• Report: #470531

Complaint Review: World Financial Group

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  • Submitted: Thu, July 16, 2009
  • Updated: Thu, July 16, 2009

  • Reported By:Huntington Beach California
World Financial Group
3350 E Birch St Brea, California U.S.A.

World Financial Group a division of Aegon Brea California

*UPDATE Employee: here is a better explaination...

*UPDATE Employee: here is a better explaination...

*UPDATE Employee: here is a better explaination...

*UPDATE Employee: here is a better explaination...

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First of all World Financial Group (WFG) is a Multi Level Marketing (MLM) and is not a scam; however MLM's are very unethical and can be compared to pyramid schemes. Be aware of any company that has you pitch first to friends and family as most reputable companies will allow you to know the product and the company you represent prior to going to friends and family. Also be wary of company tactics involving motivation building and misdirection, if the product is real and believable it should stand up to inquiry and sell itself. Ask real questions, what is the product, how is it applied and where does the money come from?

All MLM's are paid from the tiers and the product is incidental so if they push recruiting rather than the product you are in a MLM. You can make money and they may even have a real product but the only success that can be realized is from recruiting.

WFG was very misleading as they bring you in on an interview which is actually an orientation for their business opportunity. It turns out they are giving a pitch so that you can be a contractor in the financial industry, there company WFG. There is a lot of talk about helping families but the emphasis is on the recruiting.

I have been very successful as a 1099 contractor but there are things you need to be aware of as a 1099 contractor. You are libel for yourself and therefore complaints and financial responsibility will be your responsibility. You are responsible for paying your taxes, going to court and rebutting any claims against you.

WFG located in Brea is not registered with the Better Business Bureau (BBB) nor would it matter if it was as all their agents are 1099 contractors and complaints of misleading practices, misrepresenting the products or even out right lying can all be placed on the agent as they are selling the company's product as an independent contractor and do not represent the company directly. A wider search on the BBB site found many WFG branches that were registered but all complaints were obviously dismissed.

When looking on scam reports you will see plenty that will suggest the truth, its not really a scam but be very weary of what it is a MLM.

In conclusion, WFG would like to compare themselves to a real-estate model of broker and agent but it is simply not so it is a MLM like Amway and many others.

There big sale is three fold, helping families which is very noble, making money and who doesn't want that and last being a fit in a there company and after all that is what is the question isn't it.

Dougal
Huntington Beach, California
U.S.A.

This report was posted on Ripoff Report on 07/16/2009 05:03 PM and is a permanent record located here: http://www.ripoffreport.com/r/World-Financial-Group/Brea-California/World-Financial-Group-a-division-of-Aegon-Brea-California-470531. 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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Updates & Rebuttals

#1 UPDATE Employee

here is a better explaination...

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

you do make some good points. However, the financial services industry, including JP Morgan, New York Life, Met Life, Northwestern, Mass Mutual, etc. all have similar structures and "tier" compensation. Go ahead and go on some interviews for those companies and you will see. The difference is that you would have to wait to be a broker and get the overrides, which is where the big money is.

If you are looking for a "job" then WFG, Northwester, met life, ameripris, and so on ..basically the financial services industry is not for you. There are very few companies that offer a salary. The majority of companies pay you a strict commission or a draw. A draw is a loan that the company gives you until you make a commission, then they take the money back out of your pay. Also, you mentioned liability. Well, that means you have control over your business and better know what your doing. All companies have something called E and O insurance which protects the agents. WFG has that as well.

go ask all successful people in financial services and see how they made their money. They will say they recruited agents and got overrides. Im not talking about a basic $100k plus income. Im talking $500 or abouve. The thing is, when the word recruiting comes up, people think MLM, then MLM is viewed as BS. WFG is not a juice company, or a phone company or anything like that. You have to know what your doing! It is not for everyone, so people that don't fit within the company should not bad mouth the company for not understanding it. The industry may not be for them.

Yes, it is an interview because they don't work with everybody. Granted, that if they pass the background check they will get the coded book of business, that doesnt mean that they will be mentored and trained if they are lazy and have no work ethic. Before i went on any interview, i knew more about the companies and the industry than the interviewer did. And no matter what i found, i still went to make sure that i fully understood, and then made a decision from my own conclusions. Years ago, I also interview with a radio station, Clear Channel. The position required you to be on 100% commission, drive your car and use your gas to go meet clients and accounts (without reimbursement or compensation), maxing out about $115k a year. No residual. No override. Just a commission for keeping an account. WFG sounds a lot better to me.

I dont know of any MLM that requires a background check, state and government licensing, and the seriousness of the products. A 65 year old mans retirement is in your hands. Who cares about juice! Compare apples to apples
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#2 UPDATE Employee

here is a better explaination...

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

you do make some good points. However, the financial services industry, including JP Morgan, New York Life, Met Life, Northwestern, Mass Mutual, etc. all have similar structures and "tier" compensation. Go ahead and go on some interviews for those companies and you will see. The difference is that you would have to wait to be a broker and get the overrides, which is where the big money is.

If you are looking for a "job" then WFG, Northwester, met life, ameripris, and so on ..basically the financial services industry is not for you. There are very few companies that offer a salary. The majority of companies pay you a strict commission or a draw. A draw is a loan that the company gives you until you make a commission, then they take the money back out of your pay. Also, you mentioned liability. Well, that means you have control over your business and better know what your doing. All companies have something called E and O insurance which protects the agents. WFG has that as well.

go ask all successful people in financial services and see how they made their money. They will say they recruited agents and got overrides. Im not talking about a basic $100k plus income. Im talking $500 or abouve. The thing is, when the word recruiting comes up, people think MLM, then MLM is viewed as BS. WFG is not a juice company, or a phone company or anything like that. You have to know what your doing! It is not for everyone, so people that don't fit within the company should not bad mouth the company for not understanding it. The industry may not be for them.

Yes, it is an interview because they don't work with everybody. Granted, that if they pass the background check they will get the coded book of business, that doesnt mean that they will be mentored and trained if they are lazy and have no work ethic. Before i went on any interview, i knew more about the companies and the industry than the interviewer did. And no matter what i found, i still went to make sure that i fully understood, and then made a decision from my own conclusions. Years ago, I also interview with a radio station, Clear Channel. The position required you to be on 100% commission, drive your car and use your gas to go meet clients and accounts (without reimbursement or compensation), maxing out about $115k a year. No residual. No override. Just a commission for keeping an account. WFG sounds a lot better to me.

I dont know of any MLM that requires a background check, state and government licensing, and the seriousness of the products. A 65 year old mans retirement is in your hands. Who cares about juice! Compare apples to apples
Respond to this report!
What's this?

#3 UPDATE Employee

here is a better explaination...

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

you do make some good points. However, the financial services industry, including JP Morgan, New York Life, Met Life, Northwestern, Mass Mutual, etc. all have similar structures and "tier" compensation. Go ahead and go on some interviews for those companies and you will see. The difference is that you would have to wait to be a broker and get the overrides, which is where the big money is.

If you are looking for a "job" then WFG, Northwester, met life, ameripris, and so on ..basically the financial services industry is not for you. There are very few companies that offer a salary. The majority of companies pay you a strict commission or a draw. A draw is a loan that the company gives you until you make a commission, then they take the money back out of your pay. Also, you mentioned liability. Well, that means you have control over your business and better know what your doing. All companies have something called E and O insurance which protects the agents. WFG has that as well.

go ask all successful people in financial services and see how they made their money. They will say they recruited agents and got overrides. Im not talking about a basic $100k plus income. Im talking $500 or abouve. The thing is, when the word recruiting comes up, people think MLM, then MLM is viewed as BS. WFG is not a juice company, or a phone company or anything like that. You have to know what your doing! It is not for everyone, so people that don't fit within the company should not bad mouth the company for not understanding it. The industry may not be for them.

Yes, it is an interview because they don't work with everybody. Granted, that if they pass the background check they will get the coded book of business, that doesnt mean that they will be mentored and trained if they are lazy and have no work ethic. Before i went on any interview, i knew more about the companies and the industry than the interviewer did. And no matter what i found, i still went to make sure that i fully understood, and then made a decision from my own conclusions. Years ago, I also interview with a radio station, Clear Channel. The position required you to be on 100% commission, drive your car and use your gas to go meet clients and accounts (without reimbursement or compensation), maxing out about $115k a year. No residual. No override. Just a commission for keeping an account. WFG sounds a lot better to me.

I dont know of any MLM that requires a background check, state and government licensing, and the seriousness of the products. A 65 year old mans retirement is in your hands. Who cares about juice! Compare apples to apples
Respond to this report!
What's this?

#4 UPDATE Employee

here is a better explaination...

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

you do make some good points. However, the financial services industry, including JP Morgan, New York Life, Met Life, Northwestern, Mass Mutual, etc. all have similar structures and "tier" compensation. Go ahead and go on some interviews for those companies and you will see. The difference is that you would have to wait to be a broker and get the overrides, which is where the big money is.

If you are looking for a "job" then WFG, Northwester, met life, ameripris, and so on ..basically the financial services industry is not for you. There are very few companies that offer a salary. The majority of companies pay you a strict commission or a draw. A draw is a loan that the company gives you until you make a commission, then they take the money back out of your pay. Also, you mentioned liability. Well, that means you have control over your business and better know what your doing. All companies have something called E and O insurance which protects the agents. WFG has that as well.

go ask all successful people in financial services and see how they made their money. They will say they recruited agents and got overrides. Im not talking about a basic $100k plus income. Im talking $500 or abouve. The thing is, when the word recruiting comes up, people think MLM, then MLM is viewed as BS. WFG is not a juice company, or a phone company or anything like that. You have to know what your doing! It is not for everyone, so people that don't fit within the company should not bad mouth the company for not understanding it. The industry may not be for them.

Yes, it is an interview because they don't work with everybody. Granted, that if they pass the background check they will get the coded book of business, that doesnt mean that they will be mentored and trained if they are lazy and have no work ethic. Before i went on any interview, i knew more about the companies and the industry than the interviewer did. And no matter what i found, i still went to make sure that i fully understood, and then made a decision from my own conclusions. Years ago, I also interview with a radio station, Clear Channel. The position required you to be on 100% commission, drive your car and use your gas to go meet clients and accounts (without reimbursement or compensation), maxing out about $115k a year. No residual. No override. Just a commission for keeping an account. WFG sounds a lot better to me.

I dont know of any MLM that requires a background check, state and government licensing, and the seriousness of the products. A 65 year old mans retirement is in your hands. Who cares about juice! Compare apples to apples
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