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I was a former "employee" of WFG - already licensed for many years. I thought I could meet some young people, and add value by doing some real financial services training on issues like product suitability, diversification, etc.
Unfortunately, the specific branch office determines the appropriateness of the subject matter and we had a really bad apples in the branch I was assigned to. Most branches are driven by high commission sales, rarely are any subjects other than VUL or, within only the past year or two, mortgage brokerage products discussed. This company is NOT a real financial services firm (even though AEGON is trying their best to clean up the operations and compliance practices based in Duluth). They have a very long way to go to make it a legitimate business. There are far too many do-it-yourself branches and practices because of "anyone can be a millionaire/follow-the-leader/sell them the dream mentality of any MLM business.
WFG IS an MLM business - which means, to suceed in this firm, you need to recruit like hell, study on your own, buy expensive licensing books take your own tests to get licensed if you want to be legit (all in close to $1,000 in out-of-pocket costs which they should tell you up front, but don't because you can sell mortgages by getting around those licensing requirements to earn some income WHILE you study for your lecenses), so you can begin to get compensated on your own sales. To prove that you are earnest, they will ask you to come up with a list of 50 names - good prospects - to whom THEY will sell VUL policies - to show you how it will be done after you're licensed.
This is "field training."
After this, ,you are supposed to do the same thing with your recruits - get 10 to sign up in a week, get their list of 50, , and you have 500 prospects to sell VUL to. Cha-ching - do the math - instant success. I just shared their key to success (other than taking a branch from a downline member - but that's another discussion.)
This is ILLEGAL and is called Anti-Stacking. This is when a WFG recruit spilts his/her "field training session".
It's 60/40 folks. Guess who gets the 60%? The WFG recruit pays the upline in cash so its unreported.
WFG will always push VUL as the first product you sell. When you hear terms like "upline and downline" in a financial services firm, realize they are an MLM firm selling one, maybe two products.
If you want a "career" in financial services, and respect in the financial commuunity, stay away from this company - they had no standing or respect before AEGON purchased them, and are trying desparately to hang onto AEGON's coattails to claim their spot in the industry.
The previous comment from California going on about the McDonald's analogy is almost verbatim of what is provided in their rah-rah trtaining/meetings.
Advice: Don't be a lemming and purchase useless and expensive life insurance policies - steer clear of these people and this firm.
Laurie - Boston, Massachusetts
U.S.A.
www.xwma.org
www.wfg-offline.com
World Financial Group aka National Lending Corporation
World Group Securities aka National Lending Corporation
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