What Is WFG and What Does It Do?

43 Comments on What Is WFG and What Does It Do?

1. Sanders on August 31, 2009
   
    

   Can someone elaborate more on what exactly a downline is? Is it refering to the recruitment of the “downlines” friends and family like an ameriprise type advisor would advocate?
2. TFB on August 31, 2009
   
    

   A downline is more than a referral. A WFG salesperson recruits you to also become a sales associate for WFG. If you sell to your friends and family, you earn a commission and your recruiter also earns a commission based on your sales. If you recruit your own downlines, you and your recruiter also earn a commission based on sales by your downlines and your downlines’ downlines.
3. Stu on August 31, 2009
   
    

   I never purchased a universal life policy but was recruited to be a downline by Ameriprise about 18 years ago. Once I realized the scam and that I had to pay my own way to certification I ran from the recruiting session like a bat out of hell.
4. phuntsok on October 10, 2009
   
    

   this is completely ripped off business. all their approach is $100 fee, $250 for studying life insurance,buy life insurance from upline, recruit ,all geared towards upline profit by exploiting downline. they talk helping people but their secret is to enjoy from downlines money,effort
5. joe b. on November 14, 2009
   
    

   I have a loved one who has been drawn in to WFG. She earns less than $30k/year, has no assets other than her retirement savings plan and has no spouse/dependants. She has transfered her entire RSP ($90k) to them and bought high monthly payment life insurance as well. She has little financial knowledge, has never been exposed to MLM and seems completely convinced about WFG’s ability to educate her, handle her money and help her help others while “running her own business”.
   Seriously, it is like she’s joined a cult. I am desperately concerned for her but can’t seem to get past the rhetoric she’s been fed at their meetings.
   Where can I look for a way to get through to her?
   Thanks for any help
6. steven on December 1, 2009
   
    

   WFG is not a “company”. It’s a boot camp for criminals. I was recruited a year ago by an ex-schoolmate. I was told rosy stories about getting rich while helping people. I paid $100 for security check and was given lots of “trainings”. They taught me how to trick someone to meet them, how to lie to everyone I know, how to persuade people to buy their useless and expensive life insurance policy but tell people it’s an “investment”. Oh boy, was I shocked by the fact that the government even turns a blind eye on it. Well, since casino is fine, this isn’t much worse. As long as they both can generate tax revenue, who cares? They want every contact info in my cell phone so they can trick them, too. These people put fake smiles all the time to earn your trust. They also “teach” you some financial knowledge to disarm you. They even throw parties at members to further attract you. At the end of the day, all they are after is your money, your loved ones’ money, and your friends’ money. I quit out of disgust.
7. Unknown on December 13, 2009
   
    

   I believe all of you people in here talking bad about something you guys were not good at is pretty lame. All you had to say is that you cannot do the business and everything they really do is legal otherwise they wouldn’t of been around for over 150yrs. Know your facts before talking bad about something. You guys here just could not do the business period.
8. joe b. on December 14, 2009
   
    

   To Unknown,
   You are right most people can’t “do the business”. But by the time they learn that, in many cases, they’ve been “done by the business” because as long as they buy one “product” or get even one other person to buy a “product” they’ve served a purpose for those that are able to “do the business unto others”.
   What kind of financial advisor convinces a person who’s single/no dependats and in high interest debt to spend (essentially borrow) $250/mo on a life insurance policy they don’t need? And it’s not even disclosed to the new recruit/customer that the trans america insurance co. is owned by the same co. that owns WFG.
   Maybe it is legal but so what?
9. Curtis on January 22, 2010
   
    

   Hey, I understand how people are frustrated at the tactics some of the people use to promote their WFG business. I started last year around May, started my policy in June. My upline is a friend and he came and talked to me repeatedly.
   My income was under 25000 at the time so we did a budget and opened a policy during the process of getting life insurance I felt better because my family would be receiving something in case I died instead of nothing. Before we opened my policy my upline said don’t go over your budget. No pressure no you need to have this and that he said you should have this much to help when you pass but the most important thing is to have something. Start out low you can always increase your coverage. I started with $100,000 policy and I have the same policy and it has increased in value because my cash value increased by way of compound interest. If you only have a little and you meet someone who is genuine WFG is great . My upline is honest and our goal in Atlanta is to deliver information and to create generational wealth. email me anytime. By the way my montly amount is 125 with 80 going for my insurance and the rest is for savings that earns compound interest instead of just sitting in a bank
10. RH on February 3, 2010
    
     

    I have read everyone’s comments and am a little more confused than before. The reason why I am researching WFG is because my brother just joined and he wants me to join also. He is convinced that this is the best thing ever. I am a sceptic and have a tendancy to research everything before I dive in. I am especially sceptical about the MLM companies that tell you that you will make money when you invest and get so many people under you and bla bla bla. This company seems to be a litigate one and from the looks of it seems to want to help people.

    I have read the the negative and the positive and want to know this…

    Steven: Why did you quit? was it because you didn’t believe in the product?

    Curtis: You invested in June at $125 per month. How much is your policy worth right now? How long do you have to pay on it before you can pull the money out? Are you an agent? If so how many people do you have under you, and how much is your income from this career?

    For those of you against this company I want to know have you invested in it and not gotten your money back? Or are you just going by hearsay?

    I apologize for so many questions, but I need to do my research before diving in…
11. Unknown on February 20, 2010
    
     

    Everyone should know by now that in order to build a business, it will take time.. these people here talking bad about a company that they are an MLM or a SCAM did not even give it a try..maybe it was not for you or simply you are just lazy and prefer to work for someone else than work hard for yourself…. some people pay hundreds of thousands of dollars to begin a business and many people here complain for a $100 background check?? my goodness this is a business not an employer people! Curtis is right.. no one pressures you into anything instead they help you …RH the products are real just DON’T LET POOR MINDED PEOPLE KILL YOUR DREAMS! Isn’t it every company an MLM….every company has a CEO, president, vice president, managers, supervisors, and you the employees the hourly wages while your UPLINES get rich off you imagine does in it look like a pyramid also?….wake up people is the same thing just cuz WFG does not advertise and you never heard of it does not make it a bad company…. too many skeptical people ..besides in the usa today nations paper WFG sponsoship was on the front page of the newspaper for the olympics!
12. Lazyboy on February 20, 2010
    
     

    You konw guys out there i’m a lazy boy as my name but i make around 100k a year can you do that? by just open your month and talk so you do ,cause you guy can do alot of reseach of a company why don’t you reseaching yourself to see you can find out thing you really are.
    But anyway i know you can not do it because you guy are american not america
    let me remind you guy what Obama said last year , what he did last year and what he promis last year now more than a year ready he still to trying to looking anther ex. to said why he can not done it .
    Let me tell why, because me same as AMERICA PRESIDENT OF UNITED STATE only konw how to talk but DONT KNOW HOW TO WORK are you agree!
13. Unknown on February 21, 2010
    
     

    Hey lazyboy you are right about lots of things but the point here is that no one should be talking about anyone or any company just because they cannot do the business…those ignorant people will always be employees and are meant to be that……people that talk bad about a sucessful company are skeptical, poor minded, have fear to actually work for themselves, and rather work hard for someone else…! get my point? but yeah u may make whatever money u say u can make eventhough u cant spell or type the right words but am sure you have the will to win and heart to be successful which people these days dont have man! I work with a lot of multi-cultural people but those people are the most open minded ones and are the ones that work hard! Too many people depend on Obama and not on themselves……Bottom line, those people that talk bad are the ones that need to research themselves and not companies ..those people are bad apples that may kill other people’s dreams !
14. joe b. on February 22, 2010
    
     

    Hey Unknown,
    So you can “do the business”? You can use fear to and misinformation and shame to convince people that they need to buy your life insurance? You can use the sneaky scripts they teach you in order to get agents into your friends homes? I”ve seen some of your literature. You seem to think that research into a company you might trust with your money is a bad idea for some reason. It’s too bad that a person has to dig so hard to find out what you guys really do. It’s too bad that you work for only a quarter of the commissions on your products and pass the rest up the line. It’s too bad you loose all the residual income from all the recruiting you do if you leave to company before 2 years. I’ve read your contract. You work for WFG whether you call yourself an employee or not.
15. Brandon on February 22, 2010
    
     

    Hey Joe,
    Is not about digging hard in a company. It’s about doing the right things for people. Maybe you tried the business and it did not work out for you…people are successful at it and the ones that know how to work it will become good at. I’ve tried MANY different businesses and never worked for the fact that people dont need things like energy drinks, x-s drinks, herbalife, marykay, avon, dont you think they recruit also? employers recruit but in their terms is called hiring! if what wfg does is illegal, wouldn’t they be shut-down already? Too bad for many people that dont see what others see ….. if people were open minded and stop listening to people on google yahoo and many other sites like this one they would be better informed… people do the research correctly anyone can go on google and any other site and talk smack about anyone why dont u people go to government sites and really research not some site where people that cannot do business come to….
16. joe b. on February 23, 2010
    
     

    Hey Joe,
    Is not about digging hard in a company. It’s about doing the right things for people.

    Um OK…if the company says so…

    Maybe you tried the business and it did not work out for you…people are successful at it and the ones that know how to work it will become good at.

    The ones who know how to “work it” eh?

    I’ve tried MANY different businesses and never worked for the fact that people dont need things like energy drinks, x-s drinks, herbalife, marykay, avon, dont you think they recruit also? employers recruit but in their terms is called hiring!

    A thrust of sales work is creating a need and then fulfilling it. It’s interesting the company that you place WFG with. The Amway of the financial/insurance world.

    There is a reason for constant recruiting being necesary to keep the thing going. Thousands of new recruits with dreams give up all thier contacts for their uplines to sell and if they complete the “training” might make one or two sales themselves before running out of friends. The commissions of which make the few at the top rich (that’s why it’s called a pyramid).

    Not to mention the quality of the advice clients receive in order to convince them to buy the products!

    if what wfg does is illegal, wouldn’t they be shut-down already?
    

    Many things are legal that are improper and immoral – legal is not a defence for the value of a thing

    Too bad for many people that dont see what others see ….. if people were open minded and stop listening to people on google yahoo and many other sites like this one they would be better informed… people do the research correctly anyone can go on google and any other site and talk smack about anyone why dont u people go to government sites and really research not some site where people that cannot do business come to….
    

    So now research is OK again? OK, please provide some links to these government sites. It’s interesting that a person can’t find out what WFG really does on WFG’s own website.
17. I know who is unknown.... on February 25, 2010
    
     

    This person that is unknown is speaking on behalf of the company. This is a site for people to speak their mind. Why would you back a company as if it was your back. If you’re being paid, good thing, if not just chill. Let people express their feeling.
18. Sammie on February 25, 2010
    
     

    A great company to work for is one that will pay for your expense, for example All State, State Farm and other will known once. If you’re paying for the test most likely its a scam. Please check with the BBB.org if you have any concerns.
19. WSB on March 1, 2010
    
     

    WFG as a company is not a scam. It is a marketing company owned by a huge company called Aegon. If you never heard of it, please google it for yourself. The mission of WFG is to educate and to provide financial solutions for families. With the recent financial crisis, people have lost hopes in the financial industry. We are talking about well known companies asking for the government’s assistance after they have screwed with people’s finances. WFG is trying to regain people’s trust by helping and educating consumers to better secure their money by helping one family at a time. WFG do business with well known companies like ING, Transamerica, Prudential, Pacific Life, Nationwide, John Hancock, etc. If WFG is a scam, why would these companies want to work with WFG? Just think about it. Just like many other different companies out there, it is the people who abused the system and NOT the company. Look at what happened with the real estate market, agents are scamming people with their American dreams. If you Google New York Life scam, State Farm scam and many others, you will find complaints about these companies too. WFG is not for everyone and not everyone will follow the system. You just have to use common sense and do the right things. Most of the time, most people are crying and call it quits without even trying. But for those who try to win, success will follow.
20. joe b. on March 1, 2010
    
     

    WSB on March 1, 2010 | permalink
    WFG as a company is not a scam. It is a marketing company owned by a huge company called Aegon. If you never heard of it, please google it for yourself. The mission of WFG is to educate and to provide financial solutions for families. With the recent financial crisis, people have lost hopes in the financial industry. We are talking about well known companies asking for the government’s assistance after they have screwed with people’s finances.

    In Oct ’08 the Dutch government bailed out Aegon to the tune of $3.7 billion!! Whoops!!
    http://www.nytimes.com/2008/10/29/business/worldbusiness/29aegon.html

    WFG is trying to regain people’s trust by helping and educating consumers to better secure their money by helping one family at a time. WFG do business with well known companies like ING, Transamerica, Prudential, Pacific Life, Nationwide, John Hancock, etc. If WFG is a scam, why would these companies want to work with WFG?

    First of all it’s obvious that the vast majority of “products” pushed by WFGers are the ones from companies owned by Aegon. The other names are used to give WFG some credibility in the presentation. Second, if you are a company with a product to sell do you care who sells it for you?

    Just think about it. Just like many other different companies out there, it is the people who abused the system and NOT the company. Look at what happened with the real estate market, agents are scamming people with their American dreams. If you Google New York Life scam, State Farm scam and many others, you will find complaints about these companies too. WFG is not for everyone and not everyone will follow the system. You just have to use common sense and do the right things. Most of the time, most people are crying and call it quits without even trying. But for those who try to win, success will follow.

    You seem to be saying that WFG is innocent and that the people who do the selling are abusing the system. And we should go ahead and trust that the person who solicited us is highly qualified to sell us financial products and has no motivation other than helping us? The fact is that you have to keep people believing that they will suceed if they just follow “the system”. If you can’t convince people of that then your whole “system” fails. You need to keep recruiting constantly (if nothing else to get the new recruits to buy the products) in order to replace those who’ve found out that no matter how hard they try they can’t sell/ recruit enough to justify the time. I find it hard to believe that the recruiters really believe that most of these people have a chance. But they treat you like family and in the end they are all the family/friends you have left. Classic MLM. I suppose in the end after you’ve given them all your time/contacts/money then you shamefully join the ranks of those who couldn’t “believe” and feel like a failure. And once you get over the shame you might end up discussing the topic on some internet site to help others.

    I tried googling New York Life, State Farm and World Financial Group. The top ten hits for the first 2 didn’t include scam. The NUMBER ONE hit for WFG was scam.

    BTW I think if you look into the mortgage crisis you’ll find that it goes far above the realtors whom you blame for the whole mess
21. do the proper research on March 2, 2010
    
     

    World Financial Group is a legitimate business. And just to set the record straight, they are not an MLM – not that it would matter anyhow because when it comes down to it an MLM is nothing more than a business model. But back to what I was saying, WFG is a hybrid company. They have a defined structure like a corporation, a system like you would find with a franchise, and they deal in a warm-market (no cold calling) like network marketing or MLMs. So before you go posting negative comments about a quality company it would be best to do your research, wouldnt you agree?

    Oh and as for the service they provide, second to none. Just go ask a WFG client.
22. joe b. on March 2, 2010
    
     

    @do the proper research on March 2, 2010
    World Financial Group is a legitimate business. And just to set the record straight, they are not an MLM – not that it would matter anyhow because when it comes down to it an MLM is nothing more than a business model.

    You seem to be saying that you are not MLM but even if you were it would be OK.
    Check out:
    http://en.wikipedia.org/wiki/Hubert_Humphrey_(MLM)
    Mr. Humphrey is your founder and MLM king including Amway and Primerica. Read the history; it’s rather interesting. Anyone interested in learning why MLM is flawed needn’t search very hard online.

    But back to what I was saying, WFG is a hybrid company. They have a defined structure like a corporation, a system like you would find with a franchise, and they deal in a warm-market (no cold calling) like network marketing or MLMs. So before you go posting negative comments about a quality company it would be best to do your research, wouldnt you agree?

    You needn’t encourage me to research. Your company begs to be researched because they are not forthcoming. Your warm market translates to friends and family whose trust your business model takes advantage of. It seems like any logical points and referenced topics are skirted by WFG representatives who continue to say “WFG is quality” and “WFG isn’t MLM” and “do your research” but never actually address the issues.
    Furthermore your schemes for getting into people’s homes and getting people into your “presentation” are deliberately evasive and your schemes for getting them to buy Transamerica life insurance are misleading.

    Oh and as for the service they provide, second to none. Just go ask a WFG client.

    Considering that your agents or associates or whatever have a ninety something percent failure rate it it seems extremely likely that whoever gave you your valuable advice and sold you your wonderful products is probably gone. But honestly do the few at the top really care? The business model, hybrid or whatever, clearly works to keep the recruits churning through and that keeps suporting the top of the pyramid. Additionally, people are far less likely to complain about a friend or family member.
    I’m curious, perhaps you could find something out for me in the interests of research. What does the average recruit earn with WFG? Not the few dozen in the photos on your wall but the average of the thousands you churn through.

    Thanks
23. Financial PHD on March 2, 2010
    
     

    WFG is not perfect just like any other company but to put a blanket response over all the people there is unfair. I also find it interesting that the person that set up this site is not in any way shpae or form working in the financial industry and I for one would love to know what he does for a living. Please come out from your hiding!!! Did you happen to notice that a lot of the AD’s place on this site, which the originator is profiting form is from MLM and Insurance and Investment companies. WHAT A HYPOCRITE!! wake up people! If you really want to find something negative about any company just goggle them and add sucks to the name; Ford Sucks,
    Bank of America Sucks,
    Disney Sucks,
    Safeway Sucks,
    Morgan Stanley Sucks,
    Honda Sucks,
    Farmers Sucks
    Allstate Sucks
    Goggle your own company and see if it comes up if it is a large multinational company or doing something different from other companies it will probably come up so you , As the unknown blogger the set up this site said “RUN don’t’ WALK away from your company. Are all Farmers agents crooks, try goggling you Car insurance company and see. Don’t forget to add SUCKS!
    So are you saying that all the people that work at these companies are crooks
    Try it and see what you find. Sites like this one are set up not so much as to educate people as they are to sell advertising.
    VUL and EIUL are great products, check out you tube, and serve a great purpose if structure properly and I don’t know if this guys friend had it structured properly. And NO if your friend CONVERT to an Index product another commission IS NOT generated. If he cancels his current policy and get a new one yes a commission will be generated. Which is illegal and the rep can go to Federal prison. Any rep that would do that is playing a fools game! The FEDS are watch the investment business very closely right now and looking for anything to nail reps and companies on. AND one last point if this all is SO wrong and illegal why hasn’t WFG been shut down. They have been in business for over 8 years and have very few complaints. Check out BBB, Finra, SEC, Dept of Insurance, Dept of Corp and educate yourself instead of this guy, yes the one that set up the site trying to make a buck off you.
24. joe b. on March 2, 2010
    
     

    Financial PHD
    Funny choice of name.
    I believe it says ads by Google. This means google chooses the ads based on keywords in the comments.
    The rest of this isn’t worth replying to. I can see where a person would give up posting here. You folks keep blowing smoke until a guy just gets tired of repeating the logic and having it ignored (instead of any sort of intelligent debate).
25. TFB on March 2, 2010
    
     

    joe b. – Thank you for drawing these folks out. I purposefully did not jump in because I want to show the public their manipulative techniques. These techniques are trained, over and over.

    People really have to inoculate themselves against these things. Just imagine how hard it would be when you don’t know much about life insurance and investments and you face a friend or family member trying to “educate” you and “help” you while at the same time introducing you to a business opportunity.

    To the WFG crew – WFG is legal. So is MLM. I never said they are not legal. Apparently you are not bothered by preying on friends and family. That’s fine. Maybe you don’t like them anyway. Just don’t be my friend. Merely being legal is too low a standard. I expect more from my friend and family. And thank you for giving all of us an opportunity to see what WFG is and what it does. That’s exactly what the title of this post says.
26. SanjeevK on March 3, 2010
    
     

    TFB – My respect for you and your blog continues to increase. Your honesty (and may I dare to say – to pass up many opportunities to make easy money like other PF bloggers) and ability to see/say about things as they are without any fear or greed is what sets you apart from others. I continue to look forward to your posts. Keep it up. You should be very proud of the tremendous value you provide through your blog!
27. Carly on March 7, 2010
    
     

    Hi guys,
    All of these are great comments …. but i do agree with people need to really research something deeply rather than just going on GOOGLE… this is just competition between many reps just being childish…. sure everyones company is great in their own opinion….bottom line is that everything you do in business takes hard work and time… dont expect to make money fast …. thanks people
28. Darren on March 8, 2010
    
     

    Two months in the “scam”. Doing great. I am licensed in the state of California, going for more training…and have made money. My downline and clients are very happy. I don’t puff the truth nor do I believe that this is a get rich quick scheme. Do not do this business if you are not self confident…there will be ups and downs as in all sales. Aegon is solid, Transamerica is solid, Prudential is solid, World Financial Group is solid…are you? I would love to see the income levels of those who are against WFG compared to those who are with them…
29. Unknown on March 8, 2010
    
     

    Darren,
    YOU ARE AWESOME!. very well said buddy….!! it’s simply not for everyone and ONLY the STRONG survive!
30. joe b. on March 8, 2010
    
     

    Carly,
    Google is just a way to find information. It isn’t a source of information. I typed World Financial Group into Yahoo search and scam was the first autocomplete there as well.
    Working hard is great. If you are working hard at misleading people then not so great.
31. joe b. on March 8, 2010
    
     

    Darren,
    I find it hard to believe that in two months you’ve learned enough to give professional financial advice. And you’ve managed to recruit downlines already. More expert advisors coming up soon.
    Aegon was bailed out by Dutch gov in ’08 for $3.7B. Not so solid.
    You are right about the self confidence thing. It’s too bad that the dream is sold to everybody. Perhaps you come from a sales background. You’ll have an easier time “doing the system” to people for a while.
    The only way to make any income is to become one of the 1% and have lots of minions under you whom you sell the dream to. Some of them will buy, and the odd one will sell, some products. All of them will alienate friends and family to some degree. It doesn’t matter if any of them make money as long as you have a steady supply of recruits and can keep them believing for a while.
    …Oh and I suppose Aegon and WFG and Transamerica make a little money too…
    I work amongst a large group of very educated people. Every single one I’ve asked about WFG says almost the same things: “Sounds like a scam”, “sounds like a pyramid sheme”, “sign me up, I like kool-aid”
    It’s funny but sad.
    Sad for me b/c I have a loved one loosing money and friends while stuck in this cult of greed sold as helping families.
    Check out the families in this lawsuit filed by the SEC
    http://www.sec.gov/litigation/complaints/2008/comp20768.pdf
32. joe on March 18, 2010
    
     

    Last week, had a (WFG) salesperson solicit me for an interview and he would tell me only that his company sold “financial services”. It wasn’t until I got the address for the interview- 2890 Zanker Road Suite 107 95134- that I was able to find out what company was at that address, and I had to do a search on the company, my search terms being “what do you think of world financial group” to get some idea of what they actually do.

    Once I got enough of an impression, I pictured myself trying to sell my Mom & Dad a comprehensive, non-term life insurance package and then shuddered. I think this upshot for me was- would I really want for them to buy into it? My intuition said “no”.

    What was most interesting was that the WFG person had approached me at a local store, then called me to set up an interview, and when, after learning about WFG and losing interest in the idea, I called him back to cancel the interview. He started asking me questions- do I know what they do? do you know the interview is educational and we can tell you about the services we provide? He instantly shifted the burden of proof onto me, as if it was my job to say why I wouldn’t want to participate. That tactic of asserting one’s ideas or intentions is ages old.

    I now know why he so vigorously wanted me to come in for the interview, it’s because he wanted me to be his downline.
33. Scott on April 14, 2010
    
     

    Man I read these different posts and I just can’t figure out why some of these people are so jaded. I have been with WFG for 8 years and I will admit that I am not making the major 6 or 7 figure income that some of our people make but I wouldn’t trade what I do for an unsecure job. I make pretty good money and have no debt and enjoy my life. Maybe I am just naive but after this many years in the business, I have met and know quite a few people from other companies that really don’t have the diverse product line that we have but at the end of the day we all make money the same way,,,helping families win the money game. As far as our products being expensive, I don’t get that either because most of my sales come from being able to help a client spend less on their insurance or investment. When you can represent most of the major companies out there, how can you not come in cheaper? WRL happens to be one of the more competitive companies when I am shopping for my clients. I have recruited lots of people and at this point in my career I do believe that the people that are writing the negative stuff about our firm really are those people that just couldn’t or didn’t want to see past their noses to become successful. I hope they find success in what ever makes them happy. Lastly, if I hadn’t helped my parents with these terrible products marketed by WFG, my parents would have had to go back to work to supplement their retirement in 2008 but amazingly they only lost a fraction of what they would have and are way ahead of their neighbors and friends who lost their shorts because their broker didn’t have or just didn’t bother to use the product sophistication available to WFG clients. If you are looking at WFG as an opportunity, just find a good successful mentor and stick by their side until you get it and you will do amazing things financially. Good luck!
34. Jason on April 22, 2010
    
     

    Very well said Scott…what is your ranking (level) in WFG? It’s an amazing company man and am ready for the convention also!
35. AmberW on April 30, 2010
    
     

    For everyone who is diligently defending WFG, i just want to know if any one knows the annual Index Change percentage. I don’t want to know the minimum (1%) or the maximum (13%) as i have already heard all about it. I want to know what the annual Index Change has been for the last 9 years (as WFG was not owned by AEGON prior to 2001). Hopefully one of you can provide me with this information, or it is very disappointing that you are selling a product that you don’t know the most important information about.

    I don’t need opinions, just percentages.
36. CharlesD on May 20, 2010
    
     

    I have a question as well for those pro WFG:

    I would like to please have a link out to your prospectus? Or maybe the name of the exact product that WFG has for VULs?

    That would be most beneficial to me.
37. TFB on May 20, 2010
    
     

    CharlesD – I’m not pro WFG, but here’s how to get a prospectus from WFG’s sister company WRL. Go to westernreserve.com. Then click on “Products & Prospectuses” then “Prospectuses” under that heading on the left hand side. There are several VUL products there.
38. JacksonL on June 20, 2010
    
     

    I currently have my 7 and 63 securities licenses, but I am not affiliated with any broker. If I pay the $100 for the background check, will WFG pay to house my licenses while I work to get my other licenses and begin to sell product?
39. Eric on August 18, 2010
    
     

    As with any organization, there are people who can become successful and there are people who will not succeed. I find that in today’s economy perhaps 1 person out of 100 is suitable for a commission based, independent distribution, direct marketing style company. That 1 person out of 100 will be successful and perhaps very wealthy. The other 99 will either pass away, life as paupers, survive on a month to month salary or a few may even be somewhat successful.
    But more than anything else, everyone can decide what they want to do for income. You can work for hourly pay, yearly, base plus, contract or commission. You can decide. Look into yourself and determine your own character, values, principles, standards or any other words you want to use.
    There are good and bad in any business. Each person needs to determine what level is acceptable.
    WFG has some really great people and it has some really bad people. As it turns out, WFG management has lost it vision, its good character, its values and has let a number of really bad people set the standard for the company.
    The original WFG vision is a great vision. Once WFG management decides to manage the company from a foundation of good character, integrity and values it could very well become what it was once meant to be, a good company doing good things for people. Until then prospective agents and clients will have to look for the good offices and avoid the bad offices.
    MLM marketing is a decent way to market products. There is good money to be made but it takes work. There is no free money. A person with good character, integrity and values with a great work ethic can do very well in an MLM. A bad person will eventually fail for lack of values fails every time.
    There are many other good things about WFG, but it takes good people first and once WFG management begins to believe in good values again, WFG could become a great company. For now, find an office of good people, it is easy to tell who they are, nothing phony, up front and honest, family oriented good people who want to do service for others in the community.
40. Fred on October 5, 2010
    
     

    I’ve read most the comments in this thread. I’ve heard most of the proponents of WFG regurgitate the BS sold to them by WFG. “The power of one” and “1 in 100 will be a winner” etc. Bottom line, WFG sells a mediocre product, but more importantly sells bogus training by praying on the weak. This is true about most all MLM’s. The real product here is the employee. Remember, WFG needs to invest no capital in their primary resource (their employees) Yeah, yeah, I know, It’s your company, but you don’t make any money!!! I can say this with confidence because there are only a very few making a living at it within WFG and far more loosing the little money and time they have to WFG.

    I’ve heard a lot of how WFG helps honest family people. Why then do they lie to their “agents” and convince them to trick their family and friends into a sales situation or recruitment. For instance, both my brother and myself were approached by separate new WFG reps (both friends of ours). We were asked by our friends to help them train with their “boss” by having them come over and practice their pitch on us. Of course there was no practice to be had. This was a sales call and I sat and listened to a sales pitch from said boss (with a word uttered by my friend) on how I too could become rich. Later, after my friend had been with WFG for 6 months plus, I received a call from WFG as I was listed as a character reference on my friends “resume” and they were following up. Another sales call! Interesting that they never called me before my friend was hired, but why would they? Again WFG has nothing to loose from an agent that fails as they pay for their bogus training. I think even the $100.00 for the background check might be a profit center. AGAIN WFG MAKES NO INVESTMENT IN THIER AGENTS!

    For the record, I am independently wealthy. I’ve owned my own companies small to midsize. I have also worked for companies small and large. I’m currently and Regional Manager for a startup in the transportation industry. My wife and I are owner class investors with a Land Developer. We both have MBA’s, my wife from the Graziadio School of Business at Pepperdine, but i’m too embarrassed to quote the source of mine.

    WFG is another BS MLM! If you are interested in being a insurance/financial consultant you would be far better off with Farmers, State Farm, Edward Jones, Boston Consulting Group, Johnson Financial Group or just go it as an independent. I have no idea why someone who thinks they are one of the few people who can independently succeed in the world of investing would settle for WFG. If you think you’re going to get rich in this field, call Goldman Sachs and let them know you’re available for Christ sake.
41. Jay on January 26, 2011
    
     

    Hello everyone, I’m somewhat unique in that I don’t buy the WFG approach and have seen personally how hard the agents try to recruit people without full disclosure of how their system works. I am a fully licensed financial advisor (series 7,63, 65 and CA insurance licensed). I also used to work at Charles Schwab, which by the way isn’t as ethical as they present themselves to be (check out the lawsuits over their Schwab yield plus mutual fund).

    I may be joining WFG as an advisor but I would only be using their brokerage platform to get paid, and told them that under no circumstances would I recruit anybody. WFG actually has two parts to it: the recruiting platform and the brokerage platform. WFG agents on the brokerage platform no recruiting. This is the only platform I am interested in using for my business. WFG’s brokerage platform allows the use of outside mutual funds and insurance companies so I would not be limited in the types of products I can sell to clients.

    The reason I’m considering WFG is that they agreed to bring me in at the higher payout level even though I haven’t and won’t recruit anyone. The payout is reasonable and I’ve found that many of the agents want me to join their teams so I can go with them to talk to clients and prospects (not as a trainee but as part of their team). This reduces the amount of prospecting I have to do and gives me the opportunity to actually presenting product solutions for the client/prospect.

    Many of the people who I’ve met at the WFG gatherings are very pleasant and professional. HOWEVER, most of them really don’t understand how investments work and only present the positive aspects of a product without taking into consideration any disadvantage it may have. WFG does seem cultish (not as bad as the unification church or EST) which is too bad because I do believe that many of those agents really want to do the right thing for the client. Unfortunately, the company pushes with recruiting element which I do not support and the agents can get more excited about recruiting people than actually serving their financial planning needs. The result is that products are often quickly sold by an agent so more recruiting can be done.

    I do like the fact that WFG serves the middle income market and that’s what got my attention. I believe I can come up with a much better financial plan than many WFG agents. In some sense I guess I’m “using” the agents to meet their prospect. However if the prospect benefits from my expertise and I can meet other people through that prospect everyone can be better off. I’m not suggesting that WFG agents are incompetent. However I believe that my investment expertise and experience can help fill in the gaps left by using only a WFG agent.

    I don’t know if it will work out for me because I definitely do not drink the WFG “koolaid” regarding their recruiting approach and will probably always be seen by them as an outsider. However I do believe there is an opportunity for me through WFG to help families in the middle income market and make a good living for my family. I’m the sort of guy who tells it like it is, and if a WFG agent makes a screwed up recommendation to the client/prospect I’ll tell him so. I’ll keep you all posted. Thank you for reading my comments.
    Jay
42. wooly on January 30, 2011
    
     

    I’ve read many of the comments on WFG and am currently in their system…I have been in the financial services industry for over 10 years and have previously trained and worked at a wirehouse. That said, if in fact, if WFG was/is as evil as many think they need to check the sources that matter…FINRA… check this

    http://brokercheck.finra.org/Support/ReportViewer.aspx

    Which is the arbitration/disciplinary/financial/regulatory events sheet….which list 10 regulatory events finalized…1 in arbitration. I challenge you to compare those figures to any other firm. I believe you be surprised to find that WFG has the lowest arbitration/violations of any of the broker dealers in the U.S.A.

    Comparing that to say Merrill Lynch, Pierce Fenner & Smith you will see 378 regulatory events finalized, 3 civil event (lawsuits) and 963 cases currently in arbitration….and much of society praises them as a bastion of financial methods. During my career as a financial advisor I am proud to say that I have rescued many people from the common methods imposed through companies that follow the ‘successful’ wirehouse models.

    Unfortunately, there are many ‘recruits’ that join WFG that truly don’t understand the business, become discouraged and quit with a bad taste in their mouths…these are the ones that are first to throw stones…I have personally experienced the successes that can be had with the business structure that WFG promotes. In my experience I have to say that the training, teamwork and attitudes of the people in the organization are the best I have witnessed so far…second to none.

    Oh, did I mention that the wirehouse I worked for was modeled after Merril Lynch?? They too recruit and target the ‘new hire’s’ circle of family & friends…to which after NOT meeting the quotas are terminated and the book of business is then transferred to the manager or senior associate (upline). What happens if you do make it?? Then you bust your a** to make your manager or senior associate’s book of business grow to which then you are permitted to start your own…needless to say the attrition rate is very high.

    Please consider all the facts and rely on the sources that matter…not on just what he said/she said.

    Thank you for your time,
    Wooly
43. TFB on January 30, 2011
    
     

    @wooly – WFG is first and foremost an insurance sales organization. The broker-dealer functions are only secondary. I’m not sure FINRA is the right place to look. I think both sides had a chance to express their opinion after a year and half since this was originally posted. I’m closing the post for additional comments.