Can you make money with wfg

WFG is a company that sells financial planning services. The company sells savings, insurance, and retirement products through its associates, who usually have to pass a licensing exam for the country they live in. The company was launched in by an insurance company called Aegon. The company operates in Canada, the U.

S, and Puerto Rico. I wanted to answer this question right off the bat. In the literal sense of the word, no, World Financial Group is not a scam. The company will not take your money as a customer and give you nothing in return. If you join the company as an agent, you will have the chance to earn an income and need to be licensed in order to directly sell any of these products. WFG is approved and regulated by the financial governing bodies of the countries that it operates in.

However, where many people are turned off of WFG and wonder if it is a scam, is due to its sales tactics in acquiring customers, and multi-level marketing MLM methods of hiring agents to work for them. This aggressive approach to recruiting new members sets off alarm bells in my head. Getting these new recruits and associates is another type of sales tactics. Their own website shows the multi-level shape of their business model.

You will only receive money as a commission if you sell something at WFG, or if those associates you recruit under you buy or sell WFG products. Note that this may not be up-to-date information, as the report was a few years old, but I believe it should give a ballpark estimation.

There are other better and more reputable brokerages out there. If you are willing to get licensed, they can also train you and support you better than WFG, and give you a larger payout. WFG relies on its associates in two ways to get customers.

Firstly, any of the products the associates themselves purchase, essentially turn them into the customers. All those new associates will be immersed in WFG products and culture, and probably end up buying products themselves.

Then, they are forced to aggressively try to get more associates, spreading the WFG product line and sales almost like a virus as it multiplies down the levels. But it obviously works, as WFG has a tonne of sales. As a former sales guy, I think that WFG must have an extremely effective pitch for new members because it is obviously working and getting results.

But as an investor or insurance purchaser, I would never hire a WFG associate. But put some time in, learn how to start investing , and take control of your own finances.

Yes, WFG is a legitimate company. If you purchase an insurance or investment product from them, you will receive the product. However, there is a limited number of companies that WFG is associated with, so your product selection will be limited to those companies.

Also, you may be pressured into purchasing expensive products that may not be the best for you, such as permanent life insurance or segregated funds, but will earn the associate selling it a big commission. Often, the associate you are dealing with may not have very much experience also, and will likely try to recruit you to become an associate also.

As a former life insurance agent and financial advisor, I can understand the success of WFG. In my opinion, it is very difficult to make money with this business model. Yes, there are some success stories, and in its marketing materials, there will be descriptions of people getting rich at WFG.

However, it will be a very tiny fraction of the overall recruits. WFG almost has the same negative stigma as Amway does. Here are some of the reasons I hate MLMs. You can learn something like how to code, become a virtual assistant, or brush up on design skills, then freelance your services to clients. The possibilities are endless. Check out lists like these for ideas:. Instead of working at WFG, you can get licensed on your own to sell investment and insurance products, and start working for an insurance or investment brokerage.

I mentioned before that I worked for an insurance broker in Canada that had way higher commission payouts than WFG has. You will also get trained up at these brokerages. Here are my top picks on the best trading platforms in Canada. If you need a little bit of advice, you can look at my top picks for the best robo-advisors in Canada. For Canadian life insurance, I would recommend PolicyMe. Another life insurance option for Canadians is PolicyAdvisor.

You can compare 20 different insurers very quickly and get the best rates. If you must use an advisor, try to find a fee-based advisor that is not incentivized to push you towards a certain product. They can help you with both investments and insurance. While WFG may not be a scam, I would never work or buy any products from them, nor would I recommend any of my friends or family to either.

I believe there are so many other better options, in terms of choosing a career or buying financial products. I came to this post because a friend of mine introduced me to someone her upline and said that will introduce about financial literacy.

All we just wanted to know is where and how to invest. And herein lies the controversy. Anyway, do you have recommendations on where to get a life insurance or where to invest? Thank you. I am not sure if you can have it refunded to you! As for your other questions I try to cover it in the blog post.

I absolutely would not buy a financial product from this company just because the quality and ethics of the agents I have come across are so questionable. I met up with an acquaintance from a college class who acted as if she wanted to grab coffee. I thought it was strange as we had not had much interaction but figured she might be feeling isolated after the pandemic, tried to do my good deed by meeting up with her but turned out she was trying to shove WFG down my throat.

BUT the behavior of my friend and the woman who recruited her was incredibly aggressive and a bit of a show, low focus on substance and high focus on flash. Two days from when we grabbed coffee, my acquaintance was pushing for a meeting to show me about the WFG program.

The online meeting was highly questionable, the woman presenting seemed to focus more on telling me about how much money she made through WFG instead of how she actually made the money or even what the WFG program was.

That should have been my sign to run for the hills. The presenter kept stating that she had retired before she hit 40 because woohoo, WFG was so good for her finances! This seemed a bit disingenuous but i brushed it aside. A few days after that meeting I get a document from my college acquaintance asking me for my employment information, medical history, family information, beneficiary information and so on.

Turns out she was getting ready to sell me life insurance but ummmm…what? I had no idea that the WFG recruits were trying to earn money by selling products to other recruits. In addition tactics were very aggressive. I was absolutely exhausted, had already told my college acquaintance I was super sick and…. I got texts, a lot of texts, from both my college acquaintance and the woman who recruited her trying to schedule meetings even though I told them I was very sick.

Yeah no. I realized in full health the agents I was dealing with were manipulative. They were super pushy on trying to get me and family members to sign up for products, kept trying to disguise aggressive sales to me as friendly zoom meetings and just overall these people felt like people who did not have the morals and values of people I wanted to do business with.

I would absolutely avoid WFG just because there is no set standard for levels of professionalism and conduct. The products are genuine but unfortunately being peddled by some agents with extremely questionable morals. There are both Good people and Bad people in every industry. Fortunately I have seen both in WFG. Good People — 1. Understand clients need. Protect clients wealth. Accepts that something went wrong and tries to fix it. Bad People — They tend to play with peoples fear in disguise of providing financial literacy.

Do you want to take control of your life? Who controls your time? You work for money and does your money work for you? Is your money growing? Trying hard to sell ULs and Seg. Funds despite financial situation of the client. During Pandemic last year, I lost my job.

I was not in mood but he insisted to in person meeting. They were flaming the fear that North American countries has bad reputation for job security. Only Financial Services industry can provide protect people, even in financial crisis people in WFG have thrived and they promised they has impugnable duplication system that works immensely for everyone. I have joined them and was working there for year before I decided to discontinue.

The only problem I see is that there are too many bad ones than good ones. It is like any other business, if we want to grow the business you need to recruit is the justification provided from great mentors and coaches. They really have poor understanding of product. To my knowledge I have interacted with few extra-ordinary people SMDs or CEOs who understood what product to recommend and how to design a product. Rest all 30 to 45 people depend on these 2 or 3 people.

They also worry about activities and trying to meet goals. People at the bottom somehow want to be SMD to get bigger cut and get bonus, which I felt really bad. They are worst so much so that they err in basics. How many of them will be scrutinized in a random audit? Language English Spanish Any. Found reviews matching the search See all reviews. What people like.

Yes No. Indeed Featured review The most useful review selected by Indeed. I was 21 years old when I was introduced to the wfg opportunity, and I immediately fell In love with our crusade and how we help families.. I've been with the company for about 3 years now I can tell you its been amazing, I was able to make way more than my friends that went to college and still have a huge impact in others people's lives.

What else can you ask for!? Pros Team culture, compensation and mission. Cons Is hard work like anything worth doing. Was this review helpful? Report Share. Very little support if you new to insurance. Felt more Iike a MLA situation when it came down to how you make money with this company versus selling policies. Pros Good for self starters and team building. Cons At the time I was there no options on benefits training and support was difficult to obtain. Yes No There are 1 unhelpful reviews 1.

I love this company. Pros Great compensation!! Helpful guidance at all times , always someone around to help train you. Yes There are 2 helpful reviews 2 No. If you have a network connections then this is the place for you. There is no working hours most likely to work and to see people as much as you can. If you're good at convincing people and then this is totally a place for you. No based pay all compensation.

Pros Great team, supportive culture. Cons Unstable pay. Never do it. A lot of money is spent every year on maintaining licenses and occupational insurance. Also spend a lot of money to participate in conventions across the country. Pay for air tickets, accommodation, food, and conference tickets. Pros Relatively free. Cons Countless meetings, without earning money, have to spend a lot of money. Yes There are 1 helpful reviews 1 No There are 2 unhelpful reviews 2.

Would you rate your company five stars? Rate your employer to help people make better career decisions. WFG is a terrible place to work in that it's an mlm disguised as a legitimate insurance brokerage. It's encouraged to recruit or sell to those around you, otherwise it's very hard to make any real money. It's pure commission with no consistent hourly pay or salary. They'll say that it's what you signed up for, but they prey on people who are in desperate need for a job.

Be warned and please look deep into the company because a lot of former employees are either indoctrinated or find out it's not what it seems. Yes There are 4 helpful reviews 4 No There are 3 unhelpful reviews 3. They have a lot of lectures on how to succeed. I think this is MLM. As an intern, you don't get any salary, and only if you successfully sell insurance can you get a commission.

Yes There are 2 helpful reviews 2 No There are 1 unhelpful reviews 1. Pros Works around your schedule. Phone: Home About Solutions Opportunity Locate an agent. Business Model. The WFG Business Model: Designed for Everyone We help make the idea of financial independence and financial security accessible to a diverse group of people from a wide range of backgrounds.

Learn More. Get Started. Helping People Build Their Financial Futures WFG agents share financial knowledge, best practices, and strategies for life insurance protection, retirement savings and education planning to help clients build better futures.

Become a WFG Agent WFG financial professionals have access to the training necessary to become a licensed life insurance agent as well as mentoring and support from the WFG home office and fellow WFG agents that is necessary to launch a business.

Connect with an Agent. Ready to take the next step with WFG? See how doable it is to get your business up and running so you can start pursuing the future you see for yourself.

Full time or part time. Day or night. Scale without limits. Traditional Agency Business owners hire and train team members to work for the firm. Team members seeking higher contracts venture out to find new business or start their own firm. Our Model Business owners recruit and train other owners to work as a team.

Business owners work together as equals helping each other succeed. Growth and income are scalable based on individual business goals. Commissions 1.