Personal Finance

World Financial Group

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Deal Fanatic
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Oct 25, 2003
8795 posts
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Thalo wrote:
May 18th, 2009 1:09 pm
Actually I think he's right because I was rated #1 in ethics and I remember WFG coming in right behind me.
/me waves a $30,000 check

Where can I mail this check to you Thalo? :cheesygri
it's me ramin.
Deal Fanatic
Jul 1, 2007
7675 posts
547 upvotes
B0000rt wrote:
May 18th, 2009 1:30 pm
/me waves a $30,000 check

Where can I mail this check to you Thalo? :cheesygri
Thalo Financial Worldwide
12 Main Street
Georgetown, Grand Cayman

I'll just invest it in a high yield money market fund and reinvest the interest in foreign currency futures, and.... it's gone.
Newbie
Jul 23, 2009
1 posts
Edmonton
questrader wrote:
Apr 18th, 2008 12:38 pm
Someone I know tried to recruit me to be their agent. Basically, they try to obtain funds thru the agent's relatives/friends, or use them to recruit other people. Once recruited, you are paid based on how many friends/relatives you can convince to pool money into their funds. Scam at its worse.
I am gonna make it real simple for everyone on here to understand what WFG is and what they do. If you have questions of it please ask me.

WFG is a marketing organization, it's parent company is AEGON, a dutch based financial services company that has been in business for 150 years! WFG has no products of thier own, they work like a mortgage broker and shop the financial services field to find the best product for a person, that way a family never has to go to one place and get sold one product. That is why they have no products. WFGs' product partners are some of the biggest financial institutions in the world. Companies in Canada, like RBC, TD, AGF, Franklin Templeton, do you think these companies would have done thier research before affiliating themselves with WFG? Absolutely. A person on here also said that "they push to get you investing". Do you knwo what the stats are on people that are unsuccessful in their path towards retirement? in 2005 Stats Canada did a study that 91% of people were unsuccessful in their retirement and had to find jobs outside retirement in order to maintain their previous standard of living. Many don't save at all and work their whole lives, is that what you want. Of course they are gonna push for you to invest, it's good for you!

Recruiting:
You do not get paid on how many people you can get to see the information, in fact you do not get paid at all until you are licensed, which in Canada is FEDERALLY REGULATED. You must pass tests in order for you to distribute any of the brokered products, just like any other advisor. You get paid on business done. Commission, and what is worng with educating a family on products that can help them and then getting paid for it? Aswell, the average age of a financial advisor is 55 years of age, if you were 55 and had been handling peoples finances your whole life, you'd think you would have yours in order too. What does a 55 year old Financial Advisor want to do? RETIRE! Thats why they are recruiting, with 91% of people in Canada being unsuccessful there is huge need in the marketplace to fill the void of under educated people. RCMP are recruiting too, are they a scam???

Please ask me questions, even if you think you can point out where WFG is a scam, I would be happy to answer all questions as I am an agent myself and really do not see any benefit for myself in answering these questions, but only see benefit in you, the person asking the question, getting your facts straight and getting educated in a market where little to none are.
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Jul 8, 2009
2008 posts
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Edmonton
drunkgoat wrote:
Apr 18th, 2008 12:33 pm
Basically WFG is a scam organization in the same manner as Primerica.
My definition of scam involves doing something illegal so I wouldn't say it's a scam as they do nothing illegal. WFG is Primerica on steroids. I have no respect for either. Take Primerica and add in their belief that people should leverage (often inappropriately) and that's WFG. I have a client who came to me about four years ago. In late 1999 and early 2000 their WFG rep had them leverage almost $400,000 into what I would call a high-risk portfolio. It had dropped about 35% when they came to me for help. We rejigged the portfolio to make it much lower risk. If it were me, I would have sued the WFG flake; they didn't do that. Both Primerica and WFG reps are undertrained advisors, armed and dangerous is what I call them.
ricoboxing wrote:
Apr 22nd, 2008 7:58 am
a close friend of mine is in WFG and so are his parents. His parents make a sh*tload of cash, but i avoid them like the plague. All they ever do is try to recruit every single person they come in contact with, and brag about how successful they are.
They're anything but successful. I average Primerica and WFG rep struggles big time. Probably 90% of them do poorly. The top reps make tonnes of money. I just wouldn't be able to look myself in the mirror.
drunkgoat wrote:
Apr 22nd, 2008 8:43 pm
Just wait until an actual WFG "employee" comes on here and starts defending them like we have in the Primerica thread; guaranteed that hilarity will ensue.
Hah, I hope so. Tearing those flakes apart is as much fun as I've ever had with my clothes on.
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Aug 1, 2005
1721 posts
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WFGagentoftruth wrote:
Jul 24th, 2009 3:16 pm
I am gonna make it real simple for everyone on here to understand what WFG is and what they do. If you have questions of it please ask me.

WFG is a marketing organization, it's parent company is AEGON, a dutch based financial services company that has been in business for 150 years! WFG has no products of thier own, they work like a mortgage broker and shop the financial services field to find the best product for a person, that way a family never has to go to one place and get sold one product. That is why they have no products. WFGs' product partners are some of the biggest financial institutions in the world. Companies in Canada, like RBC, TD, AGF, Franklin Templeton, do you think these companies would have done thier research before affiliating themselves with WFG? Absolutely. A person on here also said that "they push to get you investing". Do you knwo what the stats are on people that are unsuccessful in their path towards retirement? in 2005 Stats Canada did a study that 91% of people were unsuccessful in their retirement and had to find jobs outside retirement in order to maintain their previous standard of living. Many don't save at all and work their whole lives, is that what you want. Of course they are gonna push for you to invest, it's good for you!

Recruiting:
You do not get paid on how many people you can get to see the information, in fact you do not get paid at all until you are licensed, which in Canada is FEDERALLY REGULATED. You must pass tests in order for you to distribute any of the brokered products, just like any other advisor. You get paid on business done. Commission, and what is worng with educating a family on products that can help them and then getting paid for it? Aswell, the average age of a financial advisor is 55 years of age, if you were 55 and had been handling peoples finances your whole life, you'd think you would have yours in order too. What does a 55 year old Financial Advisor want to do? RETIRE! Thats why they are recruiting, with 91% of people in Canada being unsuccessful there is huge need in the marketplace to fill the void of under educated people. RCMP are recruiting too, are they a scam???

Please ask me questions, even if you think you can point out where WFG is a scam, I would be happy to answer all questions as I am an agent myself and really do not see any benefit for myself in answering these questions, but only see benefit in you, the person asking the question, getting your facts straight and getting educated in a market where little to none are.
That's funny.. and here I thought my licenses were administered provincially.
Your arguments come straight out of your marketing meetings. Very creative about the recruiting reasons though...Cannot image advisors in their peak earning years looking to get out. we do this because we enjoy the profession... not to get in and out as fast as possible.

Drink some more kool aide.
Deal Addict
Dec 28, 2005
2898 posts
2 upvotes
WFGagentoftruth wrote:
Jul 24th, 2009 3:16 pm
I am gonna make it real simple for everyone on here to understand what WFG is and what they do. If you have questions of it please ask me.

WFG is a marketing organization, it's parent company is AEGON, a dutch based financial services company that has been in business for 150 years! WFG has no products of thier own, they work like a mortgage broker and shop the financial services field to find the best product for a person, that way a family never has to go to one place and get sold one product. That is why they have no products. WFGs' product partners are some of the biggest financial institutions in the world. Companies in Canada, like RBC, TD, AGF, Franklin Templeton, do you think these companies would have done thier research before affiliating themselves with WFG? Absolutely. A person on here also said that "they push to get you investing". Do you knwo what the stats are on people that are unsuccessful in their path towards retirement? in 2005 Stats Canada did a study that 91% of people were unsuccessful in their retirement and had to find jobs outside retirement in order to maintain their previous standard of living. Many don't save at all and work their whole lives, is that what you want. Of course they are gonna push for you to invest, it's good for you!

Recruiting:
You do not get paid on how many people you can get to see the information, in fact you do not get paid at all until you are licensed, which in Canada is FEDERALLY REGULATED. You must pass tests in order for you to distribute any of the brokered products, just like any other advisor. You get paid on business done. Commission, and what is worng with educating a family on products that can help them and then getting paid for it? Aswell, the average age of a financial advisor is 55 years of age, if you were 55 and had been handling peoples finances your whole life, you'd think you would have yours in order too. What does a 55 year old Financial Advisor want to do? RETIRE! Thats why they are recruiting, with 91% of people in Canada being unsuccessful there is huge need in the marketplace to fill the void of under educated people. RCMP are recruiting too, are they a scam???

Please ask me questions, even if you think you can point out where WFG is a scam, I would be happy to answer all questions as I am an agent myself and really do not see any benefit for myself in answering these questions, but only see benefit in you, the person asking the question, getting your facts straight and getting educated in a market where little to none are.
i learned all these when a friend tried to recruit me, except you didnt mention anything about monthly fee to work for the company (much like agents for real estate). you cant finish a deal without partnering with a mutual fund/insurance licensed agent, you get about 50% of the cut. you pretty much have to get mutual fund and insurance license if you wish to be successful, which of course cost more money. your paid is based on "points", which is based on the amount your client invested, whom of course you have to find yourself. this totally reminds me of the vector knife selling company lol
Member
Aug 20, 2007
317 posts
12 upvotes
WFG
Primerica
Helping a the Nigerian Royal Family move money into your bank account
Three Card Monte

All are scams.
Deal Fanatic
Jul 1, 2007
7675 posts
547 upvotes
I work for one of WFG's esteemed strategic partners; they often like to drop our name along with some other banks and mutual fund companies to make themselves look more respectable. Believe me, the partnership is completely profit driven. We don't like you, WFG, we only partner with you because you send us HELOCs and buy our mutual and segregated funds.

It's funny, often WFG reps go as far as saying they're "agents" for TD Mutual Funds and that it's all the same whether you invest with them or the bank, they even use TD Mutual Fund transfer forms.
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Jan 17, 2006
3350 posts
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SupsD wrote:
Apr 22nd, 2008 8:42 am
A "friend" of mine is with WFG and all she tried to do was get at my money to invest. Every time we hang out or talk!! I like to control the way my money makes money but she wouldn't take "NO!" for an answer. She kept on calling me out to hang out but to be "tricked" into a conversation with another "specialist".... argh!!

Too bad now 'cause I ended the friendship because my money was worth more to her.
I was in the same boat as you... try to get my gf in as well. But I kindly rejected him but we still remain pals. =)
Deal Guru
Mar 23, 2009
11444 posts
1439 upvotes
Toronto
Thalo wrote:
Jul 26th, 2009 8:37 pm
I work for one of WFG's esteemed strategic partners; they often like to drop our name along with some other banks and mutual fund companies to make themselves look more respectable. Believe me, the partnership is completely profit driven. We don't like you, WFG, we only partner with you because you send us HELOCs and buy our mutual and segregated funds.
It's too bad that Aegon won't cut WFG loose. It's also too bad the other financial companies (like yours) continue to work with them.

Money talks.

I wonder just how large a profit this company generates for Aegon. Probably quite large, as Aegon seems more than willing to ignore all the bad BR that WFG causes them.

BTW, I think it's rather telling to peruse the various forum threads about WFG around the net. You always eventually get posts from WFG drones who almost never say anything intelligent. It's always a statement like "WFG is not a pyramid scam, cuz they're part of Aegon and pyramid schemes are illegal" and then give a rehash of marketing materials.

Then again, IMO, a lot of the financial companies have pretty bogus stuff. One example are the universal life policies pushed on everyone and their dog. Well, the products aren't completely bogus per se, but their marketing often is, and they're often sold to people who don't need them. WFG just takes things one step further. Instead of just bogus marketing to clients (with monetary incentives to do so), there is also bogus marketing to new sales recruits (again with monetary incentives to do so).
Newbie
Aug 19, 2009
3 posts
Ontario, Canada
Ok, I have my life insurance license, so I've been through the courses and took the provincial exam. I've also done my own study, looked into companies like London Life, Investors Group, etc, as well as WFG.

** btw, I have to mention this just to let everyone know. It's easy to get into ANY financial company. Just walk into an office, say you have your Life and/or Mutual Fund License (even if you don't) and they'll interview you on the spot (if you don't actually have the license, you can't close deals but that's besides the point). They don't actively recruit like WFG does, but they will take just anybody.

After checking out a lot of different groups, what I can say about WFG is:

can you guess?




















yea, they're not legit...


The thing is though, there's a bigger truth behind that truth...

The entire financial industry in conjunction with the government that regulates it, is a scam. The government regulates the financial industry, that makes it pretty legit right? Well it just happens that a lot funds go from the financial industry onto the government desk, and you can guess how this relationship works out.


What do I mean? I'll bring up some specifics:

Have you ever fully read a whole life or universal life policy? Most people haven't, and it's why they can put some of the stupidest things in the fine print and people don't realize how bad they're getting screwed. Cancelation charges, admin fees, having to pay interest on our own money if you take a loan from your policy savings.

Does anyone here know how to manually calculate risk vs return on funds and portfolios? Probably not, but the thing is, it's not because it's hard. A 16-year-old could do it. Highschool chemistry class is harder than investing, but the government just happens to regulate school curriculums, and students do not get taught anything about money management.

That brings me to one practice that will make you sick if after reading this you realize it's been happening to you. It's called 'churning'.

Most companies when you make an investment with them have a basic upfront fee out of your investment, 4-5% and this pays for admin and for the agent's commissions. It sounds reasonable since if you plan on having your money grow, it'll make up for the fee in only a year and then keep going. The thing is, agents will often revisit clients and have them re-invest money from fund A to fund B then from fund B to fund C, periodically so they can get that commission all over again. The clients don't know what's really happening, and their money is still a bit higher than when they first invested so they think it's alright. Disgusting, it's like tossing people's futures into a milk jug and stirring it with a wooden spoon.


Basically, what I'm saying is that all of you who are like:

"Man I avoided WFG, they're scammers and I'm too smart to be caught by them"

Chances are, unless you've really done your homework, you're getting douched by some other company, so don't think so highly of yourself for having evaded WFG. They're not any less legit than a lot of other companies.
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Jul 8, 2009
2008 posts
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Edmonton
There are lots of client-centred advisors who manage to do the right thing for clients. If you don't like these products don't sell them. Or become a plumber or something. Gee you have a negative attitude. Wow! I've never sold a WL policy and only one UL policy.
Deal Guru
Mar 23, 2009
11444 posts
1439 upvotes
Toronto
2Legit wrote:
Aug 20th, 2009 11:53 pm
They're not any less legit than a lot of other companies.
I think WFG is less legit than a lot of other companies. A lot of companies have semi-bogus products, but their employees & brokers make their money by selling the products (both good and bad), not by recruiting other shady employees. Therein lies the difference.

P.S. Not once did my insurance broker ever suggest universal life to me. He did suggest more term-life than I actually ended up buying though.
Deal Fanatic
Jul 1, 2007
7675 posts
547 upvotes
Every financial company has the right to make a profit too, just as any other free enterprise in this country, generally they do it at even lower gross margins than many other service companies. It just varies from company to company how they make money. Banks and bank affiliated investment dealers generally make a proportionally small amount of money off of a large asset base. Companies like WFG, IG, Primerica, and the various other "hole in the wall" investment advisors make a lot of money off of proportionately smaller assets.
Does anyone here know how to manually calculate risk vs return on funds and portfolios? Probably not, but the thing is, it's not because it's hard. A 16-year-old could do it. Highschool chemistry class is harder than investing, but the government just happens to regulate school curriculums, and students do not get taught anything about money management.
On this I agree with you. I also suspect there could be some sort of collusion between the financial industry and the government that regulates it to keep people dumb. Just look at some of the posts on this forum!

Teaching kids about money/banking/finance throughout the various levels of education would be 1000x more useful to the kids than chemistry and could pay economic dividends in the form of greater wealth creation as those kids get older.

Just imagine the economic powerhouse we'd be if everyone was smart with their money: sure banks won't make as much money off of credit cards and overdraft and the increased saving comes at the expense of consumption in the short-term. Also "Rich Dad" will go out of business. But saved money would be invested, and invested efficiently and we'd probably get ourselves out of this rut of relying on consumption to power our economy.
Deal Guru
Mar 23, 2009
11444 posts
1439 upvotes
Toronto
Heh. My high school (way back when) had a course called consumer education or something like that. I thought it might be useful with stuff like you describe, until I found out it taught people how to do complex stuff like write checks, set up basic bank accounts, etc. I kid you not. Yes this was a high school class, and anyone in the school could take it.

I ended up taking secretarial typing (and chemistry ;) ) instead. Served me well, not because I wanted to be a secretary, but because it made me a much faster typist.
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