Wow! WFG is a disaster. My girlfriend was approached by a friend that had become a WFG Consultant - they had some great conversations, my girlfriend expanded her knowledge of investments and from there decided to take her friends advice and invest using WFG.
The WFG Consultant recommended a TFSA and a Universal Life Insurance policy. At the outset, both investments seemed pretty good - the TFSA was invested in a decent fund and the numbers looked good on using the cash value of the Universal Life Insurance as an investment.
Once the applications were submitted and the documentation arrived the story takes a twist. The MER (management fees) charged on the TFSA turned out to be 3.45%, almost twice as high as is industry standard. This of course is how financial service providers make money, taking commission on sales - WFG sells products with above industry standard fees but people don't realize that unless they have done their research. So, you end up paying more for the same service through WFG.
The big issue though became the Universal Life Policy. It turns out that the WFG Consultant didn't know what she was doing and selected a number of incorrect boxes on the policy application form. The result was the issuance of a policy that had such high cost of insurance fees that my girlfriend would have lost not only all of the cash value in the policy but would have defaulted on the policy itself as she would not have been able to pay the COI as years went by.
When the errors in the policy were brought to the WFG Consultant's attention - she refused to acknowledge the problems with the policy. She was aggressive, manipulative and tried to take advantage of my girlfriend just so she could make her commission (and she was a friend).
While I agree that WFG brings investment and insurance opportunities to a sector of the population that is underserviced - their staff are unqualified to sell the complicated products they offer. They are salespeople not financial advisors. If all they sold were basic investments that couldn't result in massive mistakes like this, it would be no big deal but that isn't the case. WFG's mistakes will cost people their lifesavings.