What does World Financial Group do?

4 replies [Last post]
bluestar's picture
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Joined: 2004-12-14

Are they a real brokerage firm or what?
 

Sampson's picture
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Joined: 2007-04-03

Stay away from them.
They are the Amway of this business. Spinoff of the old WMA...
Unless you enjoy recruiting green insurance salesmen who need to become securities licensed hoping that they'll be able to write an unsuitable investment to a middle income family which will be greatly unsupervised by the compliance department.
 

madabroker's picture
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Joined: 2007-05-09

They are simliar to Primerica, a MLM model of financial services. First, you get your insurance license (you pay for that). Then, you schedule appts with your friends and family to see the tremendous benefit to throwing as much cash as you can into a specially-concocted VUL from Western Reserve Life - oh, and did I mention that it's specially-concocted? That means if you're not a WFG affiliate (sucker?) then you won't be able to sell a policy which is verbally guaranteed to earn the owner 12% per year. What's that you say? 12%? Is that really possible? Of course it is! In the world of "I don't recall, I don't recall ever saying that, I have no knowledge of that"-post-Clinton era, of course.

Now, that's not to say that illustrations represent 12%. Don't know what kind of phoneybaloney numbers are actually on the illustration.

Oh, and did I mention that you only have your insurance license? Know what that means, don't you? You will need to take your Marketing Director or someone up in the hierarchy with you who is securities licensed, because of course, you are ineligible for a commission!

Now, some time later, when the client receives their annual statement or whatever, and the client hasn't earned their promised 12%, where are you? Guess what, you are no longer with that office! Where did you go? Out the door.

Hmmmmmm.....where do I sign up?

shadow191's picture
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Joined: 2007-06-25

Definitely not a brokerage firm.  A couple of my friends are life insurance agents, and they've both been approached by World Financial people.  The pitch is basically the same I heard from a Primerica guy a long time ago.  You'll make so much money having people work underneath you, why would you want to sell when you can have people do it for you?  Pretty sad.
 
bluestar wrote:
Are they a real brokerage firm or what?
 

hoopfan's picture
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Joined: 2007-03-22

Google them, they are on every fraud watch available. Here is an interesting discussion on World.
http://www.advisormechanic.com/phpBB2/viewtopic.php?t=121

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