World Financial Group - coming soon to a friend near you

[troutman]

No complaints with the Better Business Bureau in the last 3 years:

http://www.bbb.org/edmonton/business...nton-ab-113132

[Locke]

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.

And thats one of the hardest parts about your business. You are the only reputable Advisor that I recommend because anyone can slap a shingle on their door and call themselves Financial advisors and people are hesitant to trust any of them because its hard to tell which ones are good and which ones are fly-by-night and which ones just dont care.

[Bmuzyka]

My wife and I got suckered into attending an information session a few years ago. We were told we were going to get some credit councelling help, and they didn't mention it was WFG specifically. Well, we got there and it was a big group session.
To top it off, they had a guy there wearing a TD Bank Nametag, spouting off about how WFG and TD Bank were partnered up.

This got my spider sences tingling, so the next day I called TD Bank Customer Service, and kept getting passed off to higher and higher up people, eventually talking to someone high up in Public Relations. Turns out the guy was on a 6 month Leave of Absence, and was Most Definetly not representing TD Bank in any capacity for this. They assured me that the situation would be handled and apologized profusely.

[SportsJunky]

Originally Posted by valo403

I had those guys tell me that I would be much better off if I dropped out of law school to work for them.

Sadly, some days I think they were right

It's not too late, you should give it a go.

[MoneyGuy]

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.

[surferguy]

I'd love to witness a mid level dolt try and field some proper questions! Just when they thought they knew it all...Bam...a real education comes in and slaps em up side the head. I wonder if they would even recognize what was actually happening

[Hack&Lube]

Originally Posted by MoneyGuy

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.

I'd pay money to see that.

[MoneyGuy]

Originally Posted by Hack&Lube

I'd pay money to see that.

Get me a phone number and I'll give you a heads up for the next one.

[Tron_fdc]

Originally Posted by MoneyGuy

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.

Because that actually involves work. It takes years to get an undergrad, and a few more to get any sort of designation. The people involved in these scams see nothing but dollar signs, and want it NOW without spending the time building a foundation. They expect to be making 6 figures within a month, and the people running the "seminar" have no problem promising it.

Look on the bright side though.....when people get cleaned out by these clowns they come to you for help.

Primerica, Amway, Melaluca (sp?), WFG, Visalus, it's all the same, and it drives me mental when someone in my network of friends approaches me with it.

Anyone seen the "women helping women" scam around lately? That's another one that went through a lot of my friends, and left a lot of people I know mad as hell, and broke.

[The Yen Man]

I have no idea how people can trust these guys for financial advice. It'd be like a guy watching a video on how to fix cars, and then telling you he can fix anything that's wrong with your car.

[CaptainCrunch]

Experience is key to me, and when someone approaches me the first question I ask is about training and years of experience.

If someone goes through the WFG or Primerica's training program, I'm basically done at that point and I'll say it.

For someone like Slava who I don't get along with on the board, it sounds like he's got a proper education in it, and a bunch of experience.

I also wouldn't feel comfortable until I got a reference, its my damn money and I can ask for what I want before I part with it.

Extra points to the person who's willing to give me a reference to someone where things didn't go according to plan but was fixed.

If someone wants me to borrow $400,000 or refinance on my home or whatever, I'm taking their package and getting a second and third opinion.

But honestly if someone can afford a half million dollar investment, they should know better then dealing with a mass market financial planning company.

[CaptainCrunch]

Originally Posted by The Yen Man

I have no idea how people can trust these guys for financial advice. It'd be like a guy watching a video on how to fix cars, and then telling you he can fix anything that's wrong with your car.

I remember when I was much younger and broker I actually went for interviews with life insurance companies.

I had to take their profile testing that basically stated that I would kill family members to make sales.

But they tried to pump me up on the undiscovered market that is family and friends and my question was that I was going to approach my mom and dad and sell them on the aspect that they're going to die someday so they should buy full coverage from me.

Great.

Personally I'd rather be a human donkey piss taster then sell life insurance or financial planning services. You're screwing with people on a very deep and personal level and taking chances with their financial health.

[Slava]

Originally Posted by CaptainCrunch

For someone like Slava who I don't get along with on the board, it sounds like he's got a proper education in it, and a bunch of experience.

I had no idea we didn't get along?

[GP_Matt]

Maybe if you got to know him you would like him?

[CaptainCrunch]

I was kinda kidding there Slava.

[Hack&Lube]

Feelings have been hurt. Monetary restitution must be made!

[Hack&Lube]

MLMs are annoying as hell but overall the most negative aspect of MLMs is that it truly shows you who your friends are.

Friends that approach friends with MLMs with dollar signs in their eyes just show you that the level of respect and mutual understanding between you never existed. Even worse (or perhaps for the better), it shows who your smart friends are and who your dumb friends are.

One of my friends from highschool got suckered into an MLM and treats it like a religion. Her husband is a medical doctor and through her, he was pulled into that world now too and they are even more in debt now than ever and they won't/can't see the light because of the brain washing and cult-like cognitive dissonance that have taken over all their rational thought processes.

[Slava]

Originally Posted by CaptainCrunch

I was kinda kidding there Slava.

I kind of wondered! I mean, I realise that we don't agree on politics, but I couldn't think of anything terribly offensive or anything. FWIW I don't dislike you at all; I actually don't care about that kind of thing at all.

Originally Posted by Hack&Lube

Feelings have been hurt. Monetary restitution must be made!

All of the above being said, I will accept monetary compensation!

[MoneyGuy]

Originally Posted by CaptainCrunch

Personally I'd rather be a human donkey piss taster then sell life insurance or financial planning services. You're screwing with people on a very deep and personal level and taking chances with their financial health.

It's probably not your intention to slam an entire industry. Most of us are capable, client-centered advisors. It's also one of the best professions to be working in, in my view. Where would the average person be without us?

[GrrlGoalie33]

Reviving an old thread here, but a co-workers wife is after me to meet with her about an amazing business opportunity. Finally I asked her what it was and voila: World Financial Group.

I declined stating that we have RRSP matching program at work. No investment is going to gain me that kind of return! Her response:

"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.