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Report: #272160

Complaint Review: World Financial Group, WFG - Eugene Oregon

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  • Reported By: SPRINGFIELD Oregon
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  • World Financial Group, WFG 2295 Coburg Rd Eugene, Oregon U.S.A.

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I recently terminated my association with WFG after my own painful lessons in MLM, and this company specifically. From what I'm reading online from others my story is pretty much a carbon copy of what others are saying, but I feel it is important to keep this fresh and maybe someone who is considering joining the company will read this and think twice.

I was with WFG for about a year and half. I was as dedicated a person as anyone could be. I faithfully attended the BPM meetings, dragged friends, family, and aquaintances into the meetings. I paid $100 to "buy" my business, $10 on "the bible" which is told to you by your upline the difference between success and failure, $30 for a phone line in the office, hundreds of dollars to take classes and tests to become insurance and securities licensed which has done me no good at all, not to mention the countless hours spent in the office "learning and training" to be successful.

In actuality what I did was provide the office with many hours of free labor doing paperwork, shopping mortgage loans with the promise of payouts, and lining my upline's pocket with money he made off of my friends, family, and myself.

I started getting suspicious about the company after I passed my first round of licensing and was insurance licensed. I was told over and over that once I held that license I would be running appointments and making excellent money. I was told the office was so busy that they were dying for licensed associates to handle the volumes of clients. Funny thing happened once I became licensed. There were no clients all of a sudden. All that work, and people who needed our help were just suddenly gone. I became licensed in October 2006 and to this day have never used my license.

After the holidays I wound up with two mortgage loans sitting in my lap that I brought in. Lucky or maybe unlucky for me I have experience in mortgage loans,l know the terminology, the process, etc...which in our local office they have been unwilling to "train" anyone in mortgage loans. Both loans I had were easy, great credit, low DTI, low LTV, what is refered to as an A+ paper loan. These loans should have taken two weeks tops start to finish.

However because I was a junior loan officer I had to take a back seat on my loans and allow my senior loan officer to be the one to be in communication with the processors, the appraiser, etc...I thank god that these loans were people who I knew and who knew and trusted me because if they had been strangers my reputation would have been severely damaged. These two easy loans took 3 months to close.

In addition, my senior loan officer sold one client a loan that didn't exist. He promised a loan which I grilled him on, and wound up suiting my clients needs. I knew there were problems immediately but was denied over and over a way to contact the processors so that I could talk directly with them. I was being told by my senior loan officer that everything was fine, that my concerns and questions were being forwarded to the processors and come to find out they never were. All Hell broke loose when the client went to sign their loan and it wasn't what they were promised.

Finally on that day I was able to obtain from my client, who in a rage went to the WFG office here and demanded the contact info for the processor. What I learned that day sealed my decission to terminate my association with WFG. My senior loan officer had willingly and knowingly sold that loan to my clients even though it had been unavailable for some time, in addition before sending up the 1003 and other paperwork that I had completed on both these loans he took out the pages that refered to me in anyway so that it would not be known that I was the junior loan officer on these loans.

The day I called the processor she was shocked to discover that not only had I been working these loans, but I in fact had brought them in but documents had been altered to show my senior loan officer as being the only one working these loans. I am still dealing with trying to get paid fully for the 3 months worth of work that I did.

The ethical thing to do here would be for the company to cough up what is rightfully owed to me for bringing those loans in, working them, and ultimately saving those loans so that they went to closing and funded. However I am being told now that I will not get paid on one of those loans due to the incompetence of my "senior" loan officer, which is no fault of my own. I guarantee the company got paid, there was over $4000 in closing costs and less than $700 was for the appraisal, the title company, and the county for recording fee's.

Anyway, this is my specific story which seems like an all to familiar one from what I have seen. I have found out through associates here locally that most of them have experienced what I have as well which is really too bad. If properly ran I can see where WFG could be a great company with a great concept, sadly there are just too many that have been brought in with the milk em' dry and move on attitude.

Jane
SPRINGFIELD, Oregon
U.S.A.

This report was posted on Ripoff Report on 09/03/2007 11:47 PM and is a permanent record located here: https://www.ripoffreport.com/reports/world-financial-group-wfg/eugene-oregon-97401/world-financial-group-wfg-scam-how-many-have-they-ripped-off-eugene-oregon-272160. 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. READ: Foreign websites steal our content

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#8 UPDATE EX-employee responds

Get as far away from WFG as you can!

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

POSTED: Wednesday, October 10, 2007

I to earned over $50,000 with WFG, but when you subract all the expenses, it well below that. Also, if you don't spend a great deal of your time recuriting, your limited on how far you can go withthe company. They don't care about someone learning the products and actully writing business on people, unless you recruit them. They also don't let you know how the vesting program works, that only some products count and others you give up to the company when you leave. I made a change in Aug to a new broker/dealer, and now am fighting with WFG for over $3000 in commissions. I wrote these polieces in May and June, one a rollover and the other a vul with a 1035 exchange, and now WFG will not pay me. They have had more excuses then carter has pills. First it was I didn't qualify, after several weeks, they realized they didn't know their own guidelines, then it was we are waiting to see if any of your downlines have outstanding fee's, then it was, we didn't know you were talking about those two polices, and the excuses go on and on. Anyone at level 17 is vested! You should get paid. I would like to find others who have be shafted by this company and start a class action suit, or if there is already one going gone it. WHAT ARE YOU GETTING PAID WORKING FOR WFG, IF IT'S LESS THEN 60% YOU SHOULD BE LOOKING ELSEWHERE. LAW

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#7 UPDATE EX-employee responds

Get as far away from WFG as you can!

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

POSTED: Wednesday, October 10, 2007

I to earned over $50,000 with WFG, but when you subract all the expenses, it well below that. Also, if you don't spend a great deal of your time recuriting, your limited on how far you can go withthe company. They don't care about someone learning the products and actully writing business on people, unless you recruit them. They also don't let you know how the vesting program works, that only some products count and others you give up to the company when you leave. I made a change in Aug to a new broker/dealer, and now am fighting with WFG for over $3000 in commissions. I wrote these polieces in May and June, one a rollover and the other a vul with a 1035 exchange, and now WFG will not pay me. They have had more excuses then carter has pills. First it was I didn't qualify, after several weeks, they realized they didn't know their own guidelines, then it was we are waiting to see if any of your downlines have outstanding fee's, then it was, we didn't know you were talking about those two polices, and the excuses go on and on. Anyone at level 17 is vested! You should get paid. I would like to find others who have be shafted by this company and start a class action suit, or if there is already one going gone it. WHAT ARE YOU GETTING PAID WORKING FOR WFG, IF IT'S LESS THEN 60% YOU SHOULD BE LOOKING ELSEWHERE. LAW

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#6 UPDATE EX-employee responds

Get as far away from WFG as you can!

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

POSTED: Wednesday, October 10, 2007

I to earned over $50,000 with WFG, but when you subract all the expenses, it well below that. Also, if you don't spend a great deal of your time recuriting, your limited on how far you can go withthe company. They don't care about someone learning the products and actully writing business on people, unless you recruit them. They also don't let you know how the vesting program works, that only some products count and others you give up to the company when you leave. I made a change in Aug to a new broker/dealer, and now am fighting with WFG for over $3000 in commissions. I wrote these polieces in May and June, one a rollover and the other a vul with a 1035 exchange, and now WFG will not pay me. They have had more excuses then carter has pills. First it was I didn't qualify, after several weeks, they realized they didn't know their own guidelines, then it was we are waiting to see if any of your downlines have outstanding fee's, then it was, we didn't know you were talking about those two polices, and the excuses go on and on. Anyone at level 17 is vested! You should get paid. I would like to find others who have be shafted by this company and start a class action suit, or if there is already one going gone it. WHAT ARE YOU GETTING PAID WORKING FOR WFG, IF IT'S LESS THEN 60% YOU SHOULD BE LOOKING ELSEWHERE. LAW

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#5 UPDATE EX-employee responds

Get as far away from WFG as you can!

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

POSTED: Wednesday, October 10, 2007

I to earned over $50,000 with WFG, but when you subract all the expenses, it well below that. Also, if you don't spend a great deal of your time recuriting, your limited on how far you can go withthe company. They don't care about someone learning the products and actully writing business on people, unless you recruit them. They also don't let you know how the vesting program works, that only some products count and others you give up to the company when you leave. I made a change in Aug to a new broker/dealer, and now am fighting with WFG for over $3000 in commissions. I wrote these polieces in May and June, one a rollover and the other a vul with a 1035 exchange, and now WFG will not pay me. They have had more excuses then carter has pills. First it was I didn't qualify, after several weeks, they realized they didn't know their own guidelines, then it was we are waiting to see if any of your downlines have outstanding fee's, then it was, we didn't know you were talking about those two polices, and the excuses go on and on. Anyone at level 17 is vested! You should get paid. I would like to find others who have be shafted by this company and start a class action suit, or if there is already one going gone it. WHAT ARE YOU GETTING PAID WORKING FOR WFG, IF IT'S LESS THEN 60% YOU SHOULD BE LOOKING ELSEWHERE. LAW

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#4 UPDATE Employee

Good luck with your settlement

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

POSTED: Wednesday, October 10, 2007

First, let me begin by saying this company has over 60,000 associates. I admit that some of them might be dirt bags. In a company this size, you can't help but have some dirt bags. However, just as you mentioned in your email when our corporate headquarters finds out that someone has been dishonest or misleading, they are terminated. Again, just as you said in your email, your boss was.

I apologize for sounding condescending. I get extremely aggravated when I read things about this company as a whole and not comments directed specifically towards the office in which you were involved. The problem with blasting out that WFG is a ripoff, is that that specific statement is incorrect and does irreparable damage to the 10's of thousands of associates who are honest and hardworking. I would ask that people would direct their comments directly to the office in which they had the problem and not to the entire company.

As you well know each office is independently owned and operated, much like a McDonald's franchise. If you had a bad experience in a certain city with McDonald's, you certainly would not say the entire company has the same problem.

As for the mortgages as the source of the 'ripoffs', you should know, this is not a focus of our company in the least bit. Our focus is insurance and investments. Since we do not own products, but simply market for the worlds leading providers, I find it hard to say that we are ripoffs. That would be the same as calling Prudential and John Hancock rip off artists.

In closing, I would like to say that our company represents one of the largest accounts in commercial airlines, and that is the Southwest Airlines account. If our company was a scam as you contend, a billion dollar company such as Southwest would not invest with us, the winner of the Master Golf Tournament, would not have our logo on his shirt, we would not have a Nascar with our logo on the hood and most certainly PAC 10 football would not allow us to sponsor games.

If you were wronged by the person and I'm sure you were in that particular office, I truly hope that you receive a settlement. Please don't slam this company for one or more office's actions.

Best Wishes
Sincerely,

Helping Families in Texas

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#3 Author of original report

Good For You, Employee It's working for me

AUTHOR: Jane Doe - (U.S.A.)

POSTED: Tuesday, September 25, 2007

I would like to start with, I don't know who you think your talking to, but you neither know me nor have any right to be condescending towards me, nor to question my credibility.

It was WFG that almost ruined my credibility locally with their illegal practices and lies, such as selling a client of mine a mortgage loan that didn't exist. So if you want to talk credibility I'm happy to do so. Good for you that's its working, but that doesn't change the fact that there were and still are illegal practices going on with WFG here in my state/city. In fact, I have filed complaints with my state, and now am getting calls from their attorneys in GA about settling my particular case.

So don't tell me I didn't work the system hard enough, or that I didn't do what I was supposed to do. I did it all, and I got Screwed in every sense of the word. I got no training in anything, I in fact was providing the only mortgage training the office was offering. I still have friends in the company now, and when they go to the folks running the office asking for training you know what they are told? "YOu don't need to know that, you don't need training in that, that is what we're here for".....So until you step into our office as a new associate and try to make it, don't preach from your pedestal.

I have seen way too many ppl, not just myself who've lost thousands of dollars on deals they have brought in, worked, and then gotten screwed on because information was withheld, proper forms were never given, nor mentioned, for the associate to fill out, therefore entitling them to nothing for all their hard work. The 1 thing that saved me?

I saved every email correspondence between my office manager and myself. Within those emails was all the proof the company needed to send my office manager packing, and have attorney's begging me to call them for settlement talks. In those emails were quotes from my office manager promising pay on certain deals I brought in, asking me for my help on other deals with the promise of pay for the assistance, etc...

So again, get down off your high horse and consider yourself d**n lucky that you have managed to get where you are without being screwed. I'm curious though, if your so happy with them, why are you looking for information about scams regarding WFG?Hmmmm...

As a matter of point I would like to mention here that WFG in Oregon is stating anyone who is life and health licensed is also mortgage certified. I contacted the mortgage director's office for the state of Oregon and that is another flat out lie they are telling their associates. The only thing being life and health licensed does is exempt you from the education requirement.

WFG is also stating that they have a special "deal" with the state that only WFG associates get this special mortgage certification with their life and health license, again this is a LIE. Anyone in Oregon that is life and health licensed is exempt from the education requirement ONLY; but only if mortgages will be your secondary line, insurance has to be your main line offered, and it does not certify you to do mortgages as they are stating in Oregon.

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#2 UPDATE Employee

It's working for me!

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

POSTED: Tuesday, September 25, 2007

I'm sorry to hear of your unfortunate association with WFG. I have been in the business for just over 1 year and have cash flowed over $50,000.

As far as I can tell everything that has been told to me, has been the truth and I find that those individuals who feel it is untrue didn't work hard enough.

As for your comment that you were involved with the business for a year and a half and received nothing for it, it just proves your short sightedness and lack of credibility.

"Jane" you have several licenses, all of which can be transferred to another company. You still have the ability to write business and make money. So as I see it, you have received from WFG a new skill set and the ability to earn extra income, not to mention help countless families.

I realize that you paid $100 to start your own business, much like real estate agents pay for their classes and books to start their own business. I don't see how that is a hindrance to you. It should be an incentive to be successful.

Quit blaming others for your short comings. Take responsibility and change your life. Feel free to respond to my comment at any time.

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#1 Consumer Comment

World Marketing - common roots

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

POSTED: Tuesday, September 04, 2007

I have been in the insurance business for thirty years and i have seen a lot of changes in that business, most of that not for the good.



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