What does wfg do?
The entire thing was shady even then; near as I could tell the business model relied on what I would call insurance replacement; calling up people and finding out if they had Whole Life policies. Then, persuading them to cash out their policies, buy new Term Life policies, and invest the Whole Life proceeds in mutual funds, which I believe were basically junk bonds that were bundled up into several tranches, that composed the various offerings of the mutual fund line. Even as a 21 year old with zero financial training or professional work experience, my BS detector went off loud and clear. I was very disappointed too, to find out the company’s offices, which had been held out as a “big financial services firm” (by way of comparisons to actual real businesses like Merrill Lynch, or Charles Schwab, etc, household names), were in some craptastic late 1960’s two-story office building next to a strip mall.
Also it was not actually a job. Naturally. There was no salary, and no benefits. Why? Because it wasn’t a job. Interviews are for JOBS. If there are no salaries, it is NOT A JOB. Jobs pay you for your time, that’s what the point of having one is. If you want to work for yourself, you sure as shit do not need WFG to do it. Anyone can take the broker’s and agents license exams. Anyone! You can study online, pay the registration fee, and take the test all on your own. You don’t need them to sell insurance either – if you want to sell insurance, get your license, and sign up as an agent with a brokerage or set up your own independent agency! Nobody is stopping you! If you are an independent agent, you keep ALL of the commissions you earn. You don’t need to “recruit” anyone. You can advertise for clients like a normal business does.
Let’s just say that I was onto these crooks the second I got to their offices – it looked like exactly the kind of place a down-in-the-dumps small business operator might set up a boiler room. A place where the rent was cheap and short-term and someone could fly below the radar of the authorities by having no exterior or frontage signage, just a listing on the lobby directory (Suite 2B, etc).
If anything could have typified the Clinton economy or the liberal ideology as nothing more than a bunch of charlatans trying to recruit the young and gullible into their pathetic doomed scheme, it was Primerica. It was truly a Decade of Lies.
So, young people…I feel your pain. You are smart, you are energetic, and the world is your oyster. And you know what, whether or not that is even true, you deserve a real job. In fact you owe it to yourself to have one! It will do you good! It will be hard work. You might hate it. Your boss might be a petty tyrant. I’ve worked for people that were clinical and belonged in an institution, and who had no business being put in charge of other human beings. I’ve had to work for bipolar (truly manic-depressives) nutsos, alcoholics, regular old jerks, sociopaths, you name it. But I learned something every time from doing these jobs..even the ones I hated. But you will earn money and learn a lesson, and eventually you will be scam-proof, wiser, smarter, and certainly more cynical. That’s what becoming an adult is all about. Lose your illusions when you are young, because you can’t afford to keep them much longer …and working for others helps do that.
But if you want to be scam proof right now, all you have to remember is this acronym made famous by the great Robert Heinlein:
TAANSTAAFL
Which stands for “There Ain’t No Such Thing As A Free Lunch”.
Which means, if someone you didn’t apply to a job with offers you an interview, its probably a scam (or a kidnapping attempt, watch out ladies)
For more than 20 years, World Financial Group, a Transamerica company, has helped countless individuals and families find financial security through our life insurance, retirement and wealth-building strategies. And we can do the same for you.
Coordinates: 34°03′27″N 84°10′09″W / 34.057605°N 84.169202°W / 34.057605; -84.169202
World Financial Group (WFG) is a multi-level marketing[3] financial and insurance services company based in Johns Creek, Georgia, a suburb of Atlanta, which sells investment, insurance, and various other financial products through a network of distributors in the United States, Canada, and Puerto Rico.[4][5] It is wholly owned by Dutch life insurance multinational Aegon and operates primarily under the Transamerica brand in the United States.[6]
World Financial Group associates are compensated by selling financial services products and receiving commission overrides from people that agents sponsor into the company.[3]
World Marketing Alliance (WMA) was founded by Hubert Humphrey after he left Primerica in 1991. The original name was Alexander, Inc. but shortly thereafter was renamed World Marketing Alliance. The original idea was that the baby boomers needed a solution for wealth creation and tax protection, and that the "buy term and invest the difference" philosophy of Primerica (formerly A.L. Williams) could be better addressed with variable universal life insurance.
While in A.L., Humphrey created and introduced the Business Format System (BFS), a business sales and recruiting methodology. Humphrey continued to develop the methodology in WMA.[7] MD TV, the company's private satellite television network, was also introduced during this period. The company expanded its operations to Canada, Taiwan, Mexico, Puerto Rico, Guam and the Philippines.[7] The company held its first convention in Las Vegas in 1992. It was attended by about 2,000 associates.[7]
On March 23, 1998, WMA Executive World Headquarters opened in Duluth, Georgia. The 100,000-square-foot (9,300 m2) building housed 500+ employees.[7]
In November 1998, WMA was fined $100,000 "for not properly supervising its sales agents" after their clients lost nearly $2 million in unregistered investments.[8][9] In 2000, WMA was fined $125,000 "for failing to report nearly 900 customer complaints".[10]
In June 2001, select assets of WMA were purchased by AEGON and renamed World Financial Group, Inc.[11] Humphrey retained WMA Mortgage Services, Inc. and the original logo, which was used in his subsequent companies World Leadership Group and Hegemon Group International. As part of the conditions of sale, Humphrey was placed on a noncompete agreement and could not compete in the insurance industry until 2013. Following the sale of WMA to Aegon, Alexander Wynaendts, chief executive of AEGON, was quoted as saying, "When we took the company over, we put in place very strict regulatory and compliance procedures".[3]
In 2015, John Hancock Financial, a Boston-based insurance company, acquired 1,100 advisors from Transamerica World Financial Group.[12]
World Financial Group has over 3,500 offices in the United States.[13] The World Financial Group Canadian division, World Financial Group Insurance Agency of Canada Inc., moved to Toronto, Ontario in February 2012.[14] In 2008, World Financial Group had over 80 Canadian offices and over 1,500 agents.[15] On July 1, 2013, WFG Securities of Canada, Inc. changed its name to Transamerica Securities, Inc.[16]
As of 2022, there are approximately 53,200 independent life insurance agents associated with WFGIA in the United States and its affiliated insurance agency operating in Canada.[17]
In September 2022, the World Financial Group Agency of Canada (WFGIAC) renewed its sponsorship of the 2022 Pinty’s Grand Slam of Curling.[18]
In November 2022, Transamerica appointed Todd Buchanan President of World Financial Group Insurance Agency, LLC (WFG), Senior Vice President at Transamerica, and head of Transamerica Financial Advisors, Inc. (TFA).[19]
WFG works with hundreds of product provider companies, including mutual funds and unit investment trusts, and various insurance and financial services-related companies.[20][21]
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.
Copyright 2023 FMG Suite.
Transamerica Financial Advisors, Inc. (TFA), Member FINRA, MSRB, SIPC, and Registered Investment Advisor, offers securities and Investment Advisory Services. World Financial Group Insurance Agency, LLC (In California, doing business as World Financial Insurance Agency, LLC), World Financial Group Insurance Agency of Hawaii, Inc., World Financial Group Insurance Agency of Massachusetts, Inc., and /or WFG Insurance Agency of Puerto Rico, Inc. (collectively WFGIA), offer insurance products. WFGIA and TFA are affiliated companies.
Neither Transamerica Financial Advisors, Inc. nor its representatives may provide tax or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal professionals regarding their particular situation and the concepts presented herein.
WFGIA Headquarters: 11315 Johns Creek Parkway, Suite 200, Johns Creek, GA 30097-1517. Phone: 770.453.9300
TFA Headquarters: 570 Carillon Parkway, St. Petersburg, FL 33716. Phone: 770.248.3271
Your article has misinformation and bias in it from what I see.
Stop using the mlm excusitice to bash wfg. It gives everyone a fair chance to change their live, thier families and other’s through education plus, go through the legal steps. Like any financial services business needs a license or any business to operate and why would triple a companies work with wfg if a scam? So, false
Another lie in high pressure to recruit. If you want to you can to build a team like any buisness or job. Everyone recruits job, army, scouts, banks, etc so, they a scam then? Or can just service families your choice. So false.
Another lie in hard to make a lot of income with the system in wfg. Every business and job has a system for who joins them with a trainer to teach them so, Wfg is no different. Job caps on how much your worth but, wfg you can create your own worth so, false.
You become a social outcast to family amd friends. Only applies if you push it like that but, in realistic terms it does not make you a social outcast. Unless, you do that to yourself in the process so, false.
Could be a conflict of interest in trying to sell high commision product’s when it is not another biased lie. Like every busienss who is perfect? No one so, stop attacking wfg like it is the enemy to the public and other’s don’t have bad apples.
Your article seems biased and one sided when you wrote this i must say. Before you print something about a company you do not know the full facts about sit down and stay quiet until, you actually do the proper research to write it. You don’t spread misinformstion to people then, see some other’s speak the same misinformation in your comment section. To everyone elses slandering the company need to keep quiet till you actually research properly.
This system and platform has changed thousand’s and million’s of lives to a better future. So, saying you would not touch any of the products or recommend to family and friend’s shows your arrogance of that ego.
Hope you have seen the positive impact the campaign is giving people in a better life in educating yourself.
Best regards Paul M
