32.7K views
New Reviewer
343 comments

Do you want the truth about World Financial Group, now rebranding themselves as Transamerica Financial Advisers?????

I was in the trenches with this company for many years and I know firsthand the truth behind this company.

What do they really do? They sell you a dream. They are in the business of selling you a dream of financial independence. They sell the dream of having the income to support a better lifestyle for you and your family, to be able to spend more time with your family. To set yourself free of debt and never having to work again. To earn travel bonuses, Rolex watches, Super Bowl style rings, cars......etc.

The Reality. You will become a professional meeting attender. You will spend even less time with your family. Be prepared to sit in meeting after meeting after meeting after meeting. Why??? Because you need to be trained. They will tell you to come to the office to get training on financial concepts and how money works. They will tell you enough to get you excited and that's the point. To keep you excited so you keep coming back and bringing more and more people to meetings and "big events". To keep you excited so that when you tell people about the "business opportunity" your true enthusiasm shows and they get excited and want to know more and agree to come to a "open house", "career night", "grand opening", "interview", "corporate overview", "business presentation meeting", "one on one", "group hiring interview".

You will be instructed and encouraged to bring and solicit your "warm market". What's that??? Your friends and family, co-workers, people off the street.....whoever you know or meet, they don't care. Just bring a body to fill a chair in the "corporate overview, BPM" to hopefully get them interested enough to join or buy a product so that they too get excited and the whole "churning" machine keeps running. The problem with using your warm market is you will soon find that your friends and family will start to avoid you and may not even take or return your calls. Good luck with that. The WFG/TFA leadership will assure you that those who avoid you are the ones missing out and that you represent a "noble cause" and not to be discouraged.

The Reality. Be prepared to spend all your time and money on meetings, seminars, self-improvement, getting licensed, rent, "plug in fees" and attending "Big Events". Big events are motivational seminars that parade a lot of people across a stage to receive recognition. That is awards, prizes, plaques, swords and sometimes even an actual check. As an observer to all this, you would think that these people are winning big time and making big money. Don't believe it for a second. This is a psychological manipulation and powerful marketing tool to keep on existing agents and recruit new ones. Most of these award winners are broke and pretending to be something they are not, making money they are not.

Expect to be pushed beyond your "comfort zone". When you could be at home with your kids, you will be in meetings. When your spouse is home at night, you will be "in the field" doing sales presentations; most likely for skeptical people who can't afford the products you sell anyway. When you have no money, you will be pushed to attend the next "big event", you will be encouraged to "find a way", "go all in", "risk all to win all", "if you can't afford to be there, then you really need to be there", "if you miss this, it will be the biggest mistake of your life", "if you don't attend you will be setting your business back by at least a year" they are masters of manipulation. They will make you feel like a loser if you do not comply. Their psychological power of manipulation is very compelling. They instill an environment of brutal competition, pitting associates against one another for greater production in the "base shop" and the loser is often publicly humiliated and stands to lose money as a consequence.

The reality is these "big events" cost a lot of money, offer little substance and are comprised of very little product training. There are several product providers that basically pitch you to sell their product. You will be expected to compete for seating that sometimes turns into pushing and shoving and battling for the first come first served seating. Some people try to reserve seats often winding up in heated arguments. Ridiculous. If you attend a big event be prepared for little sleep, hurried breaks, long winded testimonials from people that are misrepresenting the truth and a whole lot of pie in the sky dream selling. These people are masters of manipulation and intertwine their own religious beliefs to add to the perception of their conviction and belief in the business. Do not be fooled. Make them prove what they say.

The Business Format System. This is the "Bible" of the business. The ideas are sound; in fact the whole business model of WFG is great. The compensation is fantastic. So here are some encouraging words and what had initially given me hope. Again, the business model is AWESOME. But unfortunately, it is only a model. Here is how it works.

"The Law of Big Numbers". They will tell you that if you want to win big, then you will need to build a huge team, a "big base shop". They will tell you things like "get 10 and it's all over". They will show you presentations showing 10 agents with 10 sales at an average of $500.00 per sale will earn you $10,000 a month. Don't believe it. The numbers look good and it seems easy enough. Don't believe it.

"Charge backs" What is this???? Basically, when you sell an insurance product the buyer has a "look over period" to decide if they want to keep the product. If the client cancels....and they often do; your commission is reversed. If your following month's sales are low; you will actually end up owing the company money. So, you spend all your time in meetings, study for days on end and pay to get licensed (you have to be licensed to sell insurance products ((with some exceptions)), then you take time away from your family to go on a "field training appointment", you pay for gas, wear and tear on your vehicle, sit in front of a skeptical couple, try to fit them into a product, overcome objections, fill out the application, if you succeed in convincing them in a product, submit the application.....hopefully it's all filled out correctly or it will be rejected, order and schedule a medical exam, submit to underwriting and hopefully your client does not get rejected. Are you still with me????? So hopefully your client is approved and gets a good rating so that they can actually afford the policy. You may need to show that the client has sufficient "discretionary income" to buy the policy.

Congratulations!!!!.....the app was approved and the client is issued the policy. It's not over yet folks.....this is the simplified version....complex cases can require mountains of paperwork......Now you must deliver the policy to the client and you do. The client realizes the extra $400 a month is really cramping their lifestyle and is a burden. They cancel, you get a "charge back" and now all your time, effort and expense is down the drain. So you say, what happened??? Understand this...It's your fault. You wrote "bad business", "you're in the wrong market", "you oversold the client".....whatever it is, it's YOUR FAULT, even though you did EVERYTHING right. I'm telling you the psychological impact is overwhelming.

When you get frustrated and want to quit you will hear things like, "mental toughness", "would you quit on your hopes and dreams", "quitters never win".....they will mess you up in the head so bad that you stay on, plugging away, going deeper and deeper into a very dark place. This is also part of the psychology surrounding building a team, a "base shop". Now you are directly responsible for those you have brought in under you and to the clients you have sold products to. Most people find it impossible to quit under these circumstances that they continue, regardless of their personal dilemmas.

The Reality. Don't believe the hype....This is MLM.

This may be your reality.

Here are my suggestions.

If you are approached as a client, take a look and compare companies, products, costs and services. The products WFG/TFA offer are legit and may be good for you. The problem is the sales person, in most cases, is not an expert and has just enough knowledge to pass the licensing exams. So don't think for a minute that you're in competent hands and dealing with an experienced industry professional.

Understand that WFG/TFA will take ANYONE on as an agent as long as they do not have a felony or financial related criminal CONVICTION. Yes, a conviction. A person could have been arrested multiple times for anything and had the case dismissed or any circumstance not resulting in a conviction and they are eligible to become a WFG/TFA agent. WFG/TFA agents come from all walks of life. One WFG agent is currently (2011) awaiting trial for rape and assault while impersonating a police officer......so BEWARE!!

This business attracts all types of people. Some are not so good. Truth, there are also A LOT of very good people. I have to give them credit. But in my opinion WFG/TFA need to raise their standards of who they accept BIG TIME!!!!

If you plan to join the company as an agent; my words of advice are: ask A LOT of questions and be prepared to go around in circles in getting a straight answer. Ask to see tax returns of the people trying to portray themselves as millionaires.....they will sell themselves with such conviction and confidence that you should be equally assertive in having them prove it. You will be astonished at how many broke millionaires and outright liars you will find. Go in with your eyes wide open.

WARNING: DO NOT GO FULL TIME NO MATTER WHAT UNTIL YOU ARE TRULY MAKING A LEVEL OF INCOME FROM WFG/TFA THAT WILL SUSTAIN YOU WITH A MINIMUM OF 6 MONTHS RESERVE.

Understand that your life will be consumed by this business. Understand that the claims they make ARE TRUE......what???? Yes, the claims are true. There are people making big money......the truth is, VERY FEW......let me say again, VERY FEW. But maybe you are a "stud", and you are different and think you can rise against all odds and make it....some do. Good luck. I can only say that if I had been given the truth up front....I would have stayed with my $175K a year job and never, ever gotten involved with this company.

There are some positives to WFG/TFA, there are things to be learned, but there is a cost. They tell you it's FREE education. Don't believe it.

I have seen very little positive effect over the masses of people that filter through the company. The only positive effect, financially speaking, is for the top dogs. The people at the top of the organization. Their success is fed by the small people at the bottom. Consider this. The law of big numbers, tons of people "filtered" through the system. One product here, one there, a ticket here and there……multiplied by thousands and thousands all the while, small parts of those profits "rolling up" to the "up-line". Get the picture. The big fish are fed by the efforts of the small fish who dream of becoming a big fish. Good luck.

I have seen a very few profit in riches beyond what most people can ever hope to earn. But this is only a very, very, very few. Not like 1 in 10. More like 1 in 100,000 and that is a conservative estimate. And it is maybe 1 in 1,000,000 that really hit it big.

I have seen savings lost, families destroyed, foreclosures, bankruptcies, divorces, suicides, criminal activity, assaults, deceit, sexual harassment, credit cards maxed out, cars and other property repossessed, depression, despair, hopelessness, addiction, stress, stress related illness and all kinds of very bad things happen to good people all trying to fulfill this so called dream. It is a dream and for most will only be just a dream and nothing more. Unrealistic, unobtainable and understand the little fish only feed the bigger fish. No matter what success you have in the company, someone upstream (up-line) reaps the benefit of your hard work. Yet you alone will suffer the losses when they occur.

Don't believe the hype. For all of those who have posted such positive comments about the company all I can say is......keep drinking the Kool-Aid.

If my words help just one family stay together, prevent one divorce, separation, foreclosure, bankruptcy, suicide or other ill fated consequence.....well then my time was well spent here.

I challenge anyone to refute and disprove my words....trust me; I know what I am talking about. I could name names, but in fairness, it is everyone's right and responsibility to make their own decisions. My biggest complaint / concern is that the WFG/TFA leadership is NOT telling the truth about what really happens. They are way too busy dream selling and not reality telling.

I was successful with this company, but ultimately lost far more than I ever gained and it nearly cost me everything. My marriage, my home, all my money, my health, my sanity, my possessions, nearly all lost. I woke up just in time and I hope this helps anyone considering getting involved with this company.

Bottom line, BEWARE. Forewarned is fair warned. Participate at your own risk and if you proceed remember you read this. I told you so.

Location: Irvine, California

Do You Have Something To Say ?
Write a review

Comments

You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment
#998172

This is so sad. I'm sorry you had this experience.

But in large part you are responsible. I was sold the dream too. And since I'm in a wheelchair, almost everything in this business (WFG) was a bit more difficult. I.E.

Having to be carried into home for training appointments and such. Being constantly admitted to the hospitals for kidney infections. The list goes on and on. I'm no longer with them due to the fact that I resigned.

If I were to stop here, I'd sound like everyone else, but I'm not going to.

My first year 2006, I finished number 11 out of the entire company in personal production. I went on many of their trips. I made a ton of money, and I helped a ton of families. I became the number one guy in all of AZ in 06,07,08 You're welcome to look me up.

Jonmark Richardson. I resigned not because the opportunity is a scam. It ABSOLUTELY is not. I did very well, Got my ring in the first 9 months of joining, and I was only 25 years old.

I resigned because I didn't like where the company we headed, so I created my own. And you know what? that is doing well too. So many people want to blame so many others for their failings.

Own up to it. Be accountable. Don't cry online because you didn't make it. 2/3rds of my body is paralyzed and I beat 90% of the company my first year.

I'm proof it works.

If you want the world, you have to pay the price. I still have my friends.

Yeah, the ones I set appointments with. It's a good opportunity and paved the way to start my own.

#1097636
@PissedConsumer998172

Your experience is very inspiring. I think it would be more credible if you will put real name here, not hide behind anonymous.

April

#1149413
@PissedConsumer998172

Hmm. "Jonmark Richardson," your story is so inspiring I right away started to google you and WFG to see the glowing press that WFG undoubtedly put out there about you.

Problem is JMR, when I google "Jonmark Richardson WFG" I get nothing--except this comment here in this Pissedconsumer review. I found a LinkedIn profile for a Jonmark Richardson in Phoenix AZ, but that lists only OPES Financial Solutions and mentions no other company.

So Jonmark, if you don’t mind showing us proof you worked for WFG, that’d be great.

If you want to share your specific reasons for why you left WFG, so much the better. Thanks.

#993124

What you put in is what you get, that is simply how it is all measured up. It is a business opportunity wherein you have to decide if you want to go in or not.

Regardless of who you talked to or who invited you. It is still your own decision how you ended up in there.

it might not be the right business or work platform for you, but the products and the company itself is great thing and really helps families.

If you say otherwise, let the Billions of assets prove you wrong.

Not everybody can be winners, but everybody can be given the opportunity to do so, on how you win and excel, the results will definitely vary, but the system WFG offers has a higher rate of chances for you to win and improve on yourself and how you handle your finances to say the least.

#991994

WFG (World Financial Group) is part of a larger financial organization called Aegon.

Aegon operates in 22 different countries and in the United States alone, it owns 29 different companies, one of which is TransAmerica, one of the most reputable investment and insurance companies in the US.

In terms of total assets, I believe Aegon has a total of $550 billion in assets based on latest statistics.

Imagine if you combine the total asset base of Fedex/Kinkos, UPS, Microsoft, Dell, Coca Cola, Pepsi Cola, Home Depot, McDonalds, they equal the size and financial strength of Aegon.

This is the amount of strength and respect WFG bring to the table every time they meet and help families set up financial strategies to achieve their financial goals. Take the time to research the companies strength and assets before you read these reviews that WFG is a scam and a Pyramid.

WFG has high integrity and highly regulated by the department of insurance and would not still be in business today if these were true facts and case. You can not make a dime unless you pass the state exam and are licensed, and if you didn't prosper, it's because you didn't do the work, and probably looking for a quick get rich scam. So for those highly self motivated and are interested in running a successful business, do look up a local WFG associate who'll assist in getting you started.

When opportunity is presented, it's up to the individual to do what they will with this opportunity. Usually, ones quick to judge or to point the finger are ones who didn't walk the talk and most likely ignorant to the actual facts and system of the company structure.

#1149416
@PissedConsumer991994

Anon, are you sure Aegon still owns WFG? Where's your incontrovertible proof for this?

Do you mind posting a link or two for this? We see the “Part of Aegon” logo faithfully plastered on TA’s web pages. Why don’t we see the same on WFG’s pages?

We do we *never* see it broken out in the division discussion in Aegon’s annual reports? Indeed WFG dropped out of sight as a division from 2007.

#990014

All you whiners sound very unsuccessful in life and business. Why are you so angry?

This is the deal, it's business ownership. You are a work creator here, not a job processor. Most people are not able to do that cause they like having a boss and security. It's not for everyone.

We have 1300 offices all throughout the company-with all different cultures and traditions; what office you join is critical to your training and success. Unfortunately you had a bad experience, but that cannot speak for the entire company. I am a investment advisor rep with a series 7 and 66 (stock broker dude). I started at a different company and let me tell you the traditional industry is very difficult.

Once I came to Transamerica/WFG, I was able to stretch my vision of what I was capable of. I LOVE IT at this "cult". It's been empowering and I have made some decent money (nothing compared to the top dogs-but for me it's a lot). But yes, you need to invest in yourself to become world class.

Do you think with your current talents and skills, you can become a top leader in business? It takes hard work and a positive attitude. I do agree, you should NOT go full time until you have some money saved up because in the world of business ownership, you have great months and not so great months.

But as you strengthen your craft and bring more value to the client, your income becomes more consistent. There is nothing wrong with dreaming big-please stop crushing other people's dream of success because you failed.

#1149422
@PissedConsumer990014

Yep another WF-Gnome propagating the party line and spouting nonsensical distinctions like "You are a work creator...not a job processor..." Anon you say "...it's business ownership…” Anon, tell us, do you really "own your own biz?" Do you own your Book of Business within WFG? Do you even know what is the book of business?

Can you take your BofB with you move on from WFG to another agency? Can you move up the pyramid without your uplines' approval? (The answer's NO - see page 8 in the WFG Compensation and Pmotion Guidelines.) Hey Mr "Own-Yer-Own-Biz" isn't this sounding more and more like a J.O.B.? Except worse?

You are a contractor, period. You pay for everything--training, books, travel etc--that companies normally pay for their employees. Meanwhile WFG hinders you from performing truly independently. Anon, sure it's OK to dream.

But please get your facts straight OK? Thank you.

#988656

Great unbiased post !!!

#988653

For the believers.... keep drinking the Koolaid!!

Thinking of joining this CULT??? Remember the ol' saying ?? NEVER TRUST AN INSURANCE SALESMAN!!!!

Especially when they can hardly speak english.. Trust your financials to people that is broke and chasing the dream ????

#980361

Gumbo55

#979573

Honestly look in the mirror. Why dont you share your address and phone number so people can make sure you aren't just as unsuccessful in your next venture as this one or that you aren't the competition stating bad things about people making a difference in peoples lives for the positive.....my guess is your negative attitude goes beyond this experience.

#1149430
@PissedConsumer979573

Sure Anon. Believe what you want.

Insinuate all you want. The truth will out on WFG.

WFG structures its Compensation and Promotion plan so that the contractors pretty much have to focus on flogging Transamerica’s toxic low-guarantee fee-infested FFIUL. WFG contractors have little real idea what they’re pushing onto people.

That policy’s 25+ pages just for the main body of it, without the riders. And TA buried so many landmines in it, such weak and so few guarantees to the policyholder and so many fees with very high caps, that TA *could* run the net annual return on that thing down to near zero even if the hapless policyholder faithfully pays the estimated level premium. It could even blow up on them 20, 30 years later due to skyrocketing COIs. Also, because these policies are typically high-ticket one-sale-per-person-for-life items, their low unit sales forces you to recruit so much that you start to violate pyramid scheme laws.

But hey, enjoy that Land of Oz you hide yourself in.

We understand you Anon--you don’t want “nay-sayers” to kill your wild fantasies. Too bad these fantasies mean you have to screw your fellow human beings--including your friends and family members--by selling them inferior and even outright bad products.

#967481

Thankyou my friend you are so true. I almost made mistake.

I took my time and finally figured out. They give you little bit info at time. Within that time they get your money and your family , friends money. If you quit no big deal.

I would say talk to your bank for investments. Be happy what your are making. This is group of pro *** artist working within legal system. Every one tell you they were engineer or left six figure jobs.

This is all bull crock and part of their story telling. Every one has BS story. It is free entertainment to hang around them.

You will see greedy people preying on people who do not like their jobs, not happy. Now I love my job and will never leave it.

#1091724
@PissedConsumer967481

Who asked you to leave your job ?

#964879

Trust me. Stay away from WFG and there untrained agent's who think they are Rich or are going to get Rich lol.

I worked directly with some of the highest people in the organization (Rich Thawley). Horrible company with a cult mindset.

Trust me you will regret it. The gentleman who posted this said it right on point!!!

#952262

whoever saying craps about spending 4000+ for nothing~ there are a few reasons why: 1) the recruiters doing it wrong - so ended up lots of whiners; 2) those who may be not following the system - like not following the instructions or may be no one telling you the correct way to do it - so ended up failure~ 3) pure lazy people just sit there do nothing and dreaming.

I am Canadian and my startup fee is 125 CAD (131.25 with tax) is not that bad and goes to the company as due diligence~ imagine if I own a restaurant, compare to all the startup costs this is not too horrible (knock on wood if I screw this I just lost 125 CAD)

Then I just go sign up doing the llqp - which is around 99 for the first part, then i have to do my second part around 100 (which all govt regulated and legit)

I carefully planned and make sure schedule match everything, my estimate myself once i got licensed should have 10,000 CAD per month.

Lets say i slack off a bit probably 2000 to 4000 CAD per month

Work hard on it then book hotel room at MGM to enjoy the gala and have fun in August with my team, at the same time update my knowledge during daytime sessions.

Once a while there are free trips if I worked hard and just qualify it.

#967485
@PissedConsumer952262

Good brain washing. This company is for people who are greedy, low self esteem and will do anything for money.

Your so called leaders think themselves as rock stars. They treat their people like ***. These guys are no leaders. Your true leaders are you military, police officers , firefighers.

They have passion to serve and save lives of people. They are happy with their respectable earnings. Big earning does not make you leader. There are lot of swindlers who are rich.

your leaders are swindle lot of people, little bit at a time. At end they make lot of money.

#951519

Yea.. I got invited by an agent to attend a meeting through a mutual friend on facebook..

Totally random, they said they wanted "individuals who are not only business-minded, but also hard-working, ambitious, and especially family-orientated." Nothing about my facebook has anything to do with business or working hard, I rarely use Facebook as it is.. If you ask me they just copy and pasted the same message to everybody they tried to recruit and just switched out the names.. My dumba** friend is close to losing her ACTUAL part-time job because they keep going to "meetings" and "training" and hasnt received a single dime in the month and a half they've been there. Just paid over $500 so far for it but they're gonna be "making so much money".

Tried to warn them, but nope.. Too stubborn to realize how much they're losing

#946137

Go to www.aegon.com and click on FAQ. Read the first fact.

World Financial Group Reviews

  1. 102 reviews
  2. 8 reviews
  3. 10 reviews
  4. 6 reviews
  5. 32 reviews
World Financial Group reviews