World Financial Group - WFG reps don't waste their time with knowledgeable clients because they won't be able to take advantage of them
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 previous clients that are currently accumulating $50,000 per year of interest without paying any more premiums.
Let's do some math. First, she has forgotten that this product was introduced in 1997. So, say this client is gaining 9.28% (which definitely wouldn't be happening this year), to get $50,000 in interest they would have to have $538,793 in their cash value. To get here in 19 years with a 9% ROR, this client would have had to contribute $891 per month!! Wow, this sounds great for the middle income family, so far.. does this seem to be a likely scenario, was she telling the truth??
I then started to ask her about the participating rate, rising cost of insurance, premium taxes and extra MERs associated with the policy, and she did not have any answers! It was clear that she was making up case studies based on what her projections at 9.28% were forecasting, with the same computer program that does not take these extra fees into account.
Needless to say, once I started asking these questions and calling her out on it, she proceeded to say she did not want to waste her time and then eventually blocked me on facebook. This just goes to show that the "successful" WFG agents are looking for those who will not ask questions, because it's easier to find someone else to rip off than to find the answers.
-WFG agents selling this product have to lie in order to sell it
-WFG agents do not know how the product works
-WFG agents will not waste their time on anyone who they can't trick
Product or Service Mentioned: World Financial Group Customer Care.
Reason of review: Poor customer service.
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