03.08.2020: This article requires an important update, which I will do as soon as I have a chance. For now, please read the last comment below this post by Steve Quan and my response to it. Thank you!
Today is April 11, 2019. I’ve written this WFG review 13 months ago. I still keep myself accountable for every word I’ve said there. However, I have to say that I have not been active with WFG since March 2018. Why? While I love the financial industry this company operates in, selling and recruiting are not part of my existing skill set. I have no doubts that I could learn both skills if I wanted to. But, I figured that I have no interest in gaining these abilities. I don’t want to suppress my feelings of an unnatural for me hustler’s behavior and speak with every person I meet about their sources of income, financial stability, and Insurance. I’d rather help people with the same issues online. So, I found another place where I can help people in this and other areas of my expertise without a need to chase them. While MLM (or direct sales) is a legitimate business model, it’s not for everyone’s personalities. I happened to be not the right type for this occupation.
If you are like me – not much of a social bird, I recommend learning how you could earn revenue by blogging and affiliate marketing, which also pays you commissions, but does not require to sell anything and recruit anybody – you simply tell stories on your website. Interested people will find you.
Welcome to World Financial Group Review 2018! I’ve been observing the company for a few years now, taking baby steps in getting involved in its business. Never before I’ve trusted an MLM (multi-level-marketing or a pyramid scheme) business model. Is WFG a scam? I wrote this review to share with you the results of my personal observation and experience. In this article, you’ll find company’s overview and its history. I’ll discuss the products and services they offer, and how they can benefit you. I’ll explain why WFG is not like the most MLM businesses, and share my personal perception of the business and its associates. In this review, I will explain my opinion that WFG is legit and can be trusted. Some of my arguments would be common for any WFG office across USA and Canada, but others, perhaps, could be subjective and unique to the Massachusetts branch. My optimism towards the company was boosted by my luck of meeting very friendly, knowledgeable and reliable associates.
My personal encounter with WFG
I’ve been first introduced to the World Financial Group 3 years ago. I met two ladies, who were WFG associates, among the guests at a private party where my son was invited to play piano music. That was soon after I lost my job as a Software Engineer. These two ladies heard of my situation and told me about a possibility to build my own financial business with WFG. I wasn’t interested. I wasn’t desperate for returning to work yet. I wanted to take a long break before I start thinking of working and earning money again. We did exchange the contact information, though.
Once I didn’t have to work 40+ hours a week, I got time to look into my family financial planning, which was always on the back of my mind. I was making some contributions towards my retirement savings all my professional career, while my husband had no savings what so ever. I wasn’t completely illiterate about finances, but I felt like I could benefit from professional advice. I asked my new friends for help, and they dedicated several evenings to go over our options and best choices for planning our income at the retirement. My husband and I offered them a nice dinner, but other than that their help was free of charge.
One of the financial products they introduced to us, had all the features we were asking for. Not immediately, but in about 6 months we purchased that insurance. My friends earned some commission from that sale, and I was happy that many hours of their hard work were not left unpaid.
The product we purchased was complicated, and while my friends put a lot of effort to explain it to us, we kept forgetting the features, the cost, and other conditions… I wanted to have access to some learning materials where I didn’t have to take more of my friends’ time. It turned out that WFG offers financial literacy training materials. One-time fee of $100 would give me lifetime access to their in-office and online training events and repository. I paid the entrance fee and started learning. By the time I was more or less clear on what’s best for building my family’s financial stability in the future, I knew quite a lot, and there wasn’t much left to fulfill the requirements for the Life and Health Insurance Producer State exams. So, with the encouragement of my growing number of friends at the WFG, I added the missing pieces to my education, passed both exams on my first attempt with a high score, and formally became an independent insurance producer.
It has been 3 years since I first met my WFG friends, and only recently I became ready to join in the WFG as its independent associate. One of my biggest concerns was the MLM structure of the company. However, today I am convinced that World Financial Group is a legitimate MLM company, and its business model is especially beneficial for its management-level associates of older age as it creates a passive income.
Name: World Financial Group (WFG)
11315 Johns Creek Parkway
Johns Creek, Georgia 30097-1517
5000 Yonge Street, Suite 800,
Toronto, ON M2N7E9.
Founder: Hubert Humphrey Website: http://www.worldfinancialgroup.com Price: Lifetime Membership Fee of $100.00 (USD) /$125 (CAD) +$5.00 USD processing fee if paying online Rating: 8 out of 10
World Financial Group (WFG) consists of World Financial Group, Inc., World Financial Group Canada Inc., and their affiliated companies. WFG is a subsidiary of Transamerica Corporation. WFG mission consists of 3 parts:
WFG offers financial services to individuals and families across North America. Through its alliance with Transamerica, WFG is able to offer a wide array of life insurance and income protection solutions with a common purpose: to protect families and their dreams. Since WFG doesn’t believe in “one size fits all” approach, its licensed associates offer a broad range of solutions from many other well-known providers in addition to Transamerica’s products.
At no cost, WFG associates teach their clients financial literacy, which helps families in planning their financial future.
For people from all walks of lives, WFG provides the framework to build their own business in the financial services industry at a low startup and operating costs and a high level of support and quality training in leadership development and education in the financial industry.
World Financial Group History
WFG planted its roots in 1977 when Arthur L. Williams and 85 associates founded their company A.L. Williams & Associates, which later became well-known for its controversial philosophy of “Buy Term and Invest the Difference” and Multi-Level Marketing (MLM) structure.
One of the original members of the A. L. Williams organization was Hubert Humphrey. At first, without the knowledge or consent of A.L. Williams, Humphrey began to apply MLM techniques to his sales. Then, his methods were adopted and became the foundation of the organization.
1977: Arthur L. “Art” Williams Jr. founded A.L. Williams & Associates – an insurance and financial services company that uses multi-level marketing.
1990: A private company A. L. Williams & Associates was merged with Primerica and renamed Primerica Financial Services.
1991: Hubert Humphrey left Primerica Financial Services and created Alexander, Inc., which shortly thereafter was renamed World Marketing Alliance, Inc. (WMA) Humphrey left behind “Buy Term and Invest the Difference” idea and focused on Variable Universal Life (VUL) insurance as a solution for baby boomers to better address wealth creation and tax protection need.
2001: Select assets of WMA were purchased by AEGON and renamed World Financial Group, Inc. World Group Securities (WGS) was incorporated in order to replace World Marketing Alliance Securities (WMAS) as servicing broker-dealer. Humphrey retained WMA Mortgage Services, which became the foundation for World Leadership Group. As part of the conditions of sale, Humphrey signed an agreement to not compete in the insurance industry until 2013.
2012: World Group Securities (WGS) merged with Transamerica Financial Advisors under TFA name
Offered Products and Services
WFG offers the following solutions:
Financial Education WFG enables families to make better financial decisions by helping them learn key concepts.
Financial Needs Analysis The complimentary Financial Needs Analysis (FNA) is offered by your licensed WFG associate to help you identify the core components of your financial health.
Power of Choice Customers have access to a wide range of products and services to help plan for their financial future. Financial solutions offered by WFG associates are:
Life Insurance A broad array of Life Insurance policies, including pure protection (Term Life Insurance), and various types of policies accumulating cash value. When the cash value becomes sufficient, the last group allows you to access the policy value through policy loans or withdrawals.
Annuities WFG associate helps you understand and choose the product that best fits your needs among a variety of annuities:
Equity Indexed Annuities (available only in the United States)
Variable Annuities (available only in the United States)
Critical Illness Insurance This type of insurance can help with out-of-pocket medical and non-medical cost when a catastrophic illness such as cancer strikes you or your loved one.
Disability Insurance If you couldn’t work due to an accident or illness for an extended period, disability insurance can cover you even after your employer’s coverage has ended. Not only it provides income while you are unable to work, but it also helps to keep your existing saving and investments intact.
Long-Term Care In the later part of a person’s life, one may require a Long-Term Care. But in some unfortunate cases, the need may arise even earlier: serious illnesses such as Parkinson’s, stroke or heart attack may also cause the need for such services.
Debt Relief assistance and Tax Resolution program Debtmerica and its sister company, Optima Tax Relief, provide Debt and Tax Resolution Programs. WFG and Debtmerica have partnered to help families achieve their financial freedom. Debtmerica has a dedicated team of trainers and consultants to support WFG Associates and offices.
Mutual Funds Mutual Funds allow you to pool your money with other individual investors to purchase financial instruments. Every mutual fund has a professional money manager, who is responsible for making investment decisions on your behalf in accordance with the stated investment objective of the fund. There is no guarantee that a mutual fund will reach its investment goal, it’s subject to market risk and may experience loss of principal
Segregated Funds (Canada) In Canada, segregated funds are investment policies that provide guarantees on the initial investment at maturity or upon the death of the account holder. They are managed professionally and offer a wide array of investment portfolios to choose from. These policies may protect your funds from creditors.
Group Insurance (Canada) A range of products is available to the small business owners. A licensed WFG associate can offer insurance solutions to cover the owner, the employees and to ensure the future security of the business.
Registered Retirement Savings Plans
Business Solutions Here is an incomplete list of available solutions. Your WFG associate will have a full list and all the details.
Executive Compensation Programs such as Deferred Compensation and Key Person Insurance
Business Continuation Programs, including Buy-Sell Arrangements
Retirement Plan Solutions such as 401k and 403b
In Canada, products and services listed above in “Group Insurance” are also available to help reward and retain personnel.
College/Post-Secondary Education Funding
In the United States, 529 College Savings Plans can be utilized.
In Canada, several options are available to fund college education:
Registered Education Savings Plans
Joint Life Annuities
Guaranteed Interest Accounts
Investment Advisory Services (United States) Properly licensed Investment Advisor Representatives of Transamerica Financial Advisors can provide professional money management services and work with the following types of assets:
Variable Annuity and Variable Life contracts
Exchange Traded Funds
Individual stocks and bonds through separately managed accounts
Business Platform WFG helps entrepreneurs to quickly and efficiently start and build their own financial services organizations with minimal initial capital. WFG guides the process step-by-step and provides mentoring and all required business tools.
MLM business model – legit or scam
As I mentioned at the beginning of this article, MLM business model of WFG was my strongest argument against joining the company. I carefully researched all the pros and cons of MLM businesses.
On the next page, I am going to share with you the results of my investigation and my conclusions.
is a founder of LiveWealthyRetirement.com. She is a caregiver to her adult son with disabilities, and therefore a full-time work in a remote office is no longer an option for her. Julia established her own online business to help others with similar needs to work from home on their own schedule. She also teaches people how to achieve financial independence in the senior years even if they were unable to start saving for the retirement in their youth.