- Report: #1228987
Complaint Review: WFG - Nationwide
Reported By:
SAD AND AFRAID -
California, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
WFG
Nationwide, USA
Web:
N/A
Categories:
Business Rating:
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WFG WORLD FINANCE GROUP/AEGON/TRANSAMERICA WFG IS A SCAM. I LET THEM RECRUIT ME TO FIND OUT WHAT ALL THE COMPLAINT WERE ALL ABOUT. Glendale Nationwide
I have been a strong advocate of truth and always given anyone a chance to see the truth. This time, I let myself be recruited to see what the complaints are ALL about WFG.
THE COMPLAINTS ARE ALL TRUE.
They are great in recruiting without disclosure. They collect your money with big promises of training and making money.
After they collect the $100.00. you are on your own. They pushed you to get clients so that they can show you how to do it. Truth is, so that they can write a policy to make money.
They never disclosed that once signed, you will become their captive agent. There are fees for their services called E&O.
WFG TAKES 30 TO 35% FOR THEIR SERVICES BEFORE THEY EVEN GIVE YOU YOUR COMMISSION. I fyou don't provide them a checking account, you will be charged $20.00 for having your check mailed to you.
The up line gets the most of the commision. During fast trac, they tell you that you will make 80% in addition of your recruits making it a total of 100%.
They will never tell you that you start from 25% or less once you are licensed. You must recruit so many until you get promoted to an associate to get 35% of your commission that may be as high as 127% with the least of 80% being paid from the insurance commission.
In fact, you will never reach the 80% commission until you reached a certain huge amount of sale and many reccruits.
The up line will take almost of the new associates commission. This must be against the law.
HERE IS WORST PART, IT IS NOT EASY TO GET OUT. THEY WANT YOU TO STAY IDLE FOR SIX MONTHS AND NOT ALLOWED TO WRITE POLICY ANYWHERE ELSE BECAUSE YOU CAN'T RESIGN IN AN INSTANT.
THIS IS LIKE A "CULT". UP LINES ARE THE ONE MAKING ALL THE MONEY WHILE THE HARD WORKING NEW RECRUITS GETS THE LEFT OVER. THE UP LINE DOES NOTHING TO HELP THE NEW RECRUITS UNDERSTAND THE WHAT, WHEN, HOW, AND WORST OF ALL, THE POSSIBILITY OF BREAKING THE LAW BECAUSE OF LACK OF INFORMATION.
1 Updates & Rebuttals
notnecessarily
Los Angeles,California,
USA
False Report; If you were actually recruited, you would have known this ...
#2Consumer Suggestion
Sun, September 27, 2015
Aye .. first they accused WFG of running a Pyramid scam without any success because the company is federally-regulated, they now turned to falsifying information
the original poster couldn't possibly have been recruited by WFG as claimed. There are so many falsified info on here that presented as factual simply because this person claimed to be strong advocate of truths and allowed him/herself recruited by WFG... I will not attempt to address all claims presented in the original post, but one ... the $100 membership fee!
Keep in mind, you'll be an Independent Contractor, not employee!
If he was actually recruited, he would have known there are more to the fee than simply background check...
1. the fee pays for background check as reported; as a client, you don't want criminals coming to your house to write policies, do you? (my son applied for a Pharm Tech license and I don't recall getting a report back either, so there!)
2. some will go to administrative effort; hey, the secretary needs to get paid too!
3. you'll be assigned an office space to conduct your office professionally; try renting an office space yourself and see how far you can get with $100?
4. your membership allows you to do business in all 50 states; if you were gonna do the filings on your own, how much efforts and know-hows do you think you'll need? I'd pay $500 for this alone!
5. your membership provides discount to Life Agent licensing 52-hr online-course ($40 or less on a $100+ course), even if you don't work with WFG, this alone can get you licensed so you can work elsewhere as an insurance agent or open your own business
6. all offices amenities including copy machine, coffee, etc; bring your laptop & some donuts
7. free training and support, not only from your trainer but from anyone and everyone; WFG has daily trainings on product they represent and multiple support sessions a week for those whom might be struggling. Members also shared their success stories and case studies so you can learn how to apply so you can also be successful like others... Basically, WFG wants you to succedd because if you don't make money, they got nothing!
MY $100 well spent! how was yours?
BTW, WFG encourages members to immediately obtain the Life Agent license within 2-3 weeks of joining because w/o it, you can't legally sell, hence will not be able to make commission... WFG makes sure you hit the ground running, but if you are a slacker or slow learner like myself, you still can immediately make money by simply referring potential client to other services WFG represents like home/auto/business insurance... easy money here but if you want to make it big, you need to follow the system.
Since i'm rolling, i'll point out another important fact that the original poster attempted to falsify...
*** Commission starts at 30% as trainee, and 45% as Associate, and so on... higher depending on how much effort you want to put in... Also, commission is 6-level deep where top-link makes ONLY 1% of your sale effort ... hardly justified for all the mentoring/traning/support effort they invested in you to ensure your success in this business ****
so if you want to know the truth, get yourself actually recruited... $100 is a small price to pay! If you could burn $100 in slot machine with apparently little chance (1% optimistically) to hit that triple 7, but you don't want to take advantage of what WFG has to offer to secure your financial future and (50% chance) make money while helping others, then I rest my case :-(
Even if you don't want to join, talk to a WFG agent anyway to see how they can help make you money wise because that is our mission.
Cheers to a more secured financial future!
