada)

Wfg is a progressive company that is the solution to these troubled economic times. From providing free financial plans for families to providing an actual associate opportunity to anyone inclined enough to pass the required government exams.

In my experience, WFG was excellent! They even invited me in to their corporate training/meeting to see firsthand how they operate. That is diffferent. Imagine asking your banker if you could sit in on their corporate meeting!! They would call the police if you asked them such a thing. Bankers depend on smokescreens to make money while WFG is totally transparent. As a client, WFG helped me go from -50,000 net worth to now over 100,000 in net worth. Will your bank advisor do that for you?
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#2 UPDATE Employee

To the poster above me...

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

To start out

1) WFG is an MLM, muli-level marketing is not illegal. A full blown pyramid skyme is. MLM and Network Marketing are the same thing.

2) WFG is not a pyramid skyme. They are illegal.

3) WFG does not hurt anyone (this one is to the original poster), we provide sound financial planning and education to people who need it most.

That is all I have to say. Thank you.
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#3 UPDATE Employee

Why WFG is not an MLM... Why you pay for your licenses... Why this is not for everyone...

AUTHOR: Wfg Associate - (U.S.A.)

Why WFG is not an MLM...
1) MLMs are illegal in the financial industry. We are regulated like everyone else. We must adhere to compliance like everyone else. We must get licenses like everyone else. Does that sound like an MLM?
2) Confused by MLM looking pay structure? As you move up the company, you get overrides like many other financial institutions, real estate offices and insurance companies on the associates that work in your office that you've introduced to the company and groomed for success.

Why you are asked to pay for your licenses and your background checks...
1) You are 1099'd, which means you are responsible for your own taxes, you are not an employee. There are a lot of great tax advantages to this. There is also responsibility to develop your own business. They great part is that you can take your licenses elsewhere if you don't like it. If you don't want to be there, the company doesn't want you representing them either.
2) Many financial institutions have you sign non-compete clauses, contracts requiring you to reimburse them if you find out this isn't right for you before a certain period of time. This industry isn't for everyone. WFG gives the opportunity. You have to do the rest.

Why it's not for everyone...
1) Not everyone is cut out to take responsibility for their own destiny. You are in business for yourself, but not by yourself. WFG is unique compared to other firms in that we let people build their business while working other jobs. But that takes discipline. Trainings and meetings are a great way to maintain that momentum and stay focused. If you have a W-2 mentality where you just want to work for someone and go home, don't bother becoming an associate. You are wasting everyone's time. Unless you are willing to change your attitude, you won't succeed and will find fault in everything. If you are entrepreneurial, looking for an opportunity, willing to invest in yourself and your future, willing to spend time learning about the industry, you can be successful.

Final note...
I've been in MLMs before. Some good. Some bad. All with "whooha" sessions. I instantly picked up on the overly happy, overly high energy people when I went to the overview and met the associates. The difference I've found having been in the company is that they cheers are real...celebrating helping a family - even if a check wasn't collected. Celebrating people passing exams and personal milestones. This is genuinely the most upbeat group of people I know. I look forward to our meetings and trainings and feel blessed that someone cared enough about me to introduce me to this company.
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#4 Consumer Suggestion

had a positive experience

AUTHOR: Prof North - (U.S.A.)

Just surfing around and came across this negative complaint. Several months back I attended several classes in that office and had a great experience. It was informative and professional, and I appreciated the time I spent with the company. I moved away so am no longer involved however it is obvious that you are ignorant indeed. It's sad to think that someone thinks that insurance could be a bad thing. Weird.
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