IAI - Ivestment Advisors International - WFG - World Financial Group - WMA Beware of WFG and its recruiters! Chino, California

Indeed, Aegon is the biggest financial service company in the world, which bought WFG to do its marketing. In doing so, Aegon must have saved more money on paying WFG commissions than on advertisements.

After attending one of WFG's "interviews" today, I have no doubt that Aegon, through WFG, is out to rip off the unweary, the unemployed, and the disinfranchised people, who they know will not take any legal actions.

Aegon and WFG's tactics and approaches border illegality. This is why:

1. A woman from WFG called me and praised how impressive my resume is, and misrepresented herself as a "recruiting agent." She said she can find me a job with a major financial service company and cordially invited me in for a job interview.

2. The fact a hundred people showed up for the "interview" and 10 WFG workers greeted all of us at the door raised a red flag that this was a MLM. it turned me off at first and I wanted to walk, but since I am unemployed and have not direction in life, I had nothing to lose, hoping to find an angle from which I can make money for myself.

3. Three motivational speakers, whom they represented as successful people who changed careers to WFG for the better--- a hot looking model from the Phillipines, a former AT&T executive (so they say), and a former NBA second-string player -- cajoled the crowd (or buttering them up) with a lot of amorphous terms and analogies, supported by real-life stories, and "Rule 72"--- a speck of dust in the canundrum of the financial world. These speakers no doubt have their charms and appeals, which is probably why they were chosen as the initial point of contact with the general public, so as to lower people's guard and lure them into the next phase.

4. The CEO of the Los Angeles branch singled me out for a one-on-one interview. He said he quit Harvard Medical School for WFG, because he believes in the philosophy of "using 1% effort of everyone, rather than 100% of his own," because he is "lazy." First, does he realize how crooked that sounds?? Second, a Harvard Med student would never be afraid of hard work. Third, he can hardly speak English.

5. He then placed a contract in front of me and asked me to pay $100 for "administration fee." at first, he waffled between "membership fee" and "administration fee," which is another indication this guy has never set foot on the Harvard campus. Then, he finally settled on "admin fee" for a background check. First of all, as a subscriber to the various asset search companies, I know the it dosn't cost more than $25 to do an employment verification. Second, how can they check my background without asking me to fill out a job application? Third, a legitimate job offer would never ask YOU to pay money up front. This clearly was Aegon's way to squeeze money out of the unemployed, which is morally repugnant and dispecable to me. But, I played along because I wondered what is the product that Aegon touted so much about that the middle class otherwise have no access to? I told the CEO that I would review the contract and think about it. He then grabbed the contract from my hands and said "if you are not sure now, then you don't need to look at the contract." WOW! what audacity of this guy to have wasted my morning only to tell me to take it or leave it. I told him that I wasn't sure because all I have heard are motivational speaches and blurry references, and before I make a decision I wanted to learn about the products. He then said to me, why do you care about the products, you just have to recruite people, and I will help you.

Bingo! there is the angle. I hate sales anyways, but I am very analytical and I have no doubt I can recruit and train people on financial products and on obtaining various licenses to go out and sell for me! The question is, how is the commission paid?

6. By now, I can see my recruiter (the woman who lied on the phone) was getting impatient with me, so I asked straight questions. This is what I found out-- Assuming a Trainee (the lowest level of agent) sells an insurance policy, the insurance company that underwrites the policy pays Aegon a commission equal to appx. 50% of the annual premium. Out of this 50%, Aegon pays appx. 80% to the CEO, who then kicks the money down to the QMD (equvilent to second in command), who kicks the money down to the senior agent recruited by the QMD, the senior agent then kicks the money down to the Trainee that he/she has recruited. The percentages are structured as follows: QMD gets 65% (of the commissions paid by Aegon), Senior gets about 45%, and Trainee gets about 25%. The difference between each tier (from the CEO down to Trainee) is called an "override." To become a QMD, you must: a) buy AEgon's ultimate product-- the Universal Life Insurance -- and b) pay tribute to the CEO by giving him one branch of your recuritees (yeah, like I'm gonna give this dickhead my best branch so he can reap the fruits of my labor). This clearly borders a ponzie scheme, not to mention this is how the mafia works, too!

After learning all this, I started envisioning the work I have to do in the next five years. Honestly, I was kinda excited at first just knowing how many desperate suckers are out there waiting to be slaughtered.

Then, I came across the articles on this site written by "dontfeelsorryforme" and realized the consequences, not to me, but to society as a whole. These people always talk about integrity and work ethics, but they don't give a s**t about anyone but themselves, just like the recruiters at WFG who lie with smiley faces, because none of them really wants to work, and all of them want to live on other people's labor, like parasites. The worse part is, none of the WFG agents, I MEAN NONE -- ZERO -- that I have met even knew what they are selling and the implications of the Internal Revenue Code, which purportedly allows the "Universal Life Insurance" created by Aegon to only increase in value with the S&P 500, but not otherwise if the SP500 falls, and that funds withdrawn from it are not taxable. This sounds too good to be true, and the truth is probably materially different from what these self-righteous WFG people have stated, and who have not bothered to read the language of the law for themselves. I have not studied it because because my recruiter could not tell me the code section, and because she is so sure about Aegon's integrity.

Even if the product truely has all the benefits held out by Aegon, I would not buy it just because I don't like WFG's approach to selling-- ripping off its own agents who in turn go out and rip off their friends and families.

p.s.  My recruiter became irate when I refused to bring three close friends and families to meet her, and the CEO refused to give me his business card when I asked for it-- absolutely unprofessional.