What does World Financial Group do?
Are they a real brokerage firm or what?
Stay away from them.
They are the Amway of this business. Spinoff of the old WMA...
Unless you enjoy recruiting green insurance salesmen who need to become securities licensed hoping that they'll be able to write an unsuitable investment to a middle income family which will be greatly unsupervised by the compliance department.
They are simliar to Primerica, a MLM model of financial services. First, you get your insurance license (you pay for that). Then, you schedule appts with your friends and family to see the tremendous benefit to throwing as much cash as you can into a specially-concocted VUL from Western Reserve Life - oh, and did I mention that it’s specially-concocted? That means if you’re not a WFG affiliate (sucker?) then you won’t be able to sell a policy which is verbally guaranteed to earn the owner 12% per year. What’s that you say? 12%? Is that really possible? Of course it is! In the world of “I don’t recall, I don’t recall ever saying that, I have no knowledge of that”-post-Clinton era, of course.
Now, that’s not to say that illustrations represent 12%. Don’t know what kind of phoneybaloney numbers are actually on the illustration.
Oh, and did I mention that you only have your insurance license? Know what that means, don’t you? You will need to take your Marketing Director or someone up in the hierarchy with you who is securities licensed, because of course, you are ineligible for a commission!
Now, some time later, when the client receives their annual statement or whatever, and the client hasn’t earned their promised 12%, where are you? Guess what, you are no longer with that office! Where did you go? Out the door.
Hmmmmmm…where do I sign up?
Definitely not a brokerage firm. A couple of my friends are life insurance agents, and they've both been approached by World Financial people. The pitch is basically the same I heard from a Primerica guy a long time ago. You'll make so much money having people work underneath you, why would you want to sell when you can have people do it for you? Pretty sad.
Are they a real brokerage firm or what?[/quote]
Google them, they are on every fraud watch available. Here is an interesting discussion on World.
World Financial Group is like any other company only as good as its team. I know many very good, solid Agents in WFG and I trust them with my life. I am insured under them, and have done tons of research on them. Here is the scoop, they are in the same industry as Sunlife, Freedom55, Primarica, Investors Group ect but they are not the same.
1 WFG does not have their own products. They are a brokerage that uses comepanies like TD, Transamerica, Franklen Tempelton, RBC, which means they have better rates because the client doesnt pay to have a WFG name on their product.
2 Yes an agent wants to build a team, but the idea is not to make money off others, rather to help more people. The office I know is a bunch of Christians, and if the guy in charge found out they were doing anything sketchy, or lazy, he would kick them out of the office.
3 A life licence is payed for by the individual agent regardless of the company, just like a nurse pays for their licence, not the hospital.
I could honestly go on for hours about how great the company is. If you have experienced selfish or crude agents, that is highly unfortunate, but don’t base the company off them. with 53 000 licenced agents in 2016 there are bound to be a few bad eggs. Remember you cannot base a Walmart on one broken item.