Original review updated by user Apr 22, 2023
A little backstory about me is that I was an agent of WFG for about 3-4 years and was able to see a lot of what WFG had to offer and was about. Although I left with a bit of a sour taste in my mouth, here is my best attempt at a non-bias review.
Products: The focus when it comes to products at WFG is definitely the IUL and term with living benefits while some people dabble in the FIA and securities aspect.
The IUL is fantastic and although I'm not with WFG anymore, I'm still an agent and love the product IF done properly. Now the risk you take with WFG selling you an IUL is that they recruit so many people that the field sort of gets diluted in a sense where you have more newbies than actual professionals who know how to structure it properly. I don't know the turnover but I'm assuming it's big. Now there are some people who do know how to properly structure an IUL but I'm just saying there's a good amount who don't.
And that can be due to lack of knowledge or taking advantage of you and going for the biggest commission possible which I know some do. You want the agent to set it up where they give themselves the lowest commission possible. Bottom line is IUL and FIA imo is definitely a step in the right direction when you compare it to accounts like 401k, ROTH, etc. BUT majority, if not all, agents don't know that there's actually a better way to structure an IUL than they're trained.
And it's not their fault because the financial industry as a whole doesn't even know about this method. So the way they do it (if done right) isn't necessarily bad but there's just a better way to even maximize your finances. The companies they go through for IUL are not the best no matter what they say. You must know that.
They'll say they're the best or talk it up like they are but they're not! Everybody there is trained to believe that the platinum providers are the best in the game which is simply not true. Here's a little story. In my last few months with them I took the blindfolds off and started to research the best companies for IUL.
What I found through a few different sources is that the main two WFG use, Nationwide and Pacific Life, were lucky to crack the top 10 in rankings industry wide. Companies such as Allianz, F&G, NLG, Minnesota life, Ameritas were all better. Now here's the kicker. I looked on our site to see all the companies we are partnered with and turns out we're partnered with Allianz and Minnesota life!
I don't quite remember but maybe NLG, Ameritas and F&G. Don't quote me on those last three. So now I asked okay well if these sources all agreed saying Allianz and Minnesota Life are much better than nationwide and pacific life, and we offer Allianz and Minnesota Life, then why aren't we pushing those instead? The answer?
Nationwide and Pacific Life were platinum providers meaning we got higher commission when selling their products...So that discovery was the last straw for me as it was obvious we weren't being trained in doing everything in our power to do what's best for the client. And I know this is company wide because I've been on several teams, seen other team trainings, been to conventions and all of them preached the same thing. Now my assumption for this is because maybe they think "well we're still putting the client in a better position than they're in now so it's alright to get at least a little more money". So maybe like a win win?
who knows the reasoning. But the way I look at it is yes we're putting them in a better position but what's better than better? Best. The enemy of great is good.
So why stop there? The answer is because their pockets and promotion requirements would hurt and take longer if they sold those two products instead. Don't even get me started with pushing Transamerica products. They get even more money when selling those.
So guess which companies you hear over and over again when they train you on products and what to sell? You guessed it. Transamerica, Nationwide, and Pacific Life. Yes they use other companies if need be but those three are their go-to's and everything else is last resort/pivot companies.
The term with living benefits is good for people who strictly need the coverage because it's cheap and can provide a check if something were to happen while alive. Only downside to term is only around 1% of term policies actually pay out. So that's the risk you're taking there. But there are term policies out there that give you a return of premium at the end of your policy's term (5yr, 10yr, 25yr, etc) so you get back what you put in.
So maybe WFG offers this no, but that'll be a good question to ask them.
Opportunity: The main focus of WFG is "recruit recruit recruit". They'll say their focus is helping families which is true but it's half the truth if you will. Because at the basis of helping families they tell you that you need to recruit. They like to reverse engineer things (which is fine.
reverse engineering is something we all should do in aspects of life to achieve goals) and the way you'll reverse engineer this is like this. So helping families. Okay how do they help families? By selling a product and/or recruit them to make money as an agent.
Now there's a lot of people out there who say it's a scam. ITS NOT A SCAM. People toss that word around too loosely nowadays and even though I left WFG with a sour taste, I won't say it's a scam and anybody saying this is the type of person to look out the window instead of the mirror for all their problems. The business is simple but it's not easy.
HUGE difference. it's simple because the system is proven and you just have to run the numbers as they will tell you. But running the numbers and system will take hard work, a lot of rejection, and a lot of growth mentally and emotionally. So although at presentations they talk like it's easy, its not.
Prepare yourself. Honestly if you're contemplating doing it I say go for it because depending how far you take this, you can grow so much as a person. For me personally, career wise I didn't like the products or business model but I give them full credit for the mentality and growth I experienced these past 5 years or so. Just a word of caution, commission levels are about 35% starting with around 80% being the highest.
There's other IMO's out there where you can start at 80% or higher commission. Just saying. So for those who aren't builders I'd suggest going elsewhere with higher commission rates but obviously do your due diligence with them first. But choose your company wisely and don't let the numbers and possibility blind you from looking at your options if you're serious about becoming an agent.
So in conclusion, if you're being sold a product make sure you stand your ground, ask questions and do your research on the industry as a whole and what other options are out there.
Because I'm telling you now there are better products out there but WFG just can't sell them. If you're going into the company as an agent just know it's going to be hard and you're going to get real uncomfortable if selling to family and friends isn't your thing. Sure you'll see some cases of people killing it right out the gates but know that is rare.
And for those wondering why I left, the main reason was once I found out we could've been doing more and better by the client but many agents I was being trained by were opting not to, that didn't sit right with me and I needed to disassociate myself from the company as a whole.
Plus it felt like I was getting thrown around from team to team like a rag doll and all these changes definitely messed with me. A couple other reasons I can't mention on here but I hope this review helps somebody out there.
User's recommendation: Proceed with caution.
World Financial Group Pros: Personal growth, Learn more about money than what were taught in school.
World Financial Group Cons: Transparency.
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