is what one guy seems to claim about World
Financial Group, AKA: WFG. My understanding
is that they are similiar in some ways to
Primerica. That they are sort of some kind
of a financial investment network marketing
company. I believe the fee to join WFG, seems
to be about 100 dollars. I'm not sure if there's
ongoing fee's as well. (often there is).
believe if you're a really good sales person
(I mean at a professional level) you could
do well with WFG, but again, it's really
hard to say. The WFG MLM program would appear
to anyone interested in the financial markets.
claims to be part of some other big entities
like: Transamerica and Aegon. If you're
currently doing WFG or some other network
marketing company then there's a new way
to build your downline at rapid pace. For
full details click
is what one fellow claims online about WFG:
would like to give you my insight and experience
on why I believe WFG/Transamerica gives FA's the
best opportunity for income.
the record, I'm not defending WFG in any way.
Don't get me wrong, this company has some serious
flaws and problems. But as you read, you'll see
why WFG offers the best opportunity to make more
money than any other wealth management firm out
there.I'm a senior at a top 20 B-school. I joined
WFG junior year as I was approached by someone
asking if I wanted an internship. I wanted to
dress up my resume, so I immediately said yes.
The office was pretty far, and I told the person
that I could not travel that far. She offered
to pick me up and bring me to the office. My thoughts?
So I just met a stranger who said she could possibly
give me a finance internship, and drive me to
the office. And I hadn't even talked to her for
more than a minute. Something's up.
attended the presentation, a marketing director
just talked about the company and they provided
an example of how much you can make. They said
if you recruit this much, and help this many families,
you can make $100k a year. I didn't believe them,
but I ended up paying the $100 fee to join. I
was busy with school at the time, so I wasn't
involved for over a year. I did a internship with
an investment bank at NYC as a sales and trading
summer analyst, and I got my series 7. I realized
that I didn't want to have a career in trading.
I believe in investing, not trading. I wanted
to make some supplementary income with WFG as
a side job, so I decided to get more involved
with WFG. I talked to my marketing director, and
I basically told her that I didn't believe that
she made as much money as she claims, not in those
words of course. I could not believe that a Goldman
Sachs investment banker makes less than some financial
advisors in my office, including my boss. She
pulled me over and showed me her account from
the WFG website, $193k in income for 1 year. She
also came over and showed me her tax return, $193k.
I was absolutely shocked.
Financial Group is a financial services marketing
organization. There are no products that are underwritten
by World Financial Group. Rather, they are a broker
that acts more like a middleman between large
insurance companies and final buyers of these
products. WFG has many partners that they do business
with. Some are ING, Prudential, Fidelity, Western
Reserve Life, Goldman Sachs, Blackstone Group
(Goldman and Blackstone are more investment funds
based), and many more. If you only have a life
insurance license, then you are only affiliated
with WFG and can only sell insurance. Once you
pass your FINRA series exams, which lets you sell
securities such as mutual funds, annuities, stocks,
bonds, etc., you will officially become a financial
advisor with Transamerica Financial Advisors.
Transamerica and WFG are both owned by Aegon.
Fun fact, Transamerica Corporation was founded
by the co-founder of Bank of America. When I first
joined, all I could think was pyramid scheme,
network marketing, no way you guys could possibly
make this much. The truth is they make more money
than many FA's at big firms like Merrill Lynch.
Lot's of anger and hatred toward these kinds of
companies, and for good reason.
WFG is owned by Aegon. Aegon is an insurance giant,
about $424 billion in assets. They're publically
traded on the NYSE (AEG). I'll list their major
1. As long as you don't have a criminal record
and have a US SSN, you can join.They don't care
about your resume or work experience at all. How
would you feel if someone that didn't even graduate
high school was managing your money?
2. The training sessions is basically all motivational
speeches about really vage and general stuff.
No actual training about products or anything.
Marketing Directors will tell you to go to big
conventions in Las Vegas and other places. Again,
it's all speeches and testimonials from the guys
on top about how WFG changed their life and that
they're financially independent and everything.
These are also very costly events that WFG associates
pay for by themselves; event tickets, flights,
food, hotel, will run you around $1000 out of
your own pocket.
No salary, all commission. In the long run though,
this actually provides more income with WFG's
compensation structure. After a little over
a year, I started to realize the benefits of this
company. I never thought one day I would want
to work for a network marketing company. Probably
not the proudest thing to say. However, you can
make more money here than almost any other wealth
is indeed a network marketing firm. In order to
make big money, you have to have a big team of
people under you. Getting 15 solid people that
are active in this business underneath you will
make you a marketing director in less than 1 year.
Easily. According to many marketing directors
at different offices, average income for a year
is $60k-100k for MD's. The problem is that almost
everyone in this company is a second jobber. Many
people don't even do anything with the company
and throw out that $100. Therefore, in order to
get 15 solid, active people underneath you, you
might need to recruit 40 people or more. One of
the best things about this company is that you
have job security. If you're a marketing director
make $90k a year, you will never be fired unless
you deliberately do something illegal. Not only
do you have job security, you're income grows
each and every year as your team naturally expands.
Your recruits will recruit, and your recruits'
recruits' will recruit etc.
office has a handful of people that have immigrated
from foreign countries and can't even speak good
english, and they have become marketing directors
making six figures. They entered this industry
knowing absolutely nothing about finance or investments.
Anyone that is a regular to this website clearly
is interested and very knowledgable about the
wealth management industry. If the people in my
office can become MD's, every one can do it here
in about a year or less.
me explain the hierarchy:
Associate- after you pay your $100, this is your
title. The $100 fee goes to no one, it goes straight
to the main office for a background check, administrative
fees, study material, and other things to get
you started. As a Training Associate, you are
at a 25% contract level.
to become an associate, you need 3-3-30. 3 recruits,
3 sales, in a rolling 30 days. For the sales accounts,
you don't have to necessarily sell them yourself.
If you don't have a insurance or securities license,
then your MD will sell it for you and get the
fees, but it will count towards your promotion.
If you have the approrpriate licenses, you can
sell these products yourself and get the commission.
Also, these sales can be as little as a ($4000
IRA or a $200k life insurance policy). Contract
Level is 35%.
Director- this is the first level of management.
The requirement for this is:1. 3 direct associates
(personal recruits)2. 5 life licensed associates
in your team- so if you recruit A, A recruits
B, B recruits 5 people that are licensed, that
will fulfill the second requirement. It does not
have to be personal recruits that have these licenses.3.
40,000 net points in a rolling 3 months. This
is the hardest part. To give you an idea of the
products to points ratio, selling a $200k life
insurance policy generates about 1,200 points.
This means that WFG made $1,200 in commissions
from the company that WFG deals with. At the Marketing
Director level, the contract is 50%, so you make
$600 from that policy. A $6,000 IRA generates
about 400 points. The 40,000 points is for your
entire team. So if you have 1 recruit that gets
20,000 points and another that gets 20,000, then
you will become a MD assuming you have the first
2 requirements. The points don't have to come
from personal recruits, if A recruits B, B-C,
C-D, etc. all the way to Z, even Z's points will
count towards your 40,000 points. The key to getting
successful is recruiting people that will become
active in the company. This is harder than most
people think. Getting a big team really is not
that hard, if you recruit 20 people, 12 out of
those 20 recruit 12, 6 out of those 12 recruit
10, then you already have a team of 224 people.
40,000 points in your entire team comes out to
less than 200 points per person. Average income
is $60k-$100k. Contract level is 50%.
Marketing Director- Requirements are:1. 10 life
licensed associates in your team2. 3 personal
recruits, 1 of them has to be a MD3. 75,000 points
in 12 months.My Marketing Director is a SMD. As
I mentioned earlier, she made $193k last year.
Average income is $100k-$240k. Contract level
is 65%. Not sure what the contract levels are
Marketing Director- Requirements are:1. 3 personal
recruits that are all Senior Marketing Directors2.
750,000 points in 12 months.The branch office
manager in my office is a EMD. He made around
$400k last year. If you think it's weird that
I know how much these people make, you're not
alone. I think my MD is telling this to me because
she wants me to get motivated and excited about
building my team and eventually earning that much
one day. Also, the more I earn the more she earns.
income is around $250k-500k a year.
you're thinking it's weird that I know how much
these marketing directors make, you're not alone.
In any traditional company, no manager would let
their employees underneath them know how much
they make. But because of the nature of this industry,
it is advantageous to let those underneath you
to see how much they make. Think about it, my
SMD will get more income if I make more income,
because she will get an override from me based
on the difference in our contract levels. By showing
the people underneath her how much she makes,
they will become motivated to get to her level.
I couldn't get myself to believe how much these
people make, but it's true. They make fortunes
here, I've seen their accounts in person.)
Marketing Director- Requirements are:1. 6 personal
recruits that are all Senior Marketing Directors2.
1.5 million points in 12 months According to my
MD, the average CEO MD makes $812k a year. There
are less than 100 CEO MD's in the enitre company.
are probably close to 60,000 associates in WFG-Transamerica
Financial Advisors, but only 8,000 people are
securities licensed. This is a high turnover company,
mostly because there are many people that just
sign up and don't do anything. You also need lots
of people and leadership skills in this business.
Everyone that is underneath you, you are in charge
of. I really enjoy the aspect of leading a team,
many people find that they personally grow a tremendous
amount through this.
company isn't for everyone. If you want the prestige
of a bulge bracket wirehouse such as Merrill Lynch
or Morgan Stanley, you aren't going to find it
here. But Transamerica is a good company in itself.
Anyone on this site is clearly interested and
knowledgable about the wealth management industry,
and has what it takes to become a Marketing Director
in less than a year. If people that don't even
have a college education and the slightest idea
of what finance is can do it, then everyone of
you guys can do it. If the guys at Merill Lynch
at the PMD program can cold-call all day and get
10 million under their account, then they can
become a Senior Marketing Director in less than
a year. Also, your manager won't be able to fire
you and take that 10, 20 million you cold-called
years for and transfer it to your account. Your
recruits stay with you for life. There are lots
of bad reps with this company. They call themselves
financial advisors, and technically they are,
but only know enough to barely pass their insurance
and series exams. Nothing to do with you though,
they will be the ones with no clients after losing
all their money if they truly don't know anything
about investing. With the financial knowledge
and experience in the industry, you will become
a sure hotshot at the company, and you will make
lots of money. Again, for these reasons, this
is why I believe that WFG-Transamerica provides
the best income potential than any other B/D out
there. Even more, it provides the best income
potential at the fastest rate. 1 year in this
company, and you're making at least $70k. Well,
that's about it. Never thought I'd want to work
at a network marketing firm, but it's still a
B/D in the wealth management industry, with a
credible company such as Transamerica. Think about
I think it is possible to have your securities
licenses with another B/D, and have your insurance
license with WFG. A State Street trader is works
at my office part-time and is just with WFG."
(this is just a random post someone made online
about WFG and should not be relied upon without
doing your own proper due diligence first)
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