Report: #675328

Complaint Review: PHP Financial Services - Northridge California

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  • Reported By: Sporna — Los Angeles California U.S.A.
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  • PHP Financial Services 8550 Balboa Blvd. #216 Northridge, California United States of America

PHP Financial Services PEOPLE HELPING PEOPLE PHP Financial Servises is another Pyrimid Marketing Sceme!  They are an Uprofessional Financial Company. Northridge, California 

*Consumer Comment: Quitters DO prosper if you walk away early from PHP!!

*UPDATE Employee: Quitters Never Win

*UPDATE Employee: THE TRUTH!!!!

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I was first introduced to the company by my friend Johnny Feldman, back in September 2010.  I called Johnny to see how was doing, and being the crooked salesman he is, he ask to help out a friend of his, that I knew, if I would her with her training by letting her come over with a training associate.  I said, what is this? "World Financial Group, or another MLM? He said , it's nothing of the sort, and WFG was going under due to many complaints.   I said that I have already have  a Money Manager, and that I am not going to buy anything.   He said, "No don't buy anything!  This is just for her training , so  she could get her licence.

So did, and I saw her and her Training Rep. Veronica Sesma, a young 26 year old inexperience women in the financial feild.  They were an hour late, which made them look like unprofessional hypocrites, sense they preach punctuality.  Well to go on, Veronica did her presentation, by following a chart and a formula set up by PHP to sell the sevices.  She stated this is a company that does financial service for the bottom 98%, who make below a 100 k  a year.  She stated that company teaches families how to save money for retirement, and teack people how to make extra income.  I knew that it was another MLM sceme, something too good to be true.  How she sparked my interest to look further, and check out the Meeting, was that she said there were lots of single women there, knowing that I was single, and looking for the my soul-mate, so I can start a family.  So she played off of that in order to rope me in.  And I'm sure Johnny Feldman clued her in, that was on the market for a young woman, and eventially get married, and have a family.

It's been my expeirence that these people do anything to rope you in. 

Needless to say I went to ther Training Meeting at Braemar Country Club to see what was out there.  Their was about 10-15 people in our training presentation, and the Co-Chairman/ Founder, "PATRIC BET-DAVID" spoke.He was a good speaker, and talked about market trends, and how they went with Baby Boomers.  Startrd with Gerber Baby Food, who started 1946, and how the company became successful.  He then went on to the different trends, the construction boom in the 1950's-60's, to the Sport car boom in the 1970's, to the Real Estate boom in 1980's, all due to where the Baby Boomers were.  Now He said that the next boom is Life Insurance as the Baby Boomers were getting ready to retire.

He pumped everybody up with that PHP, and Life Insurance is going to be the next biggest trend, and that if you went with PHP, that there would be a pot of Gold for everybody at the end of the rainbow, even for part-timers.  He is feeding off the bad economy, and people's employment uncetaincies. I must say Patrick Bet-David is very condicending, and talks down to everybody as he is a typical ego-maniac.

The next day I got a call to come in for an interview.  I came in, saw Jose Gaytan.  He was very flatering, and related well to me.  He asked me what my goals were.  I told him that I had a cereer that pays well, and a Money Manager that I'm happy with.  I told him that I was open to looking into his company, afer he said that I would for sure make at least $4,000. a month working part time, and all I needed to do was spend a couple of hours at night, after work doing this, and go to two meeting a week.  Needless to say it sounds good , but it's not reality.

After that quick Faux Interview I had with him, he said the company doesn't work with anybody, but that they'll work with me.  All I had to do is fill out a 1099 form, and pay a $100. for a processing fee. When that happend I knew there was someting fishy.  Johny Feldman walk in, and I look at him, and questioned the legitimacy this.  I was told that there wasn't going to be any money out of pocket   by Feldman, Sesma, and PHP.  But I  did it, because it sounded good.

With in the next month, I meet a girl that I was fixed up with, and we had a fling.  She was just starting out again after quiting. 

She already had a paying job as an insurance agent at botique agencey.  She wanted the pie in the sky, and Veronica Sesma got her, in, while Patrick and company convinced her about all the B.S. about starting her own business, quote on quote, lol.  Yeah right!

She, a febel minding person got totally brained washed by these people, and it was like she was in a cult.  She then dumped all her firends, as she was convinced that they were a bad influence on her, because they told her not to get involve this pyramid marketing sceme.

OUr relatiuonship was new, and we were hanging a lot for two weeks, until Veronica Sesma, her up-line, and Patrick Bet-David put the pressure on her to recruit certain number of peopl under her, sell  a certain number ofwhole life, and universal life policies. 

After that she spent her whole time outside of work doing PHP, and no time for me, or sleep.  She thought PHP was gospel, and that Patrick Bet-David is Jesus Christ.

In a nut shell I saw through company, and got out.  People, it's not as easy as they say to make the money.  PHP office is filled wit foriegnerd, and young people whom have sold their soul to Patrick Bet-David.  These poeple don't know anything about life insurance policies or finances. 

They give you site to sign in up on in order to study for the Life Insurance Exam.  They pressure youn to do 36 hours on line with in a week.  They tell you to that you don't have to read the material, and just move the mouse up and down to show activity.

Folks is this whom you want to be in charge of  all your life savings, and make a disision on what program to put you in?  I DON'T.

Also one of the prerequististes of being an assciate with PHP is buying one of the life insurance programs.  They also have classes which are good.  One being PHP UNIVERSITY.  It's 6 classes @ $100. a class. And if you don't met the requiremnets as the class goes on lilke, not enough recruits, or policies sold, you'll have to pay Patrick $20.  And these people's sales pitch is on getting recruits, is that there company is hiring and willing give you free training , RIGHT!

$100. for signing up, a $100. per PHP UNIVERITY CLASS, and $150. for the BIG EVENT they have every 6 months where Steve Wosnyak of apple computer speeks.  THAT SOUNDS NOT SO FREE TO ME.  They Put a lot of pressure on you to get recruits under you, and sell policies.  People were sell selling life policies on the last day of the month in order to get their  faux prommoson in the company that doesn't pay them.

I understand it's sales, and it commision only.  The Woman that I was dating sold a lot policies with PHP, and didn't get paid her commission upon signing.  She says that there is no commission, only residules, which pays out after a policy renews. That doesn't sound right.

As I can see the Agents there do not know what they are doing?  They don't give the attention that there clients deserveand need, because are too buisy recruituing no blood be under them, as well as writing faux policies to win compitions and faux promossions.

PHP promotes themselves a s a Christain Company, and the moto is that they are on a crusade to save America.  And they actually believe it.  I SMELL CULT!

Patrick Bet-David is the leader of this cult, and really thinks that he is Jesus Christ reborn.

Don't be fooled by PEOPLE HELPING PEOPLE, AMERICA.  It's more like POEPLE HELPING PATRICK BET-DAVID GET RICH.  This company will suck you dry, and will actually add the bad American economy.

They lie just to get your business.  Johnny Feldman, and Veronica Sems said the PHP has no affiliation with World Financial Group, andother MLM. Not true Patrick Bet David, and a few of the Top associates were wit World Finanicial Group.
































This report was posted on Ripoff Report on 12/26/2010 12:05 PM and is a permanent record located here: https://www.ripoffreport.com/reports/php-financial-services/northridge-california-/php-financial-services-people-helping-people-php-financial-servises-is-another-pyrimid-mar-675328. 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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#3 Consumer Comment

Quitters DO prosper if you walk away early from PHP!!

AUTHOR: wasted my time - (United States of America)

POSTED: Friday, May 13, 2011

I have been unfortunate enough to be solicited by People Helping(sic) People "PHP" and for anyone to say that you'd be a "Quitter" for walking away from that gaggle of lunatics would be incorrect!  Save yourself!!  They try to saturate your mind with loud music and shill standers in the audience of the initial meeting which takes up an hour, the audience who I gather were mostly poor lemmings who took the bait previously act like they're on some kind of Xtacy pills!  They separate the group and shuffle you into a private room with a few other unfortunate newbies, not explaining any of the normal questions one would ask as to how many classes, class costs, commission percentages or association agreements!  After an hour of that, Next they will individualize you to a another private office & tell you that hardly anyone gets to be part of their exclusive group and it will cost you $100 right then and there!  What an ambush!  I told them I wanted to leave but the lead associate asked if he could call me the next day &(called me 3 times!) asked me to coffee.  You don't find out till this other meeting and after he gets your Ccard info & 1099 for more money you must pay for their insurance or you can't be helping people at all and some other costs for a convention and some MORE classes and then the license fee!! Oh and there's member fees & web maintenance monthly fees.    Guess what?  I said give me my information back and ccard charge info and GOOD-BYE!!  So please run the other way and save yourself a waste of time and $$!!  

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#2 UPDATE Employee

Quitters Never Win

AUTHOR: MoltarRocks - (United States of America)

POSTED: Friday, April 08, 2011

I wanted to point out a few misconceptions you have about what PHP does and does not do.  Let's face the facts -  what PHP does is allow an opportunity for people to: 1) Become a business owner, 2) Be an independent contractor, 3) Sell actual life insurance and annuity products, as well as provide other services.

It is not for everyone, nor is being an agent of Farmers, State Farm, Allstate, etc.  The difference is you are asked to pay your own way for certain things, which, if you knew anything about being a 1099 employee, or the IRS Code, you'd know much of it is tax deductible.  I know from being around Farmers agents that they wind up advancing you funds and you are expected to produce.  If you don't, they terminate your contract and expect you to repay if you don't meet your goal.  The PHP model is different - that is, you pay for your expenses up front and if you produce and are licensed you get paid.  If you don't get a license, you don't get paid.  That's state law.

With respect to the fees, sure there is a $100 processing fee, which is minimal compared to what you can make on a single transaction.  The costs for licensing are in no way controlled by PHP.  If you were to become an insurance agent on your own, you'd have to take the course work and pay your examination fees regardless.  That is state law, not company policy.  That they push you to complete your hours quickly simply means they want you to get licensed quickly, so you can actually make money. 

What you may see as a difference is that competitor companies may or may not pay the cost for the courses and licensing, and errors and omissions coverage (which the insurers require).  PHP does not pay for these items.  They also do not charge for processing the company appointments (that is - the right to transact business with the insurers they are contracted with).  The costs for supplies, marketing materials, etc., are minimal.  If you were a real estate agent, you'd have a similar cost model.

As for the Big Event seminar, can you honestly point to a business seminar you attended which provided you with high profile guest speakers for $150 over 2 1/2 days?  You can't compare it.  Other seminars often cost a multiple of PHP's costs for Big Event.  Remember, the only person who makes you go to these events is you.

To be a 'ripoff' it would mean you are being sold inferior products, or even no product at all.  The fact is they do not sell whole life, as you have asserted, and actually sell against it.  To claim the associates that are licensed know nothing about life insurance or finances is to say the entire agent licensing process is a farce.  I think the various state insurance departments who administer the exams would take exception with that.

As for 'having' to buy one of the products, would it be reasonable to expect a future client to buy from you if you have nothing similar in place for yourself?  I have 3 different products from 2 companies that I purchased from PHP and a friend who was one of my training appointments purchased an annuity and will save thousands, because he was getting ripped off $400-$500 a month in transaction fees on his IRA.  We saved him from that.  This is only an example and there is nothing fake about the policies as you claim.

With respect to recruits, yes, you are supposed to do that.  That simply increases the rate at which you are paid under the contract.  The more people you recruit who become licensed agents, the more money you can make because you get paid an override on business they produce.  Where's the scam in that?  No other business model gives you this advantage.

In conclusion, this business is not for everyone and it seems your priority was more about your 'relationship' than learning the business and working hard to succeed. 

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#1 UPDATE Employee


AUTHOR: Me - (United States of America)

POSTED: Monday, February 21, 2011
I don't know who you are, but I am sorry to hear about your experience. First of all, just because you have a bad experience doesn't mean there is something wrong with the company or you. Just means that it wasn't a fit. I have met a lot of great women but that doesn't mean I should, would, or could marry them all. Patrick Bet-David is the founder of the company and was with World Financial Group. He left and started his own company and last time I checked, there is nothing wrong with that.
Now if the people weren't honest with you in any way that doesn't make the company a scam. Scams are ILLEGAL!!!! It just makes the people you dealt with dishonest. You have the right to your own opinion just like the people who love the company, but remember IT'S JUST AN OPINION!!! Do not make it seem like everything you said was based on facts. Now to correct some of the things you said. You have to pay a $100 processing fee. PHP does have people who process other paperwork and they have to get paid somehow. After the $100 fee, PHP does not REQUIRE you to pay anything else. The class to get your insurance license is through a web site not affiliated with the company. Which is $60-$80. Then you have to pay for the licensing test which is through the state of California. Then, you fill out appointment paperwork with several insurance companies. You need to take an annuities course, anti-money laundering course, and pay for errors and omissions insurance which is about $55 a month. Again, NONE OF THOSE FEES ARE GOING TO PHP!!!! I am not going to tell you the exact fees of PHP U but it's not a $100 a class!! And even if it was, they can ask you to attend and pay but YOU DON'T HAVE TOO!!! They can ask you to do a lot but you are NOT AN EMPLOYEE!!! You control how much time and effort you put into the company. You set appointments and teach people about how money works like the rule of 72 and the three enemies of your wealth which obviously are not taught in school. PHP itself does not have any products. They are an MLM company which markets other companies like ING, Old Mutual, etc.... They cannot SCAM YOU because they don't have anything to sell you within their own company. They only offer the products of other companies.
As far as it being a scam, MLM's are not scams. They may not be what you are looking for, but they are legit. If the rep for a company says it's a job, they have lied to you but that doesn't mean the company is illegal. It just means the person you talked to doesn't have integrity. If you like you job, keep it. If not, then look for something else. PHP may be for you or maybe not. There is nothing wrong with a company just because you have a bad experience. People have bad experiences in life all the time but that's life. I am an independent contractor with PHP (That's the language of the contract) and I have been paid. You get paid in a variety of ways but YOU DO GET PAID COMMISSIONS IF YOU SELL A POLICY just like if you worked for State Farm or Allstate. If you don't like the company that's perfectly ok. I have NEVER ANYTHING IN MY LIFE THAT EVERYONE LIKED!! However, do not go around spreading false rumors about a company that has done nothing to you. You can talk about the reps that you had bad dealings with all you want, but the company itself is legit. Any questions or comments, then post something so I can enlighten you. Thanks to all who read this.
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