• Report: #279842

Complaint Review: World Financial Group

  • Submitted: Fri, October 19, 2007
  • Updated: Fri, November 02, 2007

  • Reported By:Elk Grove California
World Financial Group
WWW. World Financial Group.com Elk Grove, California U.S.A.

World Financial Group World Financial Group, Almost Duped! Lodi, CA California

*UPDATE Employee: Being an Independent Contractor

*UPDATE Employee: Being an Independent Contractor

*UPDATE Employee: Being an Independent Contractor

*UPDATE Employee: Being an Independent Contractor

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I am grateful that I stopped here before going to my second interview with someone from World Financial.
I was immediately skeptical when I got a call from a man who spoke very fast and never clearly gave his name, invited me to a pre-screening interview.
This invitation was prompted by my publicly posted resume on Monster. I became suspicious when I received a pressuring email and confirmation call making sure I would attend the event. I even told the man calling that I was not interested as I did not have the money to start my own business. He said there was only a fifty dollar start up fee. Imagine that! So I gave in and went to the interview.

I showed up and there was one other girl attending the "event". Three gentlemen were milling about the offices. Not one of them gave their names. I saw a compelling video with different clips regarding the fate of most American families and the pending financial disasters we baby boomers face. By the time it was over I was ready to sign on the dotted line. I too want to help middle America, I am unemployed, and I'm a boomer and I'm in trouble.
Remarkably,I don't need a degree in financing to launch a new career.

Fortunately the speaker gave us a week to think about it and consider a career with this most prestigious financial giant. Well I thought about it and did my homework as the speaker urged us to do. I discovered this site and did some research. The thing that really bothered me the most was how can I give sound financial advice will minimal training on all the different products the company offers? And one other thing why is everyone talking so fast, not allowing questions and skirt the issue of money and costs when I bring it up?

I was only taken for a morning of my time and the cost of gasoline. I cannot imagine feeling good about my job when so many consumers have had bad experiences with their methods and advice. Thanks to everyone who reported on this company.

I tried MLM twice, and lost thousands, I am not going down that road again. Guess I will cancel my next big interview.

Aerin
Elk Grove, California
U.S.A.

This report was posted on Ripoff Report on 10/19/2007 03:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/World-Financial-Group/Elk-Grove-California-95757/World-Financial-Group-World-Financial-Group-Almost-Duped-Lodi-CA-California-279842. 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

Being an Independent Contractor

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

I'd like to start off by saying I have been with WFG for over a year PT. I came from another financial services company where I was for a little over 2.5 years. When I left, I checked out a ton of financial companies where I could be an idependent contractor before deciding on WFG. There are 2 real issues with what everyone is talking about here:

1) MLM, "pyramid-scam" - There are a lot of pyramid scams out there to watch out for. In my opinion, a pyramid scam is where you try to recruit a bunch of people to sell some kind of product or service, it costs $$ to start with them and they pay $$ to the associates that recruit members. For example, you may hear something like, for every 10 people you recruit, you receive $100 bonus. It does cost $$ to go into business for yourself, it does cost $$ to get a background check, and it does cost $$ to get licensed to work with financial products. So, you will spend $$ to get started, but trust me, nobody is getting paid to recruit you. The only time anyone is paid in this business is when business is done!

2) You do not have to have a degree to work in this industry, you only need to be licensed. It is not easy to pass the tests needed to get licensed. You will have to study and you will learn a lot in the process of getting licensed. Although it helps to have a great understanding of financial planning, this is ultimately a sales position. No different than your car/cell phone salesman or your licensed mortgage broker salesperson. We all know some salespeople are more knowledgeable than others; some know their products and the history of the industry more. This is not an issue with WFG, this is an issue with every financial services firm as well as just about every sales industry, which is just about every industry.

Personally, I love this industry and I do try to recruit and train new associates. I know there are associates in WFG and every other financial services firm that do not run their business like I do and sometimes it gives me a bad name, what can I do? I'm sure everyone would agree with me that just because you meet one person in one office that represents a company, this is no way to judge an entire company and everyone affiliated with them, right?
Respond to this report!
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#2 UPDATE Employee

Being an Independent Contractor

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

I'd like to start off by saying I have been with WFG for over a year PT. I came from another financial services company where I was for a little over 2.5 years. When I left, I checked out a ton of financial companies where I could be an idependent contractor before deciding on WFG. There are 2 real issues with what everyone is talking about here:

1) MLM, "pyramid-scam" - There are a lot of pyramid scams out there to watch out for. In my opinion, a pyramid scam is where you try to recruit a bunch of people to sell some kind of product or service, it costs $$ to start with them and they pay $$ to the associates that recruit members. For example, you may hear something like, for every 10 people you recruit, you receive $100 bonus. It does cost $$ to go into business for yourself, it does cost $$ to get a background check, and it does cost $$ to get licensed to work with financial products. So, you will spend $$ to get started, but trust me, nobody is getting paid to recruit you. The only time anyone is paid in this business is when business is done!

2) You do not have to have a degree to work in this industry, you only need to be licensed. It is not easy to pass the tests needed to get licensed. You will have to study and you will learn a lot in the process of getting licensed. Although it helps to have a great understanding of financial planning, this is ultimately a sales position. No different than your car/cell phone salesman or your licensed mortgage broker salesperson. We all know some salespeople are more knowledgeable than others; some know their products and the history of the industry more. This is not an issue with WFG, this is an issue with every financial services firm as well as just about every sales industry, which is just about every industry.

Personally, I love this industry and I do try to recruit and train new associates. I know there are associates in WFG and every other financial services firm that do not run their business like I do and sometimes it gives me a bad name, what can I do? I'm sure everyone would agree with me that just because you meet one person in one office that represents a company, this is no way to judge an entire company and everyone affiliated with them, right?
Respond to this report!
What's this?

#3 UPDATE Employee

Being an Independent Contractor

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

I'd like to start off by saying I have been with WFG for over a year PT. I came from another financial services company where I was for a little over 2.5 years. When I left, I checked out a ton of financial companies where I could be an idependent contractor before deciding on WFG. There are 2 real issues with what everyone is talking about here:

1) MLM, "pyramid-scam" - There are a lot of pyramid scams out there to watch out for. In my opinion, a pyramid scam is where you try to recruit a bunch of people to sell some kind of product or service, it costs $$ to start with them and they pay $$ to the associates that recruit members. For example, you may hear something like, for every 10 people you recruit, you receive $100 bonus. It does cost $$ to go into business for yourself, it does cost $$ to get a background check, and it does cost $$ to get licensed to work with financial products. So, you will spend $$ to get started, but trust me, nobody is getting paid to recruit you. The only time anyone is paid in this business is when business is done!

2) You do not have to have a degree to work in this industry, you only need to be licensed. It is not easy to pass the tests needed to get licensed. You will have to study and you will learn a lot in the process of getting licensed. Although it helps to have a great understanding of financial planning, this is ultimately a sales position. No different than your car/cell phone salesman or your licensed mortgage broker salesperson. We all know some salespeople are more knowledgeable than others; some know their products and the history of the industry more. This is not an issue with WFG, this is an issue with every financial services firm as well as just about every sales industry, which is just about every industry.

Personally, I love this industry and I do try to recruit and train new associates. I know there are associates in WFG and every other financial services firm that do not run their business like I do and sometimes it gives me a bad name, what can I do? I'm sure everyone would agree with me that just because you meet one person in one office that represents a company, this is no way to judge an entire company and everyone affiliated with them, right?
Respond to this report!
What's this?

#4 UPDATE Employee

Being an Independent Contractor

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

I'd like to start off by saying I have been with WFG for over a year PT. I came from another financial services company where I was for a little over 2.5 years. When I left, I checked out a ton of financial companies where I could be an idependent contractor before deciding on WFG. There are 2 real issues with what everyone is talking about here:

1) MLM, "pyramid-scam" - There are a lot of pyramid scams out there to watch out for. In my opinion, a pyramid scam is where you try to recruit a bunch of people to sell some kind of product or service, it costs $$ to start with them and they pay $$ to the associates that recruit members. For example, you may hear something like, for every 10 people you recruit, you receive $100 bonus. It does cost $$ to go into business for yourself, it does cost $$ to get a background check, and it does cost $$ to get licensed to work with financial products. So, you will spend $$ to get started, but trust me, nobody is getting paid to recruit you. The only time anyone is paid in this business is when business is done!

2) You do not have to have a degree to work in this industry, you only need to be licensed. It is not easy to pass the tests needed to get licensed. You will have to study and you will learn a lot in the process of getting licensed. Although it helps to have a great understanding of financial planning, this is ultimately a sales position. No different than your car/cell phone salesman or your licensed mortgage broker salesperson. We all know some salespeople are more knowledgeable than others; some know their products and the history of the industry more. This is not an issue with WFG, this is an issue with every financial services firm as well as just about every sales industry, which is just about every industry.

Personally, I love this industry and I do try to recruit and train new associates. I know there are associates in WFG and every other financial services firm that do not run their business like I do and sometimes it gives me a bad name, what can I do? I'm sure everyone would agree with me that just because you meet one person in one office that represents a company, this is no way to judge an entire company and everyone affiliated with them, right?
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