Anyone heard of World Financial Group?

[MastaTam]

My gf is "applying" for a job at this place called World Financial Group. She went to some orientation at their building at Milpitas, CA. So far, they have yet to tell her what the job description is or how much she'll be getting paid, even though she's supposedly been hired already. I think their website is WFG. Their website is amazingly vague as to what services they offer.
The reason I'm so worried is that this sounds like a multi-level marketing scheme. I'm sure you guys in the Bay Area have heard about 2by2.net, which is definitely a multi-level marketing scheme/pyramid scheme. I've had some experience with them in that a friend tried tricking me into joining, which really pissed me off. And from what my gf tells me, she's hearing the same lines that I heard at the 2by2.net orientation. Most suspiciously, she's heard the line "You'll make lots of money if you put a lot of time into it." Also, they've told her that she can make money if she recruits other people into the company. That coupled with the fact that there's a $100 fee to work for them.
Anyway, anyone heard of this company? I've checked the BBB website and they list several WFG across the country. Any information would be greatly appreciated. Thanks


Just found this thread by SnoopCat where he has the same opinion about the company as I am. No one replied to his thread though....

Doh, found this thread too... looks like my suspicions of it being a MLM company is confirmed.

 

[wyvrn]

WFG used to be called WMA. They were bought out by Aegon group (large international financial firm) and WFG is the networking marketing branch of Aegon. They sell life insurance and investment products, concentrating on the VUL as a catch-all product. Personally, I think there is nothing wrong with network marketing so long as the company is legit. WFG is a legit company as evidenced by the buyout from Aegon, but network marketing is not for everyone. Is she being offered a position with the home office in Atlanta or is she being recruited as an independent entrepeneur?

BTW, there is zero compensation for recruiting. The compensation will come from selling products, but true to the network marketing framework, recruiting leads to higher total sales and higher compensation for the recuiter. The $100 fee is for paperwork to join. She will also have to pass several state licensure exams before she will be able to sell product, as well as taking continuing education to keep up with SEC requirements. These exams and the study materials cost money.

 

[ElFenix]

sounds like primerica

 

[MastaTam]

She's not being offered a position in Atlanta, so it's mostly likely as an independent entrepreneur.

And thanks for your response, wyvrn. I really appreciate your info.

 

[wyvrn]

Very similar in structure. My accountant is a Primerica representative, and I have a Roth IRA with them. As far as philosophy goes, Primerica emphasizes term life insurance, and invest the rest in IRA/mutual funds/annuities. WFG promotes the VUL as a hybrid product that can solve both insurance and investment needs, which it can be. But it all depends on the fees you pay to get the VUL, which can be high or low depending on age, health, type of plan, face amount and riders attached.

BTW I was a WMA representative for a time, but network marketing is not my forte. I still have an insurance product from them which is quite good compared to other companies. It was a good experience overall because I learned a lot by getting my broker's licenses.

Originally posted by: ElFenix
sounds like primerica