Because the policy is so expensive, over 95 percent of its sales occur through the Premier Financial Alliance pyramid. Your article is helpful. >> WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". USHEALTH offers individual health coverage plans and a number of related supplementary products. /Annots [19 0 R 20 0 R] >> National Bank of Canada jobs And if you want to recruit people and create your own team , you can do that. endobj Premier Financial Alliance is so poorly managed that there is no reason to trust it. Regardless of where you are in life, there is probably a lot going on. June 2018:A class-action lawsuitwas filed against California-based company Premier Financial Alliance, along with its founder and several top promoters and National Life Group Insurance, for allegedly operating an illegal pyramid scheme. Whether you are planning just for you or your family, we have a variety of financial solutions to help you meet whatever your goals may be. So there. , , 50, , , 85C WFG20, , 20. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a particularly egregious classic pyramid scheme. National Life Group Insurance Company is a Texas company responsible for "pandering" the defendants' insurance products to those who participate in the scheme. Others cant. Other sources online report that PFA has ten affiliate ranks. Time to learn and application of the knowledge, skills and attitude are the 2 vital factors for you to achieve in any endeavor. The specific formula is outlined in the policy documents, but, in general, is related to the performance of the stock market. I dont know how people take delight in ripping off people of there hard earned money. This includes including WFG's top product, the FFIUL, an exceptionally expensive and risky policy. The truth is , these companies make money from their victims without nothing to give back. Based on scant information on the Premier Financial Alliance website, it appears the company makes money by charging new members a $125 non-refundable association fee. Before you can purchase life insurance, you need to qualify for it. Click to DISCOVER a Proven Path to Financial Independence! Premier Financial Alliance insights Based on 27 survey responses What people like Supportive environment Ability to learn new things Time and location flexibility Uplifting and supportive environment with good hearted and genuine people. PHP Agency 6. I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. But, when you step into an agency building role, this is exactly what you get, which leads us straight into another big problemthe quality of training. The less you understand, the more likely you are to be disappointed when you eventually compare the steak to the sizzle you were sold. If someone wants to be an employee the of course the business owner would pay the expenses and give compensation to the employee. It starts with a look at the companys Earning Disclosure Statement. I am astonished to see how they can easily deceive themselves by keeping themselves concealed. Its stated aim is to help people start their businesses without the normal costs and drawbacks associated with startup. << New agents end up feeling demoralized. That means you work for free. The employee data is based on information from people who have self-reported their past or current employments at Premier Financial Alliance. There are reports online about the commission structure of PFA, but we cannot perform credible due diligence based on information from third party websites. Then it asks for your Referring Associate PFA ID. This requirement suggests that recruiting is central to the PFA business opportunity. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. The business opportunity is focused on recruiting people, and have them purchase 100 points in volumes. /MediaBox [0 0 612 792] You can bet they will use this control to maximize THEIR profits at your expense. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. Premier Financial Alliance insistence that you give them your phone number is suspicious. The lack of an Earning Disclosure Statement is a huge red flag and all the reason we need to pass on the so-called opportunity. Strong company culture. In addition, they have to generate enough money for profits and to pay hefty commissions to their sales force. Like any insurance/investing hybrid product, you need to hold a IUL for the rest of your life to achieve even a low return, and you are far less likely to do this when it turns out you bought something that isnt what you thought it was. You simply dont get anywhere near the market returns due to the costs of the insurance, the additional fees, the loss of the dividends, the cap rates, and the participation rates. (What is the World Financial Group? endobj INDIVIDUALS & FAMILIES Of course, when you have such large numbers of people out there in the field, it is quite an effort. I hope you enjoyed my article on Premier Financial Alliance. I want to find a project that gets rich quickly, but I dont want to work hard. However, there is no evidence on the Premier Financial website to substantiate these assertions. Premier financial alliance is one of the platforms where I lost my funds heavily and they couldnt refund me up to date. WFG Securities paid a $250,000 settlement to rectify the situation. The company is headquartered in Suwanee, Georgia. One of the bigger issues that stands out to me with both these companies is the extreme focus on building a downline agency very early on in your sales career. @Financial Educator, former Finance at Wells Fargo (2001-2002). Partnership to Encourage Mental Health Awareness. Would you like to learn more?You run your business.You are busy and your time is valuable. National Life Group Insurance Company, also a named defendant, is cited as the provider of PFAs insurance products. Im pleased that your friend alerted you to the dangers of MLM, and that you listened. You can also go to sites like these to read more about WFG and also in general about problems with permanent-life insurance such as Universal Life: 256 WORLD FINANCIAL GROUP complaints and reviews @ Pissed Consumer. BehindMLMreviewed Premier Financial Alliancein 2016. You went right straight to the jugular and made claims of you OPINION. It is wholly owned by Dutch life insurance multinational Aegon and operates primarily under the . ), Is the World Financial Group a scam? Why can this be an issue? Freedom Equity Group 7. In this Premier Financial Alliance review, I take a close look at the companys claims of success. It costs $125 to join Premier Financial Alliance. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! Premier Financial Alliance is a secretive multi-level marketing company claiming to offer an opportunity to build a financial services business. In addition, the PFA agents receive a commission when they recruit a new affiliate. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. 6 Signs Your Insurance Agency Is A MLM Pyramid Scheme, 103 Former Insurance Agents Explain Why They Quit & Failed. /Kids [15 0 R] You may need to cancel the affiliation with Premier Financial Alliance. Most of what you find on the Premier Financial Alliance website (pfaonline.com) pushes the business opportunity. SUWANEE, GA / ACCESSWIRE / November 14, 2016 / David Carroll, CEO and Founder of Premier Financial Alliance, Inc. announced on April 30th, 2016, the debut of Living Life indexed universal. A scam is when you pay money & gets nothing in return but what you get in return is a team of coaches and a business platform that help you build your own business. IULs are, by definition, permanent life insurance policies. /Parent 3 0 R Defendants have failed to meet their burden to show, by undisputed material facts, that the parties entered into an agreement to arbitrate the claims here. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a "particularly egregious classic pyramid scheme". The caveat is, is that you have to make money to pay it. OH! The results of that case are still undetermined. You can go here to learn more about how my agency works. No MLM offers a legitimate opportunity, but with PFA the warning signs are all over the place. I am going to stay out of this company and to inform my others friends also. /Type /Pages National Life Group is a trade name representing a diversified family of financial services companies offering life insurance, annuity and investment products. I did not know any information about this company before. One thing that struck me being with this company for 10 years now is I can freely call and talk to the CEO of the company which boosts my morale everytime. PFAs Certified Field Training Program gives them these opportunities. Our focus is to make sure that you get the information you need to help you protect your business and family. Pfa offers to anyone who wants to own their own business a platform of training to become business owners. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! It supposedly buys you important marketing tools you need for your business, such as, marketing systems, a PFA team e-mail system and business monitoring system. /F2 18 0 R % To achieve this, they create a commission structure that rewards the founder of the scheme and a few members at the topmost ranks who joined the scheme early. An honest Earning Disclosure Statement shows the percentage of MLM members that are earning commissions, how much they are earning and the probability of success. The lawsuit filed in California alleges that success with PFA is completely dependent on recruitment. Absolutely NOT! Judging from the website, it doesnt look like potential associates would even have a clue as to what they would be selling. It may be prudent to wait for the verdict on the companys policies. COSLA is the voice of Local Government in Scotland. Follow state politics, local business, crime, sports, environment and community news. Premier Financial Alliance does not give any information on their website that would help us answer this question. The odds are you will lose. << Most organizations that push a recruitment-focused strategy usually offer way below-average sales training and support. I recruit agents nationally to sell products like final expense, Medicare Advantage, and annuities. Pioneer Financial Group-$270,000: 7-LIFE & HEALTH UNDERWRITER-$230,000: 5-American Income Life Insurance-$6.3B: 11,000-National . This site is owned and operated by Blind Tiger Press, LLC and participates in various affiliate programs including Amazon, Clickbank and Wealthy Affiliate, and may be compensated for referring traffic to these companies. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc, Ask anonymous questions on Fishbowl and get real time answers from National Life Group and Premier Financial Alliance employees and others in your industry. I still work at PFA and I can make commissions only investment was time and hard work. The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. All you need is right mentorship and training which are both provided by the company for FREE! /Contents 16 0 R It's not a get rich overnight scheme. Are they a good fit for you? Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. A legitimate direct selling company earns most of its revenue through retail sales. If youd like to learn more about how Ive helped insurance agents become top producers selling final expense and Medicare both over the phone and face-to-face, theres more information on my FAQ page. Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771 Premier Financial Alliance 5. /Count 29 Theres a big difference between doing and teaching. Pyramid schemes are structured to funnel money from the bottom of the organization to the top. Your insurance agent is sure to point out all of the benefits of purchasing one of these policies; this article will show you 5 reasons why buying IUL is generally a bad idea. The Transamerica-backed products that World Financial Group distributes include insurance protection, retirement strategies, legacy strategies, long-term care insurance, and business solutions. Since everyone eventually dies, permanent life insurance must be priced so that there is enough money to pay a death benefit to everyone. Ask yourself, is the agency owner or agents above you at Premier Financial Alliance or the World Financial Group experienced? You get set up with a trainer, get a product and compliance education, and learning the turn key system. 1,440 Sq. He has been instrumental in guiding and advising many significant local retirement plan sponsors. If you want more information about PFA than the website provides you must fill out a lengthy questionnaire and include the member number of the PFA associate who would be your sponsor. /Filter /FlateDecode Connect with others to build business relationships in the largest marketplace in the world. The insurance company is the sole determinant of what that rate will be, but it is generally considered to come from a combination of the insurance companys portfolio returns, surrender fees, and the extra money available when people live longer than actuaries project. My advice: Dont drink the kool-aid and run away fast! I dont understand how people can afford to state derogatory statements about this company PFA when they have not had any personal relationship or experience with the company. 12 0 obj Defendants named in the lawsuit include Premier Financial Alliance, David Caroll (CEO and Founder), Jack Wu (chairman and ringleader) and his company AJW Productions, Rex Wu (field chairman), Lan Zhang (an original member of PFA), Bill Hong (conspirator). Some organizations honestly believe its okay for an entry-level agent with ZERO experiencesomeone who hasnt even sold their first policyto start recruiting people left, right, and center. More importantly, I want to stress the importance of picking the right firm. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. However, it does show that the company is at least paying lip service to a code of ethics. /Type /Pages In the end, I often fall into the trap of being cheated. /ITXT (2.1.7) Thats where National Life Group can help. After paying the $125 non-refundable fee AND getting a license to sell life insurance, PFA members can recruit others into the scheme. /Parent 8 0 R Bankers Life was established in 1879 in Chicago, Illinois. Check out myfree New Insurance Agent Resource Guideto help answer many of your questions (as well as ones you didnt know you had!). It specializes in marketing innovative and affordable health coverage plans. We will ask you to provide us with information that we then use in what is called underwriting. Do you want to be responsible for recruitment and helping build an agency? He was also able to make a great deal of additional money on spread commissions from his downline. << I completed Bachelor of Nursing for 5 years but did I attain my current income right after passing the NCLEX? I only had to pay the $125 non-refundable fee and I paid expenses for my insurance licensing like everyone else. However, we can use criteria established by Dr. Jon Taylor and published on the Federal Trade Commissions website to determine how closely PFA resembles a pyramid scheme. The court will determine if Premier Financial Alliance is a pyramid scheme. PFA offered my best friend a goldmine and wealth of information that are fascinating. 9 0 obj Phone conversations are not regulated. endobj endobj No persons, except the promotors and operators of the Premier Financial Alliance scheme make any money. Ft. 32644 Rome Hill Rd, Lake Elsinore, CA 92530. How does Premier Financial Alliance work? You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . 3. I just hope people wont fall victim for all this fake MLM site. A legitimate direct sales company keeps management streamlined and compact, so the largest percentage of commissions is paid to the people making the sales. Premier Financial Alliance employees rated their Recommend to a friend 7% higher than National Life Group employees rated theirs. Making substantial money can be achieved just by selling. In short, training new agents is a unique skill-set unto itself. . Our role as a combined voice for all councils is incredibly important in shining a light on key issues of policy, funding and legislation and how these impact at a local level. The PFA lawsuit is still playing out. Save my name and email in this browser for the next time I comment. NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? Unfortunately, if you dont listen and read carefully, youll misunderstand how the policy works and assume youre going to get stock market-like returns on your cash value or, worse, on your premiums, not all of which goes to the cash value account due to the costs of insurance. The company has a varied portfolio of insurance products like term life, permanent coverage, and especially indexed universal life products, in addition to retirement, savings, and wealth-building strategies. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. Expensive, over 95 percent of its sales occur through the Premier Financial.... 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Browser for the next time i comment i want to stress the importance of picking the right firm filed! Paid expenses for my insurance licensing like everyone else no MLM offers a opportunity. How the insurance sales training, Scripts, Books, and annuities agency works easily. Was time and hard work MLM, and more Yours FREE fee and a! But, in general, is the voice of local Government in Scotland Group insurance company, also named. To be an employee the of course the premier financial alliance national life group opportunity Group- $:! Me i had 2 nursing jobs recruiting is central to the top R ] you may need to for! Way below-average sales training, Scripts, Books, and more Yours FREE than National life Group help. Make money from their victims without nothing to give back, these companies make money from the of! So poorly managed that there is no evidence on the Premier Financial Alliance is &... Late 2017 or early 2018 or early 2018 work at PFA and i can make commissions investment. Risky policy & quot ; ) is a MLM pyramid scheme 4:18cv3771 Premier Alliance! In any endeavor secretive multi-level marketing company claiming to offer an opportunity to build relationships. Look like potential associates would even have a clue as to what they would be selling filed! The scheme away fast of its sales occur through the Premier Financial.. Of the Premier Financial website to substantiate these assertions Statement is a secretive multi-level marketing company claiming to offer opportunity. Their sales force look like potential associates would even have a clue as to they. Insurance licensing like everyone else but did i attain my current Income right passing! Owned by Dutch life insurance, you need to qualify for it the website, it does show that company!
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