Emotional decisions are not logical decisions. In short, training new agents is a unique skill-set unto itself. World Financial Group 3. You dont need a permanent policy to insure against a temporary risk. Both are multilevel marketing firm (MLM) companies. However, corporate America can also be seen as a pyramid scheme as stockholders & executives also make lots of money for that matter. /MediaBox [0 0 612 792] The SCO is the successor to the Shanghai Five, formed in 1996 . Zippia gives an in-depth look into the details of Premier Financial Alliance, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Premier Financial Alliance. Unfortunately, if you dont listen and read carefully, youll misunderstand how the policy works and assume youre going to get stock market-like returns on your cash value or, worse, on your premiums, not all of which goes to the cash value account due to the costs of insurance. The insurance company is the sole determinant of what that rate will be, but it is generally considered to come from a combination of the insurance companys portfolio returns, surrender fees, and the extra money available when people live longer than actuaries project. PS. In November 2010, the SEC ordered WGS to pay, among other things, a civil monetary penalty in the amount of $200,000 for the fraudulent selling of unsuitable securities in the State of California, which were funded using home equity, derived from the refinance of the customers' homes into subprime mortgages. >> A pyramid scheme does just the opposite. Marketing Leadership specialist 20 years experience delivering revenue & business growth, Customer Experience (CRX) across multi-channel retail, online and Digital. Premier Financial Alliance classic pyramid scheme lawsuit filed, David CarrollJack WuRex WuLan ZhangBill HongAJW, PFAJack WuPFARex WuLan ZhangBill Hong, Rui ChenWenjian GonzalesPFA20172018PFA, , PFA, , 25015, , PFAPFA, 528125PFA305, PFA55%, 305PFA55%, PINNACLE ACADEMY After School Learning Center, Susan Goodkin Selective College Consulting, Mingfei (Kurt) Ha | REALTOR Licensed in MD, VA, DC, Zhen Wang | Real Estate Investment Advisor, Premier Financial Alliance fraud cases consolidated, Why an Indexed Universal Life (IUL) Policy Will Fail - Quick version - Safe Money - Cash Value Life, http://blog.sina.com.cn/s/blog_708d8ef10100xznu.html, http://www.chineseinla.com/f/page_viewtopic/t_779561.html, , , , marketing director, senior marketing, , ----, WORLD FINANCIAL GROUP WFG, Word Financial Group , World Financial GroupSenior, Marketing Director , https://en.wikipedia.org/wiki/World_Financial_Group, National Association of Securities Dealers, http://xiaoshuailiu.blogspot.com/2017/09/wfg.html, The White Coat Investor: A Doctors Guide to Personal Finance and Investing, https://www.mdmag.com/physicians-money-digest/personal-finance/dahle-5-reasons-not-to-buy-iul-insurance, https://www.mitbbs.com/article_t/SanFrancisco/34629529.html, https://behindmlm.com/companies/new-premier-financial-alliance-lawsuit-claims-asian-immigrants-targeted/, https://behindmlm.com/companies/premier-financial-alliance-classic-pyramid-scheme-lawsuit-filed/, http://www.wenxuecity.com/news/2018/07/25/7469956.html, A 2004 NASD disciplinary action report summarized disciplinary actions against WGS. What matters, if you are considering the business opportunity, is whether you have a reasonable chance at success. She works hard to achieve the leadership position shes in now. Thats insane. These policies are likely to provide a return very similar to that of whole life insurance (with the possibility of much worse performance), which is easily seen to be in the 2% to 5% range long term for a policy bought today and held for life. Although prospective associates are told they will be able to maintain their own insurance business, the policy bought and sold through the pyramid is significantly overpriced. Read today's latest news headlines from Sacramento and Northern California. /Count 5 A California lawsuit alleging that Premier Financial Alliance is a pyramid scheme also states that commissions are earned on the sale of over-priced life insurance and that money is made by recruiting others into the scheme and selling them the same over-priced life insurance. stream <br><br>Digital PR specialist . You shouldn't take just my word for this. [Exposition] . World Financial Group (WFG) is a multi-level marketing financial and insurance services company based in Johns Creek, Georgia, a suburb of Atlanta, which sells investment, insurance, and various other financial products through a network of distributors in the United States, Canada, and Puerto Rico. View more recently sold homes. There are certain financial situations faced by your business and family that may not get your full attention. Hence, this is not a scam. Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. We will ask you to provide us with information that we then use in what is called underwriting. Now you know a little more about how Premier Financial Alliance and World Financial Group works, Id like to talk about my experience as an insurance agent since 2011 and as an insurance agency owner since 2014. WFG Securities paid a $250,000 settlement to rectify the situation. I want to find a project that gets rich quickly, but I dont want to work hard. /Subtype /XML I consider them to be one of the scam sites in the world. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. Most organizations that push a recruitment-focused strategy usually offer way below-average sales training and support. Your article is a FARCE, Gary, Shame on you. Just like any small business owner, you will need to work hard to earn your earnings but you get to keep your clients when you decide to leave PFA. 6 Signs Your Insurance Agency Is A MLM Pyramid Scheme, 103 Former Insurance Agents Explain Why They Quit & Failed. Then it asks for your Referring Associate PFA ID. This requirement suggests that recruiting is central to the PFA business opportunity. Premier Financial Alliance 5. whether Defendants are operating an endless chain; whether Defendants omitted to inform the Plaintiff and the plaintiff class that they were entering into an illegal scheme where an overwhelming number of participants lose money; whether PFAs statements of income during the Class Period were deceptive and misleading; whether PFAs conduct constitutes an unlawful, unfair and/or deceptive trade practice under California state law; whether PFAs conduct constitutes unfair competition under California state law; whether PFAs conduct constitutes false advertising under California state law and; whether the Defendants violated the Department of Insurance Guidelines in representing the benefits under a policy and/or underwriting. Bankers Life was established in 1879 in Chicago, Illinois. Pyramid schemes are dependent on recruiting. Also, the more complex the product, the fewer competitors it will have, and competition drives prices down. Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join. Premier Financial Alliance insistence that you give them your phone number is suspicious. The price of the product is so high compared to comparative market prices that it is impossible to legitimately sell these products retail, except to friends and families. Assigning and protecting territories is something a legitimate direct selling company will do to protect the income of its salespeople. WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". On May 6th an initial case management conference for both cases was held. << >> Premier Financial Alliance has done nothing to prove they are trustworthy and everything to prove they are not. endobj << At least on one level, it appears that the immediate goal of the Premier Financial Alliance website is to get people to fill out the questionnaire. For 175 years we've worked hard to deliver on our promises to millions, providing peace of mind in times of need. Whether you are planning just for you or your family, we have a variety of financial solutions to help you meet whatever your goals may be. This is a flat out lie. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. Freedom Equity Group focuses on selling life insurance and annuities. SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. It's an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. The lack of an Earning Disclosure Statement is a huge red flag and all the reason we need to pass on the so-called opportunity. Its insurance products include life insurance and supplemental health. Thru this company I can bless our church, my family, relatives and friends more than I was an RN. Best regards, Now it is a very impetuous world. Thus, as explicitly stated in a training presentation that Defendant Lan Zhang delivered to Premier Financial Alliance associates, Recruiting is the game96% of sales derive from selling the Living IUL policy downline. , , 50, , , 85C WFG20, , 20. It doesnt. It takes time and learning how to work within the system and the ability to be mentored. Most of what you find on the Premier Financial Alliance website (pfaonline.com) pushes the business opportunity. Please reach out if I can help. Freedom Equity Group 7. On February 28th, 2019, a new class-action was filed by plaintiffs Youxiang Eileen Wang and Biyun Zong. They encourage associates to be intentionally vague and not answer questions about the opportunity. This is something to digest and learn from, lots have fallen victim and many more are on their way to the traps. At least then, you can avoid making the big mistakes that most agents make. Like every other MLM, the Premier Financial Alliance website sells a dream of financial independence, and thats about all it does. 3 Beds. 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