Complaint Review: WFG/TransAmerica
WFG/TransAmerica not what it seems, Nationwide
I must express my strong disappointment at the way WFG/TransAmerica is misrepresenting itself. At this point, the only thing I can do is distance myself from this organization as quickly as possible to save my reputation as a 100% honest and ethical person in the financial services industry that I have worked very hard to achieve.
I double checked the WFG/TransAmerica websites to verify it wasn't a matter of overlooking information. It clearly wasn't. Until it was divulged yesterday at the so called "Elite" training orientation, I had no idea WFG/TransAmerica was an offshoot of A.L. Williams, a company that was embroiled in controversy in the late 1980's and was apparently the reason Art Williams walked away from it.
And this controversy was the reason WFG/TransAmerica decided to bury this aspect of its history very deeply.
I try to be tolerant of sales fluffery, but when WFG touts its "new and innovative" marketing to help middle class families, then divulges it has a history with a company that used the same pitch 30 years ago, reflects snake-oil salesmanship. It may last for a short period, then the salesman gets run out of town.
Also, when it is stressed during training how wrong certain celebrities are (and to tell you the truth, I have an absolute hatred for these con-artists) but then the company criticizing them does not acknowledge it did the same thing before (A.L. Williams lambasted insurance companies and also stressed "buy term and invest the difference") indicates the company has a serious deficiency of honesty and integrity.
When I first started in insurance, the importance of full and up-front disclosure could not be stressed enough. The only impression I have of WFG/TransAmerica now is if this was purposely hidden as it obviously was, what other "surprises" will take place in the future?
One final thought: Since WFG/TransAmerica loves to criticize Primemerica(which is actually a first cousin to WFG/TransAmerica as 70% of A.L. Williams was sold to Primemerica), I looked up the complaint records on the California Dept. of Insurance website and found, lo and behold, Primemerica has a much better complaint record than WFG/TransAmerica!!!
This is my official termination of my association with WFG/TransAmerica For those reading this, People magazine has an archived article from 1989 describing some of the things going on with A.L. Williams.http://www.people.com/people/archive/article/0,,20115997,00.html
This report was posted on Ripoff Report on 07/29/2012 02:13 PM and is a permanent record located here: http://www.ripoffreport.com/reports/wfgtransamerica/nationwide/wfgtransamerica-not-what-it-seems-nationwide-919264. 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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