Comments on: What Is WFG and What Does It Do? http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html like a friend telling you about money ... Fri, 10 Feb 2012 17:31:35 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: TFB http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-5734 TFB Mon, 31 Jan 2011 03:10:06 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-5734 @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. @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.

]]> By: wooly http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-5733 wooly Mon, 31 Jan 2011 01:10:17 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-5733 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 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

]]> By: Jay http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-5716 Jay Thu, 27 Jan 2011 04:00:18 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-5716 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 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

]]> By: Fred http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-4867 Fred Tue, 05 Oct 2010 11:52:29 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-4867 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. 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.

]]> By: Eric http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-4317 Eric Wed, 18 Aug 2010 19:16:17 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-4317 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. 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.

]]> By: JacksonL http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-4135 JacksonL Sun, 20 Jun 2010 15:56:46 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-4135 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? 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?

]]> By: TFB http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-4053 TFB Thu, 20 May 2010 13:49:48 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-4053 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. 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.

]]> By: CharlesD http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-4052 CharlesD Thu, 20 May 2010 09:31:03 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-4052 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. 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.

]]> By: AmberW http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-3917 AmberW Sat, 01 May 2010 06:23:18 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-3917 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. 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.

]]> By: Jason http://thefinancebuff.com/what-is-wfg-and-what-does-it-do.html#comment-3868 Jason Fri, 23 Apr 2010 02:57:45 +0000 http://thefinancebuff.com/2009/08/what-is-wfg-and-what-does-it-do.html#comment-3868 Very well said Scott...what is your ranking (level) in WFG? It's an amazing company man and am ready for the convention also! Very well said Scott…what is your ranking (level) in WFG? It’s an amazing company man and am ready for the convention also!

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