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World Financial Group
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 Posted: Mon Oct 22nd, 2007 05:10 pm
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scamfreetown

 

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Mana: 
I met a girl at a club that does sports and fun stuff, she said that she was a “financial advisor” and she asked me if I wanted to visit her at work and see what she does. I went and there was a meeting or some sorts of a lecture where everyone was dressed well and had fake smiles just like the fake money they BRAGGED about. I had no idea what was going on but I tried to believe that girl because she looked trustable, then I talked with one of the marketing directors.
The lecture was about how you could make so much money and how advancement was so prominent in this business.
World Financial Group is bunch of liars who don’t want to work and use people to make money from nothing.
They wanted me to pay $125 for a background check, I mean what multi billion dollar company has to get there prospective employees to pay for a back ground check, and can't you get those from the police for free. Then they wanted $275 to get my license and a book.
They did everything perfectly, too perfectly. It was with no doubt a cult where everyone believes that they are making $250,000 and nobody can wipe the smile off their faces long enough to find out different.
WFG is a joke don't deal with them and don't become an occult practice yourself it won't get you anywhere. All what they were after is your money and phone book to call your friends and do the same with them.
In case you missed the thread on Primerica, they are basically the same maybe worse.
I’m Happy to say that I recognized this scam but that cost me $125 of the money that I worked hard for.   

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 Posted: Mon Oct 22nd, 2007 06:27 pm
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trailmix



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Mana: 
I hope you reported them, or are going to report them to the better business bureau.

Even though they are not members of the BBB you can still file a complaint:

 

http://www.betterbusinessbureau.ca/Complaints/Index.aspx

Glad to hear you got out of it!

 

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 Posted: Mon Oct 22nd, 2007 07:25 pm
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scamfreetown

 

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Mana: 
Thank you very much, I have just filled out a complaint form. thanks again

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 Posted: Mon Oct 29th, 2007 05:38 pm
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kbs

 

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Mana: 
Don't you think you should have gone to their open house first and not forked out the $$$$? It takes work in anything to make good coin the problem with people today is they expect to make $250,000 or whatever over night. We're too impatient when it comes to that sort of thing. Judging from your post I'd say that you're a "glass is half empty" kinda person. Maybe you should have looked at them from a client perspective first. Too bad about your $$$$, try to get it back.

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 Posted: Mon Oct 29th, 2007 06:29 pm
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scamfreetown

 

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Mana: 
You sound like you are one of them, that's the way they talk if anyone find out about there lies, half empty glass, or you are not open minded, or you don't have dreams, and that kind of crap. that's what I heared from the my "recruiters the **BLEEP** family and losers around them are the only ones who are making money out of this scam. you are talking like you're not one of them but I know that you are. I am trying to get money back but its not about the money it's I don't want to see that kind of scam in my wonderful city. thank you for replying and please get yourself a job like everybody else and stop trying to live on other people's hard work mony.

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 Posted: Tue Oct 30th, 2007 12:42 pm
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kbs

 

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Mana: 
Wow! You are one angry dude. I do have a job and I only do WFG on the side ie: weekends. Their strategies work best with families and homeowners so you might not have fit the demographic. BTW some people do have to pay before they get a job. ie: realtors, lawyers and such so please don't make the false assertion that paying $$$ before you begin employment is a scam. Although you know what they say about lawyers......

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 Posted: Tue Oct 30th, 2007 01:40 pm
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scamfreetown

 

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Mana: 
You have no right to judge me, you are just a junior liar from WFG. I dare you to tell me what WFG do, what do they sale and how. thier only competant is primarica (which is just another scam). and don't compare yourself to lawyers or any other other people that serve their community, WFG is just a scam trying to make money without work or just sale bad products to poor people who have financial problems. I blieve that you're just a biginner with them, my advise to you is try to talk to the bigger liar you're dealing with and ask him or her (what is exactley we do and how) and you will see how they will go around and around and never give an answer, or if you wanna be another liar that's your problem, but I'm telling you that this scam will never last and the midchaut kids are preparing their villas in miami for the day when everybody find out about them and they will be laughing out loud at you.

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 Posted: Tue Oct 30th, 2007 02:25 pm
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kbs

 

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Mana: 
Well aside from helping people pay off their mortgage faster, investing in seg funds, mutual funds, saving for retirement, helping families put together plans to pay for their children's college funds, RRSP's, debt repayment and the like WFG doesn't do much. You also fail to realize that they are affiliated with the banks, insurance companies and financial institutions so to say that they are a scam is a bit much. They are basically just an affiliate, if WFG shut down tomorrow their clients would still be OK because they do not have any of their own products, they use places like TD Canada Trust, RBC, AIC, AGF, and the like. If I were you I would have had the girl from the club draw you up a quotation first, thus showing you some of the stragegies available and then seeing if you were interested, not the other way around. She goofed. Their competition does not striclty involve primerica, there is another company on the horizon that offers the same set of services named Legacy Capital Management. Now if you have an issue with people being taught how to pay their mortgages off faster, especially since we are now being locked into 40 yr ones, with the use of the banks techniques well then you have a unique problem, most people might want to see how it's done. Judging from the content of your posts you never took the time to investigate and have a quote done up for you. Chalk it up to life experience and quit being so bitter, life's not that bad.

http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=35020&cat=29&IDSection=29&p

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 Posted: Tue Oct 30th, 2007 03:35 pm
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scamfreetown

 

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Mana: 
All what you've talked about is bull **BLEEP**, they never reach with client to the point of giving away their advise or "plan" untill they pay lot of money for it and if you look around you you will see that their are lots of other offers from TD or other companies which are much better than what WFG trying to sale to people and families in the name of helping them. their rates and plans (if you ever reach to that point) is much higher than the marcket, and they trap you in a long term plan than you will never be able to get out from untill you pay all you savings. so basically you're ripped off for life. If you wanna make a good financial plan for your life just shop around and I bet you will find so many good deal instead of being ripped of by liars. I can tell that you're only looking at the picture of one of the midchaut kids that hanging on their office wall playing golf with big writing beside it (I MAKE 500,000 A YEAR) and you just wanna be like him someday. and, once again I dare you to tell me how and I bet that you don't know you're just repeating what they told you to say. well my friend, you're just a greedy person who's dreaming of being rich without working hard, and you're calling me bitter??? you make me laugh.

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 Posted: Tue Oct 30th, 2007 04:22 pm
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kbs

 

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Mana: 
I rest my case. You didn't get them to do up a quote for you. I have no aspiration of making $500,000/yr, I just think that some of the strategies are really neat and I think people deserve to know they are available for the taking. I don't know where you come up with this idea that you've got to fork out a butt load of $$$ to have them draw up a plan for you.  Do you know how the banks use the HELOC that they offer customers? Do you know that it doesn't benefit them like it should. WFG and a few other organizations help people take advantage of those sorts of things. If you don't want to that's fine, I'll help someone else cut their monthly mortgage payment in half.  Now you dared me to tell you how....OK I'll tell you how.  The Banks offer what is called the HELOC, Home Equity Line of Credit the normal person takes advantage of this and uses the extra cash to take a vacation, revovate their house etc, which keeps them in perpetual debt. Does this sound like something that a financial institution should be doing to it's clientelle? Because the HELOC allows you to separate your interest payments and principle payments you are only required to pay the interest freeing up the principle payments. If you invest those other payments over the long haul becasue of compound interest you'll have some good coin saved up and be able to pay your house off sooner and still have cash in the bank. Now I don't see the banks advertising this to the regular home owners so it's a slight issue. Please stop being ignorant and bitter, move on. BTW the mortgage manager of TD Canada uses this technique, if it's good enough for him, I think it can benefit the average person. 

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 Posted: Tue Oct 30th, 2007 06:57 pm
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scamfreetown

 

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Mana: 
Can you please be polite first and then open your mind just a little bit. it is so obviouse that WFG trying to convince people to invest their HELOC money with certain american companies with lower interest than the market and sale them expensive insurance policies to protect these investments and WFG get paid really good commision, (up to $5000) for each fool they bring in, and the midchaut basterds get the biggest portion, those companies love dealing WFG because they make these foolish people sign contracts for life, so they cut off people's motgage to have but on the other hand you have the HELOC with the interest, and banks (as everybody knows) would love to give loans to poeple, so in this case people are loosing money or actually ripped off by what WFG is doing for them, and they use you and other liars to advertise for there scam as WE HELP FAMILIES, or WE ARE FINANCIAL ADVISORS. I'm not gonna lie to you I almost fell into this trap when Zayal brought me in then darrell **BLEEP**and cameron **BLEEP** added more lies and tried to fool me with it (they messed up with the wrong guy), but now I'm trying to tell people the truth about WFG or any similar liars. well, it seems that you know nothing about financing or money managment and that's a tipical WFG representative, your job is lie to people and bring them to meeting on tuesday or thursday at 7 pm and then the midchaut liars take care of the rest. after all this if you told me that WFG is not a scam or they help people you are just a big stupid liar.

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 Posted: Tue Oct 30th, 2007 09:06 pm
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trailmix



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Mana: 
kbs wrote: The Banks offer what is called the HELOC, Home Equity Line of Credit the normal person takes advantage of this and uses the extra cash to take a vacation, revovate their house etc, which keeps them in perpetual debt. Does this sound like something that a financial institution should be doing to it's clientelle? Because the HELOC allows you to separate your interest payments and principle payments you are only required to pay the interest freeing up the principle payments. If you invest those other payments over the long haul becasue of compound interest you'll have some good coin saved up and be able to pay your house off sooner and still have cash in the bank.

Hate to jump in to the fray here, but I have a question about this, or rather I hope you will clarify what you are saying.

So as an example, say I have this line of credit with my bank.  I use 4000 dollars to buy something for my house.

I then pay back my line of credit, interest only each month and take the money that I would have paid back in principal and invest it with your company?

By doing this I get some 'great' interest rate that will more than offset the interest I am going to be paying to the bank at say 8.25%?

Is that the idea?

 

 

 

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 Posted: Wed Oct 31st, 2007 04:13 pm
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scamfreetown

 

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Mana: 
They wont tell you what kind of interest you gonna get, but I knew from people who got involved with them that it was much lower than what other companies give, and fixed for 15 to 20 years and WFG made them by insurance policies from another company "to protect this investment" for the same number of years. then WFG take their commission from these companies as an award for these great deals they brought them, the biggest share goes to the midchaut assholes and they through a bone to the repesentative who convinced this poor family that they are helping them, then leave them alone with this huge financial institutes, having their money that they took from the bank as a loan (HELOC), paying iterests and paying the insurance company for the next 20 years. So if you ever met one of the WFG LIARS keep in mind that they wanna take your money to give it others and then laugh at you or reqtuit you to lie to other people and do the same with them and so on. so what you wanna do is give them finger then spit on his or her face, and blieve me, they would smile and never care because they got used to it.

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 Posted: Thu Nov 1st, 2007 02:11 am
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Puck

 

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Mana: 
Did the alarm bells not sound when WFG said they needed $125.00 for a background check? WFG like Amway and the rest of the get rich quick scams prey off the weak and venerable. However in the case of WFG they take people for a lot more than cleaning products. I don’t mean to sound harsh, but you should have known better than to be taken in by a scam artist telling you you could earn half a million per year working from home.

As for KBS, if you had any scruples yourself you would not be defending a company such as WFG.

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 Posted: Thu Nov 1st, 2007 10:20 am
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kbs

 

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Mana: 
Of course I'm going to defend them. Name me another organization that helps put people in touch with strategies that only the wealthy can access? I'm not a fan of they way that the girl tried to get "scamfreetown" on her team to build her business. IMO she should have sat down with him, drawn him up a quote so he could clearly see what the overall befits were and then proceeded if there was mutual interest. Yeah, she toally dropped the ball, I'll admit, but I still fail to see where their services can't benefit the average Joe and you failed to provide any proof that they can't or won't.

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 Posted: Thu Nov 1st, 2007 02:03 pm
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16th Post
scamfreetown

 

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Mana: 
You keep saying "HELP" people, why don't you tell the midchaut fags to teach some other word because this one is not working any more. you can't scam rich people because they have really financial advisers, so you chsoe to scam poor people who can't pay for financial advises (which they can get free from government financial organizations) and tell them that that I will "HELP" you and make you a plan for free then they go with the scam procedure above. so basically they are using poor families not helping them, and their tools to do that is people like (ksb). when I first was brought in by Zayal I went to her office where she put the word DREAM on her wall with big letters trying to make people think that she can make them get their dreams, then she send me to Darrell **BLEEP**who by the way yesterday called me and was threatening me if I don't stop mentioning his name he will tell the police on me, anyway, after introducing me to cameron **BLEEP** who looks realy retarted, darrell sat with me and gave me a a blank form and said your first lesson for you to be a financial adviser is write me at least 30 names of your family and friends with their ages, Phone numbers,  and Adresses if possible. so I told him don't you have to show me what you are trying to sale them first, then he started to talk about helping them to reach their dream and cut their modgage to half and all that crap you hear from them. so I thought I would give him a chance and I made him meet with my best friend and I found out he was trying to get reqruit him as well, them I made my research and I found out about all the scam above. so I asked him to return my $125 back because I quit he said its was non refundable and was telling me that I'm closed minded and have no dreams. so please if you were an "average joe" kind of people just keep up the good hard work take care of your family and friends and don't let greedy people like kbs or the midchaut fags step up on your shoulders.

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 Posted: Thu Nov 1st, 2007 03:23 pm
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trailmix



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Mana: 
whoa.

Using terms like 'retarded' and 'fags' isn't going to get anyone on your side.  I'm not saying it's not a scam and that you weren't treated badly but it IS poor form to malign people by name in a forum, sure mention the company or whatever but the name calling etc is really not right.

 

 

 

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 Posted: Fri Nov 2nd, 2007 03:36 pm
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scamfreetown

 

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Mana: 
I Apologize, thank you for the great website.

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 Posted: Sat Nov 3rd, 2007 02:01 am
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spud

 

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Mana: 
Trail is right you are not doing yourself any favors by potty mouthing this WFG sales person. Having said that, I have to say I totally agree with everything you have to say about World Financial Group. People need to be very careful of anyone who involved with WFG

I was approached a few years back by a guy I used to play hockey with. He told me of this “business opportunity” he had come across that could make me rich. You can guess the rest!

WFG is basically vertical marketing operation. Only instead of untrained salesmen selling toilet brushes or books, WFG associates push life insurances, mutual funds, and other financial services. Just like most pyramid selling scams you have to pay to become a member then as soon as you become a member the pressure is on you to recruit your family, friends etc…etc… In the meantime you are encouraged to sell consolidation loans etc to anyone who will listen.

As you found out WFG use VERY shady tactics to recruit members often promising the opportunity of large earnings for people with little education and no experience. Personally I found the entire WFG sales pitch is very much like a cheap infomercial big on promises and sparse on facts. 

Since WFG will recruit almost anyone a large proportion of people who end up offering WFG financial services have absolutely no idea what they are selling. This can be devastating for the people they provide services to many of which are people of limited income and are the easy targets for WFG commission hungry salesmen. 

I would say to anyone remotely considering getting involved with WFG in any way DO YOUR RESEARCH contact the BBB search for them on the internet you will be horrified with what you find. Also, stay well clear of ANY financial adviser who has anything to do with this organization.

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 Posted: Fri Nov 9th, 2007 05:11 pm
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scamfreetown

 

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Mana: 
Her's some breaking news for you guys, I have received a call from the police two days ago telling me that Darrel **BLEEP** has claimed that I was threatning and harrassing him to get my money back, which is not true it's all because I'm mentioning his name everywhere not just this forum, and when I told the police officer the true story he said that he wish he could help me but everything was done perfectly, and he does know about WFG but nothing he could do. I just wanted to tell everybody that they don't Only scam you and take your money, they would call the police if you ever asked for your money back.

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 Posted: Sat Nov 10th, 2007 02:03 pm
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Mason

 

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Mana: 
I was searching for info on Legacy Capital and found your postings.  Thank you everyone for your info.  I knew about WFG (I went to one of their 'Sales pitches') and just found out that Legacy Capital was formed by a bunch of disgruntled WFG 'associates' who weren't getting paid what was promised. 

I know KBS doesn't want to be wrong about WFG, nor does any of their 'Associates'  I did alot of research into them.  A few things I found: All the 'associates' buy into the idea of "helping families" - which sounds like the best thing in the world.  But, what they don't say is that they sell the families 'products' - insurance, investments that charge the highest fees, front-end load funds, etc.  Both the investments and insurance 'products' are from "preffered" Institutions (Banks, investment houses...) that pay the highest commissions to WFG and the 'associate'.  They don't sell no-load funds (commissions are too low?). 

I don't mind someone trying to sell me their product, I just wish the 'associates' weren't misled and that they didn't buy into (or as they say themselves - "SELL OUT" to) the false idea that - we all win.  WFG and others like Legacy rely on ambitous 'associates' to buy into the 'helping' of others so they can profit.  The problem is
(in my opinoin) they sell the products that pay them the highest commission, rather than what is best for the customer. 

I found a job posting - Jobzilla - Legacy is looking for 'Financial Lifestyle Strategists'.  They say :   "Come join the highest paid industry on earth!!!"    Who do you think pays?  Could it be the Families you're 'Helping' 

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 Posted: Sun Nov 11th, 2007 03:46 am
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Puck

 

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Mana: 
KBS It will be interesting to find out just how long it will take you to wake up and see through all the WFG hype and double talk. At present, I think you are very much in the “we care for people” phase of your brainwashing.

I truly wish I was wrong about WFG since from reading your posts KBS you come across  a very genuine individual. Unfortunately, genuine people are often the easiest targets for scammers.  

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 Posted: Wed Nov 28th, 2007 05:40 pm
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immigrantworker

 

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Mana: 
They want me to take out loan for value of my home, then invest money into "investments". They say I will make more % in investments then the interest % the bank charges.

I know that investments sometimes do not make money, and maybe lose money.
What happens if my investments lose, and I still have to pay the bank?

WFG still gets paid for selling me investments and life insurance, but my family home will be taken away.

They say they are teaching strategies for rich people to ordinary people.
Only rich people can afford to lose so much money in the stock market. I can not.


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 Posted: Fri Dec 7th, 2007 01:10 am
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24th Post
Cutter



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Mana: 
Notice KBS has gone very quiet of late. I wonder if he/she has woken up the fact that WFG is a scam:-)

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 Posted: Fri Dec 7th, 2007 07:45 pm
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StillSearching

 

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Mana: 
Well I have to say, making a decision to join WFG sure isn't made any easier by reading all these blogs. Is it a scam, isn't it a scam. Does anyone really know? It seems to me that the concepts and ideas make sense, but does the person presenting them really know what they're talking about? Everyone seems to have something to bitch about, but are they just whiners who don't really have a clue or do they have ligitimate reasons. I can't make head or tails from any of it! 

One thing I do know is this, any business venture takes hard work, it doesn't matter if you work for Petro Canada or you sell Amway or Avon, if you want to suceed you better work hard. And this issue some of you have about all net working marketing(pyramid) being a scam, excuse the expression but "get your heads out of your butt". Anyone who works for a corporation works for a pyramid, the guys at the top make the money and unless you work your way up you're not going to make the big bucks. You want big bucks start your own business and leverage your time by hiring more people? Hey, that sounds like a pyramid, it must be a scam!!

If someone from any of these MLM's would just present the worse case scenario and stop the hype and all bull**BLEEP** perhaps those of us who are interested in having a closer look might actually be able to cut through all the crap.  So those of you who think you got burned, get your facts straight before you start your bitch session. And those of you trying to recruit and educate, for god sakes cut the bull**BLEEP** and give people the straight goods so we're not pissed off down the road when we've spent time and money trying to figure everything out. I challenge any current WFG'er to actually lay it on the line and come clean on what is really going on with your company, have a bit more respect for your business.

Last edited on Fri Dec 7th, 2007 07:46 pm by StillSearching

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 Posted: Mon Dec 10th, 2007 01:14 am
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Kittenstew

 

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Mana: 
I found this thread interesting. I skimmed through most of it, and I can understand why and how most of the people think WFG is bull. I'd like to insert my opinion based on my spouse who works for WFG.

I think first off I would like to touch base about the $125 dollar fee you'd have to pay for the book and test. What the company is simply trying to do is save you from having to go to school for two years, you can learn everything in these books. It's based on fast tracking your way through the system. They tell you un-educated peeople can do the work, but you have to excpect it's going to be for a price. WFG also accepts full fledged police reports. it's free, no fee's, that's all they need.

If you look at the big picture, it's just like any other job. You have to buy a uniform at your local fast food joint for 70$; on an 8 dollar wage that's a 2 days work. if you get a job at oil and gas you have to buy a 500$ new wardrobe to make sure you are office clothing. Same thing with this job, you might have to pay 500$ upfront, but if you work hard, and don't give up it pays off.

I will admit WFG will put the pressure on you like crazy to get your family and friends in the door. I don't argue that. But if you have any guts just tell them no. my spouse told them straight up, When I get licenced and have my first paycheck, I will tell my friends and family about it. It would just be stupid to go around telling everyone you're going to be a millionaire in a year, news flash, not gonna happen.

Although the company says anyone can be a finacial advisor, be realistic. if you didn't pass high school math, your chances of suceeding are slim. my spouse for example got a buisness comp from the U of C. it has defiently helped him make his way with the company.

My advise for anyone that wan'ts to get involved with the company is: use your head, you're not going to be a millionaire in the first year. You DO have to work your ass off for it. You DO have to study and know your stuff inside and out.

 

80% of people that right the first test fail. of that 20% only 80% pass the next test (the one that licences you) so 16% of people make it past the first hurdle. 84% of people, give up, don't study hard enough, or get too lazy to finish the job. if you are determined you will suceed.

 

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 Posted: Mon Dec 10th, 2007 03:06 am
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spud

 

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Mana: 
I think what concerns me most about WFG is like Amway and other pyramid type selling organizations is that they are more interested in recruiting new agents than they are about the people who are already agents making a living. 

Just out of curiosity, how long has your spouse been involved with WFG? Is it his fulltime job? Again using Amway as an example, I have lost count of the number of people over the years who have approached me with the “I would like to discuss an exciting business opportunity” line with you. All of these people were taken in by the motivational speakers who had made millions with Amway. The interesting thing is that not one of these people made anything like a living from Amway.

A few weeks ago WFG attended the Calgary franchise show. This in itself was somewhat misrepresenting of WFG since they are not a franchise. Anyway their opening line to me as I passed by their stand was “How would you like to learn how to make more money than I could possibly spend, working part time and with no investment?”, a statement that just about sums up this organization in a nutshell. Don’t get me wrong the MLM business model does work, problem is that it tends only to work best for the guys at the top!

But perhaps the saddest thing of all is that some people after working their fingers to the bone trying to make a business model work come away thinking that the reason they failed was down to them when if the truth be known, they never stood a chance due to the MLM structure.

If your spouse is truly committed to developing a financial business (and it sounds like they are) then why not consider becoming a licensed mortgage broker? I know a few of them and they are all dong very good business. :)

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 Posted: Fri Dec 21st, 2007 01:42 am
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gpecote

 

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Mana: 
All of these posting reminds me of a quote by Einstein "We all one fundamental question to ask ourselves, do we live in a friendly or hostile universe?" The very fact that ANYTHING we look at can seem positive or negative. The very perception of the world is from within.

I have been with WFG for about a year and a half now and the things I've seen this company do as far a donating to charities and awesome. When it comes down to it EVERYTHING in life is what you make of it.

The networking structure of this company is as fallows:

There are 4 levels:

Marketing Director (68%)
Senior Associate (48%)
Associate (38%)
Training Associate (28%)

Yes this is based on recruiting but what company does not recruit, look at West Jet, and what’s cool the people you recruit can pass you, so contrary to some people thinking processes if you do not work hard, you do not get paid. So if you recruit someone who works harder then you, they can pass you and that won't benefit you at all. So if an ambitious person really works hard and become a Marketing Director the MD above them loses their team because now their equal in status. There is always a small override but what company does not take advantage of employees or associates in lower positions. The only difference here is that you're not waiting for someone to give a raise, you just have to work hard to get it and it's very clearly defined how to attend each level of associate. This is NOT a get rich quick affair, just like anything in the world you have to go to work, but some people don't like to work.

For those people love to point fingers and live in their own **bleep** as they say. It's really too bad because life is pretty good on the positive side of the fence especially when you take advantages of opportunities. Now really you could something to bitch about with everything if you really want to, but who wants to do that.

Anyways, there is a lot more positives then negatives in this company, not to that there isn't negatives but again who wants to live in that mind set.

P.S. I got paid $6000.00 for saving a close friend's family from bankruptcy and since then they are doing phenomenal, so a I guess it can't be all bad.

 

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 Posted: Fri Dec 21st, 2007 06:16 pm
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Puck

 

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Mana: 
True every company recruits to grow. MLMs however simply recruit to increase turnover by turning everyone into a sales associate. They don’t care about the financial growth of their associates; only that their distribution network grows. 

Selling financial services is not like selling cheese burgers yet companies like WFG are happy to employ anyone who can push product. The problem is the quick fix solutions they provide could leave people in financial ruin. 

I am not saying that people can not benefit from sound financial advice but rather that they should seek such advice from qualified professionals and not loan sharks or ex burger flippers. Not to say that everyone who masquerades under the grandiose banner of the World Financial Group is qualified to flip burgers.  

Last edited on Fri Dec 21st, 2007 06:17 pm by Puck

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 Posted: Fri Dec 21st, 2007 07:50 pm
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gpecote

 

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Mana: 
I here your point, however in order to do anything in this company you have to be licensed by the government, meaning you can't sell Life Insurance unless you have a CIC license, you can't sell mutual funds unless you have a CSC license. So in order to make money you have to be licensed and in order to be licensed you have to study, take the exam and then pass, which a lot of people don't. Being licensed plus having a Federally Certified Compliance Officer right in the office constantly overseeing and regulating absolutely everything the company does, it's pretty hard to do anything shady and if you try they'll revoke your license.

As for the burger flippers, hey you can't even regulate whether or not they spit in your burger. It's a fact of life, there are good people doing good things and there are bad people doing bad things. For those who try to do bad things in this company, they are usually expelled from WFG and those are usually the people that post the negative comments. Hey if it doesn’t work for you just don’t do it.

It's always the few that ruin it for the many.

 

Last edited on Fri Dec 21st, 2007 07:57 pm by gpecote

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 Posted: Sat Jul 5th, 2008 05:17 pm
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1avrgeJoe

 

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Mana: 
Wow!! So many different views on the company, life, and criticism of each other.  Well if nothing else, there is plenty of hype for the company as everyone talks about them.

First of all, not to be critical, but I think some of the people here need to check their ages, competence levels, not to mention spelling and grammar. You can only intelligently argue with someone if you are objective and unbiased to be fair to others to take you seriously.  You also have to see if these so-called strategies can do any justice to your own lifestyles and your to see if they should even be considering speaking to anyone in the INDUSTRY let alone this one company.  You have to be personally disciplined to even be able to listen to someone else SUGGEST how to handle your personal finances.

Next, i agree with whoever said that someone from the company should step in here and set the record straight of what happens and how everything works from entering the company, how the tactics work for families, what the general requirement are, etc. I'm not going to lie, I've attented one of these overviews and had the chance to sit down with someone in the company.  I bombarded the person with questions knowing not everything might get answered. But I have a good general idea of whats going on.  I am considering going on board as a client to test the waters. But I'm taking my time, not listening to the 'influences' tried with me. It could also be the agent I'm working with because I have heard of some being burned but again it was proven to be the lack of competence of the agent. This proven by the rep not lasting too long with the firm.  I think the rep you are working with makes a great deal in how your experience with the company will turn out.  One of the many problems in this blog is no one has mentioned what type of people this company does the best work for.  Any company out there doing any business or manufacturing/selling any product will market to a specific target. But will the company refuse to serve the masses?? No.  In my eyes, thats considered effortless money.  If you're out there flipping burgers, as they mentioned above, if one of the customers particularly like the way you flip your burger, and wants to show their appreciation by giving you a tip, are you going to refuse??  I doubt it since it's so hard nowadays to earn a living.

I could say a great deal more but I don't have that much time in my life to sit down, whine and complain about every aspect out there that I'm not personally involved in.  I have better thingS to do with my life. I just thought the new sceptics out there could use a little objectivity in there searches of something they are considering being a part of.  If you suspect something may be helpful to you or your family, don't just listen to the 2 or 3 people that have a vengence against something. Look into it yourself.  Talk to people already involved and see why they might be happy. As far as WFG goes, why not question the longevity of the firm? Find out how the families were 'helped' and if what the company projects they do came into affect for them. Why is a massive company like Aegon going to back them up if it can ruin their reputation and massive bottom line. Why are all the big time financail institutions affiliated with them?  What has contributed to make them grow the way they have for so many years?

Not everyone uses avon or mary kay, yet they seem to be growing over time as well.  Do your own due diligence.  Figure it out for yourself. If it makes sense for you and yours, why do you care what anyone else says . . . . . are they putting food on your table?  Are they watching out for your children?

I'll say just one last thing about WFG. The key words are 'helping FAMALIES'. These people understand that nothing happens overnight in our world.  You have to be well grounded, patient, and commited at everything you do.  Todays generation is LOOKING for everything to be instant. I can probably bet the people bad mouthing here are young singles without major responsibilities trying to find something to make them rich overnight without working for any of it. Once something doesn't work for them ----ITS A SCAM!! ITS A SCAM!!

Bottom line. Do your own research.  By the way, I don't know how illegal a firm can be when ex-president Clinton's cabinet members play a role in the company.

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 Posted: Fri Aug 1st, 2008 04:28 pm
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lookingforchange

 

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Mana: 
My question to all of this is does anyone have experience outside of the MLM issue?  Has anyone actually worked with them on the products and strategies they provide?

I have been approached about the "business opportunity" with WFG and have declined.  And I have to say that the representative was very respectful of that choice.  However, I still went thru the process of hearing about the products and services they supply.  They have prepared a plan and it all sounds very straightforward and that's the part I need some feedback on...

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 Posted: Wed Aug 13th, 2008 06:06 pm
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tsox514

 

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Mana: 
I am a WFG client, and I have so say am very happy with the service they provide to us.  We did not have a debt problem but we wanted to be able to pay off our mortgage one day, have a retirement fund and send our kids to university.  We have lowered our monthly payments and already we are seeing our money grow. We have more free cash and life is good.  We have several friends and family that are WFG client as well and no one is complaining, if anything there is light at the end of the tunnel!!!!

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 Posted: Thu Aug 14th, 2008 06:00 am
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wfgsucks

 

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First of all, the reason the WFG is ranked so high is because its advisor who vote on the catergories.  Its not hard to get the most votes when you randomly recruit anyone who has a heartbeat and 125 bucks and promise them the world and tell them they will become financial professionals.  Take it from me who was with the company for 3 years and was the top producer in my office for the last 2 of those years.  Yes top producer and didn't crack $25,000 in a year.  WFG is a scam and people get rich off your hard work.  Be careful who you work with.  You may be told this is the best opportunity out there, but guess what...its not even in the top 1 million when you do your research. 

I have recently left for another opportunity so I can get out of debt that I am now in because of WFG (yes all those "company trips" and conventions, u have to pay for yourself).  I left on good terms and wished everyone luck, only to find out that my name was being slandered and my new position with another company being jeapoudized by the same MD who once called me his superstar and good friend...I guess now that he lost his number 1 person and can't make money off me, he doesn't really care about anything else. What kind of company that claims you are in business for yourself will not let you leave when you would like to.  I mean I have family who owna business and they can close the doors tomorrow and noone would lie about them and make them look bad....

WFG is the biggest brain wash scam I have ever seen and unfortunatelly it took me 3 years to realize that and along the way I had a hand in ruining other people's lives while I was thinking I was helping them.  STAY AWAY AS FAR AS YOU CAN....

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 Posted: Fri Aug 22nd, 2008 04:27 pm
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35th Post
Namaste2012

 

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Mana: 
I will reply to this message by first saying that, I am an agent with World Financial Group, although my point of view may be biased in some eyes I understand the company and its system.  I work out of an office in Edmonton and I will tell you this, this business is not for everyone, not everyone makes a whole bunch of money but we will give anyone the chance to do great things with thier life.  Aside from people with criminal records, the answer is "yes" you can become an associate with World Financial Group.  The $125 goes toward a background check to assure there is no criminal record present aswell the money goes to a code number so that you can get paid.  This business is not for everyone, and no business ever is.  Before you can even go out and help families with our concepts and strategies you must be licenced, in Edmonton this is done through the Business Career College and that is where your $235 dollars goes.  This is a federally regulated industry, you must be licenced to distribute any sort of product and service, you must write your test at the Alberta Insurance Council's office and the exam costs $100.

 The reason why we recruit is:  The average age of a financial adivisor is 58, what do you think a 58 year old financial planner wants to do?  Perhaps retire?  With the largest generation (baby boomers) coming to retirement, the need for what we do is tremendous and thats why as a company we must recruit in order to capture the market share.  Stats Canada released a statistic that stated 91% of people are unsuccessful and need to continue to supplement their income in retirement, this is a direct result of an under-educated market in terms of knowledge on taxes and saving money.  As an educational based company we are trying to change these number for the positive.  We are an independent broker for companies like AGF, Transamerica, Franklin Templeton (which by the way is the largest publicly traded mutual fund company in the world, think they'd risk thier reputation with a fly by night operation) we have many other major banks in which we are afilliated with.  We operate like a mortgage broker, we only get paid when we find a solution for the family.  It's a win/win situation in my eyes, atleast if there is nothing we can do for you, there is a financial education to boot.  Some people spend $10,000 to $20,000 dollars and a few years in school to know what I have been taught here.  In response to your comment on you being the highest producer in you office and you only made $25,000, i would like to know how many points you wrote and how many people were in your office.  One of the highest producers in my office made $520,000 last year.    Just for your information aswell, World Financial Group was listed on Investment Executive Magazine as #2 in Ethics, we are not going to stop growing with the business model we have.   We have more Licences here in Alberta than Investors Group does and we have only been here for nine years, they have been here for sixty.  If you think we are a scam, you better go tell TD!  

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 Posted: Fri Aug 22nd, 2008 08:46 pm
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wfgsucks

 

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Mana: 
Thats funny because I highly doubt your top producer did that all themselves.  I was talking about personal production...And you throw a number out that an MD is doing.  As far as the background check and code number, how about head office forward that to you when you need it for your life licence if thats what they're actually doing with your money.  Oh wait, if you've ever actually done an AMA for someone then you know that they are approved right on the spot and nothing is actually done.  As far as being a broker, ya I agree at one point WFG was...how about now that you're limited to 6 or 7 preferred providers.  Only 2 insurance companies.  Why do you think that is?  What happened with A.L. Williams when they got too big and sold out to a corporation.  They had to streamline and minimize their risk because they had so many uneducated people running around being a liabilty.  Just be careful because history does repeat itself and thats exactly where thats heading.  And don't expect Aegon to keep WFG around much longer. 

I am now with a real company.. and guess what, when you win a trip they actually pay for it and dont make you pay for something you "won".  Give me a break. 

Also, you have the lowest compensation in the industry behind Primerica.  Its spun to you as well its the highest compensation but thats only if you have at least 10 licence associates that you overrride.  Do some research my friend and you will quickly find out that this is no as they like to put it..."the best opportunity in the world".  Get some real business minded people in your presentation and see how many of them agree with that. 

All i'm saying is cut your loses and stop believing the hype. 

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 Posted: Sat Aug 23rd, 2008 09:13 pm
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37th Post
Namaste2012

 

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Mana: 
Yes, your right that is what an MD is doing.   If you have read books on business you will find that no business owner does all the work themselves, they have other people that they have had a part in training and mentoring, do the work for them.  If you want to be financially independent you need to have a business that can run without you, or have a pile of money making you money.  Your comment on the code number and background check is merely opinion is not worth a response, prove what they do with it and you may have something there.  In my opinion being able to have your own business by paying $125 is worth it in the tax writeoffs you can claim to CRA.  AMA's are not done right on the spot, yes money is collected but if the person is not approved by head office then thier money will be refunded, like i said, if you have a criminal record it is unlikely you will be accepted (dependant upon the charge).

We have more than 7 companies in which we distribute for aswell, more than 2 life insurance companies.  Perhaps your trainer had only trained you on a few companies, thats part of the challenges we face as independent contractors.  One person may run thier business different from another.  Here is a list, TD, RBC, IA Clarington, Mackenzie, AIM Trimark, ING (in the states), AGF, Equitable Life, Transamerica Life, Manulife, Fidelity, AIC, Western Life Reserve, Prudential, RBC Insurance, Aegon, B2B Trust, these are the one's i can think of off the top of my head.  Notice more than two insurance companies in there?  Tell me, what other financial institution brokers for more companies then WFG does?  And do families want access to a small amount of products or a large amount?   I don't know why you are worried about getting too big, thats when the people that know what they are doing have made the most money in business in this world.  As for liabilities within our agents, take a look at what the bank puts people in and tell me theres no liability there (GIC's).  You must be extremely close to Aegon relations to make a statement that Aegon won't keep us around, why would the 98th largest and most powerful company in the world get rid of what is now the fastest growing financial services company in Canada.  You must do more homework on that then the staff of lawyers aegon pays to watch their assets.

Your comment on the trip that you "won" is purely hearsay on your behalf, come with some proof.

Compensation wise, you are correct.  We do start off at lower contract percentages then the traditional industry.  Where an individual would make more then that of a traditional advisor is within recruiting.  When any business owner starts a business they hire people in order to ease thier work load, a successful business owner will delegate tasks to these hired people and pay them less in salary then they make the company, there is just no sense in a business owner hiring someone and losing money on the work that they do.  WFG gives every agent that comes on board the oppurtunity to own thier own business by recruiting and training induviduals within thier own business.  I have done my research, and your wrong about your statement on business minded people not seeing our oppurtunity.  Business minded people respect our system and i have brought many of these individuals on board.  Perhaps you have some dillusion yourself on what a profitable and helpful business looks like. 

Obviously with a name like wfgsucks you have some pent up aggression on WFG.  The only people that fail in our business are the ones tht quit and usually they cannot find it within themselves to take the blame, so they blame the company.  You are where you are from the choices you make and it is about time that all the people that bad mouth this company take some personal responsibility for where they are.  Our company is not perfect, but what company is?

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 Posted: Sat Aug 23rd, 2008 10:44 pm
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wfgsucks

 

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Mana: 
Well how about you prove this criminal record check then you can tell me thats what your money is used for.  Why won't head office send you a copy of it if you pay for it?  As far as paying for all those trips..abviously you haven't 'won' any or made enough money because you do have to pay yourself.  Ask your MD if the company pays for those hawaii trips and so on.  I'm not blaming the company for me leaving.   I left because I found a better opportunity for myself.  All you're doing is repeating the same stuff that is slammed down your throat at all those conventions.  And by the way..if Manulife is a product provider, why don't you offer the "Man One" product?  Your leadership will tell you that there are flaws in it but do some research there and you'll find out there isn't.  They will also tell you that since Manulife laughed them off when they started the company that they will now not take them on as a product partner and that manulife really wants to WFG to offer their products.  Give me a break..if they were such great business minds then then they would be begging the largest and most recognized insurance company out there to let them offer its products. 

I will change my name for you just because I don't have anything against people who work with WFG..I just don't agree with the way things are done.  And I'm not sure how in touch with the leadership you are but once you get to that level you will start finding out many things that the associate will not find out.  And I'm sure at that point you may agree with some of the things I'm saying. 

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 Posted: Fri Sep 26th, 2008 11:52 am
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39th Post
pchanlim

 

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Mana: 
I had joined WFG and I think it has good prospect. You have to be a visionary and be in it for the long term to see your hard work have result. the person who started this probably is not an enterpreur type of person, expect result straight away. As mentioned, it is financial so you need to build up trust and relationship with your client, it is not going to happen overnight. I have to say that person is also pretty ignorant because anything to do with financial issue needs background check, you probably don't want to work with any company which deals with your money who hires everyone without a back ground check. As for the $125, I believe $100 is to do the background check and $25 is for the administrative work they do on your behalf. I am in Toronto and I know for sure that It is not free to get detailed background police check and it is a lot more hassle to do it myself. i had galdly pay that for some one to do it for me. My 21yrs old dgther had to have a background check for going to work with Canada World Youth group so why not us who deals with someone's money???

I am not one of those "dumb" person because my annual income is over $100,000, my last T4 2007 was higher, without working for WFG. There is nothing wrong with wanting to learn how to invest and at the same time help others to invest. I think you should get your anger in control and God forgive you for making others quit. You are not doing the investment and financial planning for a company, you are actually working with legitimate banks & insurance company, you function like a broker.. Good luck to those who believe....

If anyone want to know more, let me know.

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 Posted: Fri Sep 26th, 2008 08:10 pm
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confused

 

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Mana: 
We have an opportunity to "invest" with WFG, it seems to good to be true ( ie hundreds of thousands of dollars in 30 years!)

Does any one know about the investment side not eh job opportunity?

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 Posted: Sun Sep 28th, 2008 01:24 am
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pchanlim

 

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Mana: 
Hi, it all depends on the product you purchase and whichever your home province is, the providers are different. The providers are actual banks and insurance company so I would suggest you look for someone in your province. We have to pass provincial exam in life insurance and mutual funds. If you let me know which province you are in and where, maybe I can get someone licence to sell in your area to go through that with you.

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 Posted: Wed Oct 29th, 2008 01:31 pm
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sound_advise

 

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Mana: 
I am a financial advisor with a respected company in Canada, and I want to add a few of points to this thread.

First off, do you really want to invest your money and put your financial future in the hands of a financial advisor that works part time? It was mentioned that the book WFG gives you is intended to fast track people through the course material. Is that a good thing? I would prefer to know that my money is invested with someone that didn't "fast track" the program to get licenced.

Financial Planning is a serious discipline that requires ongoing training and full-time attention to detail. I would be absolutely embarassed to try and recruit my client base as part time financial advisors. My clients are typically people that are too busy to be tending to their own finances in a prudent way, nevermind helping others part-time.

Finally, I would be wary of any financial planning firm that has a blanket cure for every household. Proper financial planning listens to goals and concerns and builds custom plans for every situation. The leverage strategy that WFG uses, which is the borrow and invest to pay off a mortgage, etc,  may work in some cases, but they are few and far between.

A client needs to be in a very high tax bracket, they need to have a lot of wiggle room financially, they have to have a minimum of a moderate aggressive approach to investing, and the investment loan should never exceed 50% of  a person's net worth and total debt payments should not exceed 35% of their income. Clients should never commit more than 35% of their uncommitted income to a leverage.

As I said, some people are suitable for leverages, most are not, by a long shot.

There is a reason that WFG has a less than respectable reputation in the financial planning world.

Last edited on Wed Oct 29th, 2008 01:34 pm by sound_advise

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 Posted: Thu Oct 30th, 2008 08:18 pm
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Makeadifference

 

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Mana: 
You are probably the dumbest person i have ever seen online SCAMFREE.  Sorry to tell you that first of all that initial $125 is for educational purposes which don't come cheap, as well as a tax write off for everything you pay for which pays for itself within 1 year. ex, gas, restaurants, etc.  When was the last time a university student taking financial planning payed less than 30,000 dollars for a degree of 4 years before making anything, or a LAWYER or DOCTOR??? 

Please pay attention to the forbes list, and the fortune 500 and then see who is the scam, who do you work for??? Are they on the list??? why not???

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 Posted: Sat Nov 1st, 2008 03:41 am
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Puck

 

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Mana: 
Hang on a second, surely you are not comparing the kind of people who work for WFG with doctors, lawyers or true financial planners? 

Any halfwit can (and all too often do) end up working for this outfit. But then again, that’s their lookout.

What makes WFG different from all the other MLM scams is that these halfwits are offering "financial advice" that can have devastating consequences.

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 Posted: Fri Nov 7th, 2008 01:34 am
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45th Post
Makeadifference

 

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Mana: 
I know people who are engineers, real estate moguls, past lawyers that now do this because it offers more free time with thier families at the same or in some cases more pay, they all eventually have to write the same provincial license exam as "real" financial planners in order to provide financial advise.  Just because someone goes to university doesn't mean they aren't "half wit's"  I've met many idiots who go through university, whether they go because daddy said so and payed for it or not never the less most people who attend university are still afterall still kids. 

The vast majority of people i know who work for the world financial group are mature grown adults who take what they are doing, and what they are doing with other people's finances seriously, in the end it is afterall the choice of the people they speak to who make the final decision.

By the way how many people can you say you know that have been "harmed" by them.

Now seeing as the popularity and growth of the company itself overall, how many people do you think it has helped?

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 Posted: Tue Nov 18th, 2008 10:43 pm
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46th Post
RealPlanning

 

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I am a financial planner in a neighboring city to Calgary.

The fact of the matter is WFG and its 'associates' have a reputation almost as close to (or if not worse than) those of Primerica, or any other temporary life insurance policy replacing high leveraged financial planning 'company' out there.

Most of my clients who have been approached by a WFG part-timer soon realize that they offer nothing more than cult like mentalities and empty promises.  You can really find this out on your own by doing one of two things, research on the net OR going to one of their 'ra ra' meetings and listening to the 'uplinks' dodge your questions.

Financial planning takes a lot of dicipline, and customized portfolios. As the poster above said, would you rather have somebody looking after your portfolio who does it full time or on evenings and weekends and for extra pocket money?  Not everybody can be fit into their sceme.  If you don't want to work for them, they will try to push you into a Variable Life Insurance policy and/or a home equity line of credit for investment purposes.

To one of the posters above. Hearing you spout off all the companies that WFG deals with is funny.  If you are a reputable broker like 'most' of us you would soon realize that you too can be contracted with as many companies as you would like, if you want to take the time to fill out all of their proprietary contracting forms!  I am also very skeptical you can do business through Manulife as well as I have been told by one of their directors they will not do business with WFG.  Perhaps I am wrong, I dont like to quote 3rd party information.

In conclusion, go to their meetings. Do as much research as you can.  If you think its too good to be true, it probably is.  You can get on with some really good companies if you want to put the time and effort into it. WFG is a multi level marketing scheme no matter how you look at it. A lot of advisors are getting ready to retire and there is a good opportunity for training as well as buying books of business.  Just depends on whether or not you want to buy into WFG's bull, or help real people and real families achieve their financial goals while being sympathetic to their situations and passionate about what you do as a full time career.

Last edited on Tue Nov 18th, 2008 10:46 pm by RealPlanning

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 Posted: Thu Nov 20th, 2008 01:26 am
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47th Post
cowgirl



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Mana: 
I too am an associate with WFG and just passed my provincial exam ! It truly is challenging to keep focused with all the negative postings around about this company.  I was a client first and have been with them for over a year now.

I have met some amazing people, gone to conventions and see the passion in those that are doing what needs to be done. I don't mind having to pay to attend the conventions as I get to write all my expenses off on my taxes.  WFG has given me the opportunity to travel, help people I care about and learn more to help my family along the way.

It is not a get rich quick thing and I feel that alot of the negative posters post because maybe they didn't work hard enough Or perhaps they just want to bash what they do not know  or understand. 

 I know that for me personally I am where I chose to be in this business.  Doing the right thing is what matters most for me and the families I want to help.  I am taking the time to ensure I have the education first before I go out there & build my business. So that being said I am not all about recruiting and am more focused on educating people to help them make the right choices. If a potential client wants to do business with me great..if not then atleast I know they have learned something more about financial planning to help their family and possibly given them hope that dreams can come true !

There is good and bad in any company out there and its a shame that most people focus on the negative things.

We can only help those that want to help themselves. 

Last edited on Thu Nov 20th, 2008 01:31 am by cowgirl

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 Posted: Thu Nov 20th, 2008 08:13 am
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48th Post
pchanlim

 

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Good for you. Stay focus and if you are going to LA convention in March, 2009. Hopefully we will meet each other. I am from Ontario, Toronto. I am Chinese and is from Singapore. My name is Peggy. See you at the top.......:D

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 Posted: Tue Dec 30th, 2008 03:11 pm
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49th Post
DaGriss

 

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Well I have no bias at all about this company, but I will offer up my own opinion... See, I have met quite a few of these 'agents', lol, and so have some of my friends, and the one thing we all agreed apon, and noticed right away, is they seem to be the kinds of people who if you were to walk into one of their meetings un announced you would probably find them in white robes standing around a table with a big bowl of 'special' punch in the middle and a few chickens running around..

Granted, some of them im sure are normal. But 100% of the ones I have met... Well, drink up! We have punch....

In my opinion World Financial Group ISNT a scam.  I think that it DOES help people with their financial problems, and I think it CAN be a good thing.

On the other hand... I think the 'scam' aspect of it all is the sales people. For one, I would NEVER in a million years trust my finances with someone who DOESNT have a REAL education. Thats like hiring a guy with a GED to sell rocket ship parts to NASA. I look at 'AGENTS' of WFG as the used car salesmen of the financial world.

See, a used car salesman is out to make money. And he is usually greasy, will say anything and DO anything to get you in a used car. He will give you the fakest smile, he will stroke your ego and make you feel at home, JUST to make a sale.  The only difference between the used car salesman, and the WFG agent trying to trap you into investing your hard earned money, is the used car salesman only bends you over on the lot, where as a WFG agents bends you over for as long as you have investments with them.

How?

Well here is the thing. WFG 'agents' make money off you if they come up with a solution and get you to invest ect. Thats when they get paid. BUT, they KEEP getting paid, from you, for as long as you have your account. So the more YOU save, the more THEY make.

Its a brilliant plan really. They basically enable people off the street, with no education, to leech off people/families looking for help, and they do this while hiding behind the "We are helping families" blanket. Granted im sure a FEW are REALLY looking out for the families needs.. Just like im sure there are used car salesmen out there that are looking out for your best interests..

The person I know that is an 'agent' works ALL the time. They are always seeing people at all hours, and ALL they talk about is how much money they make (without dishing real numbers) and how they plan to retire early and all the toys they will buy. To me, that is a sign of someone who is out for THEIR own interests, and not that of the family needing financial help. And they talk about how everything should be a win win. But, from what I have seen, and what I know, much like if the person in question were on a teeder-todder, the win would have to be tipped in their direction. Otherwise they get mad and that plastic smile turns into fangs... I have seen it ;)

I know when I want to buy a car, I will to go to a dealership. Not some car lot thats off a back road, run by a guy who has no real education, and is looking to make a quick buck.

Bottom line, I go back to the saying "where there is smoke, there is fire". And there seems to be a LOT of smoke around the WFG. Not so much the company (sort of) but the agents. I think if you want to invest your money, get out of debt ect, go to a professional. Simple as that. Because when you go into someone's office, and they have 'BELIEVE' hanging on their wall, that BELIEVE doesnt mean 'believe that we can help you and get you out of debt' it means 'believe that I can leech enough money off people to get what I want'...

Business is like that everywhere really. Everyone is out to make a buck. Its just how some go about doing it. One could argue that this is like any business, and they would be right, but what I find with WFG, and some of its agents, is that they will see as MANY people as possible, say what ever it takes, no matter how benificial to you it is, just to make that sale and bring in some money. After all, what do they have to lose?....



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 Posted: Tue Dec 30th, 2008 03:29 pm
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50th Post
pchanlim

 

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We are the professionals. We get our provincial licence from the government. About the payment part, what do you think the banks and other financial advisor get their pay from. These agent are licenced by the provincial and monitor by the provincial securities. They sit for exams set by those monitoring institues. The client do not pay extra, you are naive to think that the bank do not make any comission or the other life insurance company do not get comission. Why try to look down on someone just because they have a lower education than you. Do you not know that there are a lot of immigrant have good education background but has to work as a car salesman & taxi driver to survive. Just because they don't speak good English, does not mean they have "stupid" written across their forehead... it is people li8ke you that make Canada a lousy place for new immigrant. I have a BSc & doing my Master now and they are all Canadian University.

Please give these people a break...... They are just trying to make a living... :(

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 Posted: Tue Dec 30th, 2008 03:44 pm
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51st Post
DaGriss

 

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Mana: 
I realize people are trying to make a living. And I wish you the best. Its just the way they go about making the living.

I know some 'agents' DO want to help. And that's awesome. Those are the people that SHOULD be working there. My issue comes with the people who get into it JUST for the money and have no care or concern for the people they are 'helping'

If I offend any 'agents' i'm sorry. But  if you operate in a moral manner, where you are looking out for the people who REALLY need help, and you truly WANT to help, then I applaud you. Its just from MY experience, and from what I have seen from the ones I have met, all they care about is making themselves money. Which makes the struggling client just a number that helps make their own personal bank account bigger....

The person investing or trying to get out of debt has a LOT to lose. And when an agent is ONLY concerned about their dollars, then they could really care less about what happens to the person.

As for the professional thing, its much like I said with the GED. To me, a GRADUATE is someone who went through high school and passed. A GED, is a quick test that gets you that piece of paper. So on the flip side, someone that has gone to college and has taken business classes, and taken courses on financial management, to me, IS the PROFESSIONAL.

This is just my opinion. And really, it shouldn't mean much. Everyone believes what they want, and they have the right to do so.

 

Last edited on Tue Dec 30th, 2008 04:00 pm by DaGriss

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 Posted: Mon Mar 30th, 2009 09:35 am
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52nd Post
anonymous

 

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Two guys came over at my house, my dad sent them through a friend of his because I was looking for a job. Guess what company they were from, WFG! And you know the rest, luckily I had done my research before going to their meeting and did not go any further or payed them any money.

They had brought to show me a powerpoint file and I asked him if I could keep a copy of all the files and go through them. He said sure.

There are 8 files, but they all say the same stuff over and over... it's a little bit of education along with a lot of hope and guided with very strong convincing language... well convincing enough for most.

Here are the files:
http://www.megaupload.com/?d=BJUKTDCU

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 Posted: Tue Apr 14th, 2009 09:43 am
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53rd Post
WFG is a scam

 

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I am having great difficulties on why WFG Associates (that's right, they can't be called "Agents" because from the WFG's "Membership Agreement" clearly stated it can't be such to abstain WFG and its "partners" from all legal liabilities) have to defend on a MLM pyramid scam as a legitimate company.

http://www.topix.com/forum/ca/calgary-ab/T4TTVSDK13TEUEARU/p76

(Post #1546)

[QUOTE who="Bound by Agreement"] C. As a member of World Financial Group, the Associate is not an employee of WFG. Instead, the Associate's relationship with WFG is that of an independent contractor. Nothing in this Agreement shall be construed to constitute the Associate as a partner, employee, or agent of WFG, not shall WFG, the Preferred Companies or the Associate have any authority, except as expressly provided herein, to bind the other, it being the intention that each shall remain an independent contractor responsible for his or her own actions. Subject to all applicable local, provincial, and federal laws and regulations, this Agreement, Associate Agreement Guidelines and Rules, other instructions, procedures, etc. published by AFG and any contract(s) between the Associate and the Preferred Companies, the Associate shall conduct and control his or her business activities, work hours, selection of customers, office location, sales metholds. Even though a license or form may designate the Associate as an "employee" of WFG or the Preferred Companies, such designation will not change the fact that by definition and by practice the Associate is an independent contactor. As an independent contractor, the Associate shall be responsible for paying any and all federal, provincial, city, or other taxes that may become payable with respect to any compensation the Associate may receive under the terms of this Agreement.

In fact, the entire WFG's "Membership Agreement" document is nothing more than an open invitation to a MLM marketing cult. The ambiguous wording and terms clearly justified as such:

Please read from post #1540 by "Bounded by Agreement" to #1591 (The end of Page 78).

http://www.topix.com/forum/ca/calgary-ab/T4TTVSDK13TEUEARU/p76

Subsequently to my comments on the interpretations of this document from post #1593 to #1646. (Page 81)

http://www.topix.com/forum/ca/calgary-ab/T4TTVSDK13TEUEARU/p79

In fact, the entire WFG's own website, is also very vague with no viable facts to support their claim:

http://www.wfg-online.ca

I have been debated with these WFG associates regarding its legitamacy as a "credible" company. From the time I went to their "Introductory Meeting" last August. I have gathered insurmountable evidences of blatant disregard of regulations and their clients' own financial welfare. Numerous articles from reputable financial media outlets, such as Money Magazine, Bloomberg, Reuters, and the Economist have been well documented the checkered past of the World Marketing Alliance (WMA) - WFG's predecessor, to the AEGON took over of this MLM scam and its current involvements today. Moreover, the federal security regulators, the SEC and the NASD, along with securities commissions from many state governments had fined this company heavily and send some of WFG's convicted associates to jail.

Speaking of its short 10 years presence in Canada, WFG has already garnered a lot of publicity. However, most of them are showing WFG as a MLM company, its pyramid style recruiting schemes, and lack of knowledge with next to no compliance control, are clearly showing why the overwhelming criticism of their US operation rear its ugly head here in the "Great White North".

Hence, it was not long before Mutual Funds Dealers Association of Canada recently posted two investigations on former WFG associates on October 21 & 22, 2008.

I strongly suggested everyone to read the both "Notices of Hearing" in their entireties.

http://www.mfda.ca/enforcement/hearings08/NoH200829.pdf

Mr. and Mrs. Longchamps' conducts were dispicable, where they willingly committed fraud over 1 million dollars by offering phony AEGON products to their own companies.

http://www.mfda.ca/enforcement/hearings08/NOH200830.pdf

Purisima Dy, was previously convicted of "tax evasion", served 60 days in prison in 1995, was terminated by PFSL in February 1999.  Then she was rehired by WFG just five months later, lied about the previous conviction and paid $125, and was able to register to sell mutual funds and scholarship plans in Ontario.

Suffice to say, what this former WFG associate did afterward was "beyond comprehension".   Dy was dismissed by WFG in January 2007 for not "renewing" her "registration" rather than discovering her previous criminal past.  WFG did not even know the extent on her crime until the news of her conviction on July 25, 2007, a day after she was sentenced to two years in jail plus three years in probation.

Then how was it that compliance at WFG could allow such an inexcusable blunder by allowing a convicted criminal to join a registered firm regulated by the MFDA, even with a "background criminal" check? And how was it possible that she was allowed to sell mutual funds and scholarship plans? Since WFG has always maintained its "no discrimination" hiring policies, how many more of these mistakes will result in even more investigations by the MFDA and their colleagues around the world?

These two recent investigations by the MFDA were only surfaced recently.  I can assured that more of these crimes will be posted in the near future.  By exposing the lies coming from these MLM marketing companies hiding as so-called "credible" financial services firms, their ugly truth will reveal itself from the overwhelming factual evidences from the reputable media sources, government publications and law enforcement sanctions.

"Real knowledge is to know the extent of one's ignorance." - Confucius (Chinese Famous Philosopher, 551 - 479 BC.)

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 Posted: Wed May 6th, 2009 11:08 pm
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54th Post
Sanada

 

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Ahh well I gotta wait till their next seminar to actually see what's what, today I just got a little tour and talk. At the end I did try to ask a bit what exactly i would do as an "associate", but I did get the run around a few times on that. Maybe Monday I can get a proper look.

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 Posted: Sun Jun 7th, 2009 02:00 am
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55th Post
MoneyGuy

 

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I can't believe some of the drivel I've read in this thread. I'm a real financial planner.  WFG is worse than PFSL. It's Primerica on steroids. Armed and dangerous. You don't have to believe me. Just ask any real planner or broker. The industry has little respect for these folks. Neither PFSL or WFG are a scam (which implies something illegal), but they're poorly trained people playing financial planner. The stories I could tell.

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 Posted: Sat Sep 19th, 2009 02:45 am
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56th Post
wfgsucks

 

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Mana: 
Yes I have worked with WFG and I am also much more educated in the financial field than any associate that was at the office I worked at. I have since left and the company I work for now pays me very well and I do good things for families there as well. However, when you ask about the products and strategies WFG pushes, they are not all bad. The idea isn't bad that is, but the application is terrible. Leverage can be amazing and is used by the wealthy, however, you talk to any wealthy person and no chance in HELL would they leverage their home equity into mutual funds or U/L. They will leverage into other property or land but never mutual funds. NEVER!!! Also when I was with WFG for almost 2 years, I barely ever used U/L for clients. Not saying it doesn't serve a purpose but certainly not for every person out there. If you look at the numbers from insurance companies (who deal with real educated financial distributors), U/L is not used as often. The only thing I regret is using the leveraging strategies into mutual funds for my clients, especially investment loans. Since I left and the markets crashed, I feel for where those people are at, owing more than they borrowed and will take a long time to recover.
As far as these being hidden strategies used by the wealthy, thats a bunch of bull. Every other firm and many much more respected can show you those strategies. The only thing thats different, is that they will do the right thing for you and not stick you in a U/L and lock you in for at least 10 years.
Be careful people, stay away and get your friends away from WFG. I feel for the agent who don't know the truth. I've spoken with many people who have left and the stories you hear will shock you.
By the way....I earn over 6 figures at my current position and i'm not a mutual fund or insurance dealer. So when they tell you you can't make money anywhere else, they are full of it.
If anyone has specific questions about my experience, I can give you much more details. Just reply to this post and you can ask me anything you like.

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 Posted: Mon Sep 21st, 2009 01:28 pm
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57th Post
MoneyGuy

 

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Mana: 
^ What he said. I've never been with WFG although I am a planner, with a firm that actually has respect. WFG is Primerica on steroids.

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 Posted: Mon Sep 21st, 2009 04:46 pm
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58th Post
wfgsucks

 

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Hey Moneyguy, the firm I'm with right now is actually looking for distribution partners. Do you work for an IDA dealer, well I guess now its IROC or something like that? I'm pretty sure the WFG posters on here won't have a clue what that means but let me know.

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 Posted: Mon Sep 21st, 2009 06:00 pm
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59th Post
MoneyGuy

 

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No, I'm MFDA. If you have something I should consider, send me a PM.

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 Posted: Mon Sep 21st, 2009 08:48 pm
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60th Post
MoneyGuy

 

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WFGsucks, I see I have a PM from you but for some reason my PMing is disabled. I don't want to post my business email address here and don't have a throw-away (hotmail, etc.) email address. If you do, would you post it here and I'll email you. If not, I suppose I can set up a hotmail address and post it here. I don't know how else to contact you. I don't know why my PM is disabled. I'll try sending a PM to see if sending works.

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