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I think it is funny that someone trying to get into the life insurance industry is worried about a scam company. Whole life is basically a scam.
I've met people at WFG that make six figures, but they offered a suite of other products/services as well (planning, advisory,etc..). WFG is now Transamerica btw.
I have a friend from college who had trouble staying in a job after college in the NYC despite being quite smart (parities wayyy too much and not a 10+ hours a day guy) and is dong WFG right now. The good thing about WFG is that it is a broker which means that it offers a lot of products from a lot of providers. If you go to other financial advisors of a more traditional structure you will be buying the same products at the same costs. Now the bad thing is that WFG's standards for advisors are low. There are some good ones and a lot of bad ones.
Sounds like another form of the outsourced marketing companies that sell cable and satellite television packages and Vector Marketing. Hopefully these companies die a quick death soon.
Sounds similar to this, I mean its not truly a scam per say for you can make money off it, if you are very good at making sales. The thing is most people assume it some sort of in house office job not the "you are going to spend money on your own gas, business cards and by the way its 100% commission and you have to buy some sort of licensing fee before we will let you sell our products".
As for dying a quick death- I don't see that happening any time. College grads are probably the easiest and most common type of prey for these companies. especially since these jobs don't require you to have a degree in X and 2-3 years of experience etc... So the jobless college grad with the "weak" degree sees this job as a perfect opportunity to work.
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from those at the bottom. Unfortunately, this isn't actually illegal (for the most part), just unethical. Since the regulators are more concerned about protecting the consumer from abuse, they have no reason to shut you down because you're abusing your employees/advisors/downlines. Prudential, ING, Transamerica, Pacific Life, Fidelity, & Nationwide aren't concerned with how you treat your advisors, they only care about whether you make sales without defrauding consumers.
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Excellent analysis!
I'll think of that next time someone says "if this company is doing something wrong, how come it's allowed to operate huh?"
WFG is NOT a scam whatsoever .....man people love to exaggerate! It's a business that can allow you to create an income on your own or as a team, the choice is always yours. The application fee is for administration/small background ck. They don't just let anyone join. It is VERY LIGGETT. Independent agents also have to obtain and get licensed by The State to do the business (license belongs to you, not the company), including fingerprint screening with The Dept of Justice. Thus, again filtering out the bad folk. I don't know of ANY SCAM type companies that require these type of clearing systems to work for them......the company allows you to be an agent or if you choose be CEO and have ownership of your own agency, not to mention you get 1099 at end of year for income earned ......so if you still think it's a scam, than you a certainly dumber than a 5th grader and probably didn't go to school long enough to be well educated.....enough said.
Just the fact that one-post wonders keep reviving this thread with rants defending this company make me suspicious how "very leggett" they may be.
I read another page on WFG where someone posted this EXACT post, word for word, like 6 months ago. It tells you something when a company has to have their employees go around posting on sites about their company being a scam.
For those who claim that it isn't a scam because state & federal regulators haven't shut it down yet, or by bragging about "platinum" carriers with well-known names, those excuses mean nothing. The scam isn't the products that you sell or necessarily that you defraud customers, as with ANY Broker/Dealer you sell government-approved products from the major companies and as long as you follow Insurance, FINRA, & SEC compliance guidelines in selling them the regulators don't have a reason to shut you down. That being said, hiring 20 year olds with a HS degree and no financial experience, then sending them into peoples' homes to give "financial advise" that is typically utter crap doesn't give you the best image within the industry.
The scam, however, is in how you find, hire, & treat your employees (business owners, advisors, associates, whatever). Attempting to recruit every customer, forcing new people to hand over their warm markets so you can sell to them, offering one of the lowest commission payouts in the industry, hiring anyone who can fog a mirror knowing they won't be successful, paying the majority of commissions to the upline while the agent who made the sale gets screwed, no product training, and emphasizing recruiting over sales(except sales TO recruits), all while promising excessive amounts of wealth, getting paid off of other peoples' efforts, luxurious trips, and a million other lies is highly unethical at best and why everyone thinks your a scam. Your a scam because those at the top earn their money by taking it from those at the bottom. Unfortunately, this isn't actually illegal (for the most part), just unethical. Since the regulators are more concerned about protecting the consumer from abuse, they have no reason to shut you down because you're abusing your employees/advisors/downlines. Prudential, ING, Transamerica, Pacific Life, Fidelity, & Nationwide aren't concerned with how you treat your advisors, they only care about whether you make sales without defrauding consumers.
So the claim that because FINRA, the SEC, and State Dept. of Insurance doesn't shut you down or that you work with the same large, well-known companies as nearly all other B/D's doesn't mean a thing. Until giving poor advice, selling over-priced products, and scamming your advisors is illegal you'll stay open. Hopefully enough consumers figure out that the WFG advisor is uneducated, knows little to nothing about wealth management or the products they sell, and has no experience before they let them into their homes and give them their money so that the company goes broke and no more naïve advisors will get suckered into giving their upline all of their money.
Yep! Could not have said it any better. Agree with everything you said. Especially the bold part. So many new recruits are so damn blind. They simple just hand over all their warm market and sitting around waiting to die because their upline don't give a rat's behind about training them now that their warm market is gone.
WFG is NOT a scam whatsoever .....man people love to exaggerate! It's a business that can allow you to create an income on your own or as a team, the choice is always yours. The application fee is for administration/small background ck. They don't just let anyone join. It is VERY LIGGETT. Independent agents also have to obtain and get licensed by The State to do the business (license belongs to you, not the company), including fingerprint screening with The Dept of Justice. Thus, again filtering out the bad folk. I don't know of ANY SCAM type companies that require these type of clearing systems to work for them......the company allows you to be an agent or if you choose be CEO and have ownership of your own agency, not to mention you get 1099 at end of year for income earned ......so if you still think it's a scam, than you a certainly dumber than a 5th grader and probably didn't go to school long enough to be well educated.....enough said.
"Liggett?"
"Have to obtain and get licensed?"
Dumber than a 5th grader and probably didn't go to school long enough to be well educated? Really?
If you have to ask the question, its a scam. Unless of course you believe paying money to get a job isn't a scam, but then again they need morons who can't get real jobs and think they will own a mega yacht and Ferrari once they sell insurance to their family. When I was a teenager I sat though a Primerica presentation and its hilarious, run away.
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