World Financial Group (WFG) Review: Scam or Legit? (2022)

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 (WFG) Review
4/10Our Score

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.

Pros

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

Cons

  • 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.
  • 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?

World Financial Group 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 three new members and sit in on three 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 tactic. 

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 its 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?

salesperson

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 my time as a broker, which was in less than two years. 

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 Marketing Director contract level is 51%, and a Senior Marketing Director contract level is 64%.

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 main ways to get customers. Firstly, any of the products the associates themselves purchase, essentially turn them into 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 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.

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. There are numerous anecdotal accounts of this happening, just scroll through the comments below.

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 “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.

Have your guard up, and if you’re being pitched something by WFG, don’t be afraid to ask tough questions like “what will you get paid on this product?”

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 three other people, and they will recruit three 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

Employee

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.

Customer

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 a “fee-based financial advisor” in your area. Try to find one with a Certified Financial Planning (CFP) designation.

Conclusion

While WFG may not be a scam, I wouldn’t personally ever 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. 

When I wrote this article, I wanted to get to the bottom of WFG’s success, despite the many complaints I’ve heard about them.

I want to end this by saying that not all WFG agents are bad, and it wasn’t my intention to paint every person there with the same brush or to cause so much anger in what I wrote.

There are competent, honest, and intelligent agents at WFG, and I’ve interacted with many since publishing this article. I’ve also interacted with some fairly nasty ones as well.

I’ve edited content on this post that I didn’t deem was accurate after a rational argument and facts were presented to me, but my negative opinion on financial MLMs still stands.

If you can avoid all of the bad agents at WFG (and there are a lot of stories about unscrupulous agents, see the comment section below or on my Youtube video!) and find a good agent that you can trust, then you might be alright with buying products at WFG, but I still feel there are better options out there.

There are two extremely divided sides to this argument, and I hope that this has helped to spark some conversation between them.

If you want to learn about other MLM companies, check out my Primerica review, or my Greatway Financial review.

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

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200 thoughts on “World Financial Group (WFG) Review: Scam or Legit? (2022)”

  1. Company of FROUDS. They promise financial education on the interview and such little pay for that like 150 + tax. First lesson they try to make you a fool like tell us about your family, your goals and bla-bla-bla. If you are able to put in that words diarrea your question about WHERE IS PROMISED EDUCATION? Now strong attack of humiliations and HIDDEN COSTS appear. You have to quit your job to be able to attend that bla-bla-bla schedule instead of promised study, pay again to be accepted for a job after examination, pay for examinations and pay for written study information and pay if you didn’t pass. They DO NOT open all thous costs on the first meeting BEFORE you pay, over 150$ as they promise, for study! They open it little by little AFTER YOU HAVE PAYED and tell you that thous money you have payed for all their bla-bla instead of promised study in not refundable.

    Reply
  2. WORLD FINANCIAL GROUP IS A BLESSING!!!! I can say this 10000000 time’s without having a second thought or any self doubt.
    It’s a company which helps normal people in becoming elite. If you are part of this great organization you are blessed as well. My life has changed into soooo good that I’ve no words to explain. [WFG] World Financial Group is a Blessing 🙏🏻
    Blessed to be a part of such a great Family, Team, Leaders 🙏🏻🔝🙏🏻

    Reply
  3. Lol the only people defending this clownshow of a company are probably the scumbags that work for it.

    Everyone I know that works in the finance industry at one of the big bank-owned firms or one of the big independents like Raymond James thinks this place is a joke.

    They target people that are completely ignorant about how the industry works, so they have no frame of reference and don’t know any better. I know 2 people that were recruited by some douchebag at this company, they were both servers at a restaurant with no previous experience in finance, that should tell you all you need to know right there.

    I’ve seen some of these guys here in Vancouver market themselves as #1 in North America when they probably aren’t even in the top 100 in this city.

    Why anyone would ever work here or be a client is beyond me.

    Reply
    • Its funny because you can tell who the WFG agents are. All posting massive walls of text, all extremely angry about this fairly neutral article, and often claiming its not an MLM, when it clearly is.

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    • You mean compared to the big bank firms that only see people as “Assets under management?”

      The reason WFG is looked down on by the big firms, is because they don’t work with the rich to make them richer. They work with middle income families and help by focusing on education first. Can you name me one “Big bank firm” that offers free financial education workshops to anyone, not just clients?

      Unlike most of the big bank firms, WFG doesn’t sell their own products. They work with many of the top financial institutions, banks, insurance providers in Canada and the USA to offer the best options to any client. Pretty sure no big bank firm is going to recommend someone else’s product over their own if it’s a better fit for their client.

      Can people “upsell” products for extra commissions? Sure and some probably do, but firms and banks also have “incentives” for there people to sell certain products over others so don’t think it’s any different.

      Reply
  4. Most important thing to understand is, it’s highly regualated by the ministry of finance. If it is always watched by the government how can it be MLM which is not even legal in Canada. This guy seems to have a very shallow knowledge. The most important mission of WFG is to provide a Financial Education for free. Sales is a by- product that’s inevitable.

    Reply
    • Don’t mislead SP. From beginning to end WFG operates on taking your money, before they even tell you to make more money for them. There is no financial education but a propoganda.

      Reply
  5. All the brainwashed people in these comments are incredible. Please keep them coming. I am laughing so hard I can barely breathe.

    Reply
  6. If you think WFG is an MLM, then I encourage you to look at any other financial services company compensation model, and any other real estate brokerage.
    In fact, look at any corporation. Every company recruits, they have to. It is the life blood of business. The key difference is who benefits from the recruiting? The corporation does. WFG figured out how pass those benefits on to the agents. It is a fair and level plying field for everyone. No internal political BS, no favoritism, no bad mouthing other associates to get a leg up and climb the “corporate ladder.”
    These types of articles are are written from a biased, subjective view and have no merit.

    Reply
    • I agree, this seems as if this was written by an individual who didn’t make it in WFG. I agree 100% with this comment above. My favorite part of this article was when the author alluded to an individual being such a “go getter” then why not put those efforts into another platform?

      What he or she has failed to touch on is the the passive income.

      There’s nothing legally, ethically or morally wrong with being in sales or in talent acquisition, but when those 2 skill sets are combined and are able to provide passive income for an individual and not a company, it’s labeled as an MLM or a scam, why?

      People remain in WFG because they want to spend less time of their lives working and more time living. Why would anyone use their skill sets to build someone else’s business and dream when they can build their own? WFG is not for 1099 independent contractors who want to chase sales for the rest of their lives which is what you suggested people use their skill sets for other than a platform like WFG.

      Thank you for this. This article was given to me by someone who was skeptical and your article and all of it’s comments made them even more of a believer in what WFG has to offer, so thank you.

      Reply
    • Inaccurate. As someone who works at an insurance provider, I can tell you many of our WFG agents do a lot of sketchy things and sometimes even commit fraud.

      This happens on a noticeably higher level than our independent agents or agents from other non-MLM agencies.

      Reply
      • If they are doing so many sketchy things and committing fraud, how are they getting past your underwriters? After all, this is a highly regulated business.

        Reply
  7. Here is my take— WFG agents are not selling thier own product rather they are distributing some the world’s buggest financial players. Now just take this scenario if you go to any investment with a little networth like they won’t even give you time of the day and these are the companies and players who are supposedly the who’s who of the financial markets. And to the author- Sir you are a CFA with 11 years of experience in the industry. So what you have is an opinion of a professional but if I come to you tomorrow for an advice you are going the charge me a fee so heavy so as a leyman with no financial background do I not have a right to manage wealth or get educated about financial markets. Now common every individual agent is different can’t just be smart enough to find out if the agent is shitty and ask for a different one. STOP THIS BULLSHIT BLAME GAME. I have been dealing with an extremely professional agent and they are legit business and just because someone has pumped in too much money to get a fancy finance degree digesting a fact that a leyman is able to maximise thier wealth without the degree is just a sign of envious nature
    Sorry but not sorry

    Reply
  8. WFG uses a financial needs analysis to determine how much a family can save without undue pressure. Then we suggest taking a part of that to purchase products. If some agents don’t follow that, it’s their fault, not WFG. We are not pressured to sell certain products or recruit. We are always being trained on the multitude of products we sell, to the CLIENT”S benefit, not ours. Our first step is to educate, to keep people from falling into money traps. I have never been paid a fee for recruiting. Event ticket sales go to pay for events. WFG earns it’s income through sales to some of the best companies in our industry. It is possible to earn more than your recruiter, you can be promoted to a higher commission level than your leader. We emphasize term insurance for temporary needs and whole life for permanent needs. There are also many niche products we sell as well, for those who don’t qualify for other products. I challenge anyone to find a company with more top notch product providers.WFG has been in business for over twenty years, and we are always growing, and never collapsing. Also, you only need yourself and 12 other people to make a significant income, not half the people in the country.

    Reply
  9. I appreciate the balanced article. TL:DR, it’s legit, not a scam, but it’s MLM, motivated by commissions and there is no consistency in the agents because of the business model, so you may or may not get the products most suited to your personal situation. Thanks!

    Reply
    • I’m an associate in training and I’m giving advice to people that are licensed because I’ve come from a business background. A lot of the people in the team I joined seem honest and from our team chat on WhatsApp I’ve already seen lots of questions from people asking which product to sell and why, for the most part if you’re honest you will do well

      Reply
  10. WFG is not an MLM.

    There is no “forcing” anyone to do anything.

    You can sell as you choose. You are an independent agent and can work as little or as much as you want to.

    Anyone who shames WFG as this small minded author has, is just unsuccessful in their efforts.

    WFG does not pay millions of dollars in advertising every year like many traditional firms. They don’t have base salaries and don’t require people to work 9-5 M-F. I’d much rather have a flexible schedule and earn as much or as a little as I want than to be forced into a 40-80hr a week situation for a base salary.

    There is no buy in requirement either. Associates typically buy these financial services bcuz they become educated on them and see how powerful their products are.

    But again there is no requirement to do so. In fact this why WFG is not an MLM at all. There the only cost to becoming an agent is the $100 fee that goes to cover the background check, plus the $80 or so it costs to get licensed through the state. The companies makes no money on associate sign ups.

    The WFG system is in place to incentivize directors and trainers to train their new associates. In a typical business why would a higher level producer want to train anyone that will eventually become their competitor??
    In this system the directors want the associates under them to do well because of the override opportunity. If new associates do well, the directors do well.

    One can draw comparisons between WFG and MLM’s. But that doesn’t mean WFG is an MLM. Or perhaps it is, but it doesn’t have all of the negative connotations and requirements that most MLM’s have.

    This author needs to remove this article or update it as it’s subjective points are inaccurate lies.

    Reply
  11. WFG has been cheating so many people for too many years. Just gave you an example. Under persuasion of its agent, I transferred my 401k to American Equity as owner of American Equity Retirement Gold a few years ago. Although the stock grew by 50%, my money has not grown at all since. Basically, American Equity sets up the growth cap of less than 1% and charges about 1% fee. My WFG agent did not tell me that. But later I knew he made 9% fee. So please don’t let WFG and American Equity cheat you and your relatives.

    Reply
    • Then you had a bad experience with an uneducated agent. This is not an issue with WFG itself and doesn’t have an relevance to whether WFG is an MLM or not.

      Reply
      • Is it not your fault as you didn’t educate your decision as well, you didn’t ask about the benefits or difference? This agent (not WFG) didn’t FORCE you to do anything, you did this through your own decision in the end.

        Reply
  12. Spot on article. My gut feeling confirmed.
    Was pulled in by being told i was taking oart in a financial literacy meeting which would wnable me to take 6 classes free assist with my finances. Asked to set up individual meetings with out family. In my individual meeting, we did a budget worksheet with no real information on how to tackle what i teuly wanted to tackle, debt reduction, but was pitched on and IUL policy with no real explanation as to the options or alternatives. The next meeting is to decide if i will purchase. And the meeting ended with them trying to recruit me to which is wild cause if i am coming to you for financial advice, clearly i should not be “teaching” anyone else.

    When i pressed for more info about the agent side, they informed me of how much commission they get from selling to a family. I know we all need a quick buck but these schemes are dangerous.

    Reply
    • You are poorly educated. Or were approached by a sloppy agent. This is not how this company is supposed to operate.

      You are not supposed to be teaching others financial literacy until you are licensed and well trained. Your director is supposed train you by leading on a minimum of 3 trainings then sit with you on your first 10 meetings that you lead. They correct you or guide you if you make a mistake and of course every policy or financial needs analysis you run is supposed to be reviewed by a seasoned veteran until you have hundreds of cases under you.

      There is no scheme when it comes to WFG.

      Reply
  13. I’m really not surprised by the former/current WFG members commenting here and saying how great of a company it is. After digging deeper it really is a MLM where all they do is hype social media and talk about passive income (which doesn’t exist outside of stocks). This hype media includes taking down any comments or posts about the true nature of WFG. I’m sure they go over all of this in the long zoom meetings they’re in to look busy- but I’m sure if I was working with people with no sales experience, no insurance knowledge, and pushing a MLM I’d focus on creating a perfect social media account to to try and sell the “I make millions a year AND still have time for family and fun” picture. So fishy and so many red flags.

    Reply
  14. I have been associated With WFG a little over a year and I have not experienced any pressure sales from any members of my W. F. G. team! I am quite suprised by this article as the majority of the claims are not my experiences. Yes, recruiting is part of developing any business, after all, Walmart has more than 1 employee, 1 manager, 1 senior manager. W. F. G. is more related to the real estate environment than any other business model out there. His article sounds a bit more jaded and option based than fact based. My suggestion is to do your own fact finding.

    Reply
    • Aaron: Thanks for post. I just joined WFG and the professionalism, staff, and amenities are great. I’m quitting my position at a premier bank to work WFG. The articles author is astoundingly unprofessional — if I were considering him for anything, this article’s the deal breaker — too hater-ish and unprofessional.

      Reply
      • Your comment is from Feb 14th. Can we get an update on how its going? I was recently approached by an agent. He said first zoom meeting he was going to tell me about the company which he did but then he started asking me info about me and that same day i had to purchase the classes.. that caught me off guard because i wasnt aware i was suppose to pay that same day. i felt a little pressured so i ended up doing it. and thats why im here reading this article to find out more.

        Reply
  15. WFG own Transamerica If you notice all agent will guide their client to buy all insurance products from
    Check review Transamerica on Google to give you a clear picture

    Reply
    • WFG is distribution Chanel. Doesn’t have product, not captive, works with over 100 companies and provide not only specific solution for the each family but also educating families by providing financial workshops. What others promises, they deliver.

      Reply
  16. Christopher Liew is obviously trying to throw dirt on a competitor. He is trying to grab everyone’s attention by giving a clickbait title, and promoting his own agenda.

    I am a client of WFG, and WFG does not have any products of their own. They are like Amazon, just a distributor of existing products in the market. So far I am happy with the advice given by my agent.

    Reply
    • WFG own Transamerica If you notice all agent will guide their client to buy all insurance products from
      Check review Transamerica on Google to give you a clear picture

      Reply
  17. This Man defenetly dont know he’s talking about. And what WFG does for people. I would suggest you to take an appointement with them and listen to what they Do. I dont know for USA but in Canada, they dont sell products, they redirect clients to the best financial or insurance institution based on the product they need. The difference between them and other well known financial institutions is that they dont have to represent a compagny. Because Working for RBC per example, even if you know they dont have the product the client is looking for, or its not the best rate on the market. The RBC agent will be oblige to sell RBC products, he cannot send the client to the competitor even if he knows that they have a better Product. WFG choose to not represent financial institutions but to represent their client. They have access to more then 75 partners. They know in which compagny There is this product at a better rate, per example.

    Anyway this article is biased.
    I strongly suggest that you make an appointement and go with an open minded you’ll see you were wrong.

    And if you feel that the agent that is with you doesnt really have enough experience or knowledge, you have the right to ask another advisor to look info your plan.

    They will always be better advisors then other, people that doing it with bad intensions but that not true to talk like its the whole organization. Thats a lie.

    Reply
  18. Thank you for writing this article… It made things a little more clear for me while looking for life insurance for my family. A friend of mine recently started working for WFG and at the same time I was doing my research on investing and insurance… So there was a connection and trust with someone I had a friendship with. The first Zoom meeting she was with a Senior Advisor which was uncomfortable for me and my friend kept pushing me to watch a 45 minute video about the company. I am a new mom and kept telling her I don’t have the time to watch it (it expired after 12 hours) and that I didn’t like the pressure… I did watch it after the first consultation (I only wanted premium quotes for my daughter and they kept asking for more personal financial info like my retirement savings, my husbands income, our assets etc…) I didn’t like that either because I knew they were going to pressure me into having him join a meeting to sell to him. Once they sat with me for the second time they gave me a presentation for segregated funds for myself which I made clear I wasn’t interested in from the first 5 minutes meeting. I already told my friend I had NO interest in any plans for myself with WFG only insurance for my daughter and I was ONLY shopping… They then hit me with the “lets followup in 2 days and make a decision and if you don’t want it then you can go look somewhere else.” That was the end for me… I never even contacted her back. I knew it was something stinky. I am glad I followed my gut and I paid for a consultation with a CFP who gave me the same advise as you… PolicyMe. You confirmed my feelings!! Thanks!

    Reply
    • I can’t defend and won’t be defending their actions. It definitely sounds like an aggressive style of sales. I’m sorry you experienced that. I can understand some reasons why they did it. They were trying to do a financial needs analysis. You mentioned you wanted life insurance for your daughter and that should have been the focus and income and assets are irrelevant. The only issue I have with PolicyMe is that they deal with term insurance and not permanent insurance. The difference between them is like renting a home vs owning a home. Which one has cash value? So at the end of 20 years, you have nothing if you get term. With permanent insurance, at the end of 20 years, you have something and it continues to grow. Permanent insurance has both an insurance component and an investment component. For kids, I recommend permanent insurance. Depending on what you prefer, you can pay for the premiums for that for 20 years (or pass the ownership to your daughter when she starts working) and that permanent insurance will be inforce for the rest of her life without any further premiums. If you don’t like 20 years, 10 years or 15 years or 30 years. It’s really up to you. There’s a time for term insurance and a time for permanent but the most effective is a sweet spot using both so you’re covered for life but at the same time not spending excessively. Just a note, since permanent insurance has cash value, you can use it as leverage for borrowing money for a mortgage or something.

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