World Financial Group Reviews

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Tess Peters is the most dishonest, unprofessional, ugliest, most obnoxious agent I ever met. She is a disgrace to Transamerica and WSB. In her greediness to make money, she will promise commissions, mislead new agents, even use and abuse there financial resources so...
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7 comments
#1181961

My friend buys Walmart gift cards worth $100 each every time she goes for a presentation to a recruit . She claims to be a business expense pretending to give to that client as a gift but in REAITY she doesn't give to client but will use it for herself.

So that is WFG agents all about. I hope KARMA is around.

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ID
#877504 Review #877504 is a subjective opinion of poster.
Location
Orange, California
Service
World Financial Group Customer Care
Pros
  • Consistent motivation from team
Cons
  • Agents become so greedy with money
Reason of review
Poor customer service
Loss
$8000
Preferred solution
Let the company propose a solution
Sophia Xu, who is the subject of a June 25, 2015 post on this website, is on a mission to help families with her global indexed universal life policy. She mentions that the indices have gained an average return of 9.28% over the last 28 years, and claims that there are...
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7 comments
#1181460

Thanks very much for your post Anon. I agree with you, many WFG agents are shockingly ignorant about the products they sell.

9.28% average annual rate over the long term is pure fantasy. You’re lucky to get 5%--more likely somewhere between 2% and 5% annual return. The S&P 500’s historical return--from 1871--is only 5.75%. Most actively managed funds fall far short of that.

To see the evidence and discussions on the above, please search on: “The Charts Wall Street Doesn't Want You To See On Annual Returns businessinsider” and go here: Whitecoatinvestor dot com/an-index-universal-life-insurance-illustration/

And you know what? It doesn’t even *matter* how the various market indexes perform. IUL carriers put “indexed” in the name (IUL = Indexed Universal Life) but “Indexed” is a meaningless descriptor. You’ll find in your IUL policy’s small print that they *do not have to mirror the indexes.* Bottom line, they guarantee only the *minimum return* stated in the policy.

For example, Transamerica’s Financial Foundation IUL (FFIUL), WFG USA’s flagship policy. That’s the one that WFG uplines push their downlines hardest to sell because it pays the fattest commissions to the agents. The policies I’ve dealt with typically offer a guarantee of only a **2%** annual return or less--even as low as 0.5%. That’s the grim reality folks.

Please don’t take my word for all this. Ask Sophia Xu or any other WFG agent to actually let you read the policy text. A reasonable request right? Yet chances are great won’t let you NEAR it till you buy the policy.

Just to let you actually study what it is you’re buying, WFGers force you to pony up hundreds of dollars and then make you fight with WFG to terminate it and get your money back during the Look Period (10--30 days from purchase). Why do WFGers conceal this from you? After all, other insurance agencies, like AAA, send you the full quote for you to read to your satisfaction before you sign. Why won’t WFG agents let you do the same?

You soon learn why it’s obvious WFG agents hide the contract language from you. The FFIUL is an exceptionally expensive and risky instrument. It's a remarkably bad deal for nearly all policy purchasers. The FFIUL text makes very clear they do not mirror the indexes.

Here are the exact words out of an early 2016 WFG-issued policy, a 25+ page policy. Right on the policy title page you read this:

“While policy values MAY BE affected by an external index or indexes, the policy *does not directly participate in any stock or equity investment*…” And this on page 5: “An account option…will be based IN PART on changes in the values of published indexes…we may discontinue existing Index Accounts or make other Index Accounts available in the future…” Folks, “In part?” What does that mean? 80%? 50%?

Five percent? 0.1%? You can see the notion that these policies must follow any of the market indexes is *pure fiction.* And that's far from the worst of it--at least in the FFIUL policies I've dealt with. Skyrocketing late-life Cost of Insurance (COI) charges *will* force you to give up the FFIUL if you live a reasonably long life.

It’s as simple and dreadful as that. The FFIUL is not a “permanent” life policy as much as it is an auto-renewing 1-year term life policy. It’s “permanent” only until you can no longer afford to pay the astronomical late-life charges--which will be true for most people. You’ll could dump hundreds of thousands of dollars into your FFIUL over a lifetime and be forced to give it up and you and your heirs LOSE EVERYTHING by the time you reach your late 70s/early 80s.

Trouble is, many dreadfully low-info WFG agents also get suckered into the same products. They don’t WANT to hear they’ve been played. My upline is an excellent case in point. He’s a normally lovely and gentle human being who became hysterical and verbally abusive when I showed him the math for Transamerica’s FFIUL.

Totally out of character, he very nastily ended our contact. He doesn’t want to hear that the FFIUL is a terrible investment for nearly every human being unless you plan to die young from causes the authorities can't rule as suicide. The WFG agents that wise up to the disaster that is the FFIUL quietly bail out of it when they get past the commission chargeback period (1 to 2 years) so as not to upset their uplines. When you figure a typical ~$400/month premium for up to 24 months, that comes to $9,600--a big chunk of your true “cost of doing WFG biz.” For that FFIUL math, please see the 25 May review here called “Plan to live a long life?

Will your FFIUL--WFG’s “top” product--FAIL and leave you with NOTHING? I show you the MATH.

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ID
#876909 Review #876909 is a subjective opinion of poster.
Service
World Financial Group Customer Care
Reason of review
Poor customer service

World Financial Group - Review in Financial Services category from Los Angeles, California

WFG is a great company that gives average 9 to 5 workers a chance to change their lives and the lives of others. There are no perfect companies in the world but WFG and all of it associates do their very best to provide great services and opertunites to everyone willing to work with them. Thank you! Host-Solomon
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8 comments
#1180587

It gives you an opportunity to earn money and just like any other sales business, you have to work at it. I am slowly but surely building mine. With any business, it's the person and not the company.

#1180608
@PissedConsumer1180587

I'm sorry Anon, but I emphatically disagree with you. It's most definitely the company as well as the person, and WFG suffers from a very poor biz model for everyone except Corporate and the top 0.5% of the pyramid, many of whom have been around since the WMA days.

If you're going to work for an agency that doesn't let you keep your Book of Business, may as well go to a traditional captive non-MLM agency that pays you 70--80% commission right off the bat instead of WFG's lousy 25% and where you're more likely to be in an office with seasoned pros. Veterans who can actually teach you about the *products* and how to fairly present them to clients, not how recruit everyone in sight too often using deception and high-pressure tactics.

And not pressure you to sell dangerous pricey products like Transamerica's FFIUL that, if you live a reasonably long life, WILL grow so expensive it will force you to drop it and LOSE EVERYTHING for you and your heirs after you spent a lifetime faithfully pouring hundreds of thousands of dollars into it. The FFIUL is an absolute disgrace and so is much too much of WFGers' behavior.

#1180671
@PissedConsumer1180608

Nice post California anon, you summed up WFG nicely. I agree with you 100%

#1180678
@PissedConsumer1180587

I have to disagree with you as well, just like the California Anon. They concisely pointed out the flaws within WFG.

You, like other WFG loyalists, have not provided any counter argument with substance. I must emphasize that it is both the person and the company at fault together and it's much more than "a few bad apples". To add on, the person is supposed to represent the company and obviously many are failing to make WFG any good in image or practices for that matter. I suggest you look at other posts and reviews on this website with an open mind and see the issues from real people, former WFGers and consumers.

_______________________________

Some posts I suggest you start reading are:

---World Financial Group - Are You Really "Your Own Boss?" Do You Truly “Own Your Own Biz?” Closely READ and *KNOW* WFG’s Contract Before You Sign It

---Plan to live a long life? Will your FFIUL--WFG’s “top” product--FAIL and leave you with NOTHING? I show you the MATH.

---World Financial Group - 10 Lies and Misreps That WFGers Tell You--And Themselves _______________________________ To reiterate what my fellow California anon stated, there is a difference in opportunities; there are good and there are bad ones, WFG being the latter.

You have better options to work with. There's no denying that businesses take hard work. Anything worth doing is hard work. However, when a business facilitates terrible sales tactics, harmful products, and harmful cult-like behaviors, that is something no true honest salesperson or business person should engage with...

unless of course you're a deceptive high-pressure salesperson deep down. And remember these complaints are not isolated incidents, it's real people from all walks of life being hurt by WFG and its agents to the point it's on a personal level. I've been in WFG; I have or more accurately HAD close friends who joined with me in WFG and I no longer talk to them or barely after quitting. Additionally, I now suffer with a IUL that serves me no good for later in life with rising COI and pressured to keep it by my WFG agent despite me knowing that it will be detrimental to me in the future.

I will of course surrender it cause it's much better for an average person like me to put my money in government bonds and low cost index funds.

Now I could care less if that tidbit of background affects you, but it's to emphasize that it's from a real person and not some internet troll. Reflect on what you're doing to yourself and others objectively.

#1180088

Host-Solomon, you say “WFG...gives...workers a chance to change their lives and the lives of others.” Have to agree with you there. I’ve seen lots of lives change all right.

As newbies got sucked into the WFG cult, I’ve seen them lose a lot of money, lose a lot of friends and strain plenty of family relationships :-((

I’m sorry to say but you read like just another one of the zombies. Your short passionless generalized script--devoid of any details of your own personal experience--reads straight out of WFG’s Lies and Misreps Playbook. For your “9 to 5 workers...” and “There are no perfect companies...” lines, please check out WFGers' Lies/Misreps #5 through #7 in the 18 May review that's titled "10 Lies and Misreps That WFGers Tell You--And Themselves." Btw, you may want to consider running your posts through a spell-checker. You know.

Credibility and all that.

Finally, from what deep bench of financial service experience do you speak?

The only WFG Host-Solomon I find is a young actor and cameraman who also wrote a work of science fiction. Otoh, acting, presenting fantasies--that fits right in with WFG.

#1180050

Basically you did a Donald Trump by giving literally no information at all on why WFG is great, probably because there will be holes in your logic if you did. At least you didn't go off the far end compared to your fellow WFGers in defending WFG illiterately or with poor writing skills.

Of course not all companies are perfect and that's nice if you truly believe that you're helping others, but it doesn't detract from how WFG has established a system in which it facilitates bad practices by agents that can hurt independent contractors that join and for consumers.

Independent contractors can seek firms or IMOs in which they get higher % commission, better training and mentoring, and credibility. FFIULs can potentially or almost definitely hurt the consumer who buys them as they get older. In fact its better for the average consumer to simply put money in short-term government bonds and/or low cost S&P 500 index fund if they wish for their money to grow as an investment. If they really want insurance though, they can get a term life plan instead.

The list can go on, but I'd be writing a full blown book if I did.

I've been in WFG and really suggest you take a hard look at WFG without rose-colored glasses. Assess WFG's practices and what it creates, take a look at the plans sold without your illustration model and use a normal calculator, read reviews from regular consumers and former WFG members as many are real complaints with real experiences. This isn't something simple like bad customer service or having an employee be rude or not knowledgeable that puts companies down. ex) Target, Apple, Macy's, JP Morgan Chase, Sony etc.

typically don't go beyond those things. WFG can truly hurt people whether they are agents or buyers in a direct manner.

#1180040

It is a great company for the few who are at the top of the pyramid. A position the great majority will never achieve.

#1180030

Says who unless you are one of the braindead sheep who's been overlooked and rejected by society or r u one of those so called engineer / doctor /etc who quit Ur previous profession to be part of wfg. Lol haa haa haa àaaaaaa haa àaaaaaa haa haa haa àaaaaaa haa haa haa haa haa

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ID
#875076 Review #875076 is a subjective opinion of poster.
Location
Los Angeles, California
Reason of review
Good quality
I was contacted under the "guise" that they wanted to hire me for a marketing position. When I pressed for more details they insisted that I have to talk to their "senior executive." Still I pressed for more details and none were given. These people are relentless. I...
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10 comments
#1180288

That is the tactics they were taught in their meetings.

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ID
#874345 Review #874345 is a subjective opinion of poster.
Location
Livermore, California
Reason of review
Not as described/ advertised
New Reviewer
One of my friend sold me one million IUL, because I trusted him, though at that time he had not known what he sold to me. As a result, he asked his top team leader to talk me with all the rosy pictures of the product by giving me an great figures in their illustration....
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24 comments
#1605565

Okay guys, I don't understand why WFG is a big deal hear if underwriters are other companies. WFG is a broker like any other broker.

Regardless of who sells you any kind of a policy they all "DON'T" want you to cancel. Besides any one who sells any insurance product has to be licensed and in order to keep their licenses there are rules and regulations that mostly protect the buyers, and sellers "CAN NOT" break them if they want to make a living selling insurance. The purpose of insurance is "PROTECTION" and Universal Life (UL) and Whole Life (WL) or any combination of those hefty premium type insurances are to protect wealthy and high net worth individuals who have a lot to loose and therefor pay a lot more to protect themselves.

Majority of people who earn less than $150K a year should be okay with Term Life (TA) and maybe add some Critical Illness (CI) to it and invest the difference in S&P 500 index fund that has been returning on average between 8 to12 percent over the past 10-20 and 30 years. After all that is exactly what all insurance companies do.

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ID
#873100 Review #873100 is a subjective opinion of poster.
Location
Waukegan, Illinois
Cons
  • I feel having misled
Reason of review
Not as described/ advertised
Loss
$60000
Preferred solution
Full refund
I have to say something here. THIS IS A BUSINESS OPPORTUNITY, NOT A JOB. If you want a business, you have to spend money to run a business. There's no free lunch here. When i was in Real Estate, there's something called E&O insurance and that was about $250 per month,...
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24 comments
#1194446

Lol in WFG you are never running your own business. You're just another body in their system.

Let's bring up

a business such as a sole proprietor selling antiques. When you sell

the antique to a consumer and you make a profit after subtracting all the expenses related to the antique, do you split that with other people??? NO!!!! You bought the antique, you kept it in good condition and you negotiated the sale.

Why should I give the profit to

somebody who doesn't work with me or work for me! We already gave to pay taxes on basically any income we make in addition to how inflation is reducing the value of our money, how is it fair to give some money to people who didn't even help you with that sale.

If you want to be part of a bloodsucking business, don't cry when you see your checks. This guy is probably operating at a loss in his WFG "business".

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ID
#871305 Review #871305 is a subjective opinion of poster.
Location
Los Angeles, California

Americans need to take financial healing into their own hands. Uncle Sam isn't going to get resources lost back to you.

Have you ever been licensed & successful as an insurance agent ANYWHERE! All of your complaints are specific examples of what it takes to be successful in ANY financial market as an agent including real estate, mortgage banking & any other venue dealing with loans, banking, real estate investments, financial service products.... If you did not attack the opportunity to gain the skills & knowledge needed to become a professional worthy of helping others then I totally agree with you! You are an example of a lifetime EMPLOYEE wanting a salary & leaving worry & success about yourself as well as others in someone else's lap. Dallas
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18 comments
#1181416

There's becoming successful by doing the right thing and hustling, and then there's becoming successful by not having any clue what you're doing and trusting suits while they take advantage of your friends and family, and teaching you do the same. You WFG agents think that WFG is the end all be all of all business opportunities, because that's all you can do, be a puppet and memorize their scripts while you continue to take advantage of families who actually need help the most.

READ AN ACTUAL POLICY and use a calculator while you read through it!! If you still feel an IUL is good for you, you are not qualified to be in this industry!

#1178846

Lol. To start, at least at actual firms, they actually check if you have proper credentials and give one-on-one interviews beforehand instead of picking people off from their employee's "warm" market and the streets to "work" and make money for them.

Plus, many firms have a base pay with commission pay stacked on if you so choose to make more. Also, they at least don't short-change you on your commission as many pay 70-80% commission despite whether you just joined and properly train you with clients who come seeking your firm. Essentially they provide a much more stable foundation to start for those actually knowing what their doing in the field than WFG. To add on, other financial institutions have a much more credible reputation and act professionally in dealing with complaints.

You sir have poorly articulated yourself as a credible professional and continue to damage the WFG image. Finally, whether one becomes successful or not in WFG does not excuse its shady tactics which means it does not act as a fiduciary.

#1178863
@PissedConsumer1178846

He poorly articulated. Full stop. OP has a real communication problem.

#1176723

Hello Dallas...I tried the tab that can private message author but you need to have a business for it to work...so you didn't bother adding the details of YOUR BUSINESS...now your going to be shunned by WFG..don't you know you have to be hard working and not providing your business info isn't helping to recruit?!

#1176791
@PissedConsumer1176723

"Dallas" is apparently another anonymous WFG rep-licant who spews talking points and utterly fails to back anything up. Only his language is more confused than most.

#1176494

Wfg is a polyhedron having for its base a polygon and for faces triangles with a common vertex.

#1176542
@PissedConsumer1176494

Heh. Just like a certain hotel located near the Brainwash'em 2016 convention site in good ol' Lost Wages.

And like a certain iconic building once owned by an insurance company whose name is attached to WFG's FFIUL, this MLM's flagship money black-hole life insurance policy. And, according to French pendulum-dowsing author Antoine Bovis, a certain polyhedron that performs all kinds of wonders, which include preserve foods, sharpen razor blades, improve health, function "as a thought-form incubator," and stimulate amorous urges.

You know Anon. Just in case you haven't heard and seen enough wild and unsubstantiated claims and unmet promises that swirl around a certain polyhedron.

#1176332

I don't get your thoughts . What are you trying to say. Z

#1176331

Dallas..lol...you must be at the ola las vegas momentum seminar and are freshly brainwashed I can see!!

I've seen pics of people posing with cars and cash in the foreground...all for optics..make you believe that you will be successful while 99.5% of all 250,000 agents and recruits will make 2200$/year or LESS in commission if we are to believe OFFICIAL WFG COMMISSION PAID IN 2015! You don't need to continue with the seminars and pep rallies...you are fully brainwashed and good to go!

#1176376
@PissedConsumer1176331

John, LOL! But how did this newly-minted tron sneak past QA and get approved for mass outreach?

They still need to do a lot of work on his English language module. Or did they decide to plop him off the assembly line anyway?

That a gibberish defence is better than no defence at all? :-)))

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ID
#869758 Review #869758 is a subjective opinion of poster.
Location
Moreno Valley, California
Pros
  • American financial recovery and protection
Reason of review
Proactive program to help Americans in financial recovery.
My relative is selling this product to everyone in our family and she insists that its the best choice for retirement. I'm not a financial expert so I don't know who to trust anymore after reading these reviews! Can someone explain the WFG whole life policy in plain...
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12 comments
#1174027

Folks, to clear up a little confusion here, there’s two basic kinds of Life Insurance: Term Life and Permanent (“Perm”) Life.

When you buy Term Life, the coverage ends at a predetermined time. E.g.

if you buy a 30-year policy at age 35, it ends at age 65. But it’s super affordable, costing 6x--15x less per month that a Perm Life policy with the same death benefit. A healthy 30s man can buy a 30-year policy with a $500k death bennie for only a few dozen dollars per month.

When you buy Perm Life, the provider guarantees you will keep your coverage till you die--IF you make your premium payments. That’s a huge IF.

There are two basic types of Perm Life policies--Whole Life (WL) and Universal Life (xUL).

WL is very pricey--several hundred per month for the same $500k DB. *But* WL guarantees you a fixed monthly premium to age 100, 120, or whatever age you and your provider agree.

xUL comes in at least three forms--straight-up UL, Variable UL (VUL) and--most recently--”Indexed” UL (IUL).

xULs can be much cheaper than WL--at least during your younger years. The main problem with most (nearly all?) xULs: your Cost of Insurance (COI) charges skyrocket as you age into late life. xULs are essentially auto-renewing 1-year Term Life policies. As you move into later life, your COI goes up every year.

COIs start to soar higher as you get into your 60s. Some providers call COI charges "Mortality Charges." Unless you get a meaningful No-Lapse rider in your xUL, this policy is very risky and penalizes you for living a long life, quite possibly forcing you to give up your xUL and LOSE your entire investment. That is certainly the case for WFG USA’s flagship policy, Transamerica’s FFIUL. The ones I’ve seen have such anemic No-Lapse provisions that they deny you virtually any protection from skyrocketing late-life COI charges.

You could dump hundreds of thousands of dollars into your FFIUL over a lifetime and be forced to give it up and you and your heirs LOSE EVERYTHING by the time you reach your late 70s/early 80s.

From the math I've seen and presented here and elsewhere--and which so far no WFGer has challenged--the investment part of the xUL simply can’t keep up with these soaring COIs. Hope this helps.

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ID
#856943 Review #856943 is a subjective opinion of poster.
Location
Richmond, Texas
Does WFG solve a problem? They sure do. I still think that they help people improve ones financial health. Is WFG a scam or a legitimate company. They really are a legitimate company…or else the SEC (Securities and Exchange Commission) would allow them to sell...
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14 comments
#1178860

WFG is barely below the threshold before being considered a pyramid scheme under FTC guidelines which is a big red flag. They are as legitimate as a taxpayer undervaluing their assets in order to pay less tax (and even though it's legal in certain situations, doesn't make it right).

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ID
#855285 Review #855285 is a subjective opinion of poster.
Location
San Mateo, California
Dishonest, no product knowledge, no work ethics at all, and almost all of them are doing this part-time. All they do is pitches. Doesn't everyone live different lives? So how do they come up with one product fits all?! They've gotten my friends to switch from other...
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ID
#854255 Review #854255 is a subjective opinion of poster.
Location
Daly City, California
Service
World Financial Group Customer Care
Reason of review
Poor customer service
New Reviewer
Lie/misrep #1: "WFG works for many successful people. My upline’s a doctor/engineer/[enter respected profession here], who made [enter fabulous sum here] last month!” Lie/misrep #2: "WFG is backed by Aegon Group, a Fortune 500 company." Lie/misrep #3: "We focus on...
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84 comments
#1949068

You are so full of shi# with this sore looser whiney *** excuse of an expose’! Nothing that you stated is fact and merely the rantings of someone who couldn’t *** the hard work it takes to win in WFG. Which pays off handsomely for those who get to work without excuse and take their destiny and business into their own hands!

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ID
#850218 Review #850218 is a subjective opinion of poster.
Location
Berkeley, California
Product
World Financial Group Seminar
Cons
  • Deceptive information
  • Very risky insurance policies
  • Pushes agents to break laws
Reason of review
Bad quality
A man approached my just turned 18 year old daughter, and gave her his card, she was reluctant to call, so she did not. He pursued calling her over the next several months until she finally agreed to meet with him...wow dangerous enough...He gives her this spill about...
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5 comments
#1164242

Ethan Vanderbilt's blog read

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ID
#848774 Review #848774 is a subjective opinion of poster.
Location
Franklin, Tennessee
Cons
  • Asking teen for money saying no degree needed
  • Scam
Preferred solution
Leave my kid alone
I have now been approached 3 times, each time by someone who I went to high school with or was a friend of a friend. They ask you to go for coffee or a beer. About 5 minutes in to their chit chat, it hits you, you're being scammed. They start off subtly on their new...
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6 comments
#1305903

And your title bar offends me. How do you know all minorities don't have any financial training? You're a racist pig!

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ID
#845277 Review #845277 is a subjective opinion of poster.
Location
Winnipeg, Manitoba
Pros
  • When i left
Cons
  • Deceptive information
  • Home wreckers
  • Bad scammer
Reason of review
Not as described/ advertised

IUL (index universal life) - mirrors the S & P Index or Global Index. There is bunch of insurance companies that sell this not only WFG - Transamerica there is also Nationwide through WFG, Accordia, Voya, Kansas Life etc. The money grows up to 12% or 15% Cap depending...
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16 comments
#1401765

Yes it's true the VUL (Variable Universal Life) does fluxuate with the market i.e "Variable". The risk is great but the reward can also be great.

Indexed Universal Life mirrors the S&P and is a "Fixed" interest.

Able to rise and plateu. The risk is low and the reward is low, but safe.

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ID
#838682 Review #838682 is a subjective opinion of poster.
Location
Peoria, Arizona
My dear friend invited me to what she called a training. When I got there, I had to go to a room with a director or higher position. I was under the impression that I was going to learn about WFG products, but it turned out to be a recruiting session. Later, I asked my...
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3 comments
#1154354

do not buy unless you fully understand it's benefits and risk.

By a CPA

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ID
#837956 Review #837956 is a subjective opinion of poster.
Location
Conyers, Georgia
Cons
  • Use people for benefit
  • Specific strategies of individual agents
  • Cult-like