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

Last updated Mar 27, 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.Caption to the image above: Source: WFG website. 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


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
Christopher Liew, CFA

Christopher Liew, CFA

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.


  1. PEN Moon

    Hi If I bought some product from WFG and if I know that is not a good option, what should I do?

    • Christopher Liew, CFA

      hi there! You’ll have to contact your WFG advisor and ask him what the exit options are for your investment

      • Crystal

        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 🙂

        • Christopher Liew, CFA

          Thanks Crystal, it’s good to hear both sides of the story. Good luck in your new career.

        • Hagar

          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

      • Dikhshant Singh

        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.

        • Christopher Liew, CFA

          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.

          • Dikhshant Singh

            i live in surrey bc . i am doing operation management course at bcit.

          • Christopher Liew, CFA

            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.

        • Sunny

          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

    • Dondas

      Many people are scared of WFG as a scam

    • Rob MacGregro

      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 !

  2. Jayme Gagne

    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 ?

    • Christopher Liew, CFA

      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!

        • Hagar

          Very correct love freedom ❤

    • Anestasia

      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

    • Eva's

      Everything about WFG is scam

  3. Matthew

    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.

    • Christopher Liew, CFA

      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.

      • Matthew

        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!

        • Christopher Liew, CFA

          Hey Matthew thanks for the update! I’m glad to have had this conversation with you. Merry Christmas and have a Happy New Year also!

    • Leti G

      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.).

    • Rachel

      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.

      • Linda

        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.

      • Tiffany R

        Can you advise what the company was that you worked for prior?

    • Nathan Otu

      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

  4. ML

    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?

    • Christopher Liew, CFA

      It depends on a few things. Are you passionate about personal finance and want to make a career out of it? Or do you want to just earn some extra side income and this is just one way to do it?

    • Shermin Kazemkhani

      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

  5. Susan

    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.

    • Christopher Liew, CFA

      Hi Susan, I’m sorry to hear that you had such a bad experience, I’m glad you are on a better path now.


      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!!

  6. Julie

    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.

    • Henri

      3 new members and 3 new solutions is a requirement after licensing in order to receive compensation. You must do this each month.


        Of course its required to make Money. In a real business that you OWN.. you don’t make money unless someone buys your services. NOTHING different. This entire comment is biased because most Companies love that you “WORK” to make them millions.. WFG allows you to make millions for your own Family. Provided you but in the WORK to do so!!

  7. Victor

    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?!

    • Christopher Liew, CFA

      Thanks Victor. Wow, you make 7 figures a year, so over $1 million a year? That’s really impressive.

  8. Manny

    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.

    • Christopher Liew, CFA

      Hey Manny, I linked to the compensation report that I found, provided directly from WFG in the article.

  9. Tim

    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,

    • Christopher Liew, CFA

      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.

  10. Mimi Afriyie

    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

  11. Jan

    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.

  12. Junita

    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

  13. Jason

    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.

    • Rick

      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.

  14. Rick

    What happened Chris? No reply or no words of wisdom for me? No more personal views to share to the readers?


    I am thinking to start my internship with WFG. Is it good for me ? Please let me know.

    • Christopher Liew, CFA

      It’s tough to say without knowing your situation. Do your research by reading articles like this, and you’ll ultimately have to make the final decision.

      • Rick

        Just wondering why of all the people who commented or wrote here, im the only one you didnt reply to. Why is that Chris?

        • Christopher Liew, CFA

          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.

          • Rick

            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.

    • Rick

      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.

      • CMFR

        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!!

  16. Eivor

    You can tell from the comments who drank the kool-aide; nothing but WFG agents trying desperately to make rebuttals.

    • Rob MacGregor

      Read the reviews on the big banks.

    • Wealthy Drunk

      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?


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