I have a client who came to me years ago when they were WFG clients. Their rep had them borrow...are you sitting down?... $400,000 in...are you really sitting down?...the early 2000s. Think back. That was the height of the markets.
She was pretty much in tears as their money was valued at...I'm trying to remember accurately...about $220,000.
They were frantic and needed help. I transferred their accounts over and redesigned their portfolio. We worked with it for awhile and once we got it over $300,000 we started selling off. They knew they'd eat a loss but were not willing to wait.
WFG goofs are brainwashed dolts who are taught to recruit heavily and to leverage pretty much everyone. The industry is seriously cracking down on inappropriate leveraging strategies. I hesitate to call them strategies as that suggests there is careful thought behind it.
I hate Primerica but WFG is worse. They're a serious detriment to my industry. I once asked one of them why he doesn't get serious, get a designation and join a legit company that's respected. He does well and couldn't be bothered.
I sometimes go to trade shows and chat with the Primerica and WFG goofs. I get them thinking they have a fish on the line and ask them increasingly hard questions. I've wasted hours of their time over several sessions. It's about as much fun as one can have with his clothes on. Slava should try it.
