World Financial Group....info please

[cruiser]

Hi...
I recently came across a person spouting the fortunes that they are making as an associate through "World Financial Group". http://www.wfg-online.ca/
http://www.worldfinancialgroup.com/

I would like to know if anybody has heard of World Financial Group and what their experience has been. When I first heard of it, "Primerica" came to mind. Is this another financial pyramid?

The person I spoke to claims that she makes $30,000/month. Is this realistic?

Look forward to your feedback.

Thanks

 

[ReluctantPooner]

Be careful not to confuse "Network Marketing" with "Pyramid." But I do not know much about these financial companies. I had someone from Primerica trying to recruit me a year ago, and just recently they gave me a follow up call. A friend worked for another one, and when he described to me how you got paid, it seemed the compensation was set up in a very poor way, where you could lose people when they start doing well themselves??

 

[Booger]

WFG is not a pyramid scheme. Nor are they that well regarded in the investment community. Essentially they tell everyone the same thing. For some of those people the advice is sound, it's good and it works but it's a cookie cutter approach to financial investment that may not be right for everyone. At the end of the day, sophisticated investors go for advisors with a track record and an education. WFG reps may make some decent coin but they're only going to attract unsophisticated investors and that's not where the big money is in that field. IMHO anyway.

 

[mikael]

WGF (aka What Fucking Good) was set up by disgruntled Primerica (The Amway of mutual funds) staffers a while back.

There seems to be almost a "cult" to some of their reps (a friend got involved with them) and not so for the others, in some ways it almost seems like Amway

They have a questionable reputation and are always trying to recruit others to sell their product as opposed to looking for investors, so what is they do, sell investments or find more reps to find more reps

REALLY pushing their h-lock mortgage which is very scary when markets turn bad

If you are looking, Investors or Edward Jones may be a better bet, a much better reputation than WFG

Shop around, use the BIG head and aim for realistic returns not the Pie In The Sky, you can't buy yesterdays returns!

 

[cruiser]

WGF (aka What Fucking Good) was set up by disgruntled Primerica (The Amway of mutual funds) staffers a while back.

There seems to be almost a "cult" to some of their reps (a friend got involved with them) and not so for the others, in some ways it almost seems like Amway

They have a questionable reputation and are always trying to recruit others to sell their product as opposed to looking for investors, so what is they do, sell investments or find more reps to find more reps

REALLY pushing their h-lock mortgage which is very scary when markets turn bad

If you are looking, Investors or Edward Jones may be a better bet, a much better reputation than WFG

Shop around, use the BIG head and aim for realistic returns not the Pie In The Sky, you can't buy yesterdays returns!

You mention some good points.....the person that I spoke to said that she was busy "training" people in classes that she holds (in Edmonton). She was quite a go-getter/aggressive person, even just communicating through her via chat.

About the Pie in the Sky...she mentioned about buying an island and building her dreamhouse on it.

For those of you in BC, this person has an office in Burnaby..and two offices in Alberta.

Thanks for the info...I think I'll pass on her "gold at the end of the rainbow" !

 

[LonelyGhost]

i always wondered what happened to the Amway crowd ...

 

[mr.e]

It's a pyramid scheme! Some people are so dumb sometimes.

 

[Rolls Royce]

Be Careful!

I've got a buddy in it, and attended a meeting, and coming from a financial services background this is basically "Amway meets banking." They lock in 3 products together your line of credit, your mortgage, and the New York Stock Exchange as your means of investment. Basically, they take your mortgage and pay it off for you and turn it into a revolving line of credit, what that means is your mortgage beomes essentially like a Visa. Every month your mortgage payment goes to cover your line of credit payment, then that same payment is pulled out and reinvested in the stock market. The thinking is that in 25 years when you are ready to retire the money you have invested in the stock market at 12% vs the 8-9% that you pay on a line of credit should still leave you with 4% to retire comfortably with. There is more to it than that but this is a bare bones means of explaining this. So what are the problems: 1) If you miss just one mtg pymt you're penalized severely, not the slap on the wrist you may receive from your local financial institution or your payment restructured for that month. 2) If you lose your job you're screwed! You have to find a way to make these payments, you can't just sell the house and hope for the best (actually there is more to this part but I can't remember what they said). The Amway part comes in when someone recruits you under them. You have to find the clients, you visit each client with a rep from WFG and the rep from WFG gets all the commission from that sale, until you are certified. Once you are certified then you have to recruit people to work for you and then you start making money on the clients that your recruited trainee finds, and your trainee gets squat. There is no harm in going for an informational meeting, but rest assured finding clients (and especially if you approach family, friends, co-workers, and teammates, well......you better decide before you approach them whether you value them in your life or not). Personally, I've been avoiding them like the plague. I did Cutco knives, so I can tell you from personal experience IT SUCKS!! but again that was my experience.

 

[CallMeJack]

fuck WFG.. I know this shit way back in the year 2000..... I was a member in their burnaby headquarter.....I was dumb because a friend recruited me and I trusted her. That was stupid.

they are piece of shit that will try to recruit you/family/friend to sell you their product UL insurance .....

lucky, I quit out soon. I don't believe in them...

Yeah they are are a cult..... Those idoits that dress in suit and going to those bs meeting are harilous..........

did you went to their business meeting presentation? try to go into one. Its fucking funny...... All the guy talk about is making tons of $$$ and and trying to recruit you to join their team or selling you a product.

don't waste your time with these idoits.......

 

[jimbo2006]

yeah I remember them, they used to be called WMA back in 2001

This might seal the deal:
http://www.ripoffreport.com/reports/0/004/ripoff0004700.htm

 

[sixty__niner]

Read an article from Edmonton Journal Jul 15/06, written by Inez Dyer called "Empowering Women Or Enriching Themselves At The Clients' Expense" and also written in Vancouver and Prince George newspapers.

She does not mention WFG by name, but it is the exact business practice they do (ie. IMHO they SUCK!!)

If you want a copy, PM me and I can send you a copy of it via email.

And for the record, pyramid schemes would not be registered with provincial regulators. But I'm not saying the province makes the best decisions on a regular basis either!!

 

[funkdafied]

Hey ladies and gents,

(first time poster, short time lurker - hahaha)

I've got a friend who does that WFG thing too and it's just madness... They get everyone all hyped to make money and use so many analogies to big corporations saying that they can do it too...! I think their idea is to recruit recruit recruit so that way they don't have to do the work anymore (i.e. "own their own business")... Funny thing is, I had another friend do the Cutco knives thing too... Strange how everyone knows someone who's done this...