Report: #1330214

Complaint Review: Premier Financial Alliance PFA

  • Submitted: Mon, September 26, 2016
  • Updated: Mon, September 26, 2016
  • Reported By: Scambuster — Alabama USA
  • Premier Financial Alliance PFA

    , Virginia
    USA

Show customers why they should trust your business over your competitors...

First and foremost, THIS IS NOT an insurance company. They are a multi-level marketing company. To learn more about MLM visit this Wikipedia entry https://en.wikipedia.org/wiki/Multi-level_marketing

PFA preys on the ill-informed young people who are hungry and have very little to lose. Most people you see at the events are in their 20s. Some of them are even under 20! But that is not the problem—no—the problem is that they do not disclose everything until you pay your entrance fee. I’m here to help you make an informed decision. If you still want to join, beware…

The recruiting process:

Entrance fee is somewhere around $135. They bring in top “leaders” in their organization to blow smoke up your a**. They tout people like Jack Wu (who is by the way the most pretentious a-hole of the bunch), to preach to you on 12 steps to be a millionaire. If you want to be motivated, hire a life coach. If you want to sell insurance, go to an insurance company.  Mr. Wu is nothing but a fraud. His whole MO is about recruiting you to join his team so he can make even more money through his “university”, known as Jack Wu University (yes, I’m serious).  He’ll say things that not only lack substance, but outright hilarious: Things like: “you want to be a millionaire? There’s no fat millionaire”. He also carries around a monogrammed chair with his initials. Talk about delusion of grandeur.

Then you have their East Coast office, they have Serena Nguyen (aka Minh Chau Nguyen NPN #9062802), who touts she makes $700k a year. What she doesn’t tell you is that $700k, is not from the actual insurance commissions, but off her minion’s back and from the $125 dollars you just paid them to “learn” more. In her presentation, she shows pictures of her in a Benz, and all her lavish trips. Again, this is a classic hurrah hurrah presentation to hype up the audience.

This is no different from Primerica, Amway, etc.  

All of them share the same message: you can make a lot of money, travel anywhere you want, drive any car you want. This company is the best! We care about its people. You can be successful, and build your own team…but before you get started pay this non-refundable fee to get started.

They are ALL smoke and mirrors. Don’t be duped.

The compensation:

I didn’t join because I saw right through them. Several of my friends drank and Kool-Aid and shelled out the $135 only to realize the whole thing was just a scheme—but it was too late (they have a no refund policy). Obviously, they do a great job and selling the dream to you, but will never “show” you the compensation structure until you pay that fee.

I did some research about their “compensation” structure. http://behindmlm.com/mlm-reviews/premier-financial-alliance-review-vague-insurance

The product:

PFA doesn’t underwrite any of their products. It is underwritten by another company. Their most popular vendor is Allianz. If you want to buy Allianz products, just go direct—stay away from the marketing companies like PFA. They also will sell you universal whole life even if you don’t need it. Remember, they are not allowed to dispense advice, because they are sales reps and are not properly licensed. If you run into a rep has given you financial advice, then report him/her to FINRA or your state insurance commissioner!

Bottom line…I caution you to do your research before even talking to them. If you are serious about selling insurance, go to a real insurance firm, where they won’t charge you money just to learn about the business. If you are planning to buy a policy from them, consult with a qualified financial advisor.

Hope this helps.

PS. Now, I’m expecting all the PFA Kool-Aid drinkers to come back with some classic rebuttals like (Our leadership is the best!  Our company is not for everyone, this post is a lie, blah blah blah). So let hear it!

 

 

 

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This report was posted on Ripoff Report on 09/26/2016 01:44 PM and is a permanent record located here: http://www.ripoffreport.com/reports/premier-financial-alliance-pfa/virginia/premier-financial-alliance-aka-pfa-shady-sales-tactics-and-all-show-vienna-virginia-1330214. 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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REBUTTALS & REPLIES:
0Author
3Consumer
0Employee/Owner

#1 UPDATE Employee

Not a charity, not a real entrepreneur company.

AUTHOR: Con - (USA)

Ok, so somebody told me this PFA organization is now telling all of the recruits that they are helping others to become entrepreneurs. I hope you are smart enough NOT to believe what they are trying to shovel. Because it is a pile of horse dung. Entrepreneurs? Really?

So a friend just shared a story with me about how this organization is helping the needy. So he went on and said that in order to nominate someone or family the agents had to meet some sales requirement. Hmm I said did you meet the requirement, and he replied yes and I asked did your someone/family get chosen, and he said no. Then I summarized it this way, "So you met the needed number of sales to nominate your person in need. You put 70% of your sales commission $$$ into the pocket of the leader of the organization. Let's say there were 10 agents, and each agent made $2,000 in commissions to meet the requirement. So basically the leaders collected 10*$2,000*70%=$14,000 from everybody for this contest. They choose one winner and provided a vacation package, let's say it's worth $8,000(being generous as typical vacation of a family of 5 is about $5000-all in expense). You just made $600 for yourself and your nomination did not get anything and the leader just made $6,000." He thought about it and shook his head. That's sounds like a win/win. Unfortunately not YOU!. That's the problem they always put some requirement around this sort of thing, want you to sale more so they benefit and turn it around like it's a good organization. I don't think this is charity. I think this is a con game.

Let me try to point out some facts here. Do you think Mark Zuckerberg is an entrepreneur? Do you think Mark Cuban is an entrepreneur? If you answer yes to both questions then you should compare those two to the people who runs this organization. They are nothing like those two real entrepreneurs. Facebook does not ask you to sell something to people who doesn't need it, in fact they employed hundreds to create this Facebook product. They do not ask you to sell something to yourself or your family so you can earn 30% while they keep 70% of your money. Did Mark Cuban ask you to sell something while he keeps 70%? They and their underling are the ones who are coming up with scheme to line their own pockets. Yes they give you a cut but it's all coming out of your pockets first. You buy the product, and they give you 30% of what you purchase, so you net short 70% and you are on the hook for more payments in the years to come. If you don't pay into that product then you lose all of your money, oh wait you got 30% back. Nice! Why don't you ask them this, can you keep 100% of what you sell? Oh no because it's their system? Please folks it's not a business, it's a con and if you bring your friends and family into this, then god have mercy on your soul.

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#2 UPDATE EX-employee responds

PFA is a Con

AUTHOR: PFA is a SCAM - (USA)

The PFA Seal organization is a pyramid scam. This is a network marketing organization that sales to its members the IUL product. The members join thinking that they are part of a big company when it's really joining the organization as a member. Once a member, you pay them to join $135 and then they say you should buy the product since it's a great product. In addition they expect you to bring that person who convinced you to join more leads by suggesting your other friends and relatives. (This is warm market contact) By the time you finish all your dues and referral quotas and you get your license, you are left with nothing. That's when they stop focusing on you (and you become their weakest link, like the guy above). Instead they say you don't invite enough or you're not hard working. All they want is your leads.

Oh and about this product. It is offered by other companies and if you compare the cost of the product with other companies this policy from PFA will more likely be more expensive. Like any other products in this world there are pluses and minuses. The problem here is they mislead you by telling you their policy is the only one that offers this living benefit rider, but in reality most permanent insurance policy has this option. If you have an older policy and if you listen to them you will surrender your original policy that means you get the cash value. Remember your cash value is only a portion of what you contributed. That's because the other portion was to buy the insurance you had over the years. Then you put the remaining amount into this new insurance policy and immediately the actual cash value again in this new policy has been reduce. Do you know why? That's because they use that portion to pay that salesman. It's a con and this has been done to hundreds of you as you fall into their sales pitch. Basically a potion of your premium on new policies is paid PFA company in support of the so call head salesman aka CEO and their lavish life style while you're stuck with nothing except

1. lower cash value in your "new" insurance policy
2. another insurance policy that you now locked in on with no way to get your
money back unless you borrow it or you die.

Example, You contributed 5 years into your original insurance of $10K ($2K contribution per year), in the 5th year this salesman say, "hey we got this living benefit option, which if you check might be already in your old policy. So he cons you into pulling out your money to buy this new policy, but wait you only get let's say $7K not the $10k you originally contributed. This is already being too generous because they gave $2k to the original salesman and $2k for insurance coverage total for 5 years that leaves you with $6 that was part of your contribution and I will be generous and say you earn $1k as gain from the $6k in your investment side of the original insurance (16% gain, crazy but for example sake just go with it, you'll never get 16%). Now you take this $7K and contribute to the new policy. immediately it is lower because of the annual commission paid to the salesman for him signing you to this new policy and now you left with only $5k surrendered value in your new policy. This is an awesome return overall negative return.

The end game, the "sales agent" got that lost portion of your contribution as their commission and you get only a portion of your original hard earned contribution. Rip off artist I call it.  Don't fall for it.  The original poster said it best this is a scam and all they want is your warm market.  Be a good friend and family member don't lead them to this cult.

 

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#3 UPDATE EX-employee responds

Completely agree

AUTHOR: PFA is a SCAM - (USA)

facebook.com/Unofficial-PFA-Multi-Level-Marketing-Organization-226277401058077/

 

check this out, oh my god, I was lucky I found this web site.  These are monsters.

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