If you ’ ra recitation this article, chances are you ’ ve been either approached to buy a World Financial Group ( WFG ) merchandise or to start working for WFG as a fiscal adviser .
You might be curious but may besides be wondering : be 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 ten, World Financial Group doesn ’ deoxythymidine monophosphate get a fortune of esteem 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 mission to its associates.

Say what you want about the company, but there ’ s no deny that it is a huge ball-shaped force and one that requires conclusion interrogation. Let ’ s go over this World Financial Group ( WFG ) review to see if it is a scam or legit .
Our verdictWorld Financial Group (WFG) Review

4/10

Our Score

World Financial Group MLM Financial Planning WFG has a multi-level-marketing method acting 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 fiscal planning services. The company sells savings, insurance, and retirement products through its associates, who normally have to pass a license examination for the area they live in .
The ship’s company was launched in 2001 by an insurance party called Aegon. In 2008, another policy caller, 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 correct off the bat. In the misprint sense of the parole, no, World Financial Group is not a victimize. The company will not take your money as a customer and give you nothing in retort. That ’ s what a pyramid dodge is, and WFG is not that .
If you join the caller as an agentive role, you will have the opportunity to earn an income and indigence to be licensed in order to directly sell any of these products. WFG is approved and regulated by the fiscal 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 market ( MLM ) methods of hiring agents to work for them .

How Does WFG Hire Associates ?

WFG employs a Multi-Level-Marketing ( MLM ) business exemplar for its associates. The way it works is after you get hired onto WFG and pass all the license examination, you ’ ll have to recruit fresh associates .
After you join WFG, you ’ ll be encouraged to get off to a “ fast depart, ” where you are supposed to recruit three newly members and sit in on three training sales within the first 30 days of the caller .
This aggressive approach to recruiting new members sets off alarm clock 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 early people you ’ ll get a percentage of the commissions. A draw of WFG ’ s sales come from its associates themselves. It ’ s a authoritative MLM business model and one that should be a huge red iris in choosing to work for WFG. Their own web site shows the multi-level form 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 damaging connotations that come with MLM companies, I ’ ll give you an example of why WFG is not a bang-up place to work. Let ’ s take a expression at the WFG sign levels, which is the come of commissions you can earn for say something like life insurance .
If you can have a contract flat of 100 %, you will earn 100 % of the freshman commissions on clear of what your deputation structure is .
When I first started out as a life insurance broke, I had an 80 % contract level to start, and it increased to 140 % near the end of my clock time as a broke, which was in less than two years .
According to a previous year ’ sulfur compensation report that I found ( which I can ’ deoxythymidine monophosphate link to due to copyright claims by WFG ), a WFG Associate sign level is a measly 36 %, a Marketing Director contract level is 51 %, and a aged Marketing Director condense grade is 64 % .
note that this may not be up-to-date data, as the report was a few years old, but I believe it should give a approximate range estimate. I ’ ve besides had some WFG people reach out to me directly and the condense levels they have mentioned seem pretty in line with those numbers .
There are early better and more reputable brokerages out there. If you are uncoerced to get licensed, they can besides 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. first, any of the products the associates themselves purchase, basically turn them into customers .
All those newly associates will be immersed in WFG products and culture, and credibly end up buy products themselves. then, they are forced to aggressively try to get more associates, spreading the WFG merchandise line and sales about like a virus as it multiplies down the levels .
As an companion, you ’ re expected to make a tilt of all your friends and class and approach them to sell your fiscal products, or to recruit them as an associate for WFG .
But that is typical of MLM companies, and I don ’ metric ton want to knock WFG specifically. They aren ’ deoxythymidine monophosphate doing anything illegal, but I merely think it ’ s a severe business exemplar for both customers and associates, and there are therefore many better options out there. But it obviously works, as WFG has a metric ton of sales. If anything this just shows the baron of “ affectionate ” leads and buying from people that you know and trust .
As a former sales guy, I think that WFG must have an extremely effective peddle for new members because it is obviously working and getting results. But as an investor or indemnity buyer, I would never hire a WFG consort.

I get it though, investing and policy can be intimidating, if you ’ ve never worked with numbers or cared about it before, the whole march can be daunting. But put some prison term in, learn how to start invest, and take see of your own finances .
If you need to hire an adviser, try to find a properly trained fee-based one, and one that won ’ thyroxine 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 caller. If you purchase an insurance or investment product from them, you will receive the intersection .
besides, you may be pressured into purchasing expensive products that may not be the best for you, such as permanent wave life policy or segregated funds, but will earn the associate sell it a big deputation. There are numerous anecdotal accounts of this happen, good scroll through the comments below .
frequently, the associate you are dealing with may not have very a lot know besides, and will probably try to recruit you to become an associate besides .
As a former liveliness indemnity agent and fiscal adviser, I can understand the success of WFG. The secret to WFG is its method acting of using what we call in the diligence “ ardent ” leads. You ’ re much more likely to buy or trust person that you know. Multi-level selling 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, preceptor ’ thymine 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 public opinion, it is very unmanageable to make money with this occupation model. Yes, there are some success stories, and in its market materials, there will be descriptions of people getting rich at WFG. however, it will be a identical bantam fraction of the overall recruits .
sure, if you ’ rhenium volition to hustle your target off, contact all your friends and class, and aggressively pursue newfangled 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 besides risk damage to your repute, and possibly even your personal relationships. WFG about has the lapp minus 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 occupation, 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 ’ thymine that passionate about investing and policy, and surely not sales. rather, they ’ re equitable 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 rather ? You can learn something like how to code, become a virtual adjunct, or brush up on design skills, then freelance your services to clients. The possibilities are endless. Check out lists like these for ideas :

employee

rather of working at WFG, you can get licensed on your own to sell investing and indemnity products, and start working for an indemnity or investment brokerage .
I mentioned before that I worked for an policy broker in Canada that had way higher commission payouts than WFG has. You won ’ deoxythymidine monophosphate have to worry about the bad reputation that WFG seems to have among some consumers. You will besides get trained up at these brokerages .

customer

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

For Investors

If you ’ d like to become a do-it-yourself ( DIY ) investor, sign up for an on-line 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 fiddling snatch of advice, you can look at my clear picks for the best robo-advisors in Canada .

For indemnity

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 web site for some free quotes .
Another life indemnity option for Canadians is PolicyAdvisor. You can compare 20 different insurers very quickly and get the best rates. Check out PolicyAdvisor ’ s web site for a quick comparison of 20 companies .

Finding an adviser

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

conclusion

While WFG may not be a victimize, I wouldn ’ triiodothyronine 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 early better options, in terms of choosing a career or buying fiscal 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 sol 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 besides interacted with some reasonably cruddy ones adenine well .
I ’ ve edited capacity on this post that I didn ’ deoxythymidine monophosphate deem was accurate after a rational argument and facts were presented to me, but my negative impression on fiscal 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 remark part 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 follow-up, or my Greatway Financial review .

WFG Review Scam or Legit

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