Welcome to my World Financial Group Review! Never before I met WFG people, I’ve trusted an MLM (Multilevel Marketing) business model, which WFG utilizes. I thought that MLM and Pyramid Scheme were the same. However, I always try to stay open-minded, and instead of blindly declining an offer to join WFG, I’ve decided to watch, learn, and make my own conclusions. After 3 years of close observation, I’ve opted-out. Why? Is WFG a scam? Please continue reading as I give you the answers and explanations in my unbiased WFG review.
|Name:||World Financial Group (WFG)|
|USA:||11315 Johns Creek Parkway|
|Johns Creek, Georgia 30097-1517|
|Canada:||5000 Yonge Street, Suite 800,|
|Toronto, ON M2N7E9.|
|Price:||One-time Non-Refundable Membership Fee of $100.00 USD or|
$130.00 CAD plus applicable taxes. Conditions apply. *
Then, $70.00/ mo for licensed associates.
WFG is a financial services multi-level marketing company. WFG is a subsidiary of Transamerica Corporation. Since WFG doesn’t believe in the “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.
World Financial Group (WFG) consists of World Financial Group, Inc., World Financial Group Canada Inc., and their affiliated companies:
- World Financial Group Insurance Agencies (collectively, WFGIA)
- World Financial Group Securities Inc. (WFGS)
Insurance products are offered through WFGIAs. In Canada, WFGIA offers life insurance and segregated funds and WFGS offers mutual funds.
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.
- At no cost, WFG associates teach their clients financial literacy, which helps families in planning their financial future.
- For people from all walks of life, 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.
The top members of the executive team are:
Thomas Dempsey – President and CEO of World Financial Group, Inc.
George Chuang – President of Transamerica Financial Advisors
Rick Williams – President of WFG Canada Inc.
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 the World Financial Group, Inc. World Group Securities (WGS) was incorporated in order to replace World Marketing Alliance Securities (WMAS) as a servicing broker-dealer. Humphrey retained WMA Mortgage Services, which became the foundation for the 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
My Personal Encounter With WFG
On a summer evening of 2015, at an enjoyable private house party with a music concert, I was approached by 2 beautiful ladies, let’s call them Mia and Karen (I don’t want to disclose their real names). These ladies found out from the host of the party that I was in a process of changing my occupation with a need to work from home on a flexible schedule as I had to be available during the days to my adult son with disabilities. Mia and Karen were WFG associates: at the time, Mia was a Marketing Director (MD), and Karen was a trainee. Mia had been working with the company for over 6 years, while Karen just joined recently.
Please note, that while everybody in presence was there for leisure, Mia and Karen were on the mission of finding new prospects for their business.
These two ladies introduced WFG to me and offered an opportunity to join their team and build my own business in the financial industry. I wasn’t interested in getting involved with the Multilevel Marketing company. Like most people, I was skeptical about network marketing and thought that all MLMs were scams. However, the ladies seemed very nice and a new acquaintance with people knowledgeable in the field of finance sounded useful. I didn’t mind exchanging the contact information with them.
Since I didn’t have to work 40+ hours a week anymore, I got time to look into my family’s 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 visiting us and going over our options and best choices for planning our income at 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 the plan which was a combination of whole life insurance and savings for retirement. 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 – so, that I wouldn’t have to take more of my friends’ time. It turned out that WFG offers financial literacy training materials.
I was told that a one-time fee of $100 would give me lifetime access to their in-office and online training events and repository. That actually turned out to be unintentional disinformation. Hear a spoken word and always verify it in the legal documentation! Of course, I didn’t read every single word in the Associate Membership Agreement at the time of signing up… Or maybe I even did but was assured that the termination has never happened in the past and I’d be able to access WFG training and materials at any time in the future.
Well, 4.5 years later, I did receive a termination letter via email. Some of my readers reported that so did they, and they felt like they were scammed as they have only been with the company for only a little over a year. The chance to receive the licenses and earn $2,000.00 + in commission in your first year is very slim.
After this Corporate letter, Mia emailed some additional information to all terminated associates in her team, explaining that those who still want to stay on WFG platform and learn financial knowledge, get incensed and do the business, could pay $10 or $15 (depending on the State of Residence) within the 60 days after the termination date and get their membership extended for another 9 months. “After 60 days, you’d need to pay $100 to rejoin.” – she wrote.
Anyway, back to 2016… I paid the entrance fee of $100 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.
With the encouragement of my growing number of friends at the WFG, I added the missing pieces to my education, passed both exams with a high score on my first attempt, and formally became an independent insurance producer, but not appointed with Transamerica yet. That would be my next step should I decide to move on…
I became confident that WFG was not a scam. Some of the arguments supporting my conclusion that WFG was a legit business were common for any WFG office across the US 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, hard-working, knowledgeable and reliable associates.
It took me a few paragraphs to tell you the story, but in reality, it had been 3 years between meeting Mia and Karen and getting my first licenses. In the meantime, I’ve learned the difference between a Pyramid Scheme and a legitimate MLM business, watched Mia working non-stop days and nights, and learned other advantages and disadvantages of network marketing. The MLM structure of the company was still my biggest concern for making a commitment to become an independent associate.
In 2018, I’ve made my final decision NOT to pursue the WFG business opportunity.
I didn’t lose trust or confidence that this opportunity could be developed into a profitable business. I watched my friend Mia slowly but steadily moving towards achieving her goals. I witnessed her advance in the rank from Marketing Director (MD) to Senior Marketing Director (SMD) – this happened in 7 or 8 years after she joined WFG.
Yes, it can be done – Mia has proved it!
But by what efforts and in what time frame?
Did you know that once you’ve achieved the SMD rank, you’d be required to give away your strongest team member and his or her “leg” to your upline?
That’s what happened to Mia. She had to start over again. She is extremely patient and committed, but she said that a lot of SMDs leave the company at this point. If they do, they lose 8 to 10 years of their life and their hard work. I want you to be aware Before You Got Involved!
The image above shows SMD’s average earnings for a rolling 12-month period. Would you agree that this is not a huge annual income? My last 9 to 5 job paid me more, plus excellent benefits.
I’m not afraid of hard work and I can commit and focus on my business full-time until I reach my goals. But if I work for myself, I want to love what I do. Wouldn’t you? I considered the opportunity with the WFG in the first place because I really like the financial industry. Learning more about the limitations in control of your business, the skill set and type of activities one must perform for success within the MLM model, the high dependency on your team size and its quality, and inability to diversify income streams, pursuing a network marketing opportunity just didn’t feel appealing to me…
While considering the WFG opportunity and taking these small steps in approaching it closer, I continued looking for some other type of business that I could run from home.
I discovered for myself the affiliate marketing model, which offers much more flexibility. In affiliate marketing, you are in full control of the industry you join, and the direction and strategies of your business. You don’t need to recruit and train anyone. Your success depends on you only and is directly corresponding to the efforts you put to growing your business. In this article, I compare Affiliate Marketing vs. Network Marketing side by side – please check it out!
The success rate in network marketing is very low, and it takes at least 5 years to only realize whether your business is even moving in the right direction. You may work hard and put a lot of effort into recruiting and coaching your team members, but they may not be as dedicated or as skillful as you are.
Mia spent a lot of her time training Karen for about 2 years and helping her prepare for her State Exams. Karen seemed really interested and committed, but then she left WFG to work with Primerica. As a side note, I warn you NOT to do that!
All Mia’s time and her efforts put into work with Karen were wasted. At least, I didn’t waste Mia’s time training me on anything other than the product I purchased! But, it was my right to opt-out if, in the end, I decided that the product was not a good fit for my family. That’s the nature of Mia’s business, and the business you are considering to get involved with.
I don’t know whether after reading my WFG review, you’d be willing to become an associate with WFG, but Primerica is much worse! Since I mentioned it, let me explain a little…
Primerica is also an MLM company offering financial products and services (see the diagram above and the WFG History chapter for A.L. Williams & Associates). However, their products are very limited compared to WFG, their philosophy and strategy are very narrow (“Buy Term and Invest the Difference”), and their business ethics are horrible.
Primerica associates break the law by putting their own interests above clients’ interests and churning the policyholders to replace their existing policy for the sake of earning a commission and recruiting a new associate. By canceling an existing insurance policy, the policyholder often becomes a subject to Surrender Fees and with a new policy, the contestability period starts all over again.
Many potential clients are not aware of the consequences of policy cancellation and fall under this scam. But, if a potential happened to be financially literate, Primerica associates’ initial charm, friendliness, and politeness disappear as soon as they feel resistance and disagreement.
Since Karen switched to Primerica, she tried to pull me along and I learned all of the above through my personal experience communicating with her new Regional Director.
I do not recommend either WFG or Primerica, but please continue reading to learn more about WFG, and if you decide to move on with the financial services network marketing company, do yourself a favor: choose WFG.
However, if you’ve checked my “Affiliate Marketing vs. Network Marketing” post and feel like affiliate marketing would be a better choice for you, but you don’t know how to get started, I can recommend you the company that I’ve joined and am still very happy with the training, tools and services, and level of support I receive there.
WFG Products and Services
WFG offers the following solutions:
I. Financial Education
WFG enables families to make better financial decisions by helping them learn key concepts.
II. 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.
III. 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.
WFG associate helps you understand and choose the product that best fits your needs among a variety of annuities:
- Immediate 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 costs 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 savings 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.
- Disability Insurance
- 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 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
- Group Plans
- Travel 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.
- Executive Compensation Programs such as Deferred Compensation and Key Person Insurance
- 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
- Registered Education Savings Plans
- In the United States, 529 College Savings Plans can be utilized.
- 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:
- Mutual Funds
- Variable Annuity and Variable Life contracts
- Exchange-Traded Funds
- Individual stocks and bonds through separately managed accounts
- Mutual Funds
- Business Platform
WFG helps entrepreneurs to quickly and efficiently start and build their own financial services organizations with a minimal initial capital. WFG guides the process step-by-step and provides mentoring and all required business tools.
Should the Clients Be Concerned about the MLM Structure of WFG?
My experience showed that being a client of WFG is like traveling in a Limousine with your personal driver and tour guide. Though I can’t guarantee that no associate at WFG is Primerica-minded, their company-wide training and philosophy are to serve clients in their best interests. They carefully evaluate the financial situation of each family and among their wide variety of products find a solution that best fits your family’s needs considering your personal psychology and level of tolerance to the economic fluctuations.
The positive outcome of working with a WFG associate is that while you are working with the one knowledgeable and properly licensed individual, there is a whole team of professionals standing behind the back of this individual. In our Massachusetts office, each team treats other members like an extended family, and the relationships between the teams are of warm and supportive friends. I hope that clients of any WFG branch get this feeling because WFG philosophy is that their main purpose is to help clients and each other, and they are financially motivated in doing so.
Should the associate working with you need help in answering your question, the team will come to the rescue. Should your associate move away, retire, get sick or die, another team member will take over your support. Most likely, you’ll get to know a few other team members soon after becoming a WFG client.
What Should You Expect if You Join as an Associate (aka Business Partner)?
If your goal is to become an Independent Insurance Producer and WFG associate, then you’ll become a business partner to the member who referred you and to the whole team in the branch in your state of the US or in Canada.
WFG is NOT a SCAM. If you are considering the possibility of becoming a partner, please >>read this article<< to find out how to distinguish between a scam and a legit MLM business.
World Financial Group is a legitimate business. In general, it can be trusted. But please remember that people are different, and of course, not all of them are trustworthy. I was lucky to meet Mia, but even she made a mistake and misinformed me about the membership fee.
WFG is an accredited business by Better Business Bureau (BBB) and has an A+ rating. However, it has only a 3-star customer rating and 163 complaints were filed by the customers with BBB only.
115 reports are listed on the Ripoff Report website
There are also some mistreatments and questionably lawful actions on the Corporate level. 2018 lawsuit alleged the Transamerica improperly increased monthly costs on 70,000 universal life insurance policies to avoid guaranteed monthly interest payments. Transamerica Life Insurance Co. will pay $195 million to settle this class-action lawsuit.
If you search for any big Insurance company, you’d probably find lawsuits going on at one time or the other for each one of them. Unfortunately, that’s the nature of the Insurance business in general, not specific to MLM.
Working with WFG has its pros and cons. I don’t recommend this company for your home-based business not because it’s a scam, but because I am convinced that very few people can succeed in this business. It’s very hard to achieve a reasonable passive income in any company using a network marketing model, but WFG doubles and triples the difficulties.
If being an associate for an MLM in cosmetics, clothing or wellness industries, could allow you to treat it as a side-hustle, financial business requires your full focus, in-depts learning, and full-time commitment. If time to your desired level of success in other MLMs is averaged to 5+ years, you’d need 10+ years in the financial network marketing company to achieve your goals and meaningful passive income.
I’ll go over all the details and you decide for yourself whether this is something you’d like to do.
WFG is a Legitimate Multilevel Network Marketing Business
First, let’s look into why I am telling you that the World Financial Group is a legit MLM business.
- WFG has been around for over 25 years; the headquarters office locations in the United States and Canada are verified and well known (see Company Overview above)
- WFG sells a variety of quality products. In the United States, Insurance products are strictly regulated by state law, and market investment products require FINRA licenses and regulated by Federal law. WFG acts in compliance with all Federal and State regulations, its associates are properly licensed.
- Prices of the products sold by WFG associates are the same as prices of the same products sold by other distributors.
- WFG members and partners are NOT obligated to buy any of Transamerica or any other financial products offered by the company for its clients.
- The multi-level structure of distribution of the earned commission is clearly defined and documented. It is available to every member at any point in time.
Click here or image above for the US Compensation Plan, effective 2011 & updated in 2016
Click here or image below for the Canada Compensation Plan, effective 2011 & updated in 2016.
- WFG never promises its potential partner an easy work and/or quick money. The team always makes it clear to the freshly joining members that selling insurance is hard work; it requires evenings and weekend time because most potential clients work during the business hours.
- Once licensed, there are no obligations to WFG. You just got yourself another professional occupation. You are more than welcomed to stay with your team and work as a WFG associate, but you don’t have to. There are multiple opportunities to work as an independent Insurance Producer and be appointed by companies other than Transamerica.
Steps to Become a WFG Associate.
- If you still want to become a WFG associate, you’d need a referrer. If you don’t have one, contact me, and I will connect you with my friend “Mia”, who is an SMD in Massachusetts. She will be able to find a trusted partner for you in any US State or in Canada
- Pay a $100.00 ($130.00 CAD) membership fee, register, read and sign AMA.
- Your “upline” partners will be your supporters and mentors.
- Start learning finances, products available on the market and business partners strategy by attending seminars in your local WFG office, participating in online webinars and learning independently at your own pace using WFG archives of the financial literacy training materials.
- In the US, prepare yourself for the Life and Health Insurance State Exams. In Canada, complete the Life Licence Qualification Program (LLQP) prelicensing course.
- Pass the examination. WFG requires all associates to obtain their licenses within nine months of becoming an associate.
- Buy your license, make your first payment towards Errors and Omissions (E & O) professional Insurance, and pay an appointment fee – these are regular expenses of an insurance agent. Altogether these fees are under $500.00
After you obtain your license, there is also a $70 recurring monthly fee, $45 of which goes to WFG for the website, marketing materials, and ongoing business operations such as payroll. The other $25 will cover your monthly payment for E & O insurance.
Here is a fragment from the Canadian documentation shown during the registration process:
“Please note that the fee provides access to the Launch Platform only. Once you obtain your licence, there are additional reoccurring fees that you are responsible for and must pay to remain active with World Financial Group Insurance Agency of Canada Inc. These fees include, but are not limited to, a monthly Platform Fee/E&O which covers Errors & Omissions Insurance premiums and access to technology and services.”
- You’d still need to make several sales in a field together with your WFG referrer. But as soon as you feel comfortable, you can start selling life or long-term care insurance on your own.
- Start learning variable securities and preparing yourself for the subsequent securities and advisory licensing which will increase your earning potential.
- Be prepared that once you reached the SMD level you’d be required to give the strongest “leg” in your team to the person above you – your “upline”!
Brief Illustration of the WFG Hierarchy and Compensation Plan
Here is the latest version I found of the “U.S. Compensation & Advancement Guidelines” – it was updated in May 2018.
A Base Shop includes:
- The Training Associates
- Marketing Directors
- Senior Marketing Director
You start as a Training Associate at a 25% contract level.
In order to move one level up and become an associate, you’d need to make 3 sales and recruit 3 partners within any sequential (rolling) 30 days (3:3:30)
The Associate contract level is 35%.
The promotion requirements are: 3 direct associates through the personal recruits, 5 life licensed associates in your team and 40,000 net points in 3 rolling months
Marketing Director (MD) is the first level of management. The contract level is 50%.
Requirements for promotion are 10 associates in your team, 6 of whom must be life licensed, 3 branches of personal recruits (legs), one of which must be MD level, 75,000 net points within 3 months rolling time. Also, there must be $35,000 in cash flow within 12 rolling months or $20,000 – within 6 rolling months.
Senior Marketing Director (SMD) contract level is 65%.
Per the 2018 report, the average annual income is $40,669 – $86,084.
The requirements to move on to the executive management are as follows: 3 direct recruits – all SMDs and either 500,000 net points in 6 rolling months or 750,000 net points in 12 rolling months.
- Executive Marketing Director (EMD):
The average annual income is $193,621;
the highest earnings: $2,091,572.
- CEO Marketing Director (CEO MD):
The average annual income is $350,656;
the highest earnings: $2,961,610.
- Executive Vice Chairman (EVC):
The average annual income is $823,469;
the highest earnings: > $9,000,000.
The statistics above are taken from the WFG official website for a rolling 12-month period through December 31, 2018, for North American associates who held life, securities and/or investment advisory licenses.
Pros and Cons
- What I liked the best about WFG and the group of people I’ve met was that there was not too much pressure. They did remind and encouraged me to take the next step, but they didn’t do it in an aggressive and pushy manner. When I joined, I could participate in many company events and learn as quickly as I wanted, or I could lay low and do nothing until I felt ready to move on. It was an advantage for me, but considering the termination letter that many slow-moving associates recently received, I should probably now move this to the “Cons” section.
- The financial literacy you achieve at WFG empowers you with a knowledgeable approach to building your own financial future.
- Great variety of high-quality financial products to meet the financial needs of every family.
- An opportunity to create your own business at a low starting cost in a rewarding field of helping individuals and families to plan their financial security by educating them and offering financial solutions.
- A single direct sale earns a high commission.
- With WFG you’d be able to build a business of your own, but not on your own. You have strong supporters “upline” because aside from human kindness and team partnership, they have a mercantile interest in your success: in order for them to move up to the next level, they need to bring you up first.
- Another benefit of starting your business with WFG is that you don’t have a sales quota like most other insurance companies set for their agents as a requirement (you still have to make $2,000 in commission per year, or your contract with WFG could be terminated).
- WFG offers great rewards in the promotion when you make more sales and recruit more partners. Such rewards serve as monetary encouragement for growing your business faster.
- The most important benefit of being a WFG associate is that if you manage to build a large organization and advance in your ranking, you’ll be earning huge passive income.
Today, you work very hard to move up in the hierarchy of MLM levels. Tomorrow, when you decide to retire, the team you’ve created will still be there – working and growing. Perhaps, you won’t earn as much as you used to while you were active, but your passive stream could be a very good addition to your retirement income.
All the disadvantages of the network marketing business model are multiplied when viewed in relation to any financial MLM, and WFG is not an exception.
- MLM’s success rate is low. Period.
Depending on what your definition of success is, the success rate with WFG is even lower than with many other MLM companies. That’s because, with other MLMs, people may feel successful if producing some low to moderate side-income in addition to their main earnings. WFG requires your full-time involvement. Earning some extras, while working a 9-to-5 job, is almost impossible, especially if you have a family and other obligations. There are only 24 hours a day, and WFG business will suck up most of it.
- It takes not 5, but 8 – 10 years to establish reasonable life-supporting income from this business
- The balance in WFG training between actual financial literacy, financial solutions and recruiting strategies is often leaning towards the last one. Please remember that while the facts in this review are solid and verified, all subjective moments are certainly based on my personal opinion. Since I’ve been more interested in financial education than in hiring tactics, this disbalance in training is a disadvantage for me.
- Even if you work tirelessly, success is not guaranteed as it depends not only on your hard work but also on how committed your team is.
- You are not in control of your business. Think about it… If this was truly your business, you would choose the products you offer to your customers, the strategy in your business operations, the ethics… In the MLM model, you fully depend on the World Financial Group, Inc. You must follow its policies and obey their rules.
The company may change its rules and direction at any time. If at some point along the road, you disagree with the change WFG implemented, you’d still have to comply or quit and lose years of your hard work!
- Business dress code in the office and in a field while meeting with clients. And again, this is my personal view. I am a business-casual dress type of person. Suits feel uncomfortable to me. I believe that professional appearance doesn’t always require a suit jacket.
- WFG teaches and encourages you to make a list of everyone in your “warm market” circle and target them first as your main prospects. If you do this not very skillfully and delicately, you may ruin relationships with your close friends and family members.
- The sharing of your earned sales commission doesn’t feel fair when you are at the bottom level. In order to tolerate this feeling, you need to remember that without this option, there wouldn’t be a passive income in the future.
- From my personal point of view, one of the most negative aspects and absolutely unacceptable to my nature is that a WFG associate must promote his or her business non-stop, everywhere, every time, to family members, friends and everyone (s)he meets.
Do you remember me mentioning at the beginning of this post that while all the guests at the party were enjoying the concert and social activities, Mia and Karen were still working their business? I don’t want this to happen to me. In my leisure time, I want to relax and enjoy the company of my friends. I also want my friends to enjoy my company rather than start avoiding me because I always pitch my business to them.
World Financial Group is a legitimate financial service multilevel network marketing company. It is possible to build a lucrative business on its platform. However, the rate of success is very low as a successful business partner must be not only fully committed and hard-working, but also possess the qualities of a skillful leader, fine salesperson, clever recruiter and energetic coach. Your success depends on your team, and not solely on your own determination and persistence.
I do not recommend joining WFG as an associate unless… you are very confident that you have what it takes for achieving your goals in this business and fully understand that this should be your life-long commitment (assuming that you are aiming for success).
I love helping others. I love teaching what I know well myself. But, I have no desire to seek people who may need my help. Seeking means asking everybody until I come across the one who is actually interested. No, definitely not my call! That’s the reason I didn’t become an active WFG associate. And for this same reason, I joined Wealthy Affiliate instead.
At Wealthy Affiliate, I’ve learned to offer my help online and tune my website so that search engines display my posts in their search results to people who are looking for what I’m writing about. Isn’t this how you came over to my website? I didn’t chase you to tell you about WFG. You found me!
I work from home and earn a commission when people take my advice and purchase products or services I recommend. These days, most companies run their business online (at least, partially) and offer affiliate programs. If you have an established website (which I’ve created and hosted with Wealthy Affiliate), it’s easy to sign-up for free as an affiliate marketer with those vendors whose products or services I find helpful for my readers and of high quality.
I suggest to my website visitors only what I truly believe will benefit them. I always explain my perspectives in great detail, and my readers have a choice to follow my advice or not. There is no force of any kind. There is no recruitment involved. I also create a stream of passive income since a post I’ve written once is available on my website for years, and people find it over and over again. The direction and success of my business depend only on my own efforts and how my offered solutions to people’s problems are valuable to my readers. I build my own success!
If after reading this WFG review, you felt somewhat connected with me in your mind, had similar likes and dislikes, and thought that affiliate marketing could be a better choice for your work-from-home solution, please read my Wealthy Affiliate Review, join for free to explore this platform with your own eyes and through your own experience.
Please feel free to contact me with any questions privately via my Contact Page, or just leave a comment in the Comments field below this post.
World Financial Group Official Website USA/Canada,
WealthManagement.com, World Financial Group YouTube channel, Compensation guidelines ( world-financial-group-compensation-plan.pdf file was removed from this location after the publication of this post: http://www.jasonleehq.com/wp-content/uploads/2017/08/); WFG Presentations
What is WFG?
World Financial Group (WFG) is a financial services Multi-Level Marketing (MLM) company. WFG is a subsidiary of Transamerica Corporation. Like any network marketing company, WFG offers people a business opportunity that potentially creates a passive income. Be aware that the rate of success is extremely low and depends on the size of the organization you manage to build.
Is WFG a Scam?
World Financial Group (WFG) is a legitimate multilevel network marketing business. The company has been around for over 25 years and offers a wide variety of quality financial products and services. However, the business operations, policies and regulations, and the compensation plan are controversial and trigger many complaints.
How Much Does It Cost to Join WFG?
One-time Non-Refundable fee that provides access to the WFG Launch platform: $100.00 plus applicable fees – USA; $130.00 CAD plus applicable taxes – Canada.
WFG requires all associates to obtain their licenses within nine
months of becoming an associate. Exams, license and appointment fees are additional out-of-pocket expenses. Once you obtain your license, there are additional reoccurring fees that you’d be responsible for.
From the Canadian registration form: “These fees include, but are not limited to, a monthly Platform Fee/E&O which covers Errors & Omissions Insurance premiums and access to technology and services.”
Is There a Relationship Between WFG and Primerica?
Primerica and WFG crossed their paths in history. Currently, they are not tied together.
In 1990, A.L. Williams & Associates, a private insurance and financial services MLM company, merged with Primerica and was renamed to Primerica Financial Services. A year later, Hubert Humphrey left Primerica Financial Services and created Alexander, Inc., which shortly thereafter was renamed to World Marketing Alliance, Inc. and later to World Financial Group.
Which is better: Primerica or WFG?
Primerica and WFG offer financial solutions for families and individuals from all walks of life. The philosophy of Primerica is “Buy Term and Invest the Difference”. Therefore, their set of products is limited and their methods of converting people to their strategy are unethical. WFG is more focused on families’ needs and people’s psychology and offers a wide variety of financial products for every taste.
The business opportunity offered by either company is known for a very low rate of success.
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