Has anyone heard about World Financial Group (WFG) or worked with them? They are an independent multi level marketing firm that market & sell third party financial products like life insurance, mortgages, mutual funds etc. They are relatively new in Ontario (started out in west) and I recently happened to attend one of their presentations.
They told me that their compensation level is so good that it is easy to make more than $100k a year. The way their system works is if you are an Associate & if you sell to 4 families per month you get $1,800 pm and if you are the Marketing Director you get more. One starts off with being an associate and if you get more people to join in the firm then you move up to Marketing Director (MD). If you are a MD and have 5 associates below you in ur team you earn $12,000 pm i.e. $144k in a yr for helping 4 families in a month. Basically the MD will earn off from the sales that associates made. Whenever they hire a new associate, they ask for his 25 referral contacts that need financial help and they then call these 25 people to make sales or hire them as an associate. To sell the financial products you have to get LLQP license first and they claim that they give you training for that.
Now I am really skeptical of WFG and how they work. I researched about the company on internet and found a lot of negative things about it. Can someone help me out? Is it a scam.....coz it sounds too good to be true.
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Originally posted by mightybuckz
if you sell to 4 families per month you get $1,800 pm
So not including your MD, each family pays $450 a month towards your commission alone....!! How much should each family invest per month to give you 450 per month and your MD even more than that per month ..?
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If you are a MD and have 5 associates below you in ur team you earn $12,000 pm i.e. $144k in a yr for helping 4 families in a month.
Just ask the previous year / latest income tax return of any one of such claimants.
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Is it a scam.....coz it sounds too good to be true.
Trust your instincts...
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I do not want to respond to the question of the total amount of earnings you'll make with this MLM.
Please find out how much commission is made by your broker/agent on a Life Insurance, RRSP, RESP and also other related investment made by you.
If you can save that money (part of that money)every year think of the savings versus your investment in terms of time and money.
If you are an Engineer/Professional and you also want to have an alternative career what is that you would like to have?. The choices in Canada are Insurance, Mutual Funds and Real Estate Agency.
Think on those lines and your decision making will be very easy. The choices available are Clarica, Primerica, Banks, WFG and some others. Compare the choices and you can make up your mind.
As you are in Brampton have you ever visited Akal insurance ?. Just try doing that and compare yourself to their operation. The answer will be up in front of U.
The question you are asking whether that kind of commission is possible in any insurance or real esate business is not a question related to that business but a question towards yourself whether you can do it or not ?.
Please ponder over these questions the answer will be very clear.
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thanks shankracharya for your input. Actually I am a univ student and looking for a part time side career. Someone referred me to wfg, so thought of checking it out. I will do what you recommended and talk to some of the agents there. It was just the extraordinary incomes they were projecting raised my eyebrows. Anyways thanks!!
Mr. Mightbuckz, help me out man!
It's 2007, and its been almost a year by now since you have been first exposed to this company, broker group, whatever. I find myself in a similar situation as yourself because I too am not decided on if this company is the "real deal." So, how have you found it & is it a scam?
Thanks,
I solely created this account, for your reply, but now found other benefits lol.
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Originally posted by Blitzraj1
Mr. Mightbuckz, help me out man!
It's 2007, and its been almost a year by now since you have been first exposed to this company, broker group, whatever. I find myself in a similar situation as yourself because I too am not decided on if this company is the \"real deal.\" So, how have you found it & is it a scam?
Thanks,
I solely created this account, for your reply, but now found other benefits lol.
It is definitely not a scam. Its not a $$ making machine as touted either.
Basically you have to understand the concept of MLM. Are you a good salesman -- capable of chasing down your friends, relatives and strangers to convert them into a client. Getting 4 new customers per month is quite a deal. The only advantage I can attribute to WFG is that their product is sellable. Unlike most other MLM operations (which are some variation of Ponzi schemes), just about any person with regular income can be sold Mutual funds. It becomes even more easier, since vast majority don't want to be bothered with their money and want someone else to do the driving (ofcourse you being a salesman, never mention the sky high 2%-3% MER to clients in your colorful charts and presentations).
MLM can only go so much. It is not an infinitely scalable operation. Desi's can chase desi's and after a while pool of new clients might dry up. Having said this, it does work but keep your expectations realistic.
Location: Beautiful BritishColumbia
Posted on: 07-03-11 22:43:05
Mr. Mightbuckz, help me out man!
It's 2011, and its been so many years, so by now you must have become a multi millionaire in this organization called World Financial Group.
Please help me as my daughter want to join them and I am not really sure.
I usually keep away from this pyramid kind of companies.
Is WFG the "real deal." or like any other N. American pyramid company...is it a scam?
Thanks,
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