World Financial Group....thoughts.....

[mikey008]

Anyone heard of World Financial Group? Is it some sort of pyramid skeme?

I had a guy recently call me at my work over the phone and started to ask me questions about my currently job and if I'm happy doing what I'm doing. And I answered YES...I love my job!!
Then he started asking me if I would be considering other career paths within the next couple months. Then he started to introduce himself and briefly describe what he does, and the company that he represents, but doesn't go into detail.
He wanted to meet up so he can show me more.....but being the skeptical guy that I am, I didn't make any promises to meet with him.:confused: Plus I was too busy at work to stay and chat on the phone. So he says he'll call me back.


So I'm wondering....

1. What are your thoughts about World Financial Group?
2. Why do they call strangers out of the blue and offer "NEW careers paths?
3. Is this a pyramid skeme?

[Weapon_R]

Do a search homie :rofl:

As big a scam as they come

[Toms-SC]

I *think* this is the place that has a shop across from the peeler bar by Mcleod trail.

[Canmorite]

Originally posted by Toms-SC
I made my first, second and third million through them. I bought rage2.

[Ben]

Have Fun!

Great company to work for, definitely!

http://forums.beyond.ca/st/205476/need-advice-on-world-finacial-group/


So he says he'll call me back.

LOL, you're screwed. Expect multiple calls per week now from him and his "secretary"

[ZorroAMG]

And his "secretary" is his mom.

[ronaldo]

I recently received a call from them too...sounds like a waste of time

[ZorroAMG]

I hear they all make ridiculars income at WFG. Mebe I'm wrong though.

[Pacman]

Originally posted by ZorroAMG
I hear they all make ridiculars income at WFG. Mebe I'm wrong though.

It's no pyramid skim.

[TegLover]

"I have the best opportunity in the world."

[ralliart_girl]

I think I received a call from them a couple months ago, and this guy said that someone had referred me, but he would not tell me who...so he kinda told me about the company (not really) and I wanted to do some research on it, so I told the guy that I would take down his number and call him back, but then he started asking questions like when do i think i will be calling him back, so just told him that i wasn't interested...

it was kinda of weird, so I didn't give it a 2nd thought after that.

[Mazstyle]

Big scam, what I gathered from talking to one of their "millionaires" as he refilled my ink cartridge at an island inkjet kiosk is they get you to setup an offshore corporation and use that to invest in others.

Then basically the money starts rolling in, no seriously they send you statements that say your $1000 is now worth $100,000, so tell your friends and get them to invest and we'll send them statements with huge gains as well, but don't pull your money out because you'll make way more.

I'm sure some of the early people may have made real money (just like the early investors in BRE-X, Enron etc)but like any pyramid/scam the bottom will eventually fall out.

[A790]

Originally posted by Mazstyle
Big scam, what I gathered from talking to one of their "millionaires" as he refilled my ink cartridge at an island inkjet kiosk is they get you to setup an offshore corporation and use that to invest in others.

Then basically the money starts rolling in, no seriously they send you statements that say your $1000 is now worth $100,000, so tell your friends and get them to invest and we'll send them statements with huge gains as well, but don't pull your money out because you'll make way more.

I'm sure some of the early people may have made real money (just like the early investors in BRE-X, Enron etc)but like any pyramid/scam the bottom will eventually fall out.

A whaaa?

I was in WFG briefly a few years ago and it was nothing like that. Even though I am not a fan of WFG today, and even though they thrive on recruitment, they were never about ANYTHING like that.

[Toms-SC]

Originally posted by A790


A whaaa?

I was in WFG briefly a few years ago and it was nothing like that. Even though I am not a fan of WFG today, and even though they thrive on recruitment, they were never about ANYTHING like that.

Could you give us an example recruitment speech that you use?

[wiggaplz]

lol I went to one of those things about a year ago...biggest scam and yeah it is a pyramid scheme. The first day you go there, some guy will speak about how to make money for about an hour or two then right off the bat they take you into a room and want you to give your credit card info and social insurance #....

funny stuff

[roopi]

Originally posted by Mazstyle
Big scam, what I gathered from talking to one of their "millionaires" as he refilled my ink cartridge at an island inkjet kiosk is they get you to setup an offshore corporation and use that to invest in others.

Then basically the money starts rolling in, no seriously they send you statements that say your $1000 is now worth $100,000, so tell your friends and get them to invest and we'll send them statements with huge gains as well, but don't pull your money out because you'll make way more.

I'm sure some of the early people may have made real money (just like the early investors in BRE-X, Enron etc)but like any pyramid/scam the bottom will eventually fall out.

I think you should go back to the inkjet kiosk and listen a little more carefully as to what they do.

[Xtrema]

How can you go wrong with a name like World Financial Group?

[mikey008]

Alright....so here's a yes or no question.



Should I go to this meeting or not?

[Donmega]

P

Y R

A M I D

S C A M

[Kavy]

Depends were you are on the totem pole.

Personally I would never do it as cold calling and selling out my friends is not me, however some people can do quite well in it and don't feel guilty about making money selling their friends life insurance that they don't need.

How it works is they network, they sell life insurance, do HELOC's, investments, tax shelters ect. Once they run out of friends and family they need more people to sell to so they "hire" more people then use their contacts, rinse and repeat.

Go to the meeting however if anything its good for some free doughnuts and coffee and you actually might learn a few things about finances, but don't join unless you want to have no friends.

[A790]

Originally posted by Toms-SC


Could you give us an example recruitment speech that you use?
LOL Someone needs to learn how to read ;)

[sputnik]

The haters are just jealous of my mad bankroll and Honda!

[2.0turbo]

I know someone pretty involved in this thing. Same guy who wanted to sell me Amway and all the similar crap over the years. Yes, there is money to be made. Pyramids are illegal, its not a pyramid although I don't really know how else to discribe it, lol. The money can be made without question if you stick to it. The key that they focus on is recruitment and because most people are skeptical about this type of thing, its not easy.

The thing I hate about it is that they phone me every fuckin week and sometimes twice a week. I mean, I tell them no every fuckin time they call. I say, I'm not interested. Then there like, we have the owner of the company comming in to speak, you shouldn't miss it, he makes 2 million a year. My thoughts are woopy fuckin do, I don't care how much he makes and if thats what he's going to preach about, which is pretty much all their meetings are about, then fuck em. I can make money, I don't need to hear about how much someone else makes.

I am a customer of Universal Life and I have a HELOC, which is what they sell. (Home Equity Line of Credit) against the value of your house. It allows you to put the principle that you would normally pay to your house into something that can make you more money, such as a Universal Life program. Its not a quick gain but seems to work. Just like anything, its not for everyone, and cold calls and selling life insurance is not for me, but for some it would work. I would say check it out and see for yourself what you think.

[cet]

The reason it's not a pyramid scheme is because they offer a product/service that has some value to it. By offering their financial products they get around the whole pyramid scheme thing even though that's what they clearly are.

Description of a pyramid scheme from the RCMP website:
http://www.rcmp-grc.gc.ca/scams/pyramid_e.htm

A pyramid scheme is illegal for the purposes of the Criminal Code when a person participating in the scheme becomes entitled to receive more money than they invested in the scheme by reason of recruiting others. The money is made through recruitment, while the product or service has no real value.

The RCMP recommends that those who want an opinion on a particular company seek one from the Competition Bureau (Canada) and/or a law firm specializing in business practices.

Tips

Proceed with caution before deciding whether to participate in any multi-level marketing plan, and watch carefully for the following warning signs:

Avoid or seriously reconsider joining any plan that offers commissions to recruit new distributors.
Beware of "loading" plans that ask you to buy costly inventory.
Beware of claims that you will make money by recruiting new members rather than by sales you make yourself.
Beware of promises about high profits or claims about "miracle" products.
Beware of "shills"- people paid by the operator to make grandiose claims about the success of the plan.
Refuse to make a financial commitment or sign a contract in a high-pressure situation. Take time to review and re-evaluate the plan.
Seek legal advice or consult relevant statutes (55.1) if you are unsure what constitutes a pyramid scheme.



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Content created: 2004-08-18
Content revised: 2005-02-15
Page updated: 2007-02-22 Return to Top Important Notices

[l/l/rX]

Question:

Whats the difference between WFG and IG Investors Group. I pretty much got offered the job at IG Investors Group as a consultant.
I'm going to turn it down because I'm not a fan of 100% commission, some people can do it, but its not my thing. I would rather have salary + commission on top of that. anyways thats besides the point.

WFG they say you have to put in $400 for your training.

IG, they say they'll pay for your training, first 7 days you'll get paid $1000, blah blah blah so over a period of 3 months of training you get paid a WHOPPING total of $3500.

NOW here's where you're gonna have to fork up cash:
$250 for efic course
$288 for mutual fund license
80.25 national registration database
310.30 LLQP course
100 AIC provincial exam
60 aic a&s insurance license
30 security clearance
= $1213.55
then you gotta renew your mutual fund license every april 1 $300.00

Yearly costs:
Mutual fund license 288
National registration database 80.25
aic life insurance license 95
aic a&s insurance license 60
total = 523.25

Monthly Costs:
Office fund 25
council advertising 50
errors and omissions 102
IG Advantage (computer software) 143
total = 320.10

AND THEN $58.00 yearly for your dell computer.

Fuck thats a lot of expenses. I was really surprised he showed me this sheet of expenses that WE would have to pay from our own pocket.

I would be expecting a company like this to pay for it all.

So tell me what is the difference between WFG and IG besides forking out your own cash to work.

[cet]

I think the easiest way to tell if it is MLM or not is to ask how you move up through the company. If you moving up through the company is solely dependant on how many people you recruit and not how good you are at the financial stuff then run.

[l/l/rX]

ya actually im a bit of a tard. HAHAHA. its all about selling the product to other people, building a book, creating clients, financial planning, yadda yadda yadda.

but man...100% commission. gross.

[GQBalla]

this was investors group |/|/rX???

dang i thought they were a little different...


i see

[ZorroAMG]

I took a meeting with IG too when I used to work at RBC...


IG = Gay

[l/l/rX]

Originally posted by ZorroAMG
I took a meeting with IG too when I used to work at RBC...


IG = Gay

100% agreed, but that goes for any other company just like IG such as sun life financial, and all those other types of companies. they all run the same.

[Schwa]

Originally posted by ZorroAMG
I took a meeting with IG too when I used to work at RBC...


IG = Gay

Can you elaborate on why IG is bad? I thought they were a legit financial planning firm.

[ZorroAMG]

They are technically a "legit" firm but they are only interested in hiring people, bleeding them dry of client bases and letting them go once they have no use for them....

[fcukda]

so some girl try to recruit me while i was working at dennys. i was her server and she tried to lure me in by say ill be making so much more money and stuff like that.

i got her number and name.... i was wondering what i could do with it.

[Grogador]

String her along with promises of many contacts and tap that ass? Stick around, screw all the other hotties there, get some investment education (which you pay for?) and leave? (most do within a year, after they've given up all their contacts/friends, so I hear) Or maybe stick it out for the long haul, I hear after 5yrs you can expect to see some results, assuming the "bottom doesn't fall out".

I met a guy through a friend of a friend who works with a friend, and was invited to a meeting. They aren't pushing the MLM pyramid on me, but they are very much trying to sell me a Variable Universal Life insurance policy and get a $15k investment loan to invest in some MFs/SFs at ~10% ish maybe returns. I mean, I'd like to invest, but I don't like the way these guys are "pushing" me into this with fancy spreadsheets and graphs, expecting a cheque and signature without letting me have someone go over the contract... that is their M.O.

I'm young, I work, I want to invest, however it is hard to find anyone who is not intent on screwing you over... at least with my chump change. Anyway I will probably find some investments with better MERs and more "honest" life insurance, if there is such a thing, from an investment broker who doesn't have uplines/downlines/whatever and a hidden agenda. Does such a thing exist? I realize there's no promises on some of this stuff... I'm trying to learn as much as possible...

[FilthyMcNasty]

WFG is not a Scam. It works, but it is very difficult for the average person. If you have lots of connections and know TONS of young people who are willing to invest in WFG then by all means sign up. You will end up taking all kinds of finance courses and shit and in the end its all BS unless you know lots of people. The system works like a pyramid and its good if you are up high, but for the motherfuckers down below... too bad, so sad you're gonna be poor.