World Financial Group - coming soon to a friend near you

[surferguy]

but don't you want to become a business owner??

[MoneyGuy]

Originally Posted by Frankster

"You are familiar with the tax laws within an RRSP? How to take your money out of your RRSP tax free? The 4 areas on where to save and invest money within Canada"

There is no way I am taking money out of RRSPs. I am not in the 100k+ club on CP and can't afford to mess with my retirement savings!

These guys are still around and aggressive.

And they're dangerous. The statement about withdrawing money from an RRSP tax free may indicate leveraging (creating an offsetting tax deduction to counter the tax payable on the RRSP withdrawal). You cannot withdraw tax free from an RRSP, only create the offsetting tax deduction, which is not the same thing. My best horror story about WFG is the client I transferred over who had leveraged about $400,000 at the peak of the market, on the advice of the WFG "advisor." Their account was down to around $225,000 when we took it and we modified it for suitability. WFG goofs are Primerica on steroids and, as I said, dangerous.

[FFR]

WFG is definitely alive and well. They have a rather large office in the same complex as I work and they often have people there quite late into the night. I presume they are gatherings to get people to join...

[1stLand]

ah yes. I love the smell of greed in the morning.

[normtwofinger]

Originally Posted by CaptainCrunch

If a hot chick tries to recruit me, she'd better be willing to honk on bobo to make her commission.

Post of the year!

[1stLand]

Originally Posted by normtwofinger

Post of the year!

lol, isnt that prostitution? But then again, don't we all prostitute ourselves out for money? (metaphorically speaking)

[chemgear]

Originally Posted by Slava

Honestly when I read posts like this (and totally agree, but just realize how prevalent it is), it makes me want to change my title to something different. I just hate being lumped in with that kind of crowd.

I hope most people could figure out the vast difference very quickly. It shouldn't even be close for those yahoos versus somebody with your kind of experience/knowledge.

[Hack&Lube]

At least when people you know are brainwashed by Amway, it's easy to figure out it's just dumb people hucking overpriced junk to make money for somebody else who has conned them into becoming modern door to door salesmen...

But with the financial advisor scams, for the uninformed, that's harder for them to detect anything fishy going on and people can really lose a lot of money this way.

[bizaro86]

Terrible financial advice isn't limited to the mlm crowd. My 70 plus father in law depends on his income from some GICs. He wasn't happy with his current institution, and I suggested if he was going to pay the penalty to get out of his current GICs he should put the max into a TFSA so the interest is at least tax free.

So an elderly man walks into a branch of a big bank, and asks for a GIC in a TFSA, and the "investment advisor" gives him a hard sell on setting up a HELOC and using it to buy gold, because "inflation is the biggest risk to seniors"

I haven't been that angry with a corporation for a long time.

[Red John]

Originally Posted by Bobblehead

I fully expect to see someone join CP simply to explain how misinformed everyone is and extol the virtues of this opportunity.

I'm actually kind of surprised it hasn't happened before since I think these guys have come up in discussion before.

JonDuke pumped up Visalus here on CP before getting ripped apart.

[TorqueDog]

Heh, I've been approached by WFG and by Amway reps.

WFG: I was all of 20 years old and I had a client who was involved in WFG with her husband. Really nice people, most grifters are, that tried to get me to warm up to the idea of joining their little team. I didn't bite, I had experienced something similar to this when I was 18 with an insurance company. I knew it was BS.

Amway: I played shinny at the Edge Iceplex in Springbank a few years ago and one of the guys chatted me up, asking what I did for work. I mentioned I was a consultant and worked in IT. He said "Oh yeah, that's cool, my company - YipTech - does a bit with technology and the internet too. You should come to one of our company meetings, maybe we can work together". Weird offer, but sure, why not? "Wear a suit."

We meet up at the Econolodge just off 16th Ave near Banff Trail IIRC, and a few people from hockey show up. They all spoke really highly of what was going on, but would only refer to the awesome 'business opportunity' and not actually tell me what the opportunity was. I met YipTech guy's 'boss', where he asked me how my working situation was. I had no problems telling him that I had a great job and that the position when I applied was very competitive, and I won out over a great number of candidates.

Now, I'm a man of slightly above-average height, I barely break 6' if at all, but it occurred to me that most of the people in the room were shorter than me. Recognizing this, I opted to sit a few rows back so other people might get a better view. No, YipTech immediately tells me to sit in the front. For some reason, I listen.

The lights dim, and an AMWAY video comes on. I am ready to walk out. I then listen to Boss guy yap for 15 minutes, and at one point use me as a reference to 'how difficult the job market is out there' and why this is a better opportunity than flailing around in the job market. "Why not be an IBO?" F--k.

After the torture was done, I left, angry at having my time wasted. The guy pushed the issue several times after, trying to peddle his wares while in the dressing room ("Here, try this Alkaline water, its better than normal water; hey, try this sports nutrition additive for your water bottle - it's sugar free!") and I very politely told him to GFH. Finally I just stopped going to his ice times. I later heard from other people that he'd been trying to recruit them in random public places, book stores, etc.
---

If there's one thing that occurs to me about people who subscribe to these things, it's that you see the same behavior as you do from people who are in cults. Very dogmatic behavior.

[Randall00]

https://www.facebook.com/world.finan...52242980027349

[Winsor_Pilates]

Originally Posted by Randall00

https://www.facebook.com/world.finan...52242980027349

Well if Smooth Hustle said it's good, I'm in!

[CaptainCrunch]

Yeah, I had a friend try to get me into this, invited me to a meeting and everything. I was trying to be a good supportive friend and I suited up and went.

5 minutes into it, I got up and walked out, you could smell the garbage as soon as the host started to talk. But it reminded me of the old time church revivals without the funky sound track and people standing up and dancing and reaching for god.

My friend came out and ripped into me about how rude I was and how I embarrassed him. My first instinct was to use the line from Dirty Dancing, jam my finger into his chest and yell "Nobody puts Baby in the corner". (Playing insane diffuses a lot of situations).

But instead I basically and nicely crapped on him about using our friendship as a recruiting tool for this kind of garbage and told him not to get in touch with me again (I'm very unforgiving by the way)

I haven't heard from him in about 10 years, last I heard he had moved on to working retail.

[Derek Sutton]

"They are all about families" -Jennifer Jones

[troutman]

http://www.ripoffreport.com/r/World-...rip-off-144078

http://handleyourmoneywisely.blogspo...join-cult.html

http://en.wikipedia.org/wiki/World_Financial_Group

Since October 2011, WFG (Canada) is under investigation by the Manitoba Securities Commission, after some investors say they ended up in financial situations they did not understand. The securities commission is alleging that World Financial Group (WFG) "acted improperly and contrary to the public interest", according to documents. Next hearing is February 19, 2014

[Troubamaker]

Originally Posted by Derek Sutton

"They are all about families" -Jennifer Jones

Talk about tarnishing her gold medal instantly. She should fire her manager.

[Derek Sutton]

Originally Posted by Troubamaker

Talk about tarnishing her gold medal instantly. She should fire her manager.

Yah no kidding, I've always assumed WFG was like Investors Group or Mannulife etc..

[Slava]

Originally Posted by Derek Sutton

Yah no kidding, I've always assumed WFG was like Investors Group or Mannulife etc..

I can tell you that Manulife and these other two are nothing alike.

[Derek Sutton]

Originally Posted by Slava

I can tell you that Manulife and these other two are nothing alike.

Does Investors Group have a bad rep to? Thats who I'm mostly with and have been happy with them (our advisor anyways)