Complaint Review: World Financial Group

In May I was approached and convinced by a couple to join their team with World Financial Group (WFG).I have know this couple for over 10 years and they told me how successful their business has been (they made over 100K in 2014). They convinced me to join their team and I paid $100 for "paperwork and background check" to WFG. Due to my current work I was unable to dedicate much time to my training until October. At that time I began attending team meetings, bought a business suit (required attire), and paid for and began my online training for my first level license for Life, Health and LTC Insurance ($49.00). I also began attending team meetings and events. The team meetings were friendly and NEVER did anyone mention Multi Level Marketing (MLM) but everyone who spoke talked about "building your team". At one point I said to my friend (now my "Team Leader") that I was not interested in building a team as I had just ended a business with employees and didn't want to deal with managing a team. He never addressed my comments or concerns.

After spending an entire weekend at an in-person training class ($159.00) I had a very strong premonition that this was a scam. In fact I had a nightmare about this. In the morning I googled "World Financial Group AND TransAmerica" and discovered many, many negative comments regarding this group.

I admit I should have done my homework, but this couple were well known to me. I trusted them.

I am also very embarrassed to report that I also moved my IRA to this individual. The reason I did so was he and all the other speakers, kept touting the fact that they are constantly monitoring the market and can "move money" to avoid any losses and can do so at a moment's notice. They all talk about how much money everyone lost in 2008-2009 and that they would never let this happen again as they can "move everything to cash" "ride out the down turn" etc...

My account as of the day I moved to WFG/TransAmerica was over $118K. In 8 months I lost $4891.96. AND the fees for "managing" my money totalled $1131.65 (May-Dec).

When I complained to my advisor/friend, he kept repeating that the market had been volatile this year, that I would have lost that amount had I kept my money where it had been, etc.

I have moved my money back to Vanguard. When I transferred the money back I was charged a $50 "service fee" which he refused to waive. I have NEVER been charged such a fee in all my previous financial dealings.

Needless to say I am very upset at this large loss. I hope this will help anyone else to AVOID anything to do with World Financial Group unless you enjoy MLM and Pyramid Schemes.