WFG relies on its associates in two ways to get customers. Firstly, any of the products the associates themselves purchase, essentially turn them into the customers. All those new associates will be immersed in WFG products and culture, and probably end up buying products themselves.
Then, they are forced to aggressively try to get more associates, spreading the WFG product line and sales almost like a virus as it multiplies down the levels. But it obviously works, as WFG has a tonne of sales. As a former sales guy, I think that WFG must have an extremely effective pitch for new members because it is obviously working and getting results. But as an investor or insurance purchaser, I would never hire a WFG associate.
But put some time in, learn how to start investing , and take control of your own finances. Yes, WFG is a legitimate company. If you purchase an insurance or investment product from them, you will receive the product. However, there is a limited number of companies that WFG is associated with, so your product selection will be limited to those companies. Also, you may be pressured into purchasing expensive products that may not be the best for you, such as permanent life insurance or segregated funds, but will earn the associate selling it a big commission.
Often, the associate you are dealing with may not have very much experience also, and will likely try to recruit you to become an associate also. As a former life insurance agent and financial advisor, I can understand the success of WFG.
In my opinion, it is very difficult to make money with this business model. Yes, there are some success stories, and in its marketing materials, there will be descriptions of people getting rich at WFG.
However, it will be a very tiny fraction of the overall recruits. WFG almost has the same negative stigma as Amway does. Here are some of the reasons I hate MLMs.
You can learn something like how to code, become a virtual assistant, or brush up on design skills, then freelance your services to clients.
The possibilities are endless. Check out lists like these for ideas:. Instead of working at WFG, you can get licensed on your own to sell investment and insurance products, and start working for an insurance or investment brokerage.
I mentioned before that I worked for an insurance broker in Canada that had way higher commission payouts than WFG has. You will also get trained up at these brokerages.
Here are my top picks on the best trading platforms in Canada. If you need a little bit of advice, you can look at my top picks for the best robo-advisors in Canada. For Canadian life insurance, I would recommend PolicyMe. Another life insurance option for Canadians is PolicyAdvisor.
You can compare 20 different insurers very quickly and get the best rates. If you must use an advisor, try to find a fee-based advisor that is not incentivized to push you towards a certain product.
They can help you with both investments and insurance. While WFG may not be a scam, I would never work or buy any products from them, nor would I recommend any of my friends or family to either.
I believe there are so many other better options, in terms of choosing a career or buying financial products. I absolutely would not buy a financial product from this company just because the quality and ethics of the agents I have come across are so questionable.
I met up with an acquaintance from a college class who acted as if she wanted to grab coffee. I thought it was strange as we had not had much interaction but figured she might be feeling isolated after the pandemic, tried to do my good deed by meeting up with her but turned out she was trying to shove WFG down my throat.
BUT the behavior of my friend and the woman who recruited her was incredibly aggressive and a bit of a show, low focus on substance and high focus on flash. Two days from when we grabbed coffee, my acquaintance was pushing for a meeting to show me about the WFG program.
The online meeting was highly questionable, the woman presenting seemed to focus more on telling me about how much money she made through WFG instead of how she actually made the money or even what the WFG program was. That should have been my sign to run for the hills.
The presenter kept stating that she had retired before she hit 40 because woohoo, WFG was so good for her finances! This seemed a bit disingenuous but i brushed it aside.
A few days after that meeting I get a document from my college acquaintance asking me for my employment information, medical history, family information, beneficiary information and so on. Turns out she was getting ready to sell me life insurance but ummmm…what? I had no idea that the WFG recruits were trying to earn money by selling products to other recruits.
In addition tactics were very aggressive. I was absolutely exhausted, had already told my college acquaintance I was super sick and…. I got texts, a lot of texts, from both my college acquaintance and the woman who recruited her trying to schedule meetings even though I told them I was very sick.
Yeah no. I realized in full health the agents I was dealing with were manipulative. They were super pushy on trying to get me and family members to sign up for products, kept trying to disguise aggressive sales to me as friendly zoom meetings and just overall these people felt like people who did not have the morals and values of people I wanted to do business with.
I would absolutely avoid WFG just because there is no set standard for levels of professionalism and conduct. The products are genuine but unfortunately being peddled by some agents with extremely questionable morals.
There are both Good people and Bad people in every industry. Fortunately I have seen both in WFG. Good People — 1. Understand clients need. Protect clients wealth. Accepts that something went wrong and tries to fix it. Bad People — They tend to play with peoples fear in disguise of providing financial literacy. Do you want to take control of your life? Who controls your time? You work for money and does your money work for you? Is your money growing? Trying hard to sell ULs and Seg. Funds despite financial situation of the client.
During Pandemic last year, I lost my job. I was not in mood but he insisted to in person meeting. They were flaming the fear that North American countries has bad reputation for job security. Only Financial Services industry can provide protect people, even in financial crisis people in WFG have thrived and they promised they has impugnable duplication system that works immensely for everyone.
I have joined them and was working there for year before I decided to discontinue. The only problem I see is that there are too many bad ones than good ones.
It is like any other business, if we want to grow the business you need to recruit is the justification provided from great mentors and coaches. They really have poor understanding of product. To my knowledge I have interacted with few extra-ordinary people SMDs or CEOs who understood what product to recommend and how to design a product.
Rest all 30 to 45 people depend on these 2 or 3 people. They also worry about activities and trying to meet goals. I felt I was very well educated already because i understood everything.
Left the meeting feeling good. Once they sat me down is when everything felt quick sign here and here and pay this. While still asking me questions about my life.
I should of known better and just walked away. They want you to bring more people in and refer people to the company. Not worth my time or money. I would like to maybe shed some light on the topic if I can. First is that not all branches are the same. Only paid for our courses. I personally think it should be taught in high school.
The information I have learned in this course will benefit me the rest of my life. Fourth, as an agent, you are bound by law by the Duty of care.
If you break your legal responsibilities, you will be sued or lose your license or both. Seventh, we beat almost anyone on residential mortgage rates.
We save people money. Eight, the job is about educating people and helping them save money, have a better retirement and make more returns on their investments. I love doing it. Usually, your commission comes with responsiblity. Which is normal. Thank you Marc. You also still have to pass the board exam which is regulated. They offer a wide range of investment products and with Bolt they also offer Property and casualty insurance.
Just get a quote off them and if it saves you money then good. Good evening. I read the article and the reviews. The article is old for one. Our commission is much higher and we do not pressure people to join the business. We can not make a person give us their credit card.
We provide valuable information and if they like what they hear, they join. Every business recruits. Every decision we make in life is by choice. I have been in Investments and Insurance for 18 years, licensed in Canada over multiple provinces.
I have friends with world financial group and they Actually market most of the same products and services my firm does. Their model provides training and support to new people to the industry in a way no-one else does. Good Luck. I am so glad I didnt sign with them but what is the best group to sigh with that is not a scam if I wanted to get into the financial bussiness?
This company is a total SCAM. Once i asked i need mire information before i make a descision abd i decided not to go ahead, they said you are signed up and the money cannot be refunded. They never informed me befire about this. An agent baned Rounak. He is a total cheat, please do not fall for this. I just lost my hard earned money to fake promises. Sharon, a family member learned about the non-refundable joining fee the hard way.
She also just recently learned that there WILL be a push from above recruiter and the recruiter of the recruiter to contact others to join a meeting and sell policies. Glad that your radar was good on this! I have been an investment advisor and a CFP for over 10 years. I have never seen a group of individuals with little to no finance background trying to educate me about investing for my retirement while protecting my plans with insurance until I attended to one of the networking events.
I stuck around for an follow up meeting just to see how much bs there were, and, oh my god, they were full of it. There were people who were dumb enough to quit their full time job to do this. You are better off investing your money with Bernie Madoff because at least you can sue him to get some of your money back.
What is the difference? You should ask. These poor people are the most vulnerable and WFG has been tactfully exploiting intactness and disconnectedness of these communities. About 15 years ago, I repped with Primerica. The argent who recruited me was a cop, and many of the principles are the same with WFG. In reality, I see WFG as superior in the ability to write more business and sell a wider variety of policies as there are affiliations with a huge number of companies.
I agree the recruiting tactics needs to be finessed, however, as someone who is looking to get into financial services on a flexible schedule, this works for me. I understand the negative attitudes to Network Marketing, look every business is the same. No one graduates from a university and is the CEO of a Fortune company. WFG offers so many things to help middle America. My lessons taught by my prior experience at Primerica have allowed me to build a portfolio, pay off my home in 11 years, a protect my family.
I see WFG as having this same mission. I can not wait to get my licenses again so I can help families become secure out their future as my wife and I are ours. I am a client and a geek when it comes to financial products and the numbers behind these things. Financial services are legally not allowed to be structured as a MLM. Get your facts straight! I have just started with WFG a month ago and here are my thoughts from a 28 year old. You need to invest in yourself.
If you want to learn a skill in a book, buy the book. Want to learn how to fight, buy the lessons. Yes, one of the requirements to get promoted to the next level CAN require getting 3 new recruits but it is not the only way to get promoted. You can get promoted by helping a certain amount of people. Instead of waiting for the opportunity, go and get it.
No, this business is not for everyone but calling it a scam is a bit harsh. If you want to sell the product, they are okay with that but if you hope to make residual income, then you will need to build a team. Employee mindset vs Business Owner Mindset…. These reviews are spot on. As a licensed Health and Life insurance agent for over 30 years I can tell you this….
How you get in to the business will determine when you get out of the business. This applies not just to the Insurance business. Bottom line when selling product you should always place the consumer ahead of yourself and your quotas.
Selling higher commission products means lower quality for the consumer. Thier business model nessitates a higher commission in order to pay muliple levels of people invovled, therefore it stands to reason that the less people involved with your sale usually results in a product that has more advantages to the customer… Companies that sponsor Super Bowl ads usually sell the worst products for the consumer because they pay for thier ads by marking up thier products.
Think about it, if your manager is so successful based on his own contacts and referrals then why does he need your prospects? The answer is obvious if you think about it. The majority of what I am reading is incorrect! I have been a WFG client for over 6 years and could not be happier! It baffles me the incorrect content that gets shared. The financial industry is highly regulated and agents MUST adhere to strict compliance. All agents MUST successfully pass for government courses in order to receive a government issued license!!
A license issued by the government. Pyramids are illegal. I see MLM is mentioned a lot. You will be pleasantly surprised to learn about the structure and integrity of this company! Your email address will not be published. Skip to content.
Like this article? Share it so your friends can see it too! Thank you. If however the customer cancels his policy within the first year, the broker receives a penalty has to pay back part of the commission he has received, depending on how early the customer canceled his premium Research more … this is the insurance business.
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