As a network marketer, with almost 10 years of financial services experience, I'm often approached by World Financial Group representatives to take a look at their business. And, while I never became a WFG rep myself, I did do quite a bit of research on how they started, what they sell, how what their track record has been. If you’re looking into the World Financial Group business opportunity, don’t join… at least, not until you read this review. In this short article review, I will highlight WFG's background, the various services they market, their pay plan and, whether or not WFG is a scam.
World Financial Group, formerly Alexander Inc, then later called World Marketing Alliance, is based out of Georgia and was started in 1991 by Hubert Humphrey. Prior to founding World Marketing Alliance, Humphrey was the #1 income earner at A.L. Williams, currently known as Primerica. After Art Williams sold his company to Sandy Weill and The Travelers Group, Humphrey decided it was time to start his own company.
Today, Hubert Humphrey is no longer part of the company and WFG is now a wholly owned subsidiary of Aegon, one of the world’s largest life insurance and pension groups, and a strong provider of investment products. WFG markets various financial services, including life insurance, investments and mortgage products though a multilevel marketing model. Some of WFG’s strategic partners include some big names in the financial services arena: Western Reserve Life, Pacific Life, Allianz, TransAmerica, Nationwide, John Hancock, Hartford Life and Investment Advisors International.
As of this writing, the company has a sales force of 85,000 life insurance licensed representatives, and is doing business in the United States and Canada. According to some WFG reps I spoke to, the company is putting in 10,000 reps a month, which is quite impressive for a direct sales company.
To get started in WFG, there is a $100 enrollment fee, $125 in Canada, plus any state licensing fees that are applicable.Give or take, it will probably total anywhere between $500-$1,000 for all your licenses, and about 20-40 hours of licensing time. Unlike many multilevel marketing companies that you can make money with as soon as you sign up, World Financial Group actually requires you to have a license before you can get paid.And, while this might look like a negative point to some people, keep in mind that because you’re dealing with financial products, you must be licensed. The cool thing is that, once you do get licensed, you can make some big commissions for simply writing sales.
Another feature of World Financial Group's pay plan is that even though there is a licensing process you and your team have to go through, you only need a few active producers to make big money. In fact, upon reviewing the compensation plan, it impressed me that you only need around 15-25 active producers to make $150,000-$250,000 a year. Obviously, you will need to bring in a lot more than 25 people to get 25 people producing, especially because only a small percentage of recruits will get licnesed, and from those that get licensed, only a handful will actually produce. Even still... building 25 producers, who sell 2 or 3 products monthly, is a lot more do-able than building a team of 15,000 to 20,000 reps.
One last note, there are a ton of incentives in the compensation plan including various trips, a Mercedes Benz, a Rolex, Superbowl Rings you get for going over $100,000 a year in income and various bonuses you can earn.
With that said, you do have to be aware of all the fees you can incur for building your WFG business. Besides the licensing costs I mentioned earlier, there are costs to do other lines of business, especially if that line of business requires a state license. There’s also E&O Insurance (Malpractice insurance for financial representatives) that will run you close to $100 a month. Also, may be some fee to do business in other states, depending on what products you plan on selling in those states. If you’re serious about building a financial services organization with WFG, then don’t get too caught up with these fees. Yes, it's a paiin in the butt and not everyone can afford them, but if you were to start your own financial firm, you would clearly pay a lot more to get your business running.
In summary, WFG is not a scam.It may not be for everyone, but it is clearly not a scam. If you put in the time and effort, you can actually build a very lucrative business and make a multiple six-figure income a year. However, simply joining WFG doesn’t mean you will easily succeed. All WFG provides is an opportunity for you to build your own financial business. Ultimately, your success will rely on your ability to brand yourself, market and generate more leads than you can get to. It’s extremely vital, if you’re serious, to obtain the knowledge and skills that will allow you to personally sponsor 10-20 reps a month. Without this marketing knowledge, even though World Financial Group (WFG) is a solid business, you will struggle and, most likely, be dead in the water.
Author Resource:-
Jaime Soriano wrote this World Financial Group Review as a resource for people interested in the WFG opportunity. Sadly, most people who join WFG will never achieve the success they want because they simply lack marketing skills. To learn how to properly build a WFG business, visit Jaime Soriano’s MLM Training
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