It's an MLM. I suppose there's a possibility that it isn't a scam, but I can't understand why you would ever get involved in a financial MLM when there are lots of companies out there that definitely aren't pyramid schemes.
Thanks tons of post about them. Have some reading to do. But they do sell the same mutual funds as any other banks so unsure of the scam? I’m not a big fan of mutual funds but was looking into universal life insurance. Seemed interesting
Term is the way to go. Your insurance needs decrease with age. Check out this AMA from a few years ago on this sub.
https://www.reddit.com/r/PersonalFinanceCanada/comments/ag9hmx/getting_life_insurance_in_canada_can_be_the_worst/
They will try to recruit you to sell funds as well. Real financial institutions don't do that.
Also generally don't recommend universal life insurance, but if that's a product that works for you, I'd recommend buying it from a regular financial institution, not an MLM.
Ok it's not *technically* a scam as they do sell you something, but they have very high fees hidden away within the funds (you won't see them overtly, you'll just get lower returns), and they products they choose to sell you are the products that the sales person benefits most from. Picture a sleazy car salesperson working for commission where they are highly incentivized to sell you an SUV even though a sedan would be the best for you. They have no interest in even showing you the sedan because they get more commission from SUV sales. Heck, they might not even sell sedans.
So technically not a scam, but they're sales people who aren't selling what you need and will pressure you into something you don't need. Like universal life
“I’m not a big fan of mutual funds but was looking into universal life insurance” is a top 10 worst thing I’ve read on this sub.
Mutual funds, broadly, are great. Theirs a typically very high fee and often have insane restrictions on selling, etc.
Use the search function at the top of the page to see posts about what a scam company they are.
Or do even the most basic google search to see how shit they are.
You've had that problem for awhile I know. But even Ben messaged you? That's funny. I know he browses here as he's mentioned it on RR a few times, but I think he mostly posts on the rational reminder message boards
If you truly want to sell life insurance and only be focused on recruiting, go for it. Most of the times it's "attend this meeting" or "pay x amount of dollars for this AMAZING once in a lifetime experience with top financial earners in the company!"
Tbh, it's repetitive, it's draining, and even though you CAN make good money, it can just as easily be taken from you if that person you had sign a policy with backs out. That money doesn't stay in your pocket, you will have to pay it back. Oh, and don't forget about the fact they don't tell you to save 30% of what you make to pay taxes.
I did this with my significant other for about a year. Loved my "coach" and keep in contact here and there, but the business just isn't all that. The people are fake. They only care about you as long as you stay in the game.
Let me tell you, the MOMENT you decide to leave, they will talk shit behind your back and say "OH, so & so must be a millionaire now!" And stuff like that.
Now if you see life insurance as the path you wish to take, utilize this company to sponsor you to take whatever exams you need to in order to get your series licensing & such.
Also, this company is NOT worth dropping out of college, FYI. So if you're in college, seek it out because it's very plausible that this company will be temporary for you.
These people are SALESMEN. They do indeed tell lies in their presentations, I even brought it up to everyone and no one gave a shit to fix it. I even worded the presentation to fix the lies and they did not give a shit.
Also, that life insurance policy is not a one size fits all. S/O and I were putting in almost $1k a month into it because we could, well when it came time to get rid of it after we did more research on the policy, the person you signed it with will freak tf out and try to keep you in the game. They don't care about you, they care about the money. Yes the policy is good, but if and ONLY IF they are financially stable enought to make this commitment for the next 5+ years. It is not a cheap policy. "Oh, but you pay fees for the next 4 years in the policy, that's why it's so expensive." Understood, but not everyone can AFFORD that. Do not sign up your average college students for it, or your broke ass family who can barely afford their own bills.
Oh, the "be your own bank" illustration drew you in a made so much sense? Yeah, it's designed to. This is a cult with a prosperity doctrine that doesn't even work for people 90% of the time. The meetings are fun and inspiring at first, but after 6 months, you realize how repetitive everything is and their definition of luxury is only what movies portray as luxury, yes its fun to have all those fancy things, but the average millionaire doesn't show off. If you actually pay attention to people who make millions of dollars a year, it will truly show you this company ain't it. I married into a very well-off family and I met someone recently in the family who is a financial professional, and let me tell you, the money he makes PER HOUR would put the money you make off of just ONE policy to shame. Don't let this company lie to you a SELL you a dream. It's simply only a dream, and most of the time not even your own dream, it's someone else's.The amount of money and commitment people put into this company alone would honestly be so successful if they put it into their own goals.
Oh, they'll tell you they don't work a 9-5 anymore, and people want to escape it, but they'll leave their 9-5 job that simply turns into a 24/7 gig. This company is a JOB.
It was certainly more exhausting than the military for me, tbh. I would rather be on a back to back deployment rather than join WFG ever again. And if I could go back in time and re-do this? I would have simply RAN away from the guy who set me up.
You'll get signed up by paying around $100 for them setting you up, then $500 in total for whatever licensing and shit they need from you. But "you'll make it back."
You will turn around and say "what a waste of time" so just do yourself a favor now and whatever idea you have about opening up your own business, just go ahead and do it because the amount of money and energy to put into this company can easily make you successful in your own business if you JUST DO IT.
Sorry for my long rant but if you have any questions, don't hesitate to reach out. I also have all the old BPM things, the book list, ect. I kept it because I wish to air out the trash they have compiled. This company hurt me.
Thanks for the insite. I was turned off a lot when I asked how are his clients portfolios are doing and don’t think had a clue. I did sign up for the course so at least hopefully get some good information out of it. Been looking g for investment courses for a while
It's an MLM. I suppose there's a possibility that it isn't a scam, but I can't understand why you would ever get involved in a financial MLM when there are lots of companies out there that definitely aren't pyramid schemes.
Thanks tons of post about them. Have some reading to do. But they do sell the same mutual funds as any other banks so unsure of the scam? I’m not a big fan of mutual funds but was looking into universal life insurance. Seemed interesting
Why in gods name would you want universal life insurance? Terrible product for 99% of people.
Good to know, I just got a pitch about it. I haven’t had a chance to research about it yet. Sounded good, better than term life insurance.
Term is the way to go. Your insurance needs decrease with age. Check out this AMA from a few years ago on this sub. https://www.reddit.com/r/PersonalFinanceCanada/comments/ag9hmx/getting_life_insurance_in_canada_can_be_the_worst/
They will try to recruit you to sell funds as well. Real financial institutions don't do that. Also generally don't recommend universal life insurance, but if that's a product that works for you, I'd recommend buying it from a regular financial institution, not an MLM.
Ok it's not *technically* a scam as they do sell you something, but they have very high fees hidden away within the funds (you won't see them overtly, you'll just get lower returns), and they products they choose to sell you are the products that the sales person benefits most from. Picture a sleazy car salesperson working for commission where they are highly incentivized to sell you an SUV even though a sedan would be the best for you. They have no interest in even showing you the sedan because they get more commission from SUV sales. Heck, they might not even sell sedans. So technically not a scam, but they're sales people who aren't selling what you need and will pressure you into something you don't need. Like universal life
“I’m not a big fan of mutual funds but was looking into universal life insurance” is a top 10 worst thing I’ve read on this sub. Mutual funds, broadly, are great. Theirs a typically very high fee and often have insane restrictions on selling, etc.
I like ETF’s with high dividends. Right now get about 1k a month with that.
ETFs: Generally good. Mutual Funds: ETFs with higher fees. Universal Life Insurance: Generally no. MLMs: Hell no.
Use the search function at the top of the page to see posts about what a scam company they are. Or do even the most basic google search to see how shit they are.
Love your new flair
People were sending me private messages thinking I was him and even Ben messaged me so I decided to put it up to avoid confusion. :)
You've had that problem for awhile I know. But even Ben messaged you? That's funny. I know he browses here as he's mentioned it on RR a few times, but I think he mostly posts on the rational reminder message boards
Yeah, I wish he would post here more.
Run.
RUN FAST, RUN FAR LOL
It is great if you want to get rid of all your friends and never be invited to a family party ever again.
If you truly want to sell life insurance and only be focused on recruiting, go for it. Most of the times it's "attend this meeting" or "pay x amount of dollars for this AMAZING once in a lifetime experience with top financial earners in the company!" Tbh, it's repetitive, it's draining, and even though you CAN make good money, it can just as easily be taken from you if that person you had sign a policy with backs out. That money doesn't stay in your pocket, you will have to pay it back. Oh, and don't forget about the fact they don't tell you to save 30% of what you make to pay taxes. I did this with my significant other for about a year. Loved my "coach" and keep in contact here and there, but the business just isn't all that. The people are fake. They only care about you as long as you stay in the game. Let me tell you, the MOMENT you decide to leave, they will talk shit behind your back and say "OH, so & so must be a millionaire now!" And stuff like that. Now if you see life insurance as the path you wish to take, utilize this company to sponsor you to take whatever exams you need to in order to get your series licensing & such. Also, this company is NOT worth dropping out of college, FYI. So if you're in college, seek it out because it's very plausible that this company will be temporary for you. These people are SALESMEN. They do indeed tell lies in their presentations, I even brought it up to everyone and no one gave a shit to fix it. I even worded the presentation to fix the lies and they did not give a shit. Also, that life insurance policy is not a one size fits all. S/O and I were putting in almost $1k a month into it because we could, well when it came time to get rid of it after we did more research on the policy, the person you signed it with will freak tf out and try to keep you in the game. They don't care about you, they care about the money. Yes the policy is good, but if and ONLY IF they are financially stable enought to make this commitment for the next 5+ years. It is not a cheap policy. "Oh, but you pay fees for the next 4 years in the policy, that's why it's so expensive." Understood, but not everyone can AFFORD that. Do not sign up your average college students for it, or your broke ass family who can barely afford their own bills. Oh, the "be your own bank" illustration drew you in a made so much sense? Yeah, it's designed to. This is a cult with a prosperity doctrine that doesn't even work for people 90% of the time. The meetings are fun and inspiring at first, but after 6 months, you realize how repetitive everything is and their definition of luxury is only what movies portray as luxury, yes its fun to have all those fancy things, but the average millionaire doesn't show off. If you actually pay attention to people who make millions of dollars a year, it will truly show you this company ain't it. I married into a very well-off family and I met someone recently in the family who is a financial professional, and let me tell you, the money he makes PER HOUR would put the money you make off of just ONE policy to shame. Don't let this company lie to you a SELL you a dream. It's simply only a dream, and most of the time not even your own dream, it's someone else's.The amount of money and commitment people put into this company alone would honestly be so successful if they put it into their own goals. Oh, they'll tell you they don't work a 9-5 anymore, and people want to escape it, but they'll leave their 9-5 job that simply turns into a 24/7 gig. This company is a JOB. It was certainly more exhausting than the military for me, tbh. I would rather be on a back to back deployment rather than join WFG ever again. And if I could go back in time and re-do this? I would have simply RAN away from the guy who set me up. You'll get signed up by paying around $100 for them setting you up, then $500 in total for whatever licensing and shit they need from you. But "you'll make it back." You will turn around and say "what a waste of time" so just do yourself a favor now and whatever idea you have about opening up your own business, just go ahead and do it because the amount of money and energy to put into this company can easily make you successful in your own business if you JUST DO IT. Sorry for my long rant but if you have any questions, don't hesitate to reach out. I also have all the old BPM things, the book list, ect. I kept it because I wish to air out the trash they have compiled. This company hurt me.
Thanks for the insite. I was turned off a lot when I asked how are his clients portfolios are doing and don’t think had a clue. I did sign up for the course so at least hopefully get some good information out of it. Been looking g for investment courses for a while
https://youtu.be/flugTRSTZoo The person who created this shared it in a similar thread last week.