World Financial Group Reviews

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Never received my 1099 from 2018.

My MD or *** never gave me my 1099 from 2018 because they were sent to Office address, and they didn't bother to sent them to my home address or tell me to pick them up. So now the IRS is wondering how come I didn't file in 2018. Well, these 2 selfish lying *** are dirty (Vangie Gallagoes, and Marylou I., and thought it would be funny to throw away any mail that came to me at the office. I need a WFG agent or whoever handles 1099 to call me ASAP (661-772-**** or email me a copy or mail me an original 1099. According to IRS they had been sending letters that I never received. I quit the business cause of them. I would never recommend anyone to join "Destiney Builders" cause if you ain't oriental you ain't shit.

User's recommendation: Never join destiney buillders unless you're oriental.

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ID
#2510880 Review #2510880 is a subjective opinion of poster.
Location
Bakersfield, California

Really good business you make more money if you are working hard

Really good business you make more money if you are working hard
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ID
#1718000 Review #1718000 is a subjective opinion of poster.
Service
World Financial Group Customer Care
Pros
  • Professionalism
Cons
  • Everything about their business model
Reason of review
Good customer service
Bunch quitters leaving bad reviews and blaming a company that's been in business for more than 30 years. Own up to the fact that you didn't have what it takes. Keep your job and be an employee for the rest of your life slaving away to make your bosses rich. My partner...
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1 comment
#1738986

Yes, any business we need to be accountable. Blaming a company for not taking care of you is not right. Own the business and go for it!

ID
#1572620 Review #1572620 is a subjective opinion of poster.
Location
Torrance, California
New Reviewer

Great People Great Company

July will be 2 years for me in WFG. I’m going to be really simple for your guys. #1. WFG works IF YOU WORK. It is commission sales with override and spread potential IF you build an agency. If you go to any car dealer and speak to the sales team there are a few that kill it and most are average or poor at sales and do great. That’s not WFG, that’s sales. I was a single father and 23 years old when i was recruited (25 years old now) and the most I had made at any job prior was about $15,000/yr at a 12/hr job as a forklift operator. My first year in WFG I made $20,000 and went full time within 3 months. 2. EVERYONE recruits and employee turnover is an epidemic everywhere. Show me a business that doesn’t recruit and I’ll show you someone who is self employed and doesn’t run a business. Field scouts recruit, church recruits, the job you work for recruits, the military recruit, gyms recruit, etc... There are actually a lot of high income earners in the Virginia team though that do great in WFG and haven’t recruited. They are great personal producers and have qualified their market and make their living through client referrals and relationships. Recruiting is not required to make money. It IS REQUIRED if someone wants to build an agency that they make passive income from. 3. WFG is literally a platform with a system. That it. WFG is not good or bad. Just like there are good Uber drivers and bad Uber drivers, there are good sellers on amazon and some bad ones. Is amazon a scam because most people who try to sell on amazon don’t figure it out or do well.....? Didn’t think so cause you still order products through them. Just like any company there are good people involved like myself and my team who treat clients fairly, recruit quality people, and make good income. Then there are people who think they are going to walk in the door and make $100k just for showing up. It doesn’t work like that. It’s a business not a job. PEOPLE HAVE TO WORK HARD. 4. It’s hilarious to me that people want us to be a get rich quick scheme but then when they find out their effort and work ethic is how they get paid they quit and complain online about the company. That is exactly why we are not a scam. We don’t just hand out money and we don’t get paid for recruiting. We make money by educating families, servicing their financial needs with a product and service that fits, and building an effective agency that does the same. If you don’t make money in WFG, the issue is not the system or the company. The issue is YOU. And when my agents find crap like this online and get freaked out I tell them this: This stuff is online to help us weed out weak minded people like the ones who post it. By the way I am 1 month away from 2 years in and just paid out over $100k to my agency in the last 5 months and made last years income in 4 months. My wife quit her job 6 months ago and stays home with our newborn and my team has two offices. BECAUSE I WENT TO WORK.
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ID
#1558172 Review #1558172 is a subjective opinion of poster.
New Reviewer

Agent id

I have a new agent: But it seems that she was already in the system. Problem she do not remember sign in with WFG. She was with PFA company. Want to find out what was her ID code of WFG before me.
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ID
#1401976 Review #1401976 is a subjective opinion of poster.
Location
Surprise, Arizona
New Reviewer

Can not login to my WFG

Automated service was down. Could not reach nobody.
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ID
#1393450 Review #1393450 is a subjective opinion of poster.
Location
San Francisco, California
There’s are some major flaws to the recruiting system. To start the filtering process with new recruits. WFG wants to be publicly known as helpful and dedicated to the client and in most situations they are. Buuut. Unfortunately some come across a Commission hungry,...
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11 comments
#1436141

"Matt," on your comment #143****. Respectfully, it's *you* who is sadly uninformed.

And you give us ZERO proof to support your claims.

Here I'll show you exactly where you're wrong. I back it with solid proof from reputable sources.

Your claim that "...You won’t find an old IUL because it was a modification of the VUL..." Matt, that's flat-out WRONG. Transamerica launched the first IUL 21 years ago in 1997, called the "Transdex500." Please go to the SEC site at www dot sec dot gov/rules/concept/337438 dot txt and see footnote (14) "Linda Koco, "Transamerica Occidental Unveils Equity-Indexed UL (EIUL)," National Underwriter, Jan.

6, 1997." Carriers later dropped the Equity part from EIUL, from that point on they called them IULs. The SEC is the US Fed government Securities and Exchange Commission.

By 2006 IUL sales started to pick up. To see this, please search on the PDF with the file name "research-2007-****-us-ind-life-pers-report".

This gives you a joint report from SOA and LIMRA which together serve as the premier suppliers of actuarial and research services to the major insurance carriers in the US and around the world. This report tracks IULs from 5 carriers companies going back at least 11 years. See PDF page 58 for that proof.

Finally Matt, please go to PDF page 63.

You see that this SOA/LIMRA report discusses VUL *separately* from IUL. Matt this proves, *VULs and IULs are totally separate beasts*. Matt, you have to be pretty new to this biz not to know that basic fact.

Next you claim "...The iul has performed as promised for myself and for every one of my clients.The client and my self review them twice annually..." Matt--or whoever you really are--you're asking us to just trust you, because we don't know who you really are and you give us no proof. Like I suggested to you earlier, if you post some recent in-force illustrations of even *one* IUL that 10 years old, that's be a start to build a little cred with us.

Otherwise, we need to take what you say with a fat grain of salt. But I know you won't be able to post that illustration anyway :-) You won't be able to find it. Finally you claim "...There is a difference between using the index and using the index using floor and cap methods. That 8.65% was what the market HAS ALREADY DONE over a 20 year period of time using the Index floor cap method..." Matt, what are you even trying to tell us here?

As is, you give us only a tossed words'n'numbers salad. For example, you say "...8.65% was what the market HAS ALREADY DONE over a 20 year period ..."? Over the past 20 years the S&P 500 grew at a Compound Annual Growth Rate (CAGR) of only 7.17%. (Please go to www dot moneychimp dot com/features/market_cagr dot htm to calc that return for yourself.) So Matt you're saying the IUL returned 8.65% of the 7.17% "the market did?" That comes to only 8.65% x 7.17% = a paltry 0.62% growth!

Matt, I doubt that's what you meant to say. Maybe you'd like to try again to explain this to us :-) Btw, Matt, caps and floors are next to *meaningless.* Who cares about a 12%, 14%, 15% index cap if the real return never gets anywhere near that cap anyway, for reasons explained in that Valmark link I gave you earlier? Who cares about a 0.5%--1% index floor if huge policy fees, especially the Cost of Insurance (COI) charges that explode into outer space as you approach retirement and gobble up all your cash value and kill your IUL? Caps, floors, and participation rates are smoke screens that cover up the fact that the carrier invests the vast bulk of your cash value--95% or more--into boring *investment-grade bonds* which yield, AT BEST, 2.5%-4% percent.

I guarantee you Matt you will NOT be able to show us a credible in-force illustration that shows it any higher! Finally, Matt, and again, it's pointless to discuss indexes because the carrier jammed so many "outs" for itself in the contract, it essentially doesn't have to follow *any* index. Since you don't believe me and you evidently can't bother to even read your own contract, I'll post a review here of the FFIUL showing you exactly that language. You're welcome.

Matt, other dear readers, please ask yourselves: "Should I dump $300, $400, $500 per month into an IUL policy when none of these so-called "permanent" policies have lasted even ten years? Should I dump $50,000, $100,000 or more in an IUL only to lose it all in a decade or two?

Think real hard on that :-). Thanks for reading!

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ID
#1192813 Review #1192813 is a subjective opinion of poster.
Reason of review
Work Experience or Job Application
New Reviewer

Call me asap

Call mr asap Gerard Bautz 443-413-****
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ID
#1118942 Review #1118942 is a subjective opinion of poster.
WFG has a system like any other company. New York life agents have to sell 5 policies to their friends and families to be able to be official with the company. Wehave to do 10 field training appointments so we ensure the new agent knowa how to represent the company....
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9 comments
#1404150

Hey Anon #140****. You're right, "...so many people are ignorant..." They don't know WFG, this awful MLM, achieves "great things" only for Transamerica and other carriers, WFG Corp, and the 0.5% agents at the tippy-top of the pyramids.

They are mostly legacy agents like Xuan Nguyen and Ed Mylett whom Aegon grandfathered in from WMA way back in 2001, 16 years ago. You missed this wave!

WFG totally screws its clients and bottom 99.5% of clueless hi-belief lo-info sales rep-licants whom this MLM convinces to recruit, recruit, recruit, and sell--and buy for themselves--disastrous wealth-wrecking products like Transamerica's FFIUL.

Dear reader, do you think to join WFG? Please think again!

By WFG's *own numbers* you're much more likely to hit the big time in your J.O.B. than at this MLM. Please search for the review "WFG is a Great Way to Go BROKE and LOSE FAMILY and FRIENDS" for the damning numbers.

Thank you for reading. Good luck in your future endeavors.

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ID
#1114871 Review #1114871 is a subjective opinion of poster.
New Reviewer

Retired but trying out Financial Services as a 2nd career part-time

Update by user Aug 09, 2017

This was not a complaint, nothing to resolve.

Original review posted by user Aug 09, 2017
There are basically 3 wings in the WFG family ... the 'rah rah' wing, the 'asian'wing and the 'professional' wing. If you aren't Asian, there are two! ;-) The 'rah rah' wing presses a lot on the meetings, and 3-3-30 and numbers, and lots of 'rah rah', telling how rich you can be ... reminded me a lot of a pyramid meeting with Amway or Tupperware or many of the more current energy drink or whatever money making schemes. The ''professional' gang is more focused on getting you as trained and licensed as possible before pushing you up the ladder to building your own team, etc. Personally, this is the right group to be in if you are interested in this business. If you couldn't figure out (with a name like Transamerica) that it was all about the Insurance industry when you first came in, then shame on you. It''s a great field but NOT for everyone. Lots of money to be made, lots of licenses to get if you are serious, although you can start with just a life license ... but you can do it ... and a lot of people do ... The people that do the best at it are the most motivated, usually new immigrants, definitely women, definitely bi-lingual people. The rest of us struggle and don't want to do what it takes. But there is a lot to be made, but it is hard work. But if you want to pull yourself out of a pay-check to pay-check dead end and are willing to work to do it? Can't think of a greater opportunity.
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6 comments
#1358915

This is an incredible business and at first it's tuff, but then when you fully understand the system and human nature it becomes like riding a bike.

#1359015
@PissedConsumer1358915

It's tuff all the time for 99.5% of all agents and recruits...2015 average commission based salary was 2272$/year before any expenses paid or rah rah meetings attended...

now I don't know about your bike but it must have been bought from the scrap yard..

There is no money to be made in this MLM scheme unless you sell the worst insurance products like the FFIUL or recruit like there's no tomorrow to sell to your family and friends and using their contacts so you can get higher on the pyramid.One way or another you're better off working 5 hours/week at Mc D making more money than this.

And before you start with educating others..Do you know one teacher that only has a 50 hour course teaching anybody?? Well WFG seems to think this is enough for WFG agents to educate others about finances...lol..nope!!

#1367213
@PissedConsumer1359015

You should stick with your minimum wage job.

#1367360
@PissedConsumer1367213

No thanks...I am happy with my ditch cleaning of empty bottles..So in WFG agent terms this means I clean the ditches and make 1.5 million/year...it's all in my paperwork and I declare it all...well mostly none of it..so tax free...

every morning I go on facebook and do my rah rah meeting with all the ditch cleaners in my small town..about 300 of us in our 900 people town and we comb ditches daily and every year we have a big rah rah meeting in ola las vegas just to pep talk the troops...this is pretty much the same model WFG uses...right?

#1367814
@PissedConsumer1367213

A minimum-wage job is better than a WFG negative-wage job.

This MLM makes YOU pay to work for it.

#1358829

"Agthorn" wrote a total shill review. I worked out of one of the biggest Norcal offices.

It was 70% Asian, 90% rah-rah, and zero percent professional.

Our uplines pushed us hard to sell WFG's "top" product, Transamerica's FFIUL life insurance policy. That policy is a total disaster. It's designed to collapse and fail a decade or two from now, after you've dumped tons of money into it.

Not one agent of the dozens I met understood the FFIUL at all. You can find, here and elsewhere, detailed critiques of this Perm Life policy complete with actual contract info, scanned and copied right into the reviews. Again, the FFUIL is a complete disaster.

Please stay far FAR away from WFG. If you push its terrible pricey products onto you friends and family, you will regret it for the rest of your life.

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ID
#1085524 Review #1085524 is a subjective opinion of poster.
Pros
  • Variety of products
  • Opportunity
  • Professionalism
Cons
  • Not as easy to sell insurance products as represented
Reason of review
Legal, licensed, multi-faceted, professional business
I am sorry for the poor experiences that some of you all have had with WFG. It's actually a great company. However, as with ANY company? You have good people who do it the right way and then there's others. I have had a great experience and I love my FFIUL!! My son and...
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9 comments
#1352345

This is a very interesting to see that some of you have no credibility to talk about any insurance product yet you do and you call it a Rip Off. I don't understand that what do you get by proving something wrong when you clearly have no idea how things work. Calling FFIUL the worst Insurance product, then please advise which is the best. Now it was mentioned what was the Rate of Return FFIUL gets, well It follows the Global Index or the S&P 500 Index, now what is the rate of return on the S&P 500 Index, Please feel free to google it, actually never mind , click on this link :http://www.cnbc.com/2017/06/18/the-sp-500-has-already-met-its-average-return-for-a-full-year.html

It is 9.6% in 2017 already , there is difference between S&P500 and S&P500 Index. FFIUL or any IUL whether you have it with Transamerica, Pacific Life, Voya, Nationwide, Prudential, all functions very similarly, FFIUL just happened to have a better return over the past 3 years and thats what made it the #1 selling IUL in the Industry.

So If I am in the market to buy life Insurance and I want permanent life Insurance : which one will you advise Mr. Expert William 3.

So I know some of you will come up with another BS reasons and Questions about WFG and FFIUL and all that. All I have to say that keep on because thats what feeds us, and it gives us more examples to show to our teams that how *** people are on Internet, these So called Experts . Here try your hardest best to get WFG out of business or FFIUL, I have a bad news , You CAN"T , IF SEC and FINRA regulating us and they have no problem with our business model and the product, TO ME or TO WFG you *** just hold no value with your WORDS, You ain;t bigger than SEC and FINRA, You are just some SPOILERS, who work for Google and don't make any dime by posting this kind of stuff. Lastly American Funds averaged 12.2 % in the last 81 years, But American Funds the 2nd oldest mutual fund is a scam right? SMH, Go ON, Keep your fight on , We at WFG will go on and build legacies and help families. THe only family is not going to be helped is of yours. I wouldnt come here and comment if one of my associate didnt show me your discussion. So keep on ruining other people's mindset by your meaningless blogs, because your life sucks so much that you think there is no goodness out there in what we do. Over 80 people making Million Dollar a Year, more than 6,000 people making 6 Figures and more, I bet your JOB that SUCKS doesnt pay you as well, WFG is a business not a JOB, You either build a business or You work for one. That enough, you will definitely carry on with your baseless comments, all I want to tell other who read, if you have a brain to do some critical thinking, please do so, or we can help you .

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ID
#1068881 Review #1068881 is a subjective opinion of poster.
Reason of review
Good customer service
New Reviewer
Update by user Mar 24, 2017

World Financial Group is a marketing outfit under Transamerica. It is one of the biggest marketers of IUL and many other products like annuities, educational plans, estate and funeral plans. Though there are many products that it sells the main focus of the company is...

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41 comments
#1394798

gs, I'm sure the goverment never issued licenses to massive bigly scammers like Bernie Madoff, Enron, Arthur Andersen. Oh, uh, wait...

Please spare us your tired threadbare WFG Playbook tripe. Thanks.

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ID
#1023537 Review #1023537 is a subjective opinion of poster.
Location
Houston, Texas
Reason of review
Good customer service
Of course later in life your cost of insurance is going to get more expensive! You're a higher risk! Common sense! But taking that all into account, it's expensive compared to what?!? The illustrations that show your cash value is already taking the COI into account....
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2 comments
#1319247

Anon, you ask "...[the FFIUL] is expensive compared to what?!?..." The answer: compared to *just about everything else.* This includes stuffing your money under the mattress.

Anon, it's no sense you going on about tax and retirement compares when the FFIUL holder is virtually *guaranteed* to lose the FFIUL--and LOSE EVERYTHING, including his death bennie and the $100,000s he poured into it.

Anon, as currently structured and horribly overillustrated at 6, 7, 8% and higher--the policyholder can expect a long-term CAGR of at most 2.5--4%--few if any of these policy will even survive to retirement.

As an investment vehicle, the FFIUL is not a whole lot better than a basic low-return savings account, yet soaks you for hundreds, even thousands, of dollars per year in fees.

Thanks for reading.

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ID
#1022983 Review #1022983 is a subjective opinion of poster.
New Reviewer
I'm not sure why it is so hard to believe here; WFG does not have any products, their agents are licensed by the state to sell life insurance, annuity, etc... The agents are licensed to sell many hundreds or thousands of products in the market. I have an annuity...
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6 comments
#1297196

While most companies promote based on your knowledge and performance…WFG promotes based on your ability to recruit others into the program. As a multi-level marketing company…their entire premise is based on bringing more people in underneath you in order for you to move up.

And with every promotion/level up…your commission percentage increases. It’s analogous to being hired as a janitor and after referring and hiring 15 of your friends/family into the company, you become a Senior Manager. And yes…the fact that you need to recruit in order to move up the “corporate ladder” makes it a multi-level marketing scheme. Its saving grace is the fact that WFG sells a product.

Even though WFG does not offer products of their own, they push their parent company’s FFUIL policies which are currently under fire for their explosive COI rates in later years. Since there is such a large variety of product and services…most WFG agents are more focused on getting someone signed in under them in order to move up from that all important Associate non–commission position to the Senior Associate commission position. So their focus is really on recruiting and not educating themselves on the product. And once they find out about the more profitable commission offered by Transamerica to sell the FFUIL…that is the product they will tend to push.

And yes there is a variety of other company’s products being sold…but your commission is based on your position…so it would be beneficial to you to be at a Senior Marketing Director position pushing a higher risk product.

And as far their comprehensive background check. Don’t believe the hype. They are only checking to make sure there is not a felony on file.

A felony will keep you from being licensed. If there’s no felony…you passed.

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ID
#1013792 Review #1013792 is a subjective opinion of poster.
Service
Transamerica Long Term Disability Insurance
Reason of review
Good customer service
I strongly disagree with your statements. You must love working for someone else. I can honestly say that it has been 4 months so far for me. I was able to pass my class, pass the state exam and get licensed through the state. I also received incredible training from...
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7 comments
#1293292

You say

"We qualify, get coded, background and criminal record check, go through schooling, get educated, get licensed, get trained"

Do you know that nothing you have in this list is worth more than a 1 week course that you qualify as educated and not being a criminal isn't quite something that makes a WFG agent very special..lol

It's like myself...I get up,i drink my coffee,put my coveralls and rubber boots,drive my 1992 half ton truck,comb the ditches and pick up thousands of empty beer cans and sell them at 5cents a pop..i make millions working hard,playing hard..i have a good head on my shoulders...

Now do you know what I do and how special I am?? WFG agents they are a special breed!!

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ID
#1009840 Review #1009840 is a subjective opinion of poster.
Product
World Financial Group Seminar
Pros
  • Follow the system desire to help others
  • Be coachable
Reason of review
This is an amazing company. Keep an open mind, be coachable and follow the system. You will be so happy!

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