World Financial Group (WFG) Review : Scam or Legit? (2021)

If you’re reading this article, chances are you’ve been either approached to buy a World Financial Group (WFG) product or to start working for WFG as a financial advisor. 

You might be curious but may also be wondering: Is World Financial Group a scam? 

You’ve probably heard whispers about this from other friends or colleagues warning you that WFG is a scam, which I believe is a common occurrence. 

In the finance industry where I had worked for over a decade, World Financial Group doesn’t get a lot of respect amongst its peers. But as of 2019, WFG has over 42,000 associates working for them. In 2018, WFG paid out over $792 million in commission to its associates. 

Say what you want about the company, but there’s no denying that it is a huge global force and one that requires close examination. Let’s go over this World Financial Group (WFG) review to see if it is a scam or legit.

Our Verdict

World Financial Group

MLM Financial Planning

WFG has a multi-level-marketing method of promotion and recruitment that can turn both customers and employees off. Read this WFG review to find out if it’s a scam or legit.


  • The marketing and sales system is probably effective as WFG has solid sales numbers, and you’ll get training on their tactics.


  • Multi-level-marketing (MLM) strategy is seen as a pyramid scheme to many and can be difficult to overcome when trying to close sales.
  • High pressure to recruit other associates to work under you
  • Very difficult to make a lot of money using an MLM strategy with only a small fraction of members finding long-term success.
  • You could become a social outcast if you are too aggressive in selling to your family and friends.
  • As a consumer, you will only have access to a small handful of products, and there could be a conflict of interest as the WFG associate might try to sell you a high commission product.

What is World Financial Group?

WFG is a company that sells financial planning services. The company sells savings, insurance, and retirement products through its associates, who usually have to pass a licensing exam for the country they live in. 

The company was launched in 2001 by an insurance company called Aegon. In 2008, another insurance company, Transamerica, purchased WFG from Aegon. The company operates in Canada, the U.S, and Puerto Rico. 

Is WFG a Scheme or Scam?


I wanted to answer this question right off the bat. In the literal sense of the word, no, World Financial Group is not a scam. The company will not take your money as a customer and give you nothing in return. That’s what a pyramid scheme is, and WFG is not that.

If you join the company as an agent, you will have the chance to earn an income and need to be licensed in order to directly sell any of these products. WFG is approved and regulated by the financial governing bodies of the countries that it operates in.

However, where many people are turned off of WFG and wonder if it is a scam, is due to its sales tactics in acquiring customers, and multi-level marketing (MLM) methods of hiring agents to work for them.  

How Does WFG Hire Associates?

WFG employs a Multi-Level-Marketing (MLM) business model for its associates. The way it works is after you get hired onto WFG and pass all the licensing exams, you’ll have to recruit new associates. 

After you join WFG, you’ll be encouraged to get off to a “fast start,” where you are supposed to recruit 3 new members and sit in on 3 training sales within the first 30 days of the company. 

This aggressive approach to recruiting new members sets off alarm bells in my head. Getting these new recruits and associates is another type of sales tactics. 

Any products that those associates either buy themselves, or sell to other people you’ll get a percentage of the commissions. A lot of WFG’s sales come from it’s associates themselves. It’s a classic MLM business model, and one that should be a huge red flag in choosing to work for WFG. Their own website shows the multi-level shape of their business model. 

world financial group review
Source: WFG website. Their own website shows the multi-level shape of their business model. 

How Much Money Can You Earn at WFG?


You will only receive money as a commission if you sell something at WFG, or if those associates you recruit under you buy or sell WFG products. 

Even ignoring all the negative connotations that come with MLM companies, I’ll give you an example of why WFG is not a great place to work. Let’s take a look at the WFG contract levels, which is the amount of commissions you can earn for say something like life insurance. 

If you can have a contract level of 100%, you will earn 100% of the first-year commissions on top of what your commission structure is. 

When I first started out as a life insurance broker, I had an 80% contract level to start, and it increased to 140% near the end of it. 

According to a previous year’s compensation report that I found (which I can’t link to due to copyright claims by WFG), a WFG Associate contract level is a measly 36%, a Senior Marketing Director contract level is only 64%, and a Senior Marketing Director has a contract level of 28%.

Note that this may not be up-to-date information, as the report was a few years old, but I believe it should give a ballpark estimation. I’ve also had some WFG people reach out to me directly and the contract levels they have mentioned seem pretty in line with those numbers.

There are other better and more reputable brokerages out there. If you are willing to get licensed, they can also train you and support you better than WFG, and give you a larger payout. 

How Does WFG Get Its Customers?

WFG relies on its associates in two ways to get customers. Firstly, any of the products the associates themselves purchase, essentially turn them into the customers. 

All those new associates will be immersed in WFG products and culture, and probably end up buying products themselves. Then, they are forced to aggressively try to get more associates, spreading the WFG product line and sales almost like a virus as it multiplies down the levels. 

As an associate, you’re expected to make a list of all your friends and family and approach them to sell your financial products, or to recruit them as an associate for WFG. 

But that is typical of MLM companies, and I don’t want to knock WFG specifically. They aren’t doing anything illegal, but I just think it’s a terrible business model for both customers and associates, and there are so many better products and options out there. But it obviously works, as WFG has a tonne of sales. If anything this just shows the power of “warm” leads and buying from people that you know and trust. 

As a former sales guy, I think that WFG must have an extremely effective pitch for new members because it is obviously working and getting results. But as an investor or insurance purchaser, I would never hire a WFG associate. 

I get it though, investing and insurance can be intimidating, if you’ve never worked with numbers or cared about it before, the whole process can be daunting. But put some time in, learn how to start investing, and take control of your own finances. 

If you need to hire an advisor, try to find a properly trained fee-based one, and one that won’t just try to charge you an annual fee on your investments and never speak to you again.

Is WFG a Legitimate Company for Customers?

Yes, WFG is a legitimate company. If you purchase an insurance or investment product from them, you will receive the product.

However, there is a limited number of companies that WFG is associated with, so your product selection will be limited to those companies. 

Also, you may be pressured into purchasing expensive products that may not be the best for you, such as permanent life insurance or segregated funds, but will earn the associate selling it a big commission. 

Often, the associate you are dealing with may not have very much experience also, and will likely try to recruit you to become an associate also. 

As a former life insurance agent and financial advisor, I can understand the success of WFG. The secret to WFG is its method of using what we call in the industry as “warm” leads. You’re much more likely to buy or trust someone that you know. Multi-level marketing relies on this, and you’ll see it applied to many different businesses, the most successful one probably being Amway.

Should You Become a WFG Associate?

MLM/Multi-level marketing

In my opinion, it is very difficult to make money with this business model. Yes, there are some success stories, and in its marketing materials, there will be descriptions of people getting rich at WFG. However, it will be a very tiny fraction of the overall recruits. 

Sure, if you’re willing to hustle your butt off, contact all your friends and family, and aggressively pursue new sales prospects then yes, you might be able to find success with WFG. But if you’re this much of a go-getter, why would you stick with a company like WFG? 

You’ll also risk damage to your reputation, and maybe even your personal relationships. WFG almost has the same negative stigma as Amway does. You could become known as the “pyramid scheme” person behind your back and to be avoided in social situations. 

Why I Hate MLMs

I’ve been pitched multiple MLM ideas over the years, ranging from smoothie drinks, painting business, Amway, and many more. Here are some of the reasons I hate MLMs

  1. MLM pitches are annoying and misleading, and always sell the same kind of story: recruit 3 other people, and they will recruit 3 more, then you’ll have hundreds of people working for you, all while making money on whatever they sell!
  2. If someone I know pitches me an MLM business idea, it makes me think less of the person and want to avoid them in the future.
  3. While selling something like smoothie drinks is relatively harmless, having this business model for something so vital as investment products could have a direct harmful impact on customers by not having properly trained advisors that have your best interests at heart.
  4. It’s very difficult to climb to the top of a MLM company and actually start making really good money.
  5. Any business model that places more of an emphasis on recruiting new members rather than customer needs in order to make money is one to be cautious of. 

World Financial Group Alternatives

Build a Skill

I strongly suspect that most people who join WFG aren’t that passionate about investing and insurance, and certainly not sales. Instead, they’re just looking for a way to make some money on the side or at home.

If that’s the case for you, why not build a tangible skill instead? You can learn something like how to code, become a virtual assistant, or brush up on design skills, then freelance your services to clients. The possibilities are endless. Check out lists like these for ideas:

  1. 23 Authentic Work From Home Jobs – No Degree Needed
  2. Ultimate Guide to Making Money Online: 99 Ideas


Instead of working at WFG, you can get licensed on your own to sell investment and insurance products, and start working for an insurance or investment brokerage.

I mentioned before that I worked for an insurance broker in Canada that had way higher commission payouts than WFG has. You won’t have to worry about the bad reputation that WFG seems to have among some consumers. You will also get trained up at these brokerages.


As a consumer, there are countless other options for you other than WFG:

For Investors

If you’d like to become a do-it-yourself (DIY) investor, sign up for an online broker and learn how to invest on your own. Here are my top picks on the best trading platforms in Canada.

If you need a little bit of advice, you can look at my top picks for the best robo-advisors in Canada.

For Insurance

For Canadian life insurance, I would recommend PolicyMe. They’ve recently created their own products and offer them at very competitive rates. Check out PolicyMe’s website for some free quotes.

Another life insurance option for Canadians is PolicyAdvisor. You can compare 20 different insurers very quickly and get the best rates. Check out PolicyAdvisor’s website for a quick comparison of 20 companies.

Finding an Advisor

If you must use an advisor, try to find a fee-based advisor that is not incentivized to push you towards a certain product. They can help you with both investments and insurance. Do a search for “fee-based financial advisor” in your area. Try to find one with a Certified Financial Planning (CFP) designation.


While WFG may not be a scam, I would never work or buy any products from them, nor would I recommend any of my friends or family to either. I believe there are so many other better options, in terms of choosing a career or buying financial products. 

WFG Review Scam or Legit
World Financial Group (WFG) Review 2021: Scam or Legit?

Is World Financial Group (WFG) a Scam or Legit? Read this World Financial Group WFG Review to find out.

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Read about how he quit his 6-figure salary career to travel the world here.

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115 thoughts on “World Financial Group (WFG) Review : Scam or Legit? (2021)”

      • I just started working for them and you have a few things wrong and also forgot to mention a few things. First of all, we are under government recognition; meaning you NEED to pass 4 government licenses to be licensed and sell – just like any other financial brokerage. Also, like any other important job, you NEED a clean criminal background to work for them and all that fun stuff as well. Given the information I have learned, the real scam in this world are banks and we’re here to make sure you’re not being ripped off by banks even though 91% of Canadians are and are unaware of it. All we want to do is make sure peoples finances are handled properly, people can save properly & that people can retire when they want to. Banks make it so that you’re always in debt and want to cut into your living expenses to “help” whereas we try to cut your debt & leave your living expenses alone. If you need more information about who we really are and how we do help, please feel free to join one of our free webinars for some education 🙂

        • You are very correct because the education alone they offer for free is priceless, better still they don’t force anyone to buy their products but focus more on education and let the people decide for themselves. I will encourage everyone to connect and learn for people perish for lack of knowledge. I can help you better understand if you don’t mind contact me. And I will be very willing to help you get better understanding

      • hi Christopher, i have read your article. i am a international student studying in canada. i was bought to wfg connection by a relative of mine. although i am not joined them completely, but was thinking of joining them after completing my studies. As i was convinced by their association and one of my known in the company. i want to make money for myself in future but after reading your article i am to think twice before joining them. you say there are much better companies out their which will give out better payouts. can you suggest them. it would be better if you let me know more about this field as i am thinking of pursuing my career in same field. Do let me know if you have some better suggestions.

        • Hey Dikshant, I think if you are pursuing studies in the same field (finance, or something related) you’ll have so many other opportunities once you graduate. You can work for a fund company, a bank, something in the field to get some experience. Almost anyone can get a job at WFG at anytime, it’s not hard, so if you have other qualifications, look at what other opportunities are available once you are almost done school. It’s hard for me to give suggestions without knowing more details, like what city you live in, what school you go to, etc.

          • I would say concentrate as hard as you can on your studies and landing a great job after graduation, then decide after that if you want to get into financial advising. Operation management is a great field in very high demand, but if after you are working at it and decide you don’t like it, maybe then try to switch? Just a suggestion, it’s hard to know what you want unless you try it sometimes.

        • Dikshant, before you decide, try understanding what WFG has to offer you. No matter where you pursue your career, it is better to have the actual information about sth that you had tried on. Whatever Christopher said, is his opinion, you may have different perspectives. I love WFG as without quitting my regular job, I am able to achieve so much here

          • Seems like a lot of comments on here are doing damage control. I enjoy reading your post since it provided a lot of insight to figures I didn’t already know. Thanks for sharing their pay out structure, I was super curious, but I already know what they’re about since I was approached way back in 2015 and the business model and aggressiveness was already a red flag. I mean, it speaks for itself. I just wanted to know more about the revenue stream since they only mention their last payout to associates was about 70 million- how many of that are actual products being sold. I live in Los Angeles and everyone has a side hustle or two. It works for some if you have a large base and time on your hands like you said but harder if you don’t. I know anyone with doubts are coming to your site for clarification. Again, thank you for your insight.

            Stay wealthawesome

        • This is a completely one sided review ignoring most of the cons and not understanding the pay structure at all. There are not companies out there with a better pay structure. People are bragging about making 70% commission when I can make over 100% commission working for WFG. Unless you do some deep digging into the actual system of WFG, you probably shouldn’t be posting. Not to mention, of course you want to drive business to yourself by knocking other companies. This is what so many other companies do, but to me that just makes them unworthy of my business. If they have to knock other companies, then they have no integrity to make sure their client gets the best product. Not to mention, WFG is a marketing arm of over 200 companies. We have more products to offer people to make sure we have something to fit everyone’s needs. Most CFA’s have 1 company with limited products and so they have to advise based on that limited amount of product. They are naturally pushing product that aren’t in the best interest of the customer because of this limitation, so in that sense, products from a WFG agent are much more likely to fit your needs. We are not MLM. We are similar to an MLM but different. We are much more like a real estate brokerage, not an MLM. Each person runs their own agency, just like most life agents, only those agents then have to sell their agency, and then get paid to run it, or they have to keep penning their own sales. WFG doesn’t work like this. You work as an agent, then a trainer, then you build a team. Then you teach your team to build a team. Then you teach your team to run that team. You as their leader, are heavily invested in making them successful because their success equals your success. This is not the same for most life insurance agencies who are fly or die. If you’re not doing well they let you fail and just bring in someone else. If you’re doing well, they work more with you. WFG more people succeed because their leaders and trainers want them to grow. I passed over 3 different life insurance companies and one CFA friend of mines agency because they were not invested in those they bring in. We are paid frequently and trained more than any other company out there, with educational training more than 3 times a week for at least an hour. No other company offers as much training. We have to be because we have so many products that we can offer, we have to be well versed in all of them. If we don’t know something, we can leveredge people above us to help out. Again, our leaders are compensated by our success, so it is a benefit to them to help. In another company, the leaders don’t benefit so they tell you to figure it out on your own, and you hope you doing fail and get sued.

          • I agree shane. He know nothing about WFG compensation. Many company approched me to pay 100%, 110%,120%. In reality nobody was able to beat WFG’s compensation.

      • I had a very agonizing time working for WFG. I was trained by my managers to hide important details from customers such as hiding the name of the financial institution, WFG. It was later that I knew WFG has a very negative picture in the public. Even after I left WFG and terminated my contract as an agent, I was aggressively pressured by former colleagues to explain why I left. I was contacted on a daily basis through my phone, email and instagram account to have a meeting ASAP. It got to the point that my friend which invited me to join WFG in the first place, literally forced me to rejoin. I had to disable my social media accounts for a period to get away from them. I guess gaining comission forces one to disrepect a friend. This was my personal experience from August 2020. I’m sure there are many people at WFG who will respect one’s decision even if it goes against their profit.

        • Agreed. I am in the same boast rn. It was all rosy until I decided to leave, because honestly they only talk motivation but they don’t follow anything. They say they are blessed a 1000 times in their webinars and use God’s name in vain. Moreover Punjabi and Hindi is forced. Gave my trainer 15 meetings only got me 1 recruit. I’m DONE!!

      • Christopher,
        You had a lot of wrong comments on WFG operation and system.
        My experience is that WFG is the only broker who teaches us to fully understand what we bought wrongly from our prior advisors. I highly recommend WFG’s service and education opportunity.

    • WFG ONLY broker products to over a hundred reputable companies, such as BMO, RBC, TD, Franklin Templeton, ivari (Benevo), Industrial Alliance, Everest and so on. Do you really think that these companies would partner with WFG if it’s so bad.

      As far as recruiting is concerned, it’s no different than the car business, the salesman sells a car, makes his commission and the managers make money off the sale above him. SCANDALOUS !

        • Hi everyone. All WFG want you to do is sell and recruit. It is not an easy business. WFG has a very bad reputation. The problem is they want you to recruit family members or sell them some sort of insurance and they teach you to be extremely annoying and approaching these people. Honestly, WFG associates are super annoying and seem very disgenuine. Claiming to help people when it’s all just talk about nothing. They brainwash for sure!!!!

      • Incorrect analogy, car salesman and manager both receive a salary. That is profit sharing on the commission. And for the car salesman it’s in his best interest not to recruit or hire other car salesman because then he would lose the commission if the other makes the sale. There is no hierarchy for the salesman to create beneath him but room to grow into the manager position if he performs well. In MLM, you will mostly likely never receive the same larger commission of those above you nor can you get above them. Good luck with your hustle.

    • You don’t buy from wfg. Because WFG doesn’t have any product. we are the brokerage and we are affiliated with 34 companies. We introduce the products from those companies according to your needs. Basically, you will buy the product from one of those companies. All the companies we are affiliated with are the best companies (Insurances plus Financial Institution) in North America, Manulife, BMO, TD Canada Trust, Industrial Alliance, and so on. Your contract will be with one of those companies based on your needs. we are the broker to complete the deal like any other brokerage. That is what you need to know from the customer point of view.

  1. So say I’ve completed their training program and passed wfg provincial courses in canada. Does this make me potentially employable to other brokerage outlets? Is this sometime thing that will be useful for me in the long run ?

    • Hey Jayme, yes you should be able to work for other brokerages, the licensing process should be the same. Sure, it could be useful in the long run. If you’re already invested in the process with WFG it might be better off to finish it and see what you think about the company first-hand.

      • This is such a biased opinion. WFG doesn’t give you a Job. It allows you to own a Financial Firm! The Business Model is Genius. Only people who have an entrepreneurial spirit will be successful at WFG. If you are employee minded and want a JOB.. then WFG is not the Platform for you… I love the Platform!! Its the best thing ever for people who want to Build a Business. In every successful business you recruit talented people. Many people will say the real SCAM is getting a JOB (Just Over Broke)… I worked the JOB SCAM for 20 years. Now I love the freedom of being the OWNER of a FINANCIAL FIRM.. Good Luck on passing down a Job to your future generations!

    • Yes your license is with the province you reside in. So once you obtain your license you can take it to a different broker if needed

      • Your license is by province but you are not limited to one province only as you can apply to get the license in another province (need an extra exam for Quebec) so you expand outside the province you reside in. Today, you can do everything through zoom and the client isn’t ashamed of his messy house ????

      • Scam are not regulated by government…fyi and it is not for everyone and the one who didn’t make money are the one to complain. You don’t have to recruit, though it helps you to expand your business and help others to do the same… don’t scream scam if you don’t know it thx

  2. Hi Christopher, I’m going to offer my own succinct but respectful rebuttal of your post here. I’ve contracted with WFG for a couple years now.

    While it’s clear that you know your way around the financial industry, I believe your summary of this company is too simple, and in some places inaccurate. I hope to offer some level-headed clarity.
    In no particular order, here I go.

    First and foremost: WFG is an operating platform/toolbox. You take agents and agency owners one at a time. You can’t be too liberal in saying “WFG does this, or practices that.”

    The agency I’m apart of places a massive emphasis on doing the very best thing for clients every time. Recruiting IS important to us, simply because a ton of families out there need better financial service than they’ve been getting (check Stats Canada). And because a lot of people could use a second income stream, twin career, or even career change. Virtually every company in the financial industry is hiring and/or recruiting right now. I’m happy to recruit because I was looking at becoming a career coach anyway. I know I can deliver industry-standard training. Doesn’t mean I’m aggressive or cringey about it. I hate that as much as anybody else.

    Being top-notch at helping families as well as building an agency are not mutually exclusive. I’m one of the best at what I do because I’ve poured ENORMOUS effort into becoming so. But, partnered with around 70 companies throughout Canada, including many industry leaders in banking, insurance, and investment, I can shop the market and be pretty sure I’ve come up with a rock-solid solution for my client (cost-effective insurance, robust fund investments, whatever). There are no “WFG products.” We just have favourite companies for specific services, because we believe those companies are the best at what they do.
    You also need to factor in that some of our partner companies hired entire divisions of employees to train WFG agents to know their stuff inside and out.
    I’ll acknowledge that it can take longer to become genuinely skillful in WFG, simply because we have more products to learn from more companies than most.

    You say that an agent could go and work for any insurance brokerage or investment brokerage – that’s precisely what we do here. No different – just a bigger toolbox than most. It’s called a Managing General Agency (MGA).

    I also disagree with your recommendation to find a fee-for-service advisor. These professionals make a happy little profit even if their client goes bankrupt. Our passive paycheck grows as our clients become wealthier (and vice versa), and so we have all the incentive in the world to make sure our clients are doing as well as possible.

    So, no. There’s no obligation to recruit. I know plenty of agents who make 6-figures or multiple six-figures just by helping families personally. This is because our industry pays well, and you can do that at many companies if you’re genuinely good at what you do. Therefore your comment about it being impossible to make money at WFG because it’s MLM-ish is nonsense. It’s a more difficult industry than many, I’ll give you that. But the statement that you have to climb to the top to make money is simply incorrect.
    An advantage of recruiting is that I don’t have to continuously look for more clients to grow my income. I don’t know about you, but I don’t want a 1,000 client workload when I’m 60 years old. 100-200 is plenty, and I can focus on giving great service to that smaller number.

    Regarding compensation, something you said in here was straight-up incorrect and misleading. When you said a WFG associate makes “a measly 36%” whereas you made 80-140. You’ve mixed your concepts here. The stuff you’re talking about is called “First Year Commission” which is total revenue paid to your company upon a sale. Personal commission is how much of that lands in your pocket. First Year Commission on products we are authorized to distribute is typically 110%-160%, depending on the nature of the product. So there’s a flat revenue to the company, and an agent is paid on that based on the seniority of their contract. I’ve spoken to a lot of agents at a lot of companies – our pay is perfectly comparable. Not necessarily the *very* best, but there’s certainly nothing wrong with it.

    In short, Christopher, I appreciate what you’re trying to do here. You’re trying to provide value to your readership. Kudos. I truly mean that. But you do need better information and more first-hand information before you can render an opinion on a company like WFG. I think you also need to speak more to what the company’s vision is and where its heart is. I haven’t seen a company that cares as much about distributing basic financial education to the masses as WFG, but you don’t seem to have much to say about that.

    • Thanks for the very detailed response Matthew. Do you happen to have any referring documents for the compensation? I was going off the compensation report that I link to in that section. And I did mean I got 80% on my First Year commissions to start vs the 36% listed in the report, so I don’t believe I confused my concepts.

      • Hi Christopher, I had realized actually that I misread your comment about commissions and was coming back to apologize for that, haha.
        I’ve heard several veteran agents in our business comment that you could possibly do better with other companies if your sole intent is to sell financial products, since other companies pay better for newcomers, though our senior contracts are very comparable.
        For me though, any shortcoming I might have in compensation compared to another company is made up for by the satisfaction of knowing I can tailor-make a plan with top resources for a family, and get paid perfectly well for it. I believe it also more consistently helps meet acquire and keep clients if I can consistently demonstrate that I have the resources to improve on what someone else might have set them up with.

        What we have, though, is the ability to build an agency if it suits us and grow additional income that way.
        I do have access to compensation slides, but since I am unaware of the confidentiality regulations concerning the companies involved, I’ll err on the side of caution. It would also be a great deal of information as the agreements/compensation have some variance by company.

        Also, Merry Christmas!

    • To All interested parties- Christopher L was just giving the facts about a company and how they do business. Taking care of your family and friends is very important. Doing what is right by others is the best example of your character. The Truth will always set you free and honesty is still the best policy.
      We live in a great country and each one should make the best decisions for their life and family. Give and you shall receive.
      Term Life is the best way and most economical for families. Also investing in different areas depending on your current age group with diversification. I would recommend all families to take a course in finances & economics. Also contact a friend or family member in your network who can give you the best advice who has 15 to 25 years of experience. They have a wealth of knowledge & wisdom to share with others.
      Be respectful of other’s opinions & knowledge and then make your own decision. Being a person of good moral character and of good reputation is worth more than all the gold in the world. Remember that God is watching what we all do in this World and how we treat each other. Thank you Christopher L for caring for others and for helping us to make our own informed decisions. We all have alot to learn from each other. Best Wishes, stay healthy & Much Success.
      Blessings in 2021! Mrs LG. (Austin TX- Senior & grandmother, & Mother of Adult Sons.).

    • WFG is a MLM. I started making 25% commission and stopped after realizing the enormous amount of red flags. I can not with good faith and conscious put clients in front of them bc of the advice they gave to my clients.

      Pull out your 401k and place it in a insurance policy.
      Use your principal payment for your mortgage on your insurance product. (Cringe worthy advice)

      I am very aware that any company has shady people. I am also aware that I can move my license and get proper training and still make good money.

      Proceed with caution if your considering.

      • I’m a bit confused Rachel: An annuity is not life insurance. A 401k would be rolled over into a Fixed Index Annuity, where you are guaranteed a life long income stream until you die, plus never lose in the market again. Life insurance is a savings vehicle that you have with living benefits, meaning you don’t have to wait to die before anything is paid out. Beneficiary’s receive not only the death benefit after the policy holder passes, but also whatever has accrued inside the policy. Many companies retain that portion for themselves, but not with the product mentioned. FIA and Life Insurance are both in the index strategy which means your products will gain, but not lose in the market. WFG is the marketing organization for Transamerica who has an enormous A rating within the financial industry. WFG also partners with many other known platinum providers in the industry: Prudential, Pacific Life, Nationwide, etc. In fact WFG will not partner with any company that is not A rated. A client with a WFG agent should never feel as if they are being up sold, if so that agent is not representing the company’s main goal to work for the clients needs, not the agent’s commission.

    • Can we get in touch? I have joined WFG a few months ago and have been disappointed in my trainer and lack of knowledge. I was under the impression that I would learn financial literacy and the system as well. But most of the time he would dismiss my interests

      • It would be wise if you join all the training session of WSB. Talk to your SMD and he/she should be able to guide you in this regard

  3. I just had an interview and consented to pay 130 $ to move on with them. But now after reading your page, I am disappointed. What alternative to WFG do you suggest?

    • You shouldn’t base your future on reading a biased post! Do talk to a thousands of successful people in WFG business coming from all walks of lives and backgrounds.
      It is a BUSINESS not a job! So you will definitely be successful if you have a business mindset and do what it takes to win. And winning in WFG means you help a lot of families secure their future! Yes, you should be careful of who you are working with, as there are pushy irresponsible agents within WFG, JUST LIKE ANY OTHER business; just like you find some real estate agents who work really to the clients’ good, but some not!

      Give it a try; you would only lose 136 dollars (in Canada) at the worst case scenario, and would come out with a Government issued license!!
      Hope it helps

  4. Me and my husband were a former WFG agent and just terminate our agent yesterday and yes, I hate MLM type and that’s the main reason we quit, even we already get my insurance license, we will join another company that not just giving 25% commission and when the first time we join WFG, my friend that recruited us didn’t say anything about recruiting so yes, I feel being cheated by him and I hate him from that day and we never speaking again. And I hope that nobody will go to the same thing as I do.

    • Why are people afraid of recruiting. Many people are hurting and without jobs… why wouldn’t you want to recruit people or tell them about your products and services. Many people are employee minded! WFG is for people who want to be Business Owners. I would prefer to OWN a Financial Firm as opposed to WORKING for a Financial Firm. I would love being able to help give others the amazing opportunity to OWN a Financial Firm. Your kids cant inherit your Job! They can inherit your Financial Firm!!

  5. It is not true that they require you as a new recruit to recruit 3 people and attend 3 meetings in the first 30 days. Not at all. They encourage it but it not hard to do. But you do not HAVE to do this. I am a new agent and have never been pushed or told I am required to do anything. But that is a way to make money in this business legitimately. It is a great business.

  6. hey chris nice article, btw how do you only make 6 figures as a CFA lmao, worth it going through all that studying and time committment just to earn 6 figures as a CFA?!

  7. Hi Christopher,
    as I’m reading your comments , I can easily tell the you are really bleeding from something that is burning you inside your heart. You constantly stating that there are better option for clients and people. I don’t know any other company that cares for their people like WFG. Also, there is any compensation package upthere that gets close to WFG. Let me tell you, if your purpose is to someone to show you WFG compensation package ,it’s not going to happen. So you know, focus your attention to something more productive, and stop writing assumptions.

  8. Hey Chris! Thanks for the detailed article especially for a guy like me who is a novice at finances/insurance. Just a couple Q’s if you happen to know:

    1) do the insurance/financial firms that WFG represents take any flack for their relationship to WFG? How do they manage their consumers brought to them by WFG if WFG handles the clientele?

    2) a pitch I recently heard from a friend detailed that they make their commissions from the “advertisement fund” of the companies they represent. Is this a thing? How does that honey pot not run out given the solid numbers WFG puts up?

    3) how does WFG make residual money off of their associates? I understand the buying of your own products concept, which works for common items like groceries, but for investments and insurance? Do some associates just continuously reinvest in order to boost their own commission?

    Thanks for your thoughts,

    • Hey Tim,

      1) no the insurance companies don’t take any flack, they aren’t doing anything wrong in my opinion. WFG is licensed to sell the products, and the insurance companies/ financial firms give them the products to sell essentially. They manage their consumers the same way whether it’s from WFG or another broker. You are basically a customer of both WFG and the insurance or financial company. Your WFG agent might help you if you have problems with any products, but you can also contact the providing company directly.

      2) I’m not sure, but I don’t think that’s a real thing, that they’re paid from the advertisement fund of a company. Basically, the insurance company provides a product to sell, and gives a commission to WFG when they find a buyer. Then WFG takes a huge cut of it and gives the rest to the WFG agent.

      3) For products like life insurance, there’s something called trailing commissions, that pay the agent a set amount every year that the customer keeps the policy. In theory, this is supposed to incentive the agent to provide better service, but that doesn’t always happen. For investments, an advisor could charge a set fee every year, usually based off a percentage of your investments.

  9. A Ponzi scheme that need to be tracked down. This company would still money from people that wants to be employed there and would lie on their life . Their agents are taught to be fraudulent with straight faces. This business is a fraud they take money from people without any services and when you ask for a refund they would tell you that they have a no refund policy which was never disclosed and without the signing any disclosure from this company. Run please and never do any business or look for a job in this organization. They would defraud you. They need to be cracked down

  10. Red flag for sure. I keep paying and they remove my email address and says email cannot be found. Should I stop paying them I don’t even get statements anymore.

  11. Hi, Whatever is shared is his opinion. if you really want to know what WFG actually does and what it is about, you should register and learn. For me, it gives opportunity and platform to anyone, no matter what education level and background you belong to, it gives opportunity to those who cant e=invest a lot but want to have their own business, it gives opportunity to those who cant quit their jobs but still have expectation to be free. Just enter and try to learn. It wont harm you, but you will benefit from WFG a lot. millions of free trainings will definitely turn you into a new humanbeing doesnt matter if you want to stay with WFG or not, WFG doesnt force you for anything

  12. Hi Chris,
    Thank you for putting your opinion. I would like you to go through section 55 and 55.1 of companies act and throw some light on readers of this article. As a financial advisor, how would you market yourself and what according to you is the best way to let people know what you are doing. I believe many companies out there are struggling to find clients.

    • Chris, let me ask you these questions. How many years did you study to become a CFA? How much money did you spend on this course and what exams did you pass in order to be fully licensed? Do you plan or want to start your own firm? If so, how much money does it cost to start one? Once you’ve put up your firm, is it automatic that you’ll have products to sell and investment firms to represent? Do you have to be partnered with companies? I believe so. You dismissed the idea of WFG as a good company when WFG gives you that opportunity to own a firm, to have your own company for a lousy couple of hundred dollars. To all of you who bad mouthed and suddenly changed their mind after reading Chris’ article then you really didnt want to be a business owner. You actually just want a JOB. Yiu just want to do the “Journey Of Broke”!
      Joining WFG doesnt mean you succeed and start making money. Just like Chris did, you need to study, you need to pass the exam. You need to have clean record to get licensed. Chris paid xxx amount of $$$ for the duration of his course . When he finished he had to get licensed most likely on his own. WFG helped you with licensing. Chris looked for a firm to work for and that firm has products. WFG contrary to what Chris claims has more than limited products and companies to choose from. I was with WFG for 3 years and switched to an MGA but my heart stayed with WFG and now after 3 years of absence I wanted to come back to WFG. It’s not accurate this thinking you have to recruit to make money. You don’t make money when you recruit. If you like to have your own company then you have to hire people just like Chris was hired by his firm or brokerage. We are all in the commission based industry. With regards to rate of commission, it’s not apple’s for apples. WFG has a different calculation so 36% in WFG actually translates to close to 88% in other MGA. (Not an exact amount but if you want to know the exact and direct calculations then sit down with a WFG advisor). I’ve been on both sides so I know. For all you reading this, it’s Chris’ opinion that WFG is a wrong company and there are other and better options. That’s what he wants you to think because Chris wants his firm that he WORKS for be the THE OPTION you choose. It’s all about competition but let it be healthy competition.
      WFG enables you to own and start a business for a lousy couple of hundred dollars. WFG gets you access to all the partnered companies once you become a member. WFG gets you training and financial education you need. And it doesnt force you to do anything if you don’t want to do it.
      If you dont studynto getba license then you dont make money. If you don’t want to recruit then you dont have a company or firm. I’ll wait for your answers Chris.

      • Talk about the wrong assumption. Chris did not advertise his business anywhere on the article but did so in response to a question. His article was informative and yes his opinion and so is everyone else’s. Why else is their such opposite responses. Some people love it (obviously those that are good at it) and others don’t. Hard to ignore past associates’ comments about their bad experiences and the stigma that follows.

        Correct, no, you didn’t make money off new recruits because in 2016 FTC (US) ruled it illegal and classify it as a pyramid/ Ponzi scheme/scam to do so which is way Amway (MLM) had to restructure and paid 100 million to settle. And of course all other MLM forced to follow suit. This is probably why there’s such a bad association because the business model resembles a pyramid. FTC ruled pyramid scam that mainly if 1. the new members/ recruits pays the existing members (ie., membership fees) and 2. Products not being sold to customers.

        People can makes their own determination, as long as prospects know what they are getting into (many times they are not transparent), don’t mind the long and hard work for little money initially and especially the hustle but the benefit of owning your own piece of the pie does pay off. If you get there.

        Bottom line, lucrative passive income if your great at it and know what your getting into but not worth it if this is not your forte and if your lead/ trainer is being dishonest

        • Rick, I’ve been arguing for months now with WFG associates over this blog post. I’ve come to the realization that it is a waste of my time, both yours and mines. I’m not going to convince you of my points, and you aren’t going to convince me of yours. Let’s just agree to disagree. I have nothing personal against WFG advisors, and I know there are some good ones out there. I wish you nothing but success in the future.

          • If you have nothing against wfg or wfg agents then why tell them its not angood company or its not the right company? And who said Im trying convince you of anything? I asked you a series of questions which you didnt answer. If you have nothing against wfg then why did you write an article about how its not a good company and persuading them to look elsewhere? Look to your firm perhaps? Im not arguing, i asked you questions which you dont or couldnt answer thats all.

    • You cant base your decision on just Chris’ opinion. Do your own research. And find out for sure what you want to do and what you want to achieve. If you just want to be a an employee and work without pressure, then do that. If you want to have a career and potentially owning a firm, an agency, and leading a group of agents, advisors in the future then look into WFG. Its not easy, nothing is easy, you need to work hard just like in any business.

      • Amazing Rick! The demise of society: allowing STRANGERS on the internet to dictate their life choices. *face to palm* I’ve been a happy client of WFG for 4 years and am proud to say I am an associate now for 4 months. The language Chris used in the post is very emotional, lots of story, and opinion. Some facts, but missing a lot. Straight facts: we care about the people around us, finance can be an uncomfortable conversation, some will tell us no, but enough will listen for their own good. We aren’t “forced” into anything. Poor vs. Broke mentality is what I’ve learnt lately. I may be a bit broke, but my mind is rich and open to opportunities! Scarcity mindset is why someone cannot see $130 being the best investment out there!!

    • Eivor, and your point is what? That kool aide is not good? What do you for a living? If somebody attacks and spread untrue and unproven negative information that affects or will affect and maybe prevent you from making a living or be successful, will you just do nothing? If you know youre business is legit and government regulated and people are spreading bad rumours about your job or firm, will you just do nothing? The kool aide we are drinking is spiked with financial literacy and knowledge that works. What are you drinking?

  13. Chris I stumbled upon this article you wrote. I have a friend who is in a bad financial situation who signed on with this group. I read up on the product she was sold. People who sold it to her should be ashamed of themselves. Unfortunately she has drank the Kool aid and has no idea of what she is doing. I briefly read a bit about your ideas and you are more inline with what people should be doing.

  14. One other observation: I have never seen a WFG person start any sort of financial blog about the products they sell or about how to invest or giving out any financial advice just saying…. The reality is the real financial bloggers are real people who have made real money that want to empower other people to do the same. And yes there is a huge gap where the majority of people unfortunately are financially illiterate.

  15. I am just trying to figure the best option for me into making more income and WFG is claiming to aide me in that situation. I have no knowledge or prior background with anything in regards to financial education.

    From reading all the comments about your article and holyyyyy there are a lot, you seem to have more knowledge on this more than I do. And must I say your doing a great job in responding.

    I am hoping to reach out to you to discuss to see if you can guide or aide me towards something like this. I just paid for the application process with WFG and truthfully I don’t know what I am getting into which is why I hope to chat with you one on one through email or something. I truly appreciate your time and thank you for your thoughts about WFG.

    • I think that a huge portion of people who join WFG don’t care about finance, and are just looking for a side hustle to earn some extra income. It’s essentially a high-pressure sales job, because if you don’t sell you don’t eat. And if you hate sales then you’re going to probably hate it there as well. What I would recommend for most people is to learn an actual skill that people want to pay you for, develop that, and market your services. Something like copywriting, coding, being a virtual assistant are some examples of that. But it depends on your own life circumstances.

      • Chri,s I am about to spend my saved money on life insurance and other products from AFG in order to setup my retirement financial plan. Any advise, word of caution before I do this?

  16. It is interesting to read the passionate responses from WFG associates about a fairly well-balanced analysis of their business model. The recommendation seems reasonable to me – there are plenty of red flags, including recruiting as core to the business, self-consumption of products, and targeting family and friends who many or may not need the insurance products being pitched. It is an MLM of course, but complicated by the fact that they sell complex financial products, often by people who don’t have the background to understand the industry, to people who understand it even less. I’d be interested in statistics that would never be made available such as percentage of new recruits that stay after the first, second and third year, average compensation for recruits the first, second and third year, and cost of the financial product sold by WFG “business owners” compared to the same product sold via a non-MLM channel. Go into this type of activity at your own peril.

    BTW, defending the products or the business model by arguing that there is something evil or “less-than” by holding a job is suspicious and wrong. Many people enjoy successful careers as employees, with benefits, paid time off and salary increases, and there are many business owners that don’t make it. The argument that you’re helping families being lied to by big financial companies and banks is another red flag that they are using an emotional argument instead of a rational ones.

  17. Hi Chris,

    I wished I read this article before giving my “friend” my credit card information yesterday.
    She told me she left her job during Pandemic and she started her own business and wanted to chat with me. She told me she spent $100 a year ago and learned a lot about finance and she recommended me to do the same. She said see if you find it interesting then you can work for yourself. she said it will only take 3 mins in front of computer and I thought she was going to give me a website and I will pay for classes. She called me on Zoom instead and asking for my SSN and DOB! I trusted her and I asked her what is this information for? She said just to make sure you don’t have any criminal records. I didn’t know why She needed to do that and I told her I m planing to buy a car soon, do not run credit check on me because it will reduce the point every time you run credit check on someone. She promised she won’t. Then she quickly entered the rest of the information and clicked sign and told me it’s all done. The same day WFG company sent me an email saying I’m now their associate!! WTF! This friend never told me that she works for WFG! She never told me she was using my information to apply to be an associate of this company! And never disclosed any non refundable payment policy! Also the background check is including criminal records and credit check!! I felt cheated and started googling WFG and holy shit! Most of it it’s negative, even in other languages!

    • Wow that’s terrible to hear! Contact the company and explain your situation, and see if you can get your money back. If you didn’t authorize it then you should be ok. That’s not a very good “friend” though, but she’s probably in a desperate situation as well.

  18. Hi Chris,

    I liked and subscribed after watching your youtube video about WFG. Excellent work.

    I am new here and I don’t know much about you. I only know that you’re not happy about WFG’s business model (even the link on this page has the word “scam” at the end). So please don’t give us the “I am neutral, just informing the public about this company”. Your youtube video about WFG also has the keyword “scam” in it! Kudos to you for bringing traction to your channel and earning many subs, including me. I have nothing but respect for that.

    However, you’re clearly stating in the video that WFG is not a scam, but you think the MLM business model is scammy and you recommend people not to buy any products from WFG, but rather invest some time into learning how to finance your own portfolio/bank accounts.

    Chris, you know most people are not smart with their money, maybe close to 90% are just living off paycheck to paycheck. These people need help. A lot of them are good people who deserve help from the financial-savvy. Banks are using their funds without them even knowing. WFG products offer that “help”. They’re actually very good products with reasonable prices that offer piece of mind to the customers.

    I am a new associate in the company, and just had a lovely interview with their recruiter. I will not disclose any names. I wouldn’t even do the interview if the company has a “scammy” business model.

    So far everything is perfect. The recruiter even did something extremely nice for me. I will not disclose that either.

    I think if you (plural for the audience) have any common sense, you would know that this is a legitimate, successful company. WFG is backed by whales in the financial sector; including RBC, BMO, TD, Franklin Templeton, etc. These guys are no joke. They wouldn’t back WFG if the company had a “scammy” MLM model. There are numerous successful businesses that use that exact model; it’s nothing new. MLM is NOT a pyramid scheme.

    Out of 976 reviews on, 473 are 5-star reviews, and 243 are 4-star reviews, so basically 700+ reviews of 4-star+.

    The most likely reason you have this page still posted and your youtube video still posted is to gain traction to your channel. In essence, you are doing exactly what WFG associates are doing, selling good products! Your video is a good product to educate the masses. However, the biggest concern I have for you, is that you’re building a feud with a big company like WFG, and hurting your potential growth as a content creator in the process.

    If I were you, I would create a new awesome video about WFG, and how absolutely nothing is wrong with them. Make an apology, and maybe you will get thousands of subs from their company and other associated companies! It’s a win-win for you.

    Cheers my dude, and good luck in your youtube business. I will make sure to click the notification bill to see your new vids.

    • I appreciate the lengthy post, I wish you good luck with your new business. I was not trying to make enemies with anyone, but was merely stating my opinion on WFG. Thank you for subbing to my channels, I appreciate it!

      • Hey Chris,

        I appreciate your candid review. It is pretty good.

        However, WFG has no products that they own. They are associated with 60+ reputable companies and products in Canada. In the US, there are 300+ associations.

        Not buying from WFG agents is okay but not buying any of our products doesn’t make sense to me. Because we partner with BMO, TD, IVARI, IA, IA Financial in Canada just to name a few. So you will look for all the companies that associated with WFG and avoid them. Is that what you mean? Really confused.

        I can walk you through all the companies that are associated with us and so you can avoid them in the future. Please call me at 416 418-5264

  19. Great article. I had some red flags come up when one of their agents tried to recruit me. After doing some research about WFG, I found out that I was right to be leery of this company. You are correct when you say there are better options out there.

  20. Hi Chris,
    Thanks a lot for sharing your views. I am new to WFG and just got recruit. I am a skeptic but the reason i just is because most of my relative did and they are doctors so i kinda just follow along. But i will keep your words in mind and if the job isn’t mean for me, i will leave. Meanwhile, i will tried to gather knowledge as much as possible for my journey ahead.
    Would you be able to give me some advices if you were me? Like what to study and stuff?

    • Hey Joe, that seems like a good plan, you might as well see what it’s like and experience it for yourself. I would study beginner investment and personal finance books, learn about ETFs and how to set proper risk tolerances and goals.

      • Chris, chris chris!!! You still haven’t answer my questions to you and yet youve answered each and every post here especially the ones that are clueless about what the company WFG is all about. All the post here that bad mouthed WFG are clueless of what the company is about and you love every single one of those. I am not trying to convince you, I just need to know why you dont answer my questions. Maybe you didnt read my posts because it was a long one and have very legitimate points. But unlike you, I don’t make an article or you tube videos just to discredit WFG. You said it’s your opinion, so your opinion is that WFG is bad, scam and stay away. Better come to you??? Lol

          • Im satisfied with my business. Im hapoy with everything is. To you spending wisely is to discredit the company that gives me the opportunity to have my own business. To you spending your time wisely as a business owner is to sway people who are clueless and feed them with more misinformation and fake news. What would you do if people are spreading lies and bad mouthing your company or your business and your means of livelihood to potential clients and business partners? Would you just say oh “it’s ok!”. Are you just gonna do nothing?

          • I can point you in the direction of at least 10 other blog posts and Youtube videos that are all saying the same thing about WFG, some of them much, much worse than what I’m saying. Are you going around to all of these other people and commenting on their posts and videos? I clearly state that WFG is not a scam, but there are so many that think it is. Why do you think that is?

          • People think its a scam because of people like you who are clueless and have nothing better to do than spread lies and mis information like this. I see you blocked the reply button so I can’t respond. You clearly state that its not scam but have the word scam as posterized and in big letters to insinuate that it is. This is why (again) cluless people like you think it is a scam because you want them to go to you and be your client. You’re just too scared to come out and say it. Just say you want them as your client. Tell them you want them to see what you have to offer instead of creating something like this to promote yourself. Say what you really want and just say you want them as your clients instead of trying to discredit WFG. If you’re concern and really believe that WFG advisors are bad then advise them to file a complaint with the insurance comission.

      • thanks brother
        i also want to ask, in NYC, how can i study for CFA? i want to self study so like what kind of books, videos and stuff would you recommend.

        • Schweser is a good one! I used Schweser for Level 1 and Level 2 I didn’t even touch the textbooks. L1 and L2 are all about practice problems. L3 I would recommend studying the textbooks closely and practicing old exam questions – and figure out how they score it also! They are looking for very particular answers.

  21. Chris, you know what, Let’s agree to disagree!!! It’s a waste of time for both us to keep writing back and forth. I know the truth and the good about WFG so it doesn’t matter what you write. It will not change a thing. Good luck to our business.

    • Well said Rick…I’m with you. Anybody can post anything on the internet and its their opinion. I wasn’t going to post anything here but you (Rick) inspired me brother. I’ve been involved with WFG for over 10 years, mostly as client and now as a part-time agent. The things I’ve learned about money and finance, leadership, communication and building good relationships with people from across the country…people who believe in me and pour their love and wisdom…all that is priceless…at the same time earning some part-time income that has allowed me to pay-off my bad debts, save a little on the side and all because of the associations I have made through this beautiful community of people that WFG has created. I recently attended a Tony Robbins Seminar in Las Vegas for FREE because I did some thing that WFG asked me to do and I was able to attend this $5000 seminar for free.That seminar actually MADE me want to become a better husband, a better father and a better human being (I’m crying as I write this)…but this is what WFG has done for me. You guys just need to make your own decisions…I’m pouring my heart here because I believe in what WFG stands for, I believe in the people and my mentors who are leading the company, I believe in the companies that we represent and I believe that I am a better person because I’m associated with the PEOPLE IN WFG. Its not WFG, it’s the people that make it good or bad. I’ve had both good and bad experiences in WFG and have read many of these articles like Christopher Liew, CFA’s yet I’m still in WFG as a client and as an agent….Why is that? Ravi Padarath 403-680-7284


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