They sell mainly Western Reserve Life's policies backed up by Aegon Bank, a dutch bank. They surely help people who don't have concrete future financial planning. There is nothing really wrong with it.
The issue is the way World Financial Group recruit. You have to know the followings:
1. You pay $100 registration fee
2. You pay 52 hr. life agent course study -- various schools are available online, you attend in person etc. etc.
3. Test fee
4. WFG's each office "seminar" does not offer product training.
5. Your commission is only 25 - 35% unless you have 3 agents beneath yourself
6. Multi Level Marketing plus pyramid scheme
7. To learn various kinds of financial products, you pay the tuition from your own pocket
8. Your mentor sells not only life insurance but also mutual fund
This model lures the agent by telling them that you would not only gain by sale of yours but also gain by sale of agents under you (Amway Model). The agent should understand that although they are earning bit of other agent's comission, a big chunk of his commission is also eaten by agents above him. Therefore, the commission that the agents get by WFG sales is quite less then the direct sale that they will do with channel other then WFG.
Because WFG believes in quantity more then quality of agents, the application filled quality & the quality of service given to the customers is really poor. This leads to lots of application entry errors, reduced customer satisfaction & at the end, lost customers.
After you pass the test, they perform the background check. I worked for WFG as well.
$100 described in no. 1 is for registration. I did not say it is for the background check.
I think we're not communicating.
Yes, I took exams through third parties. After that, WFG retrieved information from Businnss Information Group for financial, bankruptcy, tax/attachment liens, federal criminal, county criminal, insurance licensing, and actions base.
Let's terminate the discussion on this point. I have got to go.
World Financial Group — Be cautious
The complaint has been investigated and resolved to the customer’s satisfaction.