Is World Financial Group a Scam

Is World Financial Group a Scam?

World Financial Group is a Multilevel Marketing Company. Some of these companies, also known as MLM’s have a really bad reputation because they are basically pyramid schemes. The question is, Is World Financial Group a Scam? That’s what I will cover in this article.

If you are used to the regular 9 to 5 job you might not like what these companies have to offer you. If you are an ambitious fella looking to make extra money or even create a passive income stream, stay tuned.

World Financial Group Scam – Is WFG a Scam?

Product Name: World Financial Group
Founder: Hubert Humphrey
Logo: Is wfg a Scam
Product Description: MLM | Pyramid Scheme
Best For: If you have excellent marketing skills, this just might be a golden opportunity for you! All you need to do is convince people to buy World Financial Group’s products and invest in the company.
World Financial Group Summary:

World Financial Group is an MLM, Multi-Level Marketing Company that was founded by Hubert Humphrey in 1991. WFG is based in Johns Creek, Georgia and it offers various investment, finance, and insurance products throughout the United States, Canada, and even Puerto Rico.

Editor's Rating:
0.6
Recommended: NO
 

What is the World Financial Group?

World Financial Group was established in 1991. It is one of the oldest Multilevel Marketing companies which also makes it one of the most established and popular ones.

Multilevel marketing companies operate in a way that is very similar to pyramid schemes. People who want to make money join the company investing a certain amount of capital.

This money buys their way in the pyramid. They then have to market and sell the company’s products or services to earn profits.

Being a commission based activity, the more products they sell, the more retail commission they earn. The rates of retail commission differ according to different companies.

Older companies such as the World Financial Group are expected to have higher commission rates for their employees because they are more established in the market.

Newer companies don’t have “great rates,” but give you a better chance to make good money. The reason why is, they are more efficient in their operations and new products to sell.

World Financial Group sells several financial services. These include insurance protection, recruitment, legacy strategies, advice to management, long term care Insurance policies, and also offer financial advice to various businesses.

These products are advertised and promoted by the people working for WFG.

If you are an investor, you will not only have to sell WFG products but also persuade other people to join the ranks. Keep in mind that building a capable team under you is the best way to boost your income.

 

 

How does World Financial Group work?

World Financial Group, WFG, works in a way that is similar to many other MLM Companies.

The products they sell are mainly related to finances and insurance. That Includes retirement plans, insurance policies, and different kinds of financial advice.

The perfect WFG prospect should be a should be a mix of an insurance agent, a financial advisor, and a marketing director.

Interested investors/prospect members that want to join this business have to pay a start-up/ administration fee. Then, they have to spend/buy products from WFG every month to secure a position as a company’s salesperson.

After this, you not only market and sell their products, but also recruit other people to do it. The “WFG scam” focuses more on recruitment then actually selling their product.

This can be seen through the length of their manual that details how to recruit someone. It is around 60 pages long!

Basically, the more people you recruit into your team, the higher chances you have to make money.

Another critical thing to note is that the World Financial Group does not require interested customers to buy policies to become employees.

However, they do have to pay a $100 fee to buy certain educational materials to help them sell the company’s products. This balances out the amount of money they would have spent purchasing the policy anyway.

 

What Products does the World Financial Group offer?

World Financial Group offers a range of financial products. These commercial products include retirement plans and various insurance policies.

They also offer mutual funds and investment vehicles for people who have retired. The company that owns the World Financial Group is Transamerica.

Transamerica is an insurance company that provides a variety of insurance plans and policies to all kind of people, but they have great individual policies for older/retired folks. They sell their products through WFG.

Transamerica has an excellent reputation and is one of the best insurance companies in the market.

However, the World Financial Group does not share the same success in the market. Despite the quality of their products, the World Financial Group has faced various troubles establishing themselves in the market.

 

How much can you make with the World Financial Group?

You can make a considerable sum of money if you work at the World Financial Group. Since they are an older company, they have a set of reliable and comprehensive policies.

If you are good at convincing people to do things, this company might provide excellent opportunities for you to earn some good money!

However, there is a catch. World Financial Group puts a lot of emphasis on recruiting new people. By doing this, you essentially lower your chances of making more profit. This is because you are creating more competitors for yourself.

Despite this, there is still a chance you can make good money. If you sell their products, you get a percentage of retail commission. The dividends are not very high, so you need to be very good at what you do.

is wfg a scam or legit recruiting

Furthermore, if you recruit more people, you can get bonuses. This will benefit you immensely, especially if you are good at convincing other people to join the company.

When you start working at World Financial Group, it seems like a part-time job. There isn’t much commitment until the job finally starts to pay you decent dividends.

They have a particular strategy called taproots. This helps them grow at an incredible rate. In this, they make you recruit 3 people in 72 hours.

You have a choice between both doing this and selling 3 of the company’s financial products in 30 days. By doing it, you immediately get involved in the company’s work methodology. It also gives them a recruitment boost and helping them grow faster.

They call this whole plan the “3-3-30” strategy. As the name suggests, you need to recruit people in threes or sell 3 products in 30 days.

 

What I like about World Financial Group

  • You can have a lot of free time on your hands because there are no set working hours.
  • WFG finance-related products are so specific that you won’t need to research or worry about selling different types of products.
  • You will learn a lot about finance and insurance policies.

 

What I don’t like about World Financial Group

  • Starting out can be difficult, you won’t get a lot of money in the beginning.
  • You have to pay a $100 fee for the mandatory educational material you have to buy.
  • The amount of dividends or commission they pay is not clearly stated on their website, this shows a lack of transparency.
  • Recruiting Cap. You can only recruit a certain amount of people in a timeframe. After this, the amount of money you make by recruiting decreases.
  • The CEO of the company and the company itself has a somewhat shady past.
  • There have been lawsuits and sanctions taken against the WFG.
  • WFG has loads of complaints on the better business bureau, most of them related to their restrict refund policy and credit card charges of closed accounts.

 

Is World Financial Group a Scam bbb complaints

Is World Financial Group a scam

The World Financial Group does not have the best past. This company has been through its share of controversies and lawsuits.

The company faced regulatory penalties in 2004 and has also faced class-action lawsuits. In addition to this, the National Association of Security Dealers has taken disciplinary action against them in the past. This has mainly been because of their vague policies and the problems they have caused other people.

Throughout the years, this company has been fined thousands of dollars for various malpractices and seller fraud.

Also, their CEO, Hubert Humphrey, has his share of controversies and is a questionable name in the market. This way, you should be extra careful before investing in this company.

 

Why is World Financial Group a scam?

WFG may not be a scam, but the number of prosecutions on them makes me wonder, is this the best place to put your money?

Also, they don’t give you a lot of money as soon as you start. You need to follow the “3-3-30” strategy. And you can only do that or a certain amount of time.

After you recruit people, you will lose motivation. You will also be creating competitors for yourself in the market.

Also, this company is not the best for you because they won’t pay you any commissions unless you are licensed. And not every employee gets licensed immediately. This means your hard labor could go to waste.

The investment and insurance policies this company sells are not the problem. However, their previous controversies and their current plans won’t get you the money you are probably expecting.

 

Final verdict

Personally, I’m not fond of any sort of MLM or pyramid scheme, and WFG is not an exception. If you ask me directly, is World Financial Group a scam? I would say no, but I would not recommend it either.

If you are looking for a legitimate way to make money online, my #1 recommendation would be, affiliate marketing. Even if you don’t know anything about how it works, your chance to succeed compared to most of the options out there is way higher.

If you want to know more about how to build a passive income stream from scratch, make sure you read my wealthy affiliate review.

 

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