Complaint Review: World Financial Group - Internet

Here is yet another uniformed comment about World Financial Group, owned by Aegon, a company currently worth 463 billion that is partnered with TD bank, Franklin Templeton, AGF, RBC (recently) and many many more. Aegon sponsors PGA golf pro Zach Johnson among several others. WFG Canada offices MUST attend governemnt compliance meetings and agents//brokers must obtain provincial licenses. Either WFG is a great, sound company or they are getting away with the biggest scam in history..I guess WFG marketing directors are paying off the governemt securities inspectors every month and all of those licenses are being purchased under the table right?? WFG is a direct marketing company that is actually taking the financial services industry by storm. This simply means that WFG does not go on spending millions in advertising and other expensive marketing tools..instead they pass these profits on to the agents who sign on with them becasue they, in effect are doing all of the word of mouth advertising, building their own businesses and deserve these profits. Here is possibly their biggest "scam." You initially pay a couple of hundred dollars to cover a background check, textbooks, in-house training, web cast college training and full support. What you get in return are 2 PROVINCIAL licenses that legally allow to you sell insurance products including IVIC and securities products such as mutual funds. What a rip-off righ??? I guess you would rather pay a community college 10,000-15,000 to obtain these. If you would prefer to go out on your own and away from WFG there is nothing stopping you from applying for a regular job elsewhere. What a ripoff right?..you spend a few hundred dollars and you open up a whole new set of doors!! Not to mention you now have a solid financial education that you can use in your own retirement/investment planning. Oh and about your rule of 72 comment. Did you know that Einstein came up with that one and that it is simply s formula used by all financial planners? I guess you must be superior to Einstein. Please do at least some homework before posting negative comments.

WFG focuses on teaching families how to manage debt and set goals for themselves to be financialy secure come retirement time. There have been cases of poor performance by WFG members, but this is not alone in the corporate world. Even religious groups have their bad seeds. If we judged every church on the headlines of the news, no-one would attend. Posting a report that claims a company is a 'Rip-Off' without offering evidence or facts is mis-leading to the general public. Here are some of the facts about WFG: WFG is owned by AEGON (who in August of 2007 anounced a strategic business partnership in the areas of life insurance and investment products with Merrill Lynch). "AEGON is one of the world's largest life insurance and pension groups, and a strong provider of investment products". To learn more about AEGON go to: ( http://www.aegon.com/base/Templates/Standard.aspx?id=540&epslanguage=en )AEGON is not known for purchasing 'rip-off' scams. WFG was named Canada's best MGA and top firm overall in 2006 (http://www.investmentexecutive.com/client/en/News/DetailNews.asp?IdPub=134&Id=35020&cat=29&IdSection=29&PageMem=&nbNews=) and 2007 (http://www.investmentexecutive.com/client/en/News/DetailNews.asp?IdPub=150&Id=40344&cat=29&IdSection=29&PageMem=&nbNews=) surveys conducted by Investment Executive. Many people regard WFG as an MLM. This is true to a certain degree. But you must admit that the whole corporate structure is a giant MLM. Even governments are set up this way: 1 head person (ex. President) - a hand full of executives - a bunch of regional V.P.'s - Local Managers - Employee level. Every corporation that is successful is set up this way. If you have a poor office to work with or your field trainer is un-ethical, then yes, WFG can be a very bad experience, HOWEVER, you can have a succesfull and rewarding career if you decide to use the principles that WFG believes in: "World Financial Group is committed to educating people about their financial choices so they can take steps to control their money instead of letting their money ? or lack of it ? control them. As World Financial Group associates, we offer people a life-changing service by helping them on the road to financial independence and giving them an opportunity to change their future with a new career." ( http://www.wfg-online.ca/whatWeBelieve/ ) Each person can bennifit from the knowledge that WFG represents. If you've failed at WFG don't blame the company. Perhaps your field trainer failed you. Perhaps your office was not ethical. These are questions that only can be answered by each individual who has had a bad experience, but the system can work for those who put in the time and effort, and practice an ethical, honest business.

These are the facts. I am an Independent Contractor for my own business. I contract my work out to other companies. If WFG was so legitimate, then why won't they offer this: INDEPENDENT CONTRACTOR AGREEMENT (BASIC) *SAMPLE* AGREEMENT, dated _______20___ between _________________________(hereinafter "the Corporation") and _________________________(hereinafter "the Independent Contractor"). Now, therefore, the parties hereto agree as follows: 1. EMPLOYMENT. The Corporation shall employ the Independent Contractor, and the Independent Contractor shall serve the Corporation upon the terms and conditions hereinafter set forth. 2. TERM AND EXTENSION. The employment of the Independent Contractor hereunder shall commence on ________________________, 20___ and shall continue to and including __________________________ 3. DUTIES. During the period or periods of his employment hereunder, the Independent Contractor shall serve the Corporation and shall perform any and all ___________________ services required or requested in connection with their business. Within the limitation hereinabove provided, the Independent Contractor will render such other advisory services in connection with the ______________________________ services of the Corporation as may be requested from time to time by the officers or directors of the Corporation, without further compensation other than that for which provision is made in this Agreement. 4. TIME REQUIREMENTS. The Independent Contractor shall devote during the period ending _____________, 20___ his time, energy and skill to the duties of his employment hereunder and shall periodically, or at any time upon the request of the Corporation, submit data as to the time performed. 5. COMPENSATION. The Corporation shall pay to the Independent Contractor for his services sums in the aggregate amounting to $________ or ________% per _________ project, during the period of his employment hereunder. Such aggregate sums shall be paid upon satisfactory completion of any __________________ project and from the proceeds received from the client for whom _______________ services are rendered. 6. INDEMNIFICATION AND HOLD HARMLESS PROVISION. The Independent Contractor agrees hereby to indemnify and hold harmless the Corporation from any and all claims by the Independent Contractor, which may arise out of and in the course of the performance of his duties hereunder. Any and all claims for unemployment benefits and or claims for workers' compensation benefits are hereby expressly waived by the Independent Contractor who agrees to maintain separate policies of liability, health, and accident insurance as may be necessary or required by the Corporation in connection with the performance of its duties herein. 7. RELATIONSHIP BETWEEN PARTIES. The Independent Contractor is employed by the Corporation only for the purposes and to the extent set forth in this Agreement, and his relation to the Corporation shall, during the period or periods of his employment and services hereunder, be that of an independent contractor. The Independent Contractor shall not be considered as having an employee status or as being entitled to participate in any plans, arrangements, or distributions by the Corporation pertaining to or in connection with any insurance, pension, stock, bonus, profit-sharing, or similar benefits for their regular employees. 8. PROFESSIONAL RESPONSIBILITY. Nothing in this Agreement shall be construed to interfere with or otherwise affect the rendering of services by the Independent Contractor in accordance with his independent and professional judgment. The Independent Contractor shall perform his services in a good and workmanlike manner and in accordance with generally accepted _________________ practices. 9. ENTIRE AGREEMENT. The within Agreement shall be construed in accordance with ______________________________ (State) law and shall constitute the entire Agreement between the parties. Corporation: Independent Contractor: __________________________ ____________ _________________________ _________ (Signature) (Date) (Signature) (Date) __________________________ (Title)

I first learned about the rule of 72 at the University of Kentucky on my way to my degree in Finance. I had no idea this "trap" had spread so far! Yes, I'm being sarcastic! Also, life expectancy continues to increase with new advancements in the medical field and treatments of numerous diseases, etc. "Help us protect your family in the case you live too long" as was stated makes all the sense in the world to me. Maybe you should take financial advice from your grandparents who grew up in a time when life expectancy was maybe 65-70, WHO do you know that would feel comfortable today if their retirement plan was created to provide them with income through age 70?! Also, there's not a single fish on the website!

This posting offers no constructive advice whatsoever. The World Financial Group website is very informative and very well organized. I'm really not sure where the rule of 72 having a guarantee anyway. it's just a financial device to show people the value of saving and investing money.