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| *Ostroff, Fair and Company>>>Financial Services |
Any one heard of World Financial Group? |
I think World Financial Group is a scam company. Why? I was looking for a job recently and came across this company at my college job fair. They seem nice enough so I give them my resume that day. A few days later they called me in for interview. I went to the interview and they started telling me about their company and what they do. When they were finish they asked me if I was interested in joining them? I said, yes. They said, great and for me to pay them now a $100 dollars to do their background check. They showed me a form and told me to write down my credit card info on there. At this point I thought it was a scam. I said, started to ask them more questions like why do I need to pay them a $100 dollars for their background check? I asked, what do you want me to do for them? What am I selling to people? The person's answers didn't make sense to me. Then, her manager suddenly join us and she started to selling me. I didn't buy it and left afterwards. Is it a scam? This is my experience with World Financial Group - My advice would be to stay away. I was contacted by WFG as a refernce for a friend of mine. A minute or two into the conversation I was asked if my friend could do a 'practice' presentation for me, I reluctantly agreed. When I arrived at my friends house (they wanted to use my house, but I declined), I was immediatelly introduced to a 'Marketing Director' from WFG, who actually did ALL of the talking (a low key sales job). A few days later my friend began pestering me to attend one of their meetings. I finally agreed. The meeting started with a mixer and loud music, making it difficult to actually communicate with anyone. After this mixer, me and some other guests (potential recruits) were wisked off to another room for a recruitment presentation, with very minimal information about the company, but more about how much you could earn. I was then introduced to another Marketing Director, and was talked into a follow-up meeting. At this follow-up meeting, I completed an application, upon completion was advised of the $100 fee for a background check. Ok, so I gave them my $100. I was also advised that I would need to get licensed, which depending on which course (online or classroom) that the cost would be up to about $200 (I have not committed to a class as yet). I was also asked to complete a form with information about 25 - 100 of my friends and family (for recruitment or as possible clients). I told the Marketing Director that I was NOT comfortable with giving away my friends and family's contact information. She just told me to make the list and call them (warn them) prior to turning in the list (I still have the list) I was told to attend the meeting the following Tuesday, and was promised that I would begin my training. I attended the meeting with the same miserable mixer, followed by a presentation (pep rally) designed to encourage recruitment, with applause if you brought other people with you, or made a certain number of sales. This was followed with a full 20 minutes of actual training (this is just 20 minutes of training with the first part of the 2 hours being the mixer and what I call the 'pep rally' or ra ra club). An example of the pep talk was bring in 10 new recruits and make 10 sales by the end of July for a double promotion. The training gave a VERY EXAGGERATED example of retirement fund taxes (based on a 100 percent annual return for 20 years, NOBODY GETS a 100 percent annual return each year for 20 years!!!). While the math was correct, it really was not a 'real world' example. This caused me to wonder what else about this company was over hyped. My friend called my the other day and indicated that he needed to close a deal the next day in order to get into the "Inner Circle". I agreed to the financial review, and was willing to move some money I currently have in an IRA. Before making a final decision on this I decided to do a little more research on the company. While I don't see too much bad review for their financial services, I do see a lot of people that feel as I do about the whole recruitment thing. Additionally, until you are licensed, you are not eligible to make the sale, so somebody else gets the 25% commission for selling YOUR friends and family their services while you are being trained. If this isn't enough, you will probably make a few enimies along the way for giving this company their names and phone numbers. From what I have been reading, along with personal experience: If you are willing to give away you friends and family's names and contact info, and are really good at recruiting people, you may have a chance in this company, but otherwise, I don't see it as the 'GOLDEN OPPORTUNITY' that the HYPE suggests. I skipped last Tuesday's meeting, and don't think I want to continue with this company. BTW, I talked to the Marketing Director that is trying to get me to convert my IRA, and she tells me "Don't believe everything you read on the internet". As I indicated to her, if it was only one or two opiniions, I could easily ignore it, but there is a lot of negative information out there regarding WFG's business practices. I work for a national brokerage firm and have come across World Financial Group before. My impression is that it is primarily a marketing company that sells high commission insurance products, which often are sold improperly to people. There are a lot of companies just like it out there. I wouldn't go so far as to call it a scam, as what they are doing is probably legal, although ethically questionable. Also, I would advise anyone to steer away from any financial services firm who wants you to pay for a background check. If they aren't willing to invest $100 in you and your skills, look elsewhere. Hello concerned, I have been a client for World Financial Group for 5 yrs. I assure u that it is not a scam. Before i became a client i did start off as an associate first. I Found out more about the company that way. The $100 dollars is for a background check.. But remember u become an independent contractor and u work for yourself but not by yourself.. If u never heard of them look at Nascar and u will see Carl Edwards drive the #60 car. Last year he drove the number 99 car. And Zach Johnson who won the Master wore the Hat of Aegon who owns WFG. And the last i heard i don't think scams would advertise themselves nationally like that. They work with some of big companies for WRL, Pacific Life, ING. Like i said earlier i have been putting my money with them for 5 yrs. I have no complaints and they have helped guide more the years about money and how it works and how to save correctly. Hi again, If u go online u will notice that a background check cost more than 10-15 dollars depending how much info u are looking for. The more info the more its going to cost you. Remember, u are dealing with people and there money and there future. So a 10 dolllar background check is not going to give u that much info on a certatin individual.. The reason u due pay for your own background check is that u are an independent contractor..And that is the diffrence between WFG and the company the other person who commented on earlier is he works for someone as with WFG you work for yourself and not someone else. And another diffrence is that any product they use has to come from his company as for WFG is that they can sit with someone and find which company can best suite that individual or family the best. That is why I dought he has really dealt with someone from WFG. The only way I can think of you not getting hired is if u had a criminal background or lied on your Application. Especailly if if it was for stealing, cause remember u are dealing with people and their money. I am not saying that u did any of this just giving a reason y I think u would be turned down after doing your background check. To me it seems that u have a lot of unanswered questions, and u should see if u can speak to one of the Marketing Directors. |
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