Complaint Review: World Financial Group - Bakersfield California

My brother worked for WFG if u can call it that.
the reason everyone is an individual Agent is so the company can try and escape blame. pure and simple. The agents manipulate information and play on peoples dreams of living carefree and easy money so you don't have to work.
I notice the rubuttal's of so called agents are always..oh work hard..oh u didn't try long enough.. Check the math.  you would have to keep recruiting, and have your underlings keep recruiting to make your money.  They love to lead you on with the take more courses..go here.. got there for meetings.. buy a book. it will help.. blah blah blah.
 My brother "worked" for WFG. what did he get.. a bunch of money out of his pocket.
took the securities course at the local tech campus. yet the Zone manager quit. so they needed to wait for them to acredit his license.. this carried on for 6 months til he gave up on getting it done.
So he makes 40k a year at the time. and they fooled him into investing 50,000 in stocks. 25,000 in 2 different companies. WFG makes its money cause they provide the loan for it.. and charge you the interest.. not caring if the funds increase or decrease. cause either way they get the interest and you still have to pay the loan if it decreases.  They tell you. don't worry you will get paid from the dividends and it will cover it. except they play with the numbers and don't tell you.. hmm if the stocks/mutual funds go down it will no longer cover the interest. also they are not supposed to let you invest that much if you don't make enough to cover it. which my brother can't even come close to. one stock dropped 5k the first year.. the other dropped 1-2k. but then the first one dropped over 18k value, while the 2nd lost 6k value. do the math people. my brother also bought the "term life investment life insurance" aka RIP-OFF. He was paying 500$/a month for term life ins. on him and his wife. term life is bad enough..but the price was incredibly high. and disguised as investing. but if u ever cancel it you lose all the money they have "invested" for you.
Better to Get insurance.. put the xtra into actual investments and get the tax benifits for yourself.
so now that my brother is making less money. they send him a note saying

We are writing with regards to your leveraged Account with WFG securities of Canada Inc. We have Recently revised our policies and procedures regarding leveraging suitability. our current policies and procedures require further analysis of the leveraging strategies in the following instances
      > The client's Risk Tolerance is less than medium;
      > the client's Time Horizon is less than 4 years;
      > the debt payments are more then 35% of gross income
      > the clients age is greater than 60
      > the clients' investment knowledge is limited or poor; and
      > the total amount of all investment loans is more than 30% of Net Worth.

Based on an assesment conducted by us of your leveraged accounts with existing Know Your Client "KYC" information on file, we had determined that the following information was inconsisten with our current policies and procedures and warranted further analysis:

       > your debt payments are 80% of your income.
...

so lets see my brother income at the time of investment was 40k.. he was into his line of credit for 20k.  and yet they advised and co-erced him into taking out a loan with them for 50k in stocks they suggested. He also had to sign an extra sheet saying he realized he was going over their suggested company guidelines.
Hmmm Redflags anyone????

i told him it was bogus and not to do it. but he did anyway behind my back.
any reputable company would have told thier acting agent no sorry we can't accept this. this person is over thier head. but the money was what thier agent and the company was after.

The Reason this company asks you to ask your friends and family is because you would have a tough time selling this garbage to total strangers other then unwise and easily manipulated ones.
my bro even said.. oh just come to a meeting and see. so i said sure bring your agent over. i listened to the bullshit and laughed most when he said the funds are a mutual fund. and he wrote 10 columns on a peice of paper and said. its ok.. even if seven of the companies totally lose all the money.. the other 3 will keep you making money.
quick do the math. u know how much growth u need in 3 companies to pay for 7 losing ones...

WFG in my opinion are legalized rip-off artists who gather money from peoples dreams of easy money.. as employees or as investors. Stay far away from the company.
and the rebuttals from those who " work for them.. please like the one.. oh i worked for 9 months and its a process.. and the one i came from the banking sector... sure you did.  sounds like your someone high up in the company coming on to refute so you can keep making your money off the people you ripoff.

I am so sorry that that happened to you. I am an associate of WFG and I understand how you got caught up in the raw raw of it all.  we No longer do home loans it is just Life health and annuities now.  I would say to you have you looked at your traditional Life insurance agents?  They are very much doing the same thing.  they recruit they sell life policies to people that they prospect.  they do a lot of the same stuff that we do in WFG.  The reality of the twice a week training and the going out into the field is the only way to make any money.  I have been doing this for 9 months and I have just started making money.  I have spent a lot of money so far and I am working very hard to make it back.  If you are not willing to put your head down and work really hard for the next 5 years to make money. if you are not willing to do it for more than a year you should keep your day job.  I do not ask my team mates give up thier day jobs becasue that is not realistic.  I have an income and if I did not have one I could not do this.  You fell victim to not having a good enough upline or not being given enough information.  My 21 year old daughter is an agent of wfg.  she did it for about a month and she is very good at it.  she speaks well and she retains the information well with out taking notes.  She decided she would rather have a 9 to 5 job and a steady pay check.  I respect that some people need to have a job.  they need that type of stability for themselfs.  I am a business owner and I always have been. this is not the first MLM style business that I have done.  this is the only one however that I have done where i have made a decent amount of money. I hope you find what you are looking for.  Tanya

ITS FUNNY TO SEE HOW MANY PPL COMMENT NEGATIVELY ON A COMPANY AFTER THEY LEAVE, BUT THE MAJORITY OF THE TIME IT IS BC THEY WERE OR ARE NOT SUCCESSFUL IN IT. I AM A SENIOR ASSOCIATE FOR AN OFFICE IN LOS ANGELES, AND I HAVE BEEN IN THE BUSINESS FOR 45 DAYS. YES, I AM CLIMBING TO THE TOP WITH MY QMD'S HELP. IN THE BUSINESS YOU HAVE TO TAKE ADVANTAGE OF WHAT IS PRESENTED TO YOU. IF THEY SHOW YOU A WAY TO GET PROMOTED IN 30 DAYS IN A REGULAR JOB, YOU WILL DO THE IMPOSSIBLE TO GET IT, WHY NOT DO IT FOR THE SUCCESS OF YOUR OWN BUSINESS. YES ITS YOUR BUSINESS. YOU DONT HAVE SOMEONE BARKING IN YOUR EAR ALL DAY ABOUT WHY YOU CAME IN LATE, WHY YOU DID NOT MEAT QUOTAS, WHY YOU CALLED OUT EVEN WORST ASKING FOR PERMISSION TO TAKE SOME VACATION BC SOMEONE IS REALLY ILL IN THE FAMILY AND THEY DENY IT. IN WFG YOU HAVE THE OPPORTUNITY OF A LIFETIME TO BE SUCCESSFUL BY BEING OPEN TO COACHABILITY, YES YOU INVEST MONEY ASIDE FROM THE INITIAL 100DLS, BUT IF YOU FOCUS ON PASSING YOUR EXAM (S) YOU WILL MAKE IT BACK IN NO TIME. I MEAN THERE ARE SO MANY OTHER WAYS TO MAKE MONEY. SO MANY PPL BASH ABOUT HOW YOU BECOME A ROBOT OF PROSPECTING AND RECRUITING, BUT THERE ARE OTHER THINGS THAT WFG OFFERES LIKE FINANCIAL SURVEYS, THOSE THINGS HELP OUT SO MUCH THEY GET YOU CLIENTS. THE PRODUCTS WE OFFER ARE FROM VERY REPUTABLE COMPANIES: ING, PRUDENTIAL, PAC LIFE, WRL, ETC. WHY NOT DO RESEARCH ON THOSE COMPANIES AND THEN WRITE SOME NEGATIVITY.

PPL TALK AS IF THE PRODUCTS WE OFFER ARE HURTING SO MANY FAMILIES. LIKE WE FORCE THEM TO BUY OUR PRODUCTS. I HAVE BEEN TO MANY TRAINING APPOINTMENTS AND NOT ONCE DID I FEEL THAT MY TRAINER WAS TRYING TO FORCE A SALE. IF THERE IS NO MONEY TO INVEST IN A PRODUCT IS SIMPLE AS THAT LEAVING THE NO FOR AN ANSWER. IN THE END YOU ARE HELPING FAMILIES. I LIVE COMFORTABLE KNOWING THAT IF SOMETHING WAS TO HAPPEN TO ME TOMORROW MY WIFE WOULD NOT SUFFER WITH ALL THE DEBT SHE WILL RECEIVE AS AN INHERITANCE. BECAUSE OF THIS COMPANY I LEARNED THE IMPORTANCE OF LIFE INSURANCE, MUTUAL FUNDS, ANNUITIES AND ALL THE OTHER PRODUCTS. AND I HELPED PREVENT NEGATIVITY IN MY LIFE AND MY WIFE BY PREOTECTING OURSELVES AND FEELING GREAT ABOUT OUR FUTURE AND OUR RETIREMENT. AND NO IT IS NOT EXPENSIVE. THE QUESTION IS ALWAYS ASKED TO THE CLIENT WHAT PRODUCT THEY THINK IS BETTER, MANY OF THEM SEE A PERMANENT INSURANCE AS THE BEST, BUT SIMPLY NOT EVERYONE CAN AFFORD IT.

BECAUSE OF THIS BUSINESS I HAVE LEARNED TO VALUE THE HUMAN LIFE MORE. VALUE PEOPLE. BETTER LEARN TO FIGHT NEGATIVITY, NOT BECAUSE I AM BRAINWASHED, BUT BECAUSE I KNOW THAT MY EFFORT WILL GIVE ME THE  RESULTS. THE SYSTEM THAT IS IN PLACED IN WFG IS EXCELLENT. I COME FROM THE BANKING INDUSTRY AND MAN WAS IT HORRIBLE, WORKING EVERYDAY AS IF TOMORROW WOULD BE MY LAST DAY OF WORK. BECAUSE I DID NOT MEET QUOTAS OR I MESSED UP ON A TRANSACTION, MY WORK WAS NOT SECURED, QUITE FRANKLY I COULD GET FIRED BC MY MANAGER DID NOT LIKE ME, BUT ISNT THAT AT ANY JOB? PEOPLE NEED TO UNDERSTAND THAT LIFE IS FULL OF RISKS AND WFG MIGHT BE ONE, BUT JUST BC YOU DID NOT SUCCEED OR YOU WERE SURROUNDED BY A BAD ATHMOSPHERE YOU SHOULD THINK IT WASNT WORTH THE RISK OR WORST BASH OUT ON THE CHOICE YOU TOOK. IF THIS IS THE CASE ASK TO WORK AT A DIFFERENT OFFICE OR SPEAK TO OTHER PPL OF HOW YOU FEEL, DONT HIDE IT.

I JUST RECEIVED MY FIRST CHECK ON TUESDAY AND BOY DID IT FEEL GOOD, BUT IK IT IS NOT THE ONLY ONE I WILL RECEIVE, THEY WILL KEEP COMING, BC OF MY HARD WORK. BC I DONT JUST RELY ON MY TEAM FOR AN OVERRIDE, AT ONE POINT IF YOU ARE JUST AN ASSOCIATE THERE MIGHT NOT BE OVERRIDES. BUT I AM ALWAYS LOOKING FOR AN OPPORTUNITY TO TEACH A FAMILY SOMETHING THEY DID NOT KNOW, WHAT IS A FEAR TO MANY, OR AN IDK WHERE TO GET INFORMED OF ALL OF THIS. BC WHEN YOU ARE DONE WITH A PRESENTATION AND YOU RECEIVE A THANK YOU IT TOPS WHATEVER YOU MIGHT HAVE MADE $$$$ WISE IN THE END.

Hi guys I am an associate with the company.  Been in for five months havent made a dime.  But the self improvements I have made on myself are pricesless.  It is not anyone elses fault but your own how far you go in life.  Let me ask you a question?  How successful have you been in the rest of your life?  Honestly?  You can lie to me but you know the truth deep down inside.  I am from anoffice in Glendale, and Anaheim that people dont even barely speak english but the desire inside of them makes them, successful.  Another thing guys since when is having Insurance or other financial services a threat to you and your families?  You need to stop being negative and blaming other people.

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.

I am the anonymous writer of this report and after reading the two responses, I would like to clarify that I understand it was definitely an individual office that was flawed. Unfortunately, with the way that WFG is set up, an employee is encouraged to recruit and rewarded for the more people they get under their wing. My problem with this is that they don't use their best judgment on whether or not the person they are hiring would actually be ready for the company and the amount of dedication it takes to be successful as an associate. They care more about having large numbers of people under them and so what if the person they hire throws away hundreds of dollars and then leaves? There are people in the office who have been in the business for years and I believe it is apparent (regardless of age, dress, or education) when a person is determined and can be successful. This is where, at least at the office I worked at, was flawed. It burned me out going from store to store and talking to anyone I could in order to find someone to recruit. It was at the point where I offered a job to anyone. If WFG weeded out the people who clearly lacked potential from joining WFG, I think they would have a better reputation. And I don't know if it was my office or if it's a universal WFG belief, but I did learn to not go towards organizations that focused on recruiting. I also did not like the deceptive choice of words. I appreciate Art Eggman's (the writer from above) insight and honesty. I was told it would be easy when my own supervisors were struggling. What made me leave was I was tired of putting on an insincere face and LYING to prospects about how great I believed the company was. I did not like that there were so many facts hidden to ensure prospects would sign up as a member. I can't emphasize enough that I was incredibly naive and I believe that my office had taken advantage of it. I did work hard and I was trainable, but I was not going to brag about all the money that I should have been making and the happiness that I didn't have. I don't doubt that it takes a lot of work to be successful, but that wasn't the impression that I wasn't given during my presentation. I also don't like the fact that I was encouraged to leave my job sooner than later and also not continue on with my college education. Discouraging education to a young associate was a huge turn off, because I know that one of the reasons the older employees worked so hard was to pay for their own child's education. I also don't think it's right to ever label college as a waste of time and money. It was most likely that I had a bad office as well. I saw Art Eggman's office and I think he ran his office very well. I also noticed that his associates were also typically older than younger, but it also explains why his office at least seemed to be the more successful out of all three. I was unhappy with WFG and I am still bitter. I was willing to work longer until I became tired of being taught to twist the truth. I didn't find it fair or right. It's not the products and most likely not the company or other offices. This is mainly a message for younger people considering WFG. I feel duped and I believe that my supervisors should have known better than to hire somebody who even said in their interview that they were only looking for a short term job that could help make them some money for college.

As a Branch Manager with World Financial Group in Bakersfield CA I have always felt it important to stand up for the company I represent. In response to the young man or woman (the posting was anonymous) who believed in WFG, but made no money in the 90 days they were in operation of their new Insurance and financial services business, I can only say I am sorry. I do realize that being in business for yourself does have a very high failure rate. Especially if it's only given 90 days or less for it to succeed. Some have said nearly 90% of all who start their own businesses will fail within the first 5 years. World Financial Group is a business with State and Federal Licensing Requirements for its agents to sell any product to the public. You must get an insurance license to sell any type of insurance. That state license, if you prospect ( a major focus in WFG's Business Format System) and subsequently, find the clients with a suitable need for the products, your licensed status will allow you to sell term insurance, fixed annuities, long term care insurance, health insurance, disability insurance and more. The One statement from the anonymous complaint regarding World Financial Group is that in 90 days they made no money therefore it must be a scam. My rebuttal is simple, there is a need in the marketlace for individuals, Families and businesses to be connected to those products to protect their families and business. Or are those products to also be considered a scam on the consumer. World Financial Group does give anyone a unique business opportunity to enter into a regulated insurance and financial services industry. And those who are willing to work hard, and possibly, even most likely, longer than 90 days. Can find reward, recognition, and financial autonomy. All done by helping others first. Success in any endeavor requires effort and persistance. So many folks today are looking for a 90 day path to riches. There are none. I came from a background of a Registered Nurse before Joining WFG 8 years ago. Fresno State did not allow me to become proficient in 90 days. (niether did they pay me while I was a student for all 5 years, maybe education should be classified as a scam?) After Graduation I worked for another 18 years as a nurse before starting at the bottom with WFG, Just like our anonymous friend who posted the complaint against Bakersfield. Enduring rejection, defeat, skeptics and slander, I too had to get licensed, be coachable, open to training by live Lecture, online training, seminars, and listen to folks telling me I could win if I became proficient in the financial services arena. I did not quit my day job as a nurse while I was starting my business. That was the beauty of World Financial Group. World financial group does not discriminate, if you only want to work part time and keep your day job, thats OK. Rome and your new business were not, and will not be built in a day. We are regulated by insurance and securities laws and supervision. I like that, As a registered nurse I also was required to hold a license to practice. I also needed to carry my own malpractice insurance in Nursing. In the insurance industry it is called errors and ommisions coverage and yes that is an expense you must carry. Finally I also spent approxamatly $1000-$1500 to become fully licensed and operational. I did not know all I needed to know in the beginning, but, I was in business for myself, and the cool thing was I was not by myself. I had the backing of a gigantic force behind me in Aegon. Sadly enough this rebuttal may be censored or edited because truth doesn't sell well. Most folks today sadly enough only read the headlines and none of the commentary. If the anonymous person who posted this complaint wishes, he or she can call my office and I will see if I can fill in any shortage of training they may have felt. It's a great company and a Great need exists today for all the services WFG provides.

As an associate with World Financial Group and working with one of the top offices with the company, I can tell you that the person you worked with did do as he should have. I read your story and it is common for people who are not following the business plan from World Financial Group. I am not saying they did it for personal gain, or even intentionally, but they did not follow the format WFG advocates. From the start, Peter should not have been pressuring you to make decisions you aren't sure about. I understand your hesitance on the background check, but that is important for anyone entering financial services. Peter should not have pressured you into going through with it, but it is necessary for anyone wanting to work in this industry. If you were encouraged to invite people to the MoZone, that was not correct. Yes, we encourage people to recruite and/or invite them to attend a business presentation meeting. The MoZone is simply a name for the part of the business presentation meeting where you're introducting guests to others and letting them get acquainted with others in the office, not the focus of the invite. Next, you should not have been told it was necessary for you to take the course for life insurance right away like that, especially since it conflicted with something important concerning family. As an independent agent, it is for you to decide when the time is appropriate to take the course, not for anyone else to decide for you. Once you did get your license for life insurance, that should have been the priority for your leaders to help you make sales on since it is a product everyone can use and doesn't require home ownership(or the ability to buy a home) to purchase. Yet another mistake made by your leaders is to not discourage you about leaving a current job before you started making a steady income with World Financial Group. The appropriate thing for a leader to do is to encourage you to actually stay at your current job until you have replaced the income rather than just stand by and watch you make that mistake. For the convention in Orlando(I was there as well), Peter should have been understanding if you didn't have the money to go. My family never would have gone if we were not already making money with World Financial Group, and I would never encourage someone to spend that kind of money if they didn't have it. The bill sent to you by WFG was for renewal of your association with WFG. Your life insurance license with the state of California. It is yours to take with you wherever you want to go, and WFG cannot do anything about it.