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Report: #1313071

Complaint Review: Wealth Generators - Salt Lake City Utah

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  • Reported By: Nnika — Las Vegas Nevada USA
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  • Wealth Generators 12 South 400 West 3rd Salt Lake City, Utah USA

Wealth Generators Borderline Pyramid Recruiting Scheme, Money-back Guarantee Riddled With Loopholes Salt Lake City Utah

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I signed for this business investing opportunity at the end of December 2015 after being introduced to it by a friend I had known for about 5 years. Wealth Generators has positioned themselves in the Network Marketing arena as a financial services company providing trade signals for the Forex and Stock markets as well as business tools and systems. They are recruited heavy hitters into the business from previous failed network marketing ventures like WUN and Vemma. The basic business model and sales pitch is that let the EXPERTS do all the work and analysis and members simply copy and paste and make money. The owners use to own a traditioanl financial services education company which they supposedly sold to Robert Kiyosaki for some $300 million in order to spinoff with Wealth Generators using the Network Marketing model. In typical networking fashion the leaders are BIG on recruiting and tout about the folks they are enrolling into the business because in truth that is were the REAL money is being made in this SCHEME. One of the BIG selling features with Wealth Generators is their on the surface above and beyond money-back guarantee. Unlike their competitor, IML (another MLM financial markets signal company) who only offers a 14 day money-back guarantee, Wealth Generators markets a 6 months triple your money-back guarantee (if you are not in profit after using their signals (alerts) for 6 mos).

However, in the fine print in order to get that guarantee you have to follow their very strict rules. Their recruiters make it a point to state after every presentation that, " they have never had to honor the 3X money-back guarantee because supposedly Wealth Generators has never had a losing 6 months". Well the truth is that they haven't paid out the 3x money-back guarantee because they built into their veribage loopholes that if you deviate in anyway from those caveats they won't honor it. So for example if you had a couple of trades that were more then 10% of your account value they won't honor the guarantee. Even if you minus out the trades that dont meet their strict rules your account would still be down over the last 6 months because the forex signals suffered huge losses/drawdowns.

This evident by the fact that they have had to bring in an entire new team of trading "experts". Additionally they marketed an automated trading system that supposedly has had no losses at the end of a trading day. Their TOP recruiters and co-owner's marketed this MLA- Algo system vigoursly especially during a time when trades (signals) were lossing left and right promising repeatedly to members to "STAY THE COURSE" as they like to say because this MLA-Algo system was going to be the answer to the "experts" dismissal results, only to roll out the MLA-ALGO to TOP Recruiters only! Now none of the TOP Recruiters and owner's mention anything about this supposed AWESOME MLA-ALGO to the field. As a pacificer they have rolled out this week finally (or maybe not) another tool they had labeled as the Simplifier.

The Simplifier is no MLA-ALGO though. The Simplifier simply takes the "expert trades" winners and losers, automatically places them for members in their trading accounts. Where's the MLA-ALGO WG that you had been promising that's never had a losing day?? Only the folks that have been making THOUSAND's of dollars off of recruiting has access to the MLA-ALGO yet the rest of the field is paying the same membership subscription price but don't have access to ALL the tools! Had I known Wealth Generators were not going to honor the 3x money-back guarantee and not release the MLA-ALGO to everyone I would have cancelled my membership months ago! You know folks arent really making money from the trades because the chatter is extremely quiet on Social Media. When they have good week Corporate and TOP Recruiters blast social media with trade results. Otherwise the only propaganda you were about is how so and so has recruited and signed XYZ person. 

Allow me to disgress to Wealth Generators every changing money scheme. The pricing and commission structure has undergone changes several times in just the last 6 months that I have been involved. Supposedly distributors/generators are to get paid $35 on every membership they sell (basic comp plan requires you give up your 1st and 3rd). They announced this change over two months ago they said to be in compliance, yet this "new comp" structure is still not in effect or posted on their website. The huge increase in bonus payout changes that were made at the sametime though for TOP recruiters has went into effect and TOP Recruiters are ranking in the bucks from signups while those members who havent built teams are lossing money in the Forex market from their "expert traders" signals.

Part of this "new" plan was suppose to allow people to market the services without having to subscribe to the signals for just $30. However, if a member bought the right to market the services for $30 they won't receive $35 per sale. When I emailed and asked for clarification on the "new comp" plan I was basically told that really they didnt want people signing up for $30 bucks and that they only was implementing for appearances. And that in order to make any money from marketing the services a member would have to pay $105 for generator status plus $30, sale 4 memberships then they would start to receive some compensation, how much is anyone's guess. I'm still trying to wrap my head around this convoluted money scheme.  

The last issue I have with Wealth Generators and why I believe they should honor the 3X moneyback guarantee is the fact that their website was down for over a month after being hacked. While the hacking was not their fault the fact that took soo long to fix the issues is their fault. I had paid marketing campaigns going and for weeks I lost potential sales because prospect couldnt sign up for the services. Or they would click on a link and it would be brokern immediately creating distrust and reservations in the company's ability to deliver trading signals etc. I've worked for major corporations and currently work in governement and I've never seen a company allow their website to be inoperable or dysfunctional for weeks and weeks at a time. I emailed corporate about my concerns with that and the only thing they offered was shallow apologies. What about the marketing dollars wasted directing people to a website that didn't function properly??

Financial Services/Signal trading companies are very difficult to manuaver as a MLM company because there are factors that arent in the control of the company. Additonally, no tangible product based companies are often a challenge for the Network Marketing industry because it's hard to really establish and show that customers are really getting value or their money's worth. Plus its too enticing for MLM's to create a culture of RECRUIT,RECRUIT, RECRUIT with no value really being received from the customer. Wealth Generators sadly, is no different in this sense. They launched a LIVE trading room about 4 months ago with folks in the room giving signals that had less then a year of trading experience! Those late night trades put out some winners (beginner's luck) but those were quickly followed by a slew of losing trades. How you going to market your services as "Mirroring the Market Experts" with trade signals from 6 and 7 month veterans?? It's laughable at best and fraud (bait n'switch) at WORST!

Do the RIGHT THING Wealth Generators! Honor your 3x Money-back guarantee. I was a manager before for a large national retail chain and while we had a written policy on many occassions myself and other management included provided refunds to customer's even when they didnt have their receipt or when the product was half used etc because it was the RIGHT THING to DO!!

This report was posted on Ripoff Report on 06/23/2016 09:39 AM and is a permanent record located here: https://www.ripoffreport.com/reports/wealth-generators/salt-lake-city-utah-84101/wealth-generators-borderline-pyramid-recruiting-scheme-money-back-guarantee-riddled-with-1313071. 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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