I've read a variety of comments regarding World Financial Group (WFG). And, personally I have the experience of having 'worked' with them, assuming you can even call it that - more like wasting time. I was just admitted to law school at NYU (#4 in US), and have experience in contract law, etc., so I can reassure you I have examined a lot of what World Financial does, and understand the implications of it more thoroughly then probably 95% of the people that work for them.
First time I went to a 'meeting', was at a Warms Spring Office (near Eastern), really had no clue what it was, I showed up, they did their presentation using trashy multimedia equipment, and slides with endless words and garbage (which anyone that has done a good powerpoint presentation knows you should not have more then 5 words across and 5 lines down in any single slide). The gentleman presenting was unprofessional and seemed like he didn't know what he was doing.
Throughout the presentation, they talked about the power of 'harnessing your mortgage', that is - refinancing to pay off bills, then they started talking about the power of the 'Rule of 72' as though its the greatest thing in the finance industry, saying "oh I bet no one learned this, they don't teach you this in college" like they are geniuses. Which, I don't know about you but yeah I learned about the Rule of 72 in a finance class in college and it was such a basic concept it was merely mentioned I doubt anyone in their office even knows how to calculate net present values or for that fact what they are.
At the end of the presentation, the presenter said If you want to take a brochure, its $5.00 because we go outside and they are thrown on the ground after these presentations hmmm what would that make you think? Then they got into their compensation plan which is basically what pyramid schemes do for all intents-and-purposes you'll notice they never talk about that or admit being a multi-level-marketing firm which is what they are.
Multi-level-marketing firms and pyramid schemes are different in very few, subtle ways. In MLM company recruits people with the intent of selling them products, however income can also be made by selling to people that don't actually work with the company as well. In the pyramid scheme, there basically isn't any real product, and the sales are transpiring between people working in the company or joining you really can't make money selling it to someone that isn't involved or getting involved.
Anyway, the presentation is so horribly done, that by the end you're sitting there wondering what the hell it is that they actually do. They claim a lot of garbage about no family left behind which sounds like something from the Bush administration, and that they are in financial services.
I did nothing, and thought that was the end, then a friend got me to go to one of their meetings just recently at the Rainbow office in Vegas and I thought I would give it a try I thought how bad could it be? Here's the deal with WFG. They talk to you about how great their company is because promotion is based solely on a points based system and they don't discriminate in hiring like most companies basically they will take anyone with a pulse (similar to being admitted to UNLV or getting a driver's license it really isn't something to be bragging about).
The funny thing is, nothing is really clear about what they do or how they do it until after they have already had you sign-up with exorbitant fees that are non-refundable (gee I wonder why). They are very high-pressure, when I had my so-called interview after the meeting basically they pull out a membership agreement, ask you to fill it out for and they ask for a credit card for $199.00 (background check and licensing information they claim) to get started. Then they schedule you for a second meeting to do your PFS (personal financial statement).
When I went to this meeting the Marketing Director basically is analyzing your finances and tells you to buy a policy. In my case, I was told to get a VUL with Western Reserve Life, and that it's great because its an investment and is just about always 4 times more money then the EIUL in the end, citing a prospectus with a 12% rate of return.
FYI guys, Fishers Investments in California (Ken Fisher writes for Forbes, ever here of him?) was founded by Ken Fisher, who's father worked out financial scenarios' with Warren Buffet before anyone knew who he was cites a 10% return on the market as just about the cap. That company's average client has a net worth of 5 million. I don't think WFG even tracks such statistics.
Anyway I signed up for a VUL basically because they pressured me into doing it. I'm young (under 25), no health problems, don't smoke, no kids, basically no debt insurance is meant to secure against the catastrophic. My passing away could in no way be construed as catastrophic, thus why was the policy sold to me in the first place as an investment which is illegal too it is a life insurance policy.
Even more interesting, I had 10 days to cancel the policy, WRL had the wrong address for mailing it to which I'm lucky I caught if I didn't cancel the policy in 10 days, say they got the notice by fed-ex (the original policy) on the 11th day I'd also be subjected to a surrender charge of $2,666.00. The surrender charge table in the policy explains all this (believe me the agent selling the policy didn't).
Anyway, I decided to stick it out with the company, they ask you to write a prospect' list that is everyone you know, and then call them and invite them to BPM's (I don't know what that was supposed to stand for) they never tell you why you're doing this. Also, they used a phony character reference script where a Marketing Director calls your friend pretending that they are calling for a character reference (which isn't true), then by the end the point is to get your friend to agree to do a training appointment with you.
You're supposed to do 10 such training appointments in their ASAP program. They were also telling me I have to go to the convention (pay out of pocket) in Orlando again high pressure. I refused to do so because I'm taking summer classes at UNLV; their response was basically to the effect of so what you need to go.
Then in their meetings on Tuesdays and Thursdays they tried to make people feel bad that weren't going to go the Branch Office Manager even said one time I don't care if you have kids, work, whatever your excuse is you need to go if you're gonna be serious about this - talk about pathological leadership styles.
Then you go to classes and meetings as scheduled, where there are about 6 classes' that are all garbage, one is about mozone' which is that presentation/meeting that everyone refers being invited to. At this meeting, basically everyone looks for guests (ones with red tag) and uses leadership edification' to talk up' someone their, like a Marketing Director to make the guest' feel like their in a legitimate business.
Soon you figure out that the prospect' list and your training appointments' aren't that. Your training appointments are how the Marketing Director makes money in selling products - they aren't meant to be for the purposes of training, although you as a new training associate' will ride along. The purpose of the training' appointment is for the Marketing Director to take advantage of a pre-existing relationship you have with people you know in order to sell them insurance products.
Your prospect list is basically your clients', or the Marketing Directors if they are the one doing the selling and you aren't licensed. I'll let you be the judge of what kind of person takes advantage of their friends to sell them money under the guise of giving them financial freedom' and asking them to save money'. These agents and Marketing Directors are wolves in sheep's clothing period, end of story. Just about everything they do is under the context of being manipulative and evasive of the truth.
Even more alarming, hardly anyone that works for them has a financial background, let alone higher education (college, etc.). Not to make any stereotypical claims, but there are hardly any people working with them that aren't what most people consider a minority basically WFG presents an opportunity for people that otherwise would have NO chance of getting into the financial services industry.
Regarding the recruiting' that is done through the prospect list. Their whole scheme is to get someone as a recruit, sell them a policy, then get their prospect list to use as training' appointments for that person which they will try to sell them policies, get referrals and so on if I drew a diagram of this, it would look like Luxor comprende?
World Financial Group has the perfect business model for people that are willing to do as they're told, are incapable of thinking for themselves, and they are capable of dreaming' and seeing things for something completely different then what it REALLY IS. The majority of their success stories come from poor families'. They target people that aren't financially savvy and aren't overwhelmingly intelligent for the simple reason that, someone that is begins to question immediately what's really going on here?
When you're leading a group of idiots like the hotels on the strip, generally the last thing you are looking for is someone that's inquisitive/curious asking questions; often termed skeptical instead they focus on people that are money hungry' and optimistic' hmm sounds like a job-ad for a used-car salesman. You have to be money hungry and optimistic to subject your real' friends to what they do, b/c if you aren't you would NEVER considering ruining your reputation with everyone you know just to get ahead in the world and out of the rat race'. As far as I'm concerned, WFG is the rat race, everyone is stepping over each others toes with smiles on face all the while pretending to be your mentor and leader.
To anyone that has a magnetic and manipulative personality, capable of blaming everything on anyone but themselves, and looking for a pretty quick way to make money with no education this is the perfect business. Most of their agents fail their life insurance and securities exams several times before they pass and they were studying. I didn't study for my life insurance exam at ALL, passed the first time and at this point I'm already tired of what I've seen.
I also registered for securities exams simply because I was told to do so, another $752.00 S6, S26, S23; then another $50.00 for the actual life insurance class and another $90.00 for the NV life exam, on top of the application fee of $199.00. Not to mention you're charged $90.00 a month in some fidelity bond insurance once you are licensed that's charged off your commission (assuming you ever make any). Marketing Directors and EE's get points' and other incentives simply for signing someone up and having them PAY for the online U4 (securities exams), regardless of whether they ever complete it, same for the life licenses, etc (by the way this is all non-refundable).
Now, I wonder why that isprobably because HQ in Atlanta just made a lot of money doing nothing and this isn't a pyramid scheme? Now you really start to wonder if it's just a MLM firm. Again wolves in sheep's clothing.
What is even more ironic is, you can be a Marketing Director, 6 years later your entire team leaves you and guess what your business is right back where it started day one. Trust me on this one you are in business by yourself with them, but they are more then glad to charge you for everything whenever they possibly can, i.e. having voicetell (company phone #), the larger branches charge rent to the marketing directors as well. All things considered, this business isn't as cheap as WFG would like you to think.
WFG has a thing called scenario of disaster, where you are excited, call your prospect' ask them to come to presentation, they ask questions, you try to answer, then they draw assumptions and don't come. They suggest avoiding this by saying as little as possible about the company, don't even mention the company just get them here then let the Marketing Director pressure them into joining, etc. the real scenario of disaster they are trying to avoid is this the person you are calling figures out exactly what it is you do.
All in all these guys are unprofessional, they sell VUL's and EIUL's now like no other products exist, and they are being TRAINED by other people that have no idea what they are doing. If you really followed their fast start' program to the T, you would have a whole office full of people that don't have any licenses and have no clue what the hell they are doing now put on top of that the fact that when you make a mistake in the securities/insurance industry unlike the hotel front desk, you can be fined, named personally in a civil lawsuit, and get a prison sentence when you're doing stuff negligently/willfully. Are you concerned yet?
By the way, their whole independent contractor thing on the membership agreement wouldn't hold up in courts of law. Two tests to determine if someone is an IC or EE method of payment and daily control over activities. WFG tried to circumvent the method of payment part by having you basically pay them for everything, but courts would just strike that and look to daily control over activities and that corresponding degree, which bingothey try to supervise you like most other companies would.
You be the judge.
Las Vegas, Nevada