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World Financial GroupComplaint

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 funds

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.


  • Re
    REBBIE24 Oct 14, 2015
    This comment was posted by
    a verified customer
    Verified customer

    I'm a licensed agent and have been held captive by life insurance agencies in the past. This is the reason for my decision to become a hard worker with the WFG system builder. Here I found a company that thinks outside the box and helps their unlicensed agents to have the ability to generate income through many avenues that do not require a license until they have one. Not with any other company I've been held captive to. I also had to pay for my own license, class, and test when I decided to become a life insurance agent. I went on line myself and paid a reduced price than the company I was affiliated with at the time offered. That company-not WFG-assisted future agents with obtaining a license by having classes that were priced much higher than if I did it all on my own. But I say this to let all persons know that any license obtained by an individual is 99% paid for by that individual. Insurance, drivers, business etc all are paid by the individual seeking the license. Nothing out of the ordinary for any company to request the new agent or employer obtain one by using their own money.
    WFG has partnered with several companies that generate license testing education in order to give discount classroom instruction. How great is that. The state issues you a license so it's the states money not any company. An individual pays the state. Along with the test company. An individual pays the company that administers the test. And with that-one has to find a proctor and pay him/her a fee before taking the state test.
    So if you found a company that was willing to do that for you great for you but don't paint a picture that that is the norm because it is not.
    As for 85% commission if that is true why didn't you mention that company by name. You shared information on what company to stay away from but didn't give your reader the opportunity to move in a better direction. You stated a problem without a solution.

    0 Votes
  • Ca
    cashkid Feb 02, 2012

    I'd like to add that I have only been with the company for two weeks and I already see their opportunity. Yes you pay and yes the commission might not be 85%, but does your company take the time to show you how to get from 85% to 100%. I hate how people look at numbers only. Numbers with no structure will equal staying in one place or failing. We deal with reputable financial institutions and help build a solid foundation for peoples futures. I don't know about you but every millionaire that I have heard form didn't get were they were working for somebody else. If you complain about a few 100 to end with a life time of money and don't want to work hard to get there then you made the right choice going to whatever company you went with. The only one that can stop you in life is yourself. Congratulations you have just been promoted to stay in the rat race.

    -1 Votes
  • Em
    emn77 Jul 27, 2011

    hold one minute wfg is nothing near a scam, there a system to follow just like any other multibillion corporation which will allow one to own the own big business/ company serving families and raising their financial awareness. This is a business through educating families about financial concepts not selling. There are sooo manyy rich entrepreneurs within this company because they follow a system. This is not MLM or pyramid because everybody can build something great for themselves. Does the old banking industry care for families in America and take time to teach families how money works?NO. However wfg does that and emphasizes on building sincere relationships with there clients.

    ALso guys use common sense: ITS AN AEGON COMPANY!! How can they be a scam??? WFG is partenered up with the top financial institutions and providers in the nation!!. SO what the companies they teamed up are a scams too?? Half of yall are haters because you didnt work hard at all or smart enough by not following the system WFG has which can change ones life around for the better completely.
    Through the system you can build your own franchise and build much more. HOW u say? Its a business with a proven system!! and as a member thats licensed you have access to all these top companies with a backing of AEGON " a company that manages 500B in assets like are u crazy to say its a scam? like shutup and know your facts. As a member fee you just pay for the administrative process and thats it. As for licensing any legit business requires licensing anyways. Work hard, follow the system and yeah theres a great chance you"ll be made

    0 Votes
  • Bu
    Bunny Pink Jun 01, 2011

    poor quality message, Sue! G is showing simply about what you have to pay and do at WFG. As he mentioned, not about what's right or wrong. Yes, license fee is for the business that you need it. Who pay for you? Not the company. You pay from your pocket.

    -1 Votes
  • Bu
    BusinessMinded Apr 29, 2011

    Great message, Sue!

    1 Votes
  • Bu
    Bunny Pink Aug 04, 2010

    Yeah, Georgio!

    -1 Votes
  • Ge
    Georgio Armani Jun 27, 2010

    Dear Sue You Again,

    Again, I am only trying to be informative. The information I share on this website is that WFG usually does not tell candidates at the BEGINNING.

    1. The fee is usually $50. Only WFG asks for $100
    2. The tuition is usually paid by the company. Only WFG asks the candidate to pay it from his/her pocket money
    3. Test fee is usually paid by the company. Only WFG asks the candidate to pay it from his/her pocket money
    4. Wow, so each office has a different policy?! That is interesting. Doesn't your head office have a solid and common education training?
    5. Mine at other company pays me 85% commission and I don't have to recruit beneath me.
    6. Yes, you are right, it is MLM and pyramid. I don't say if it is wrong or right.
    7. I had to pay! Please refer to no. 4.

    Your conclusion that anybody who does not fit for the pyramid scheme is "lazy" is totally wrong.

    0 Votes
  • Ge
    Georgio Armani Jun 26, 2010

    I am writing the fact, not what is right or wrong. Trying to be informative. There is nothing wrong to do business Amway style which is somewhat gray zone business. Again, some people love it. Some people hate it. You are the one to make a choice.

    I am currently working for a different insurance company which gives me 85% commission. I do not have to recruit anybody beneath me.

    0 Votes
  • Su
    sue again Jun 24, 2010

    1. the registration fee also covers everything such as your agent code and setting up payroll. i was a small business owner and let me tell you that i am more than happy to let someone else run my payroll for all my employees because it takes time to do it. when you have a team going, wfg does the payroll for you and you have nothing to worry about.

    2. when you pay for your online class or go to an on campus site, you are paying for YOUR OWN EDUCATION - that money does not go to the company, therefore you are investing in YOURSELF. just like paying your own way through college and getting a degree - YOU INVEST IN YOURSELF AND YOUR EDUCATION.

    3. TEST FEE - goes to your state license. its like getting your real estate license - ITS NOT FREE.

    and let me note that if you become licensed within 60 days and meet other requirements such as making 3 sales and 3 recruits within 30 days, YOU ARE REIMBURSED $300 - thats like coming into the business for free and having your license and everything paid for by the company.

    4. I dont know what office you went to but my office sure does have product training ALL THE TIME. different reps from different companies come and educate us on their company and their products.

    5. commission is 25-65% - hard work pays off. do you think your 9-5 job is going to give you a raise just for nothing? just like any other job, you must work - money does not fall from the sky.

    6. Pyramid scheme = when the person up top eats money off the people down underneath them. in WFG, if you work hard, you can SURPASS whoever brought you into the business and anyone who came before him/her. You can also make way more money than them as well. HARD WORK PAYS OFF. quit being lazy ###.

    7. you dont have to pay any kind of tuition to learn financial products. i dont know what kind of information you are getting thats not true.

    8. we dont just do life insurance and mutual funds. We educate people the basics of finance and preparing for the future. Annuities, college funds, debt management, buy-sell agreements, and even health insurance. We sell health insurance for Kaiser Permanente.

    and you are completely wrong about eating another agent's chunk of commission. if you only make 25% commission, that means you need to work harder and move to the next level. but no matter what, the agent makes their full commission and what their mentor gets paid is whats called an over-ride which is like a bonus check paid directly from the company.

    WFG is a great company and wonderful opportunity, but its not for everyone. It's not for lazy people and closed minded people who think they know everything. I guess that's why it didn't work out for you?

    1 Votes

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