World Financial Group Scam – Is WFG a Scam?

You came here wondering if World Financial Group is a scam. This review suggests it’s likely yes WFG is a scam and yes WFG is a MLM.

World Financial Group (WFG) Scam

World Financial Group (WFG) is a multi-level marketing company which sells investment, insurance, and other financial products through a network of distributors. WFG is active in the United States, Canada, and Puerto Rico. WFG is owned by Transamerica, a subsidiary of Aegon. While Aegon and Transamerica are legit insurance comapnies, the selling practices of World Financial Group has been called a scam by many people. This page will help detail some of the criticisms of World Financial Group as a scam. You can then decide for yourself whether WFG is a scam.

How WFG Recruits

According to Yelp reviews, WFG targets students fresh out of high school or in college. This is because they don’t have a lot of real world experience yet, and are more easily impressed by people in suits driving fancy cars.

World Financial Group Scam / MLM

People claim that World Financial Group is a scam because of the way it sells insurance. The claims of WFG being a scam is mostly related to the “business opportunity” offered to salespeople, and the over-hyping of financial products.
Recruits are known as “associates” and pay $100 as a joining/”administrative” fee. Former associates have reported stories of being pressured to sell overpriced products to friends and family, burning those bridges. They have also reported the WFG recruits associates just to tap into that personal network, and not because the associate is fit for the business.

WFG Scam for Distributors/Associates

The pyramid/MLM features of World Financial Group means very few people make money. Typically the ones at the top of a MLM pyramid makes all the money while the bottom (new recruits) make barely anything.

WFG Scam for Customers

We talked mostly about why some people think World Financial Group is a scam for distributors/associates. We now talk about why some people feel WFG is a scam for clients as well.
Notice that the commission rates go up to 65%. That means when a client buys a financial product, 65% of that amount is going towards the sales agent and 35% to the insurance company. The insurance company, in this case, AEGON, makes money as well. Which means that the majority of what a customer pays isn’t for the product but for marketing and sales. Whereas an index fund may charge less than 1% as a fee. This is why people believe that customers of World Financial Group are also getting scammed since the markup is insane on these “financial products”.

WFG Pyramid Scheme

Dedicated vs Non-Dedicated Members

According to WFG:
There are two (2) types of members in WFG: Dedicated and Non-Dedicated. Dedicated members are those persons who have made a decisionto market for sale only those Products and Services marketed by WFG. Non-Dedicated members are those persons who have made a decision to market the Products and Services and other products and services not marketed by WFG. Although the membership terms of Dedicated and Non-Dedicated members will be identical in some respects, Dedicated members will be accorded certain benefits not available to Non-Dedicated members.”

Associate Levels

There are multiple associate levels dictating how much commission you get per “qualifying” sale. Note that each “progression” requires you to have recruited others. This is where the pyramid structure of WFG comes into play, and why many people call it a pyramid scheme or scam.

Training Associate

Commission: 25%
Progression Requirement: within any sequential 30 days make 3 sales and recruit 3 partners (known as 3:3:30)

Associate

Commission: 35%
Progression Requirement: 3 direct associates through the personal recruits, 5 life licensed associates in your team and 40,000 net points in 3 rolling months

Marketing Director

Commission: 50%
Progression Requirement: 10 associates in your team, 6 of whom must be life licensed, 3 branches of personal recruits (legs), one of which must be MD level, 75,000 net points within 3 months rolling time. Also, there must be $35,000 cash flow within 12 rolling months or $20,000 – within 6 rolling months.

Senior Marketing Director

Commission: 65%
Progression Requirement: 3 direct recruits – all SMDs and either 500,000 net points in 6 rolling months or 750,000 net points in 12 rolling months.

World Financial Group Legal Issues

World Financial Group has run into legal issues in the past, which lends credibility to WFG being a scam. World Group Securities (WGS) is the broker-dealer affiliate of World Financial Group (WFG), and are both owned by AEGON.

  • World Group Securities (WGS) had incurred ten regulatory penalties since 2004
  • WGS and one of its brokers were fined $150,000 in 2006 by Missouri’s commissioner of securities for selling unsuitable products to elderly people
  • WGS was fined $50,000 in 2004 for failing to supervise its representatives in the State of Utah, who were misrepresenting their credentials and services rendered during free lunch seminars targeting seniors
  • WGS was fined over $850,000 in 2010 as the result of the unauthorized sale of private securities by some of its agents in the State of Arizona
  • in 2010 the SEC ordered WGS to pay, among other things, a civil monetary penalty in the amount of $200,000 for the fraudulent selling of unsuitable securities in the State of California, which were funded using home equity, derived from the refinance of the customers’ homes into subprime mortgages
  • World Financial Group Reviews

    People on the internet have reviewed the World Financial Group Scam and many agree that it’s a MLM scam.

    Reddit User toolboc

    Yes, I know it sounds crazy, but I discovered the branch manager did not own the house he claimed he paid for at a recruiting event / house party via public property and mortgage records. This may be a tactic used to draw members. If one makes themselves seem more well off than they really are by renting expensive cars and homes and they can potentially pass them off as having been earned through “the business”. I have received PM’s in response to this very post describing situations where the upline leases an expensive car to a new recruit. The recruit is now paying for the upline’s vehicle while using the car as a symbol of proof that the business works.

    World Financial Group Scam

    Hope you learned a lot from reading about the WFG scam. Read the reviews on World Financial Group so you don’t get scammed!

    Do you have stories or reviews of World Financial Group to share? Let us know in the comments below!

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    91 Comments

    1. I am so upset when my daughter has been recruited to joined by WFG. She is 20 years old know nothing about finances. When she told me she that she need to call 10 people to sign up or join which my daughter paid $130. I knew this is a SCAM!
      The most part that I am angry about is when my daughter pressured to call people to join or sign up in front of them. This people that to called to join are her friends and cousins. This an ultimate a Pyramid Scheme. Targeting young people/ students who is vulnerable is totally unforgiving. I want this to STOP! I don’t want anymore students or young adults to be targeted to this kind of scheme. Please leave my daughter alone. Unbelievable!

      • The friends and family that she calls is merely to help her get used to do her presentations or to give them an opportunity to see what it is that WFG does. Although she may not know a lot about finances she has the resources there to learn from. They also give her all the proper tools needed to study for the licensing exam required to sell Life Insurance Policies they do not pressure their clients to buy anything they merely show them what options they have. A lot of individuals that come into the business do not know a lot about Life Insurance but they get educated well enough to show their clients about the importance of them. The great part is that they back all of the A rated companies when it comes to life insurance policies like Nationwide Prudential Gerber etc. If your daughter were to go to another insurance company that is captive she would only be able to sell that one insurance and pressure individuals to buy their product leaving them no options. Hope this helps but there is a lot of opportunities and growth for her even just by her having her license.

      • I used to be a WSB member for 5 months and a policy holder for 2 years. I can tell you right now, I lose a total of $6k+. Now hear me out. I signed up for their product in order to be a member because their motto is “How can you sell something you dont have?” I was very pressured by my peers and sugarcoat all the possible income as long as I can “Help American families get better with money”. Anyways, I believe that this company target the people with very less financial knowledge. I was a victim of their huge scam and congrats to all the big names in the front row that is now making millions. They told me that the more people I build below me, the more commission % I could get. Members have meetings all the time, not paid, also no one gets paid hourly here, only if you sold a policy, not to mention you have to pass an insurance exam from your local state before you can even sell one. I spent $80 for the test, study for days and took a day off for the exam, greatest regret. I’m so fed up with making fast money by inviting friends and build a pyramid around me. I wasn’t even thinking. I paid a total of $6k+ on my policy with WSB.. I consulted a professional financial advisor and they show me other policy out there that is10X better, for a cheaper cost. I knew it was wrong all along. I cancelled my policy they said I lose all the money I put in. Otherwise, I’m going to be a forever slave money depositor of their scam empire until I die. If you’re reading this, stay away from WSB. There’s lots of legit employers out there that will pay you for your precious time. WSB lie to you just to squeeze a money out of you.

        • Pyramid scheme is a form of investment (illegal in the US and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones. Which mean they don’t offer or sale any products.
          Amway is networking and MLM, because they do sale their products by recruiting people.
          WFG is a platform which they don’t own any product instead they give choices to their clients for their financial needs.
          If you go to the State farm, they will only offer State farm products.
          If you go to the New York Life they will only offer NY Life products right?
          WFG give choices to their clients. Clients can compare his/her policies other insurance companies WFG work with and make decisions. /TransAmerica, Nationwide, Pacific Life, Prudential etc/
          I’ve reading all of this negative comments, but all these people didn’t even try. They just quit and complaining about their 100$. That 100$ is not even cover WFG’s 1 day training for sure. You pay thousand’s of $$$ to go to the collage get a degree and I’ve just read someone doesn’t want to pay $300 to their licensing. What? Then how come they think that they will make good amount of money? People who can’t even try their licensing is telling others that WFG is scam. There is lot to learn in this company as an insurance agent, lots of new products and services. Not only 1 company’s products, you learn all the different companies products. You’re learning and growing every day. When you become an agent, you have a power to help you client to choose the best one.
          What’s wrong with helping others to find good insurance policies?
          What’s wrong with making extra money?
          Do you think that US government is stupid enough to let this illegal scam company is working on their territory more than 30 years?
          Also agents who gets fined is not represent the whole company and their 60k agents. They just people who trying to get rich faster than anyone. They’re fraud elderly people or someone.
          You guys can’t blame a book by it’s cover. I can’t believe person who wrote this has financial background.

        • Sorry to hear about your experience. I had a very pleasant experience as a client, and I got Nationwide product from my WFG agent. She’s very professional and explained well. I think it’s not about the company, it’s about the people.

      • Hi Arlene I highly agree with you. I was also a victim of this scam. Im just 18years old and a highschool student and I also dont know anything about this finances too. At first they told me that they were just going to explain about the details , then after it they took my license and my visa card ans I have literally no idea that they were going to take money from it. That day when I got home I did a research about this and after I read those negative comments I messaged my recruiter ahead of time that I’ll be backing out. In the morning I checked my bank account and I was so mad that they took money money from account without my consent.

        • “….don’t know anything about finance.”
          Then learn with WFG or via some other mean but do take the time to learn. You’ll find out sooner or later that it’s easier to make money, whether it’s a lot or not enough, but it’s very difficult to save, especially later in our lifespan (debts, loans, mortgage payments, family expenses, etc).

          “…took my license and credit card…take money from it.”
          I’m pretty sure you were aware of the initiation cost to join when you handed over those two information. I’m pretty sure that you were aware that part of it went to your background check and the other toward setting up and maintaining your WFG personal website for your learning and business. Scary part is that I’m pretty sure you didn’t bother to look at your personal website to see the values offered there.

          Lastly, if you want to make money the traditional ways then this is not for you. This type of business (sales) are based on commissions which does not translate to immediate payout.

      • I think her recruiter should have met you first to explain. My son got recruited because of me. I think because I have a very good customer experience with my WFG agent. The other WFG agent also approched me before and I didn’t like the way how he presented. When a company is big, there are different kinds of people. WFG is partnering with great companies like Wells Fargo, Nationwide, JP Morgan, Allianz, and etc. The products I’m not worried, but I do believe that quality of the professionalism of an agent is important. I support my agent.

    2. I wish I had read this article and searched out the company before I paid money! I thought it reminded me of Amway! We are much older and somehow we became recruits by believing they offer better retirement than putting your money into a 401K. Now I wonder what is true?

      • these people stole my money from my dying father , me , my mother and my wife and destryied my family
        My Name is Bobby Tudor I am employee of Gonernemt of Canada Ministy of Finance, I am not hard to find I have been scammed 110 k $ by WFG, money stolen it is a pyramid scheme that promotes 15-20 H / day work and advices employees you if your husband will not quit his job and join you then you should leave him

    3. While some of this information is correct about it’s not entirely accurate and does put WFG in a poor light it’s not 100% deserving off. Like the commissions, yes they go up to 66% but relative to what other insurance salespeople make that’s low. Most others operating in a traditional sales model have commission rates of 100% or more. The other things to mention is that it’s business model is of a brokerage and identical to Remax. I don’t want to tell you it’s not a scam, that’s a decision to make on your own.

      • 100% or more ? 🤣🤣🤣🤣 this is the biggest load of horse poop I have ever heard. Just say you got suckered to a pyramid scheme and feel like a complete fool instead of suckering the next fool 😂😂🤣🤣🤣🤣

        • How in the heck is it a pyramid scheme? Have you ever been a part of WFG ? Or are you listening to other people complain. We run the company as a franchise. I would LOVE for you to really research this company before saying anything negative.

          • It’s the literal definition of a Pyramid Scheme! Shame on you for suckering in the young as well as taking advantage of them, and the elderly who don’t know any better.

            • Nameless “Financial Architect.”
              Informative posting. Careful with your grammar. You mean Accept…”$65,000 for the same amount of production,” not “except.”
              You make many valid, decisive points. I will not be doing business with WFG for several reasons, those you cite being the final deal killers.

              Thank you.

      • If someone had a commission of 100% then there would be nothing left to pay for the actual product (if I sell my house and the realtor takes 100% commission the I get $0.00). Your post is just proof of how WFG targets people who dont have the slightest understanding of finance.

        • With Real Estate, if you Sell a house in California we ask sellers to pay 5% – 6% commission which will pay the Seller and the Buyer’s agent (split 50/50 or depending on the agreement or stated commission in the MLS. When you sell your home for 500K, you will pay $30,000 in commission based on 6% ( 3% selling= 15,000 & 3% listing = 15,000). Agent is commissioned based on their contract with their Company or Broker ( REmax, Century21, Coldwell, etc.) New agents starts with 50% commission and some Realtors and Broker that are in the business in awhile gets 100% if they are producing. Example, if you paid 6% commission to sell your home, 3% goes to the selling agent. Selling agent has 75% commission contract with the Broker then agent will receive 11,250 + ENO + any other charges charged by the agent’s Brokerage Company. So yes, some Agents get 100% Commission and more if they have additional compensation or bonuses given them.

        • Greg.
          Stick to yourprofession as a CPA. I’m assuming you are representing a certified public accountant. Jordan is correct. I am a CFP going on 30 years, possessing both securities and insurance licenses. My life insurance contracts are at commission levels that reach 135%. What Jordan did not explain is that these high commission rates are only in the first year. Beginning in the second year and beyond, the agent is paid renewal commissions at 6% and lower for as long as the policy remains active. For this reason, WFG is not attractive to an experienced life insurance and securities professional, with a profitable practice. No veteran, independent financial advisor is going to accept a 65% payout, when they can get 135%. That’s synonymous to a person earning $135,000 per year as an independent agent, but decides to join WFG and except $65,000 for the same amount of production. The question is, what can WFG possible do for a veteran independent agent advisor that is worth giving them all his/her commissions?
          In addition, what can a licensed agent who has only been in the business 1-3 years teach a 20 year veteran about estate planning; revocable and irrevocable life insurance trusts, key man insurance, buy/sell agreements? All they know at best is, The Rule of 72. Ask them to explain to you what is meant by net present value, net future value, internal rate of return, etc. and watch them stutter.

        • I have to agree with you on this. Do they know how math works? I’ve been in finance for 17 years. It’s most definitely a scam.

        • Dude… jordan is right… most brokers are paid +80% and more OF THE FIRST YEAR. The companies pays you them that much commission because they relay on the customer sticking to its the company and paying premium for the following years. That’s how the companies make their money, on the following years. The broker gets +80% of the customers premium on the first year and up to 3% on the following years. If however the customer cancels his policy within the first year, the broker receives a penalty (has to pay back part of the commission he has received, depending on how early the customer canceled his premium)

          Research more … this is the insurance business. Ask around brokers who represents car insurances since y’all have those. Even there is a “pyramid”
          Broker<Supervisor<Franchise owner<corporation (they all get a percentage of your insurance premium)

          Starbucks barista<supervisor<Branch manager<Franchise owner< corporation

          Open your eyes people… dig deeper before jumping to conclusion

        • The person getting 65% commission isn’t getting 65% of the product price. They’re getting 65% of the commission paid by the insurance company.

        • 1) The fact that is has products to sell means it does not fit the definition of a pyramid scheme.

          2) To the comment two places above yours I apologize if you felt pressured to buy a product. I will say that if you don’t believe in the products and their ability to help you shouldn’t sign the dotted line anyway. Trying to sell something You don’t believe in will never yield good results.

        • We need to understand that realtors commissions are one-time basis, the financial industry is completely different, like the stoke market, they pay every 3 months, any retirement investment is long term investments that the reason commission pays different as well… I understand that WFG is a business platform, you do not get W2, so you are an independent contract as a realtor are when you open a business, who pays you?

        • Thank you for pointing that out. I was reading the “100% commission or more “ line and wondering how that’s possible. This whole thing seems predatory targeting people with limited financial knowledge and experience. There are much better ways to get ahead in life than MLM scams. I wouldn’t touch this garbage with a ten foot pole.

      • get rid of your crooks and scammers liek 30 east beaver Creek Drive , Toronto , Canasa, office run by a crook

    4. I signed up on a Saturday paid the $100 application fee and have conversation about the business. After that conversation I did not like it what I was hearing. On the following Monday( two days later) I called to cancelled my membership. I was told that that my member ship will be cancelled but the $100 is not refundable. That was 3 years ago. Since that time I was getting letter looking for annual fee but no contact information. Finally this month I got letter of cancellation of my appointment for non -payments!!! ( no return address)

      • Do you feel they offered good advice on your finances? I was just at one of their branches, because my friend said they have a seminar, but it was a one on one sit down and at the end he asked me to schedule a day to come back then asked me to register ($100). I learned a few things in that session, but left without registering because I don’t sign up for things on the spot.

    5. Hi I recently was recruited by them and yes I am a college student. Although I was recruited my best friends did some digging today and found that I have been sucked into a pyramid scheme. Anyways I had training today at there Anaheim office and it was interesting by all means I was told that I have to pay $300 to get licensed, and I kept asking questions to other people there my age like for example how to make money instead they were not up front with me and would often try to change the subject. I knew that something is wrong but it seams like a legit business because there are middle age people that work there. For me personally I had a hard time telling if I this was a pyramid scheme and I recently also had a interview at vector marketing which is a pyramid scheme based company and also a joke of a company.

      • Hello Tony,
        Yes there are fees for your licensing through the State. These are State fees not WFG fees which should have been explained to you.

    6. I was recently recruited by them also, beware if a “well dressed” person walks up to you at a gas station, restaurant or any public space and asks if your interested in making more money, just ignore them. They target these popular places cause they don’t want to get in trouble for soliciting. They claim that pyramids are illegal (which they are) but absolutely lie to get you into the business saying “this isn’t like primamerca”. “We aren’t a MLM”. Which they are. Trying to explain that to the MD’s in the office is like talking to a monkey. They are so brainwashed that they just change the subject, who else am I supposed to ask at that point? There’s so many offices around Southern California that it’s a cult. I noticed the SMD’s drive a new vehicle everyday. Nobody else notices it but I believe they are just renting luxury vehicles to impress everyone in the office. There needs to be a federal investigation with these offices cause they bring in inexperienced college kids with no background and they use them as puppets. Truthfully I wouldn’t trust a 20 year old with no experience help me with my finances and insurance. They also claim that they don’t do solicitation but require all new people to call friends and family to join the business. Lies all around.

      • I totally agree with you, I was recruited and I had a bunch of questions when the recruiter told me he has a 250k passive income per year and people he’s trained are up to 500k passive income a year. Question after question and all I was told was “come to our corporate overview tomorrow, you will learn more and I will show you around”. As for the 20 years old with no experience, I actually spoke to a few of them at the corporate overview and learned that they either dropped out of school or didn’t go to school at all, and they’re supposed to be “financial advisors”? Not trying to discredit anyone, but if anyone actually believes that people working for WFG are competent enough to advise others on how to spend their money, there really isn’t much else to say. I recently graduated from college as well with an accounting degree, and when I spoke to a few people from WFG many would tell me they were nurses; what in the world does being a nurse have to do with finance? Maybe having more clientele to recruit? I was scheduled to have a sit down appointment but a couple days after the corporate overview but I texted the next day saying that this wasn’t for me (to be nice, as the recruiter was one of my friends) and I was just going to pursue my career in accounting. Nonetheless, if you sit through a corporate overview and are have no negative opinions of their structure and company, you’re one of their prime targets.

      • To the young people on this thread such as Tony and Connor – I am glad you found out this was a scam. I was once just like you – a young college grad in the Southland, with no job offer upon graduation. It was the Clinton economy….he’d been in just long enough to wreck the nation’s confidence, so mortgage rates were double digits, along with unemployment, and there was literally nobody hiring Liberal Arts majors). I got an “interview” with a “financial services firm”, so I spent my last $200 on a new set of clothes to interview, as I had not previously owned (or needed) any business attire, and drove my beater 30 miles to someplace in Orange County (probably it was Anaheim, because it was Primerica which is the predecessor company behind WFG).

        The entire thing was shady even then; near as I could tell the business model relied on what I would call insurance replacement; calling up people and finding out if they had Whole Life policies. Then, persuading them to cash out their policies, buy new Term Life policies, and invest the Whole Life proceeds in mutual funds, which I believe were basically junk bonds that were bundled up into several tranches, that composed the various offerings of the mutual fund line. Even as a 21 year old with zero financial training or professional work experience, my BS detector went off loud and clear. I was very disappointed too, to find out the company’s offices, which had been held out as a “big financial services firm” (by way of comparisons to actual real businesses like Merrill Lynch, or Charles Schwab, etc, household names), were in some craptastic late 1960’s two-story office building next to a strip mall.

        Also it was not actually a job. Naturally. There was no salary, and no benefits. Why? Because it wasn’t a job. Interviews are for JOBS. If there are no salaries, it is NOT A JOB. Jobs pay you for your time, that’s what the point of having one is. If you want to work for yourself, you sure as shit do not need WFG to do it. Anyone can take the broker’s and agents license exams. Anyone! You can study online, pay the registration fee, and take the test all on your own. You don’t need them to sell insurance either – if you want to sell insurance, get your license, and sign up as an agent with a brokerage or set up your own independent agency! Nobody is stopping you! If you are an independent agent, you keep ALL of the commissions you earn. You don’t need to “recruit” anyone. You can advertise for clients like a normal business does.

        Let’s just say that I was onto these crooks the second I got to their offices – it looked like exactly the kind of place a down-in-the-dumps small business operator might set up a boiler room. A place where the rent was cheap and short-term and someone could fly below the radar of the authorities by having no exterior or frontage signage, just a listing on the lobby directory (Suite 2B, etc).

        If anything could have typified the Clinton economy or the liberal ideology as nothing more than a bunch of charlatans trying to recruit the young and gullible into their pathetic doomed scheme, it was Primerica. It was truly a Decade of Lies.

        So, young people…I feel your pain. You are smart, you are energetic, and the world is your oyster. And you know what, whether or not that is even true, you deserve a real job. In fact you owe it to yourself to have one! It will do you good! It will be hard work. You might hate it. Your boss might be a petty tyrant. I’ve worked for people that were clinical and belonged in an institution, and who had no business being put in charge of other human beings. I’ve had to work for bipolar (truly manic-depressives) nutsos, alcoholics, regular old jerks, sociopaths, you name it. But I learned something every time from doing these jobs..even the ones I hated. But you will earn money and learn a lesson, and eventually you will be scam-proof, wiser, smarter, and certainly more cynical. That’s what becoming an adult is all about. Lose your illusions when you are young, because you can’t afford to keep them much longer …and working for others helps do that.

        But if you want to be scam proof right now, all you have to remember is this acronym made famous by the great Robert Heinlein:

        TAANSTAAFL

        Which stands for “There Ain’t No Such Thing As A Free Lunch”.

        Which means, if someone you didn’t apply to a job with offers you an interview, its probably a scam (or a kidnapping attempt, watch out ladies)

        If you are invited to a “party” to “explain” a business opportunity, its a MLM scam. Every single time. Real businesses don’t need to have a party to explain their business or meet investors. They can get appts on Sand Hill Road or on Wall Street with a real actual “Financial services institution”.

        If there is no salary, its a scam.

        If you have to pay THEM, its a scam.

        • Actually, there are a lot of jobs that are 100% commission. Most of them are legit, especially in finance. This WFG is not at all legit. The core definition of a pyramid scheme is that you are not there learning how to sell the product, you are there to sell more memberships to people to sell more memberships.
          With regards to their funds, they are seg funds, hideously expensive funds of funds where the total MER is astounding. It’s hidden in the literature you see, because it doesn’t show you what the MER of the actual funds the seg fund is invested in are, and a seg fund is expensive as it is. You might be spending as much in fees as the market might return, netting you zero. Contact your local insurance regulator and say you want to cash out and get your premiums back because buying these policies was contingent and condition of employment.

    7. Total Scam, They found my ad in the classifieds and told me they needed a software developer, then threw a little party and beat around the bush for hours before trying to recruit me as a “member” not an “employee” with their standard fee amongst other bs, I also notice the system they have in place leaves their “member / employees… whatever” totally vulnerable from a legal standpoint, because they are broken up into departments that seem like made up companies and all individuals are seen as independent affiliates or third parties, so that the organization takes no responsibility. They simultaneously tried to sell me their “financial services and advice” which seems to be financial common sense to me. The more I stuck around, the more they targeted me. They asked me questions about my life and accordingly made up services I may be interested in, services that they don’t even offer, in order to get money from me. The guy interviewing me would say anything to sign me up, but didn’t want to seem weak, so he starting belittling me and common people as if he were heir to the throne, talking for over an hour about how great he is. He showed me his paystub on his iPhone, which he just made up and wrote on the Notes app. I wasted as much of their time as possible before telling them it’s not for me. I come across these constantly because I have public whois information and ads in classifieds. Our financial times are terrible and getting worse, likewise there are sharks everywhere. Be sure to teach your kids about finances, pyramid schemes, scams, con-artists… etc. They’re alive and well.

      • Ted, glad to know that you were able to see through the muck that he (they) tried to sell you!

    8. I’ll try to keep this brief. My neighbors got involved with this group about six years ago. One day the wife asked to bring their representative to my house to demonstrate the sales presentation for them to observe. I don’t want to cast doubt on their true motivation but I said OK (just to be neighborly.) Since I had been involved with Amway in the late 70’s for a year or two, I was tuned into the verbage and code words. Sure enough, they were there. After a very lengthy presentation with graphs, pie charts and a ton of informational print, the woman finally got to the bottom line. Selling investment/insurance policies. Since I have a company that handles my (relatively meager) investments, I had no reason to pursue this “opportunity.” She saw I was a deadend but still suggested I might have 10 people to recommend. Well…NO. I’d never do that. I don’t know how much money my neighbors have invested in this venture, but I don’t see any change in their lifestyle. The wife completed the “training” and got some kind of license. The husband attempted the “test” twice and failed both times. At one point she told me she hoped to do this full time and quit her “real” job. That was about five years ago and she is still at her “real” job. I was asked to attended a presentation (she needed to bring people) and it was a huge crowd of extremely enthusiastic and hyperactive people held at a convention center. Because of my experience with Amway, this was all too familiar. They may have given it up as I’ve not heard anything else about it. It takes a special personality to succeed at this: aggressive, tenacious with lots of contacts. When a person exhausts family, friends, neighbors, co-workers, it’s over.

      • What I find interesting is that I haven’t met one WFG client who actually has investments…they’re well-known for selling way over-funded indexed universal life insurance. They even recommend moving 401(k) and all other retirement assets into the life insurance policy which is ridiculous unless you know what the commission that’s paid on those transfer is…it’s clearly about the person selling it and not the person being asked to buy. Run the other way!

        • We have a variety of products that include life insurance, mutual funds, and annuities. It all depends on what each person needs and what makes sense.

    9. My dad works for WFG, and as a finance major I do see a lot of the company’s flaws, but he has found a really great support system in his team. Every team and office is different, so I know this isn’t the case for everyone. He still works a full-time job that isn’t his true passion. WFG gives him motivation to get through the week. Also, he’s made a steady income that reflects the part-time hours he has invested. He likes to focus on selling and educating more than recruiting, but I definitely see his team lead pushing him to recruit more. I am aware of the fees he has paid and has continued to pay. I don’t want to lie nor be naiive. However, his time at WFG has been a great experience, and he’s learned so much. If he’s happy, I’m happy.

      • Agree with you! When a company is big, there are different kinds of people. Some are professional, some are in training. The company itself has great system. It’s just people – how they do it!

      • Great attitude Kathy. Kudos for supporting your Dad on what makes him happy. I’m curious, what “fees” has he paid and how much?

      • Your dad should join a club or gym to get motivation. Not be paying fees to go to pep rallies. He seems to see the writing on the wall though because they push him to recruit and thank goodness he is not doing that. But he is happy… at what expense? Scamming other people? It is not just his own well being but the products they sell steer people away from good investments and insurance. Look up how this company and Primerica would not answer the govt questions on why the elderly lost so much with them.

    10. It appears most people’s posted comments parrot each other , which is human nature rather than truth. The truth is: pyriamid “shemes” are illegal. This company could not operate if it were doing something illegal. Secondly since when are network marketing companies a scam? There are hundreds of network marketing companies and WFG is the distributor of Transamerica products. Thirdly, many people’s retirement and financial futures have been secured because of a WFG associate who educated and helped them. Many financial advisors charge hundreds of dollars just to step into their office to talk them about your investments. The comments posted are one sided by people who only explored one side and did not thoroughly research the company. All I read was ” crucify him!”. If you want to be intellectually honest and have an element of humility, you might want to the book Unaurhorized by SteveSiebold. The truth about World Financial Group. Then post your comment.

      • GREAT comment! There seems to be a lot of Lemmings on this site who just mirror what the person in front of them said. I don’t see any truth behind what people are saying. I’ve been a client of WFG for over a decade and they’ve done a wonderful job with my investments and protecting my family for years to come.

        • Matt,

          I don’t think you’re a client at all. I think you’re with WFG and are trying to play damage control. Nothing more.

      • Very well stated. I generally would not recruit anyone under the age of 25 due to the lack of life experiences, not to mention the adult brain has not fully developed or is still in a developmental stage. There are always exceptions to the rule, such as my 21-yr-old son, a Marketing Director with WFG who has already helped many individuals and families secure their financial futures, regardless of their levels of need or financial status. As with any business, those without integrity will always lack the ability to succeed in helping others. This is not a get-rich-quick company. Good money is made through consistent work ethic. People are helped by those who possess a properly aligned purpose. It’s unfortunate that so many making comments on this site were potentially too short-sighted (or led by someone of that sort) to see a bigger picture for themselves & others.

      • It’s a scam when they tell you that you can get more financial knowledge without the “strings”, the cancel your membership after you pay the $130+ CDN fee for not making their $2000 min commission ! AND< I don't even have a license !

    11. Totally an scam, I meet I girl who told me she can gave me a opportunity to work with his boyfriend in this company, she gave him me cel, after a 1 day I started to received phones call from this guys pushing me to meet him, since I’m working full time I told him to wait for the next week, since then everyday he called me with differents excuses to “wrap me” in this scam, I left him talk to see up to what point he was going, 3 day someone else called me early en the morning, that was enough he share me phone number with other person and this one started to send me messages, the same day the guy who was calling me at the beginning called meaning 2 phone calls from different people and 1 message in the same day, I answer him and told him WE ARE NEVER GOING TO MEET THIS IS A SCAM, I’M TIRED OF YOUR PUSH SYSTEM, DONT CALL ME ANYMORE YOU OR YOUR CO-WORKERS.

      Since then they never call me back and life is back to normal, sick people desperate for money, so obvious, ALL BE AWERE !!! This happened in miami

      When you come from sud america, and you ear a lot of this, you understand that this guys are really amateurs…

    12. A total scam, they make it sound so good, even had me fooled into signing up to be a new associate member. They make it sound so positive and enticing, making you believe you are leaving your family with money if anything went wrong, sickness or death. What a way to fool a single mom whose only interest is to take care of her children. I was with these suckers for 2 years, I was informed I could withdraw money out when I felt I wanted out of the business or needed the money, so I signed up. My children and I needed the money for health reasons, only to find out I didn’t have any access to funds! I was out almost $2000 dollars paying these scammers! That money could have been used for my children and was the intent when signing up. They go where your emotional needs are, for me it was my children and their future, to be able to save money for them when they needed it. It’s sad to think that they know they are just spending other people’s money and not care who they are hurting. When they get new recruits, they go on holidays! Two weeks holiday to the tropics twice a year. Geeze, where do you think that money comes from? Don’t sign up, you’ll only come to the very same conclusion…frustrations and disappointments. It’s just people using other people’s money,

    13. I signed up with WFG, and we did a refi. My parents almost lost their home because of it, the low variable loan shot up to 4 or 5 times the amount it was, and kept climbing. Then all the home insurances WFG did not pay but rather sent checks to my parents, and it was up to my parents to try and pay the amounts with those checks but WFG should have taken care of this themselves instead of lapsing coverage in every insurance.

      • You Refi? Refinance your home through WFG? Because WFG don’t do Mortgage as far as I know.

      • World Financial Group ( WFG) is a brokerage affiliated with Rated A financial companies like Pacific Life, Nationwide, Fidelity, Met Life, Transamerica, VOYA, IA American, and many more. It is a highly regulated industry and agents have to be licensed by state. WFG is a legit business and not a scam. Agent makes money by educating families on their finances who make their own choice. You have to dig deeper to understand the mission and vision of the company as they have helped so many people get financially educated all over US and Canada. It is not a “fly by night” business. You have to work hard too like how you normally work hard on your job except with WFG you work hard for yourself by having your own business and not for others.

        The WFG you signed up with is called WFG National Title Company that deals with underwriting of insurance such as guaranty of titles, real estate and title insurance. Totally 2 different companies.

    14. I was invited to their Torrance, CA office under deceptive means: I was told they needed to interview me for an administrative support position. As soon as I walked in the door and was greeted by an overly enthusiastic bunch of well dressed 20-somethings — an alarm went off and I thought, “Awww… crap. I’ve been hooked.” So, just to be ornery, I went around the room and handed out my personal business card and pens, and when I approached one young man, he looked a little scared to accept them. He looked nervously at the “Manager” who said, “It’s okay, go ahead and accept it from her.” THAT interaction was incredibly creepy and WEIRD. I walked out halfway through the presentation. I am no financial wiz, but the information was super vague and totally bogus — a lot of charts with big figures and each one with a disclaimer below about what was being presented. When I walked out, a man from the group ran after me yelling, “Wait! Did you fill out a blue card or make an appointment?” I shouted back at him, “No thanks!” And I bolted out the door. It is indeed a pyramid scheme and a rather cult-like one, at that.

      • So wait a minute. They did send checks but your parents didn’t pay and you blame WFG? You do realize banks sell variable refi loans as well?

      • Chelo, good for you! Sounds like you turned the tables on them! I agree with your description of vagueness! The meeting I was in was clear enough to keep my interest, but once I started asked by specific questions, the answers became vague, with a promise for clarity during a one-on-one meeting that they seemed super eager to have that night, or the next day, at MY house. To me, that was pushy enough, and an invasion of my weekend!

    15. I recently set through a presentation with a presenter and my little brother who is only 22 years old, I am 45. I sat looking at the guy giving the presentation and then kept looking at my brother. I chuckled a few times through the presentation thinking, who is this guy fooling, I am too old to be scammed. But I wasn’t rude, I listened to the lengthy almost 2 hour presentation for my brothers sake. After it was over, I said to myself, this is nothing but a scam and this man is pulling wool over my brothers eyes. The presenter was a BS-iser for sure! I asked question after question and you could tell he was getting very annoyed with me. He kept telling me how I could make 6 figures, I told him I already make 6 figures, I work in investment banking so everything you’re saying means absolutely nothing to me. Lets just say by the end of the Zoom call, the presenter was OVER ME! LOL!!! My poor little brother though. Sigh…

      • D White, is there something you can do to rescue your little brother from these folks? I’ve read comments here that people have paid into their WFG business! What? Pay into the business? Why? Aren’t you telling me that I’m going to MAKE money, not LOSE it? Please, save your brother from the wolf is sheep’s wool!!!

    16. Just like any company – there are bad apples in every orchard ! Yes, some agents are pushy and have agenda , I can assure more majority of the company especially ledership, are someof the most honest, decent , moral and ethical people I ever met, we do not push anyone into anything, in fact Im very careful who I might bring on, this business is not for everyone – and we make o money what so ever just for recruiting . People need to get licensed and a actually provide products and services in order to get compensated . We are highly regulated , there is scrutiny on every piece of business submited to make sure its is the right product for the client . While the traditional financial industry , and financial advisers target only the wealthy , we help and work with every one else. I personally help people with their financial plan, and 80% of what I do is education . I worked in the phrama industry for 20 years, with 3 degress and a graduate degree , and no one ever educated me o taxation, whats a Roth IRA, and certainly did not understand all there is to know about life insurance .We are appointed with some of the most reputable financial instituions, such as Nationwide, Fidelity, Prudential, Colonial Life , Transamerica, etc the list goes on – I would kindly invite anyone to call any one of these compnies and feel free to ask questions about WFG agents ! The business is not for everyone , however neither is sales and entrepreneurship of any industry , so if this is not your cup of tea, but to say this business is a scam it would be a an extremely irresponsible and ignorant statement ! If you had a bad experience wiht WFG, I am personally sorry for any inconvenience or emotional distress , unfortunately you got the “bad apples” , I can assure you most offices in the US and Canada run their business with the utmost respect , love , kindness compassion for both their agents and clients ! Hope this help bring a clearer light .

    17. I recently attended an info session at WFG. I had fallen on hard times and was an ideal candidate for recruitment. I consider myself an intelligent person, but was afraid I was being too cynical of the presentation. Maybe this is the opportunity I need to restart my life. However, after reading many reviews, I have to agree that something is very “HINKY” here. I, too experienced a cult-like atmosphere for the duration of the meeting. I was convinced to return for more one-on-one information, but I’m going with my gut on this one. Please don’t allow anyone to take advantage of you when you’re down on your luck.

      • You just have to be honest with yourself and admit that sales job in the insurance is not for you or perhaps majority of people in general.
        Our family has been in the insurance industry for over 20 years and consistently made over $250K a year without guaranteed salaries and it was all commission based!

    18. I have worked with and explored quite a few insurance sales companies in the last few years since I got my life/health insurance license in the state of AZ. As I read this article and everything the people above are posting I am quite a bit mind boggled with what I am reading because every single insurance company I have ever interviewed with does the exact same thing pretty much the same way as does WFG. Every single one. I intereviewed with Symmetry Financial in North Carolina, and I interviewed with Equis Financial, both of which are marketing arms for Transamerica as well as several others. I also interviewed with and currently work with American Income Insurance Co that provides the benefits for all Unions, including the Police, Firefighters, Veterans and Teachers unions, and thousands of others. Guess what, they use the exact same marketing methods as does WFG. So, according to the so called logic of this article and most of the responses, the Union benefits company must also a scam? According to everyone here, they must be. Even big health insurance companies like United Health Care and Blue Cross Blue Shield have marketing arms they own that use these exact same or very similar methods like WFG. So, if Aegon and Transamerica are considered legit companies according to the author of this article, but the marketing arm is not… that does not compute. If TransAmerica and Aegon own WFG, then they are as bad as their marketing arm. So quite frankly, if WFG is a scam, then ALL of them are scams. You cannot pick and choose one as bad and the others are okay when they all use the same methods for marketing. Sales/marketing is the life blood of ALL business. IF the sales arm of TransAmerica and Aegon are not legit, then neither are TransAmerica and Aegon. These marketing methods makes the insurance industry one of only a few industries where you can earn an income that pays you residuals for the rest of your life after you retire and then continues to pay the residuals to your family after you die. Oh my gosh! What a horrible thing! It must be a scam! Sheesh – Come on people. Get a grip.

      • Here here! Thank you for calling out the clueless masses reading and posting on this article. They do not have any idea how a company (ANY COMPANY) works. Very well written and great truthful information here.

      • You are completely missing the point. First you have to PAY to get in it. RED flag right there. You are sold a educational system but really it’s just brain washing. I think SCAM is used a bit too much and in the wrong way. Let’s just says they are questionable at best. ALL OF THEM MENTIONED. they barely form tons of agent promissing HUGE amount of money and send them sell products they do NOT understand to unsuspected people. More often then not, family and friends. People who trust them. They go for it and soon they realize what they bought was garbage or at least not what was explained to them.

        • Having to pay to confirm you aren’t a felon, don’t have a bankruptcy, and are an upstanding citizen is a requirement for many job.

          I paid about $85 for a background check for a part time position working in children’s after school care. Was that a scam too in your opinion?

      • AdamRup, are you saying then than if I was hired by United Healthcare (UHC), a medical insurance provider, I would be expected to sell at least 3 insurance products that they sell AND recruit at least 3 people in 30 days, to earn my salary, and keep my job?

        No AdamRup. If I were employed by UHC, or any other insurance provider, they would pay my salary AND medical/dental/vision benefits REGARDLESS of whether I sell their products or not! And …. They certainly would NOT expect me to call friends and family to recruit more people into joining WFG!

    19. I just attended a meeting this Saturday and I personally enjoyed the information. The guy giving the presentation was the one who invited me. I thought everything was super common sense. I felt I was very well educated already because i understood everything. Left the meeting feeling good. Once they sat me down is when everything felt quick sign here and here and pay this. While still asking me questions about my life. I should of known better and just walked away. I’ve been to many networking meeting and this one was a little different but at the end of the day. They want you to bring more people in and refer people to the company. Not worth my time or money.

    20. I would like to maybe shed some light on the topic if I can. There’s a few point sthat people here seem to be missing.
      First is that not all branches are the same. Here in Canada, where I am, we didn’t have a $100 fee to register. Only paid for our courses.
      Second, the course gives you a REAL PROVINCIAL LICENSE!
      Third, the course is very affordable, well designed and EXTREMELY informative! I personally think it should be taught in high school. The information I have learned in this course will benefit me the rest of my life.
      Fourth, as an agent, you are bound by law by the Duty of care. If you break your legal responsibilities, you will be sued or lose your license or both.
      Fifth, the numbers to be SMD are wrong, it’s not 750k points but only 75k for your entire team, Which is not a lot of points honestly.
      Sixth, you can level up to level 3 (MD) WITHOUT recruiting anyone at all with points only.
      Seventh, we beat almost anyone on residential mortgage rates. We save people money.
      Eight, the job is about educating people and helping them save money, have a better retirement and make more returns on their investments. I love doing it.
      Usually, your commission comes with responsiblity. For example, if you are level 2 and help your level 1 recruit, you make the 10% split. (36% – 26%) But you will also be responsible for training them and filling most of the paperwork for them. Which is normal.
      It’s not a pyramid, it’s a meritocracy system.
      Thank you
      Marc

    21. With so many companies that they represent Nationwide, Transamerica, Pacific Life, Jackson, etc. how could people say it’s a scam. You also still have to pass the board exam which is regulated. If $100 is to much to invest then continue to work for corporate where you are still at the bottom of the pyramid when you start. If you are not a salesperson then this isn’t your type of business either. They offer a wide range of investment products and with Bolt they also offer Property and casualty insurance. Just get a quote off them and if it saves you money then good.

    22. Good evening. I read the article and the reviews. The article is old for one. Our commission is much higher and we do not pressure people to join the business. We can not make a person give us their credit card. We provide valuable information and if they like what they hear, they join. Every business recruits. McDonald’s does hiring interviews, the Navy recruits with false promises, but I still joined by choice. Every decision we make in life is by choice. I’m part of the business and I know in my heart that I have helped educate hundreds of people.

      • What are the new commission levels? I’ll update the article.

    23. I have been in Investments and Insurance for 18 years, licensed in Canada over multiple provinces. Commissions paid by Invesment Firms and Insurance companies are the same to all Mutual Fund Dealers and MGA (insurance brokerages), if you are license or don’t have factual information, its best to not share FALSE INFORMATION and lies, unless you support M A G A. I have friends with world financial group and they Actually market most of the same products and services my firm does. Their model provides training and support to new people to the industry in a way no-one else does. My brokerage only hires (recruits) licensed and experienced agents and we only get paid on accounts over the $150,000 range minimum (well below my minimum). I would assume many of you have had an unfortunate experience with select untrained/unprofessional individuals, and/or you your self have no professional experience and no patience. If you can’t survive 6 months of training to learn about money for yourself and your family, you don’t deserve to work in a profession that requires patience and understanding to work with clients who often are unreasonable and unprofessional. If you are an honest skeptic, look into the Financial Strength of the companies that work with world financial, and ask yourself why they would risk their reputation if it wasn’t a solid reputable organization. Good Luck

    24. I am so glad I didnt sign with them but what is the best group to sigh with that is not a scam if I wanted to get into the financial bussiness?

    25. This company is a total SCAM. The agent who wanted me to startup with them rushed me into signing up and i was charged $146.90 for this. Once i asked i need mire information before i make a descision abd i decided not to go ahead, they said you are signed up and the money cannot be refunded. They never informed me befire about this. An agent baned Rounak. He is a total cheat, please do not fall for this. I just lost my hard earned money to fake promises.

      • Sharon, a family member learned about the non-refundable joining fee the hard way. She also just recently learned that there WILL be a push from above (recruiter and the recruiter of the recruiter) to contact others to join a meeting and sell policies. But of course, their “mission” is noble… It has to sound good to bait and hook people. Too bad that she realized she got suckered into WFG even though her gut told her that she didn’t quite know exactly what she signed-up for. Glad that your radar was good on this!

    26. I have been an investment advisor and a CFP for over 10 years. I have never seen a group of individuals with little to no finance background trying to educate me about investing for my retirement while protecting my plans with insurance until I attended to one of the networking events. I stuck around for an follow up meeting just to see how much bs there were, and, oh my god, they were full of it. I don’t know how many lies they have to tell themselves to be a part of this company. There were people who were dumb enough to quit their full time job to do this. I want to pray for them and hope that they don’t have kids because their kids are going to starve. For those who consider attending to one of these events, DON’T. For those who are going to meet one of these associates, DON’T. For those who are thinking of buying their products, DON’T. You are better off investing your money with Bernie Madoff because at least you can sue him to get some of your money back. With WFG, you can’t because they are financial educator, just educating you about your finances, not an actual financial advisor. What is the difference? You should ask.

    27. I have noticed this scam is now thriving amongst Refugees and New Americans/Canadians as they can be easily persuaded. These poor people are the most vulnerable and WFG has been tactfully exploiting intactness and disconnectedness of these communities.

      • This is really sad. Someone needs to report these people. The scheme needs to stop!

    28. About 15 years ago, I repped with Primerica. The argent who recruited me was a cop, and many of the principles are the same with WFG. In reality, I see WFG as superior in the ability to write more business and sell a wider variety of policies as there are affiliations with a huge number of companies. I agree the recruiting tactics needs to be finessed, however, as someone who is looking to get into financial services on a flexible schedule, this works for me. I understand the negative attitudes to Network Marketing, look every business is the same. No one graduates from a university and is the CEO of a Fortune 500 company. There’s are layers of supervisors and managers in ever corporation. investing for middle America should be simple. WFG offers so many things to help middle America. My lessons taught by my prior experience at Primerica have allowed me to build a portfolio, pay off my home in 11 years, a protect my family. I see WFG as having this same mission. I’ve spent 25 years in a job, and the company I’m about to separate from wants us to drink their version of cool aid as well. I for one am grateful for the wonderful friend I have who is bringing me into WFG, because at the end of the day, it is MY CHOICE! I can not wait to get my licenses again so I can help families become secure out their future as my wife and I are ours.

    29. I am a client and a geek when it comes to financial products and the numbers behind these things. WFG is structured similar to a real estate brokerage system and it is definitely not an MLM. Financial services are legally not allowed to be structured as a MLM. They work with big companies like Pacific Life, Nationwide, TransAmerica, etc….do you think these big companies with reputations would do business with companies that are scams? I don’t think so. Whoever wrote this either doesn’t know what WFG is really about or associated with one of the old paradigm financial service companies who are being disrupted by the way that WFG actually does business. Get your facts straight!

    30. I just completed a 1h presentation with them. They are still going strong.

      I was approached by an old collegue…

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