World Financial Group/Transamerica. May just be the best Opportunity for Indys
[quote=shan]So you guy are saying that WFG/Transamerica is a scam. Then why has the federal government not shut them down, especially being a financial services company? They arrested Bernie Madoff, and Allen Stanford for scamming people out of billions. They have arrested some bank executives from all those mortgage frauds.
Why are you guys are attacking this company for recruiting? Every company recruits. WFG recruits anybody because people who want to succeed will learn the industry. An annuity is an annuity, a mutual fund is a mutual fund. The industry can be learned. You can’t learn how to have high integrity, high motivation. How do you know the advisers from traditional firms have high integrity? How do you know they are not just trying to meet their quotas or have your best interest in mind?
I am with WFG/TFA. I made $323,000 last year as an EMD. I didnt make money immediately either. The first 5 years I made a total of $8000. I learned the industry in the process. I learned the products. WFG has a high turnover rate. Walmart and McDonalds have a high turnover rate. Are they scams? Most people come to this company expecting to be rich, but don’t do anything. What company can you go into and do nothing but still get paid? If you don’t contribute to the company, why would they pay you? I believe the traditional workforce is a scam. You never get paid what you’re worth to that company. No matter how hard you work, your boss makes the decision either to promote you or keep you where you are. Your company decides how much money you can make (cap pay).
Many people call WFG/TFA a scam. Why? Can anyone backup their claims with some proof? People call it a scam because everybody else calls it a scam. I guess that’s why most people will rather run the same rat race everyday and ultimately just be middle class income earners never fighting for true independence.
WFG is a great company! It has made me millions. It didn’t come easy. It took a lot of work and dedication. All you guys bashing WFG/TFA have just a middle class mindset. Blaming others for your shortfalls. You will never get anywhere with that mindset. Trust me. I’m willing to bet on it.[/quote]
A piggy bank full of coins makes a lot LESS noise then a piggy bank with two pennies in it.
WFG/TFA FA’s will clearly do ANYTHING it takes to make a penny. It’s a CULT
can anyone tell me how wfg’s compensation structure compares to other big firms such as new york life?
Isn’t a CFA certification just something you pay for?
A group says you should do this and we’ll let you put some letters after your name for a fee???
[quote=AnotherOne]Isn’t a CFA certification just something you pay for?
A group says you should do this and we’ll let you put some letters after your name for a fee???[/quote]
No. The CFA designation is one of (if not THE) hardest to attain. Makes CFP look like a vacation.
WFG is one of the worst organizations and should be closed.
I joined in 2012 under Haihong Sun, Queens, NY. I knew she was a terrible teacher after having attended a presentation meeting she gave at my friend’s home in the Bronx. But I joined because my friend kept asking me to, and she is my best friend.
The problems started with meetings where they, and Haihong, would tell you that you have to buy their products as a sign of good faith. Later, I noticed in the contract that you do not have to buy anything. This cam from Rocki, another Chinese person from CA who is friends with Haihong. They came up with all these rules which were supposed to make you rich. In the end, it made her this year, $1M. She is also moving to CEO level.
I remember at one meeting some girl was talking about how she just kept getting appts. for Haihong so she could learn how to close deals but not do the work. Haihong would close these deals and take ALL THE COMMISSION just for herself. I told her to get her license and start making money and stop letting Haihong get rich.
At the next weekly meeting Haihong told me what the girl said and how I should mind my own business. Two weeks later I was in Tarrytown, NY at a hotel listening to a guy and his wife from CA telling how you need to “get you license and out there right away and make money.” Haihong was in the first row sitting there, skaking her head in agreement.,
After the lecture I asked her why she agrees but when I said it, it was a berating in front of everyone. She never said a word.
In the end, Haihong sold me the wrong type of insurance life policy for an unemployed person, she is being sued, she stole my two and only life sales and annuities sale and is going through arbitration. I have filed a complaint and I am going after her license.
When I sued her she lied and said that she could not respond due to medical reasons. The papers I received from the top attorney for WFG clearly show she contacted WFG the same day she was served and was told to get a lawyer.
Her lawyer never proved she had any medical condition and the judge moved part of the suit to arbitration, where WFG’s lawyer Bob Brunton is saying that it should not be there and I have to provide sufficient proof to move it there.
Nationwide, a broker friend, and a broker from Aon Hewitt and Benefit Mall and Mercer Group all said she should have sold me a term policy. When I finally got the money bask, which I did all thw work, I went to buy a term olicy. Now my PSA level was high and I had to get a biopsy for my protate. If I had died anywhere bertween these periods, there would have been no life insurance for my wife and five-year old.
Would Haihong or WFG have given them money? I will push until arbitration takes this through and recommends suspension of termination of her license. And then the dept. of fiancé does not have t take that recommendation.
Isn’t America great? People can “F” you left and right, and may time they are foreigners and get away with it. As a Christian I think it stinks that I have to wait sometimes for REAL justice when God separates the goats from the sheep, and the chaff from the wheat.
All for the love of money.
Hello my name is Abishai I just recently payed my 100$ to sign up I have been to many seminars before and all of the ones I went to always seemed as a scam I am trying this out I am a very ambitious hard worker and am easy to get motivated . I want to start this wfg to try it out and see how it goes but I’m just curious to know if this really helps the consumers out there I am always very worried into that this is legal in the way of helping others at the end of the day I’m a sales man but as a sales man I want to make sure what I sell is real . Does this really help people besides the testimony so hear from others . Pls can you respond to my message and if so even contact me at 909-565-5204 . Ps thank you
Hello all, my name is Wei, joined WFG in September 2013. When my best friend first told me about this business back in 2013, I immediately poured “cold water” on her head and warned her not to mention anything to me related to MLM. After having tried Amway, Usana many years ago. I strongly believe, this is just another MLM. I have never made any money in those MLM business, instead I had to buy products every months. Until now I still have piles of cleaning products in the garage.
My friend went to Las Vegas Convention in 2013. After she came back, she invited me to a Kids’ Education Planning seminar, which I have learned a lot. Later on, I also went to a Retirement Planning seminar. These are very good knowledge sharing. I have been in the Financial word for almost 20 years now, a CPA, Realtor, used to have my security license…I thought I knew a lot, but the fact is, I don’t. So I told my girlfriend, I want to join and learn, $100 is not a big deal, but I will not do the business. 9 months passed by, I didn’t do anything. My friend invited me to Las Vegas Convention last year, I was really impressed by so many (about 15000) people involving in this business. Amazing thing is, majority of them are not originally from this country. There are Chinese, Vietnamese, Philippines, Korean, African American…you name it, from all over the country and Canada. On the stage I witnessed a lady who couldn’t even speak fluent English, no high education background, but still be able to wear green jacket, making over $750K a year. For the first time, I asked myself: why can’t I do it? I told my friend, I want to do the business. In two weeks, I passed my license exam, we started going out on fields. Both of us work full-time, we can only go out in the evening, on weekends. I can’t give up my hobbies - Dancing and painting. So that will reduce whole day Sunday. Then we have training on Saturday morning at office which I don’t want to miss. People work on their own pace, I probably only contributed 8 hours a week in this business, Mrs. Slow, that is me. But in 30 days I became Associate, in 9 months I became MD, now I am working hard to be a SMD. Lots of people quit this business, there are several reasons:Their English is not good, can’t pass the license exam. They don’t like their upline, people issue. They don’t make the amount of money they desire. Spouse doesn’t support.
My point of view is, not everybody can be successful. The company gives us a very simple and good platform, investment is only $100 plus licensing exam cost (less than $180). This is our own business, we learn the knowledge to take good care of my own family, to share with our friends, to help those who are in need. Only those, who have strong believes, consistent and persistent, who is more focusing and discipline, will be successful. Those who have failed the business will always find excuses, blaming the company, blaming their upline, blaming the market, blaming the products.
I am looking forward to become the Green Jacket someday soon, and share the happiness and success with my family and my team members.
There are unscrupulous agents for all insurance companies. Ethics is a principle, not all people follow. They will sell you products that make them the most commission. My cousin works for New York Life, he is being investigated for coercion and misrepresentation of facts. He lied to his clients about which product to buy and how long they have to pay into the the product before they reach the target price, (told them 20 years, but the product he sold them, they have to pay until they die or age 100). The consumer should look at the products and see for themselves which is best for their needs. That being said; WFG is selling Transamerica products that are one of the best out there, among other companies they represent. I have several IUL’s for my family. WFG is like a good company, they have a business model which rewards hard work. Every company will have negative and positive reviews by people. You can’t appease everyone.
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WFGPro, you start your 2013-03-16 epistle with “WFG is a great company.” You end it with this: “WFG trains … extremely poorly on product, compliance and important insurance and client matters…”
You somehow fail to see the glaring contradiction?
I joined WFG just to get reality check and some insight information.
To be honest, I am not a believer of network marketing. However, every company out there need some kind of marketing. Either it is tv commercial, social media or something else. Network marketing will work as long as there is real high demand product or service behind it. Good examples Airbnb in housing, and Uber in taxi services. WFG has not so high demand services, but it is real. They offer variety of financial products and services, from life insurance, retirement plans, indexed funds, to more of higher risk and higher return contracts like variable annuities and mutual funds. Personally I like to manage my money on my own, invest in stocks and trade options. It may be sound risky, but if you know what you doing you can get the highest return, then any other financial products has to offer.
I’m not going to get into technical side of promotion levels, instead here is some statistics behind WFG. They have millions of people who actually paid one time fee of $100 to join. And only about 40k of them got some kind of license, that is less than 0.2%, so 99.8% never got paid. Basically 0.2% of licensed use those 99.8% to sell products to their friends and families, under the guise of field training and promotion. Newbies sure can get promotion before they get license, but very few of them do, and it’s useless if they never going to get license.
Now statistics among licensed. You think you will get over $100k a year? Well as of right now, they have under 2000 licensed professional who makes over $100k a year. That is less than 4% of licensed professionals, so 96% of them make under $100k a year. Also you have to keep in mind that first few years, your income will be very inconsistent. One month you can get big client, and get $10k in commission, other months you can get nothing.
My friendly advice to you, if you ever wanted to join the business, get the license first. And then, if you think you can be 1 best leader out of 25 licensed professionals, than it worth the effort. Good luck.
Hey, I just joined as a trainee and appreciate this board any updates or keys to success how things changed
If you want to change your carrer. Do they help you to get the insurance lincense, SIE Exam and Series 7. Thank you.
I think a lot of people are missing why the author likely posted this blurb; Part of the author’s pay is linked to successful recruitment of future associates, as well as clients. While I would not begin a career in financial advising this way, it’s strategic to post about what a great opportunity the company offers on this type of forum. The author invites potential recruitees to send them a private message with questions, and has gotten free advertising here to gain new clients.
Essentially, that’s how people under MLM companies earn anything. I have acquaintances from high school occasionally contact me on social media in attempt to ask if I want to sell makeup, leggings, of whatever products are hot in the latest MLM platform…it’s not that different from when recruiters contact me on LinkedIn and ask if I want to work for the latest MLM financial investment company.
I do feel this is a better way for the author to put out his views and advertise than send messages to acquaintances asking how they feel about “being their own boss.” As someone who is self-employed and established their own business because they were earning more working for themselves than in their full-time job (my situation)…it puts me in a strange position of wanting to explain this to the recruiter versus just not bothering to respond.