Complaint Review: Premier Financial Alliance PFA
Premier Financial Alliance AKA PFA Shady sales tactics and all show Vienna Virginia
*UPDATE Employee: Not a charity, not a real entrepreneur company.
*UPDATE EX-employee responds: PFA is a Con
*UPDATE EX-employee responds: Completely agree
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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.
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
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!
This report was posted on Ripoff Report on 09/26/2016 01:44 PM and is a permanent record located here: https://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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