Pyramid Scheme meeting tonight?

[Buster]

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Nvm - not worth arguing here lol

What do you do for the corporate finance folks? Genuine question, I'm curious.

Also: what does a Rockstar FA look like? These guys have a responsibility (all the way to the highest levels), of managing the investments of a client according to their risk profiles and goals.

[msommers]

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It's not a "stupid statement" made by "losing finance guys". It's a data driven conclusion. And who says "finance guys"?

Anyway. I doubt your capital distinguishes you much. I have no idea how much capital you have but any FA which caters to high PNW individuals is used to dealing with big numbers, and doesn't give a shit. Most of the guys who you would consider NOT a used car salesman trying to deal with the "average joe" are also guy who can pick and choose who they want as clients. A successful FA dealing with high end clients is likely not going to respond well to an opening conversation that requires him to have a CFA which is of questionable utility, be asked for his undergrad transcript, and be asked for his personal stock portfolio and his current hot stock tips. They're interviewing you as much as you are interviewing them.

In some ways I agree with his DD but to the degree he's going is a bit much.

Not sure how long you've been reading here, B, but S1 has a long history here of stating how awesome he is.

[Buster]

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In some ways I agree with his DD but to the degree he's going is a bit much.

Not sure how long you've been reading here, B, but S1 has a long history here of stating how awesome he is.

Historical results aren't entirely worthless. It can help identify someone who is clearly incompetent because incompetence is entirely possible (even easy to achieve), when investing. Hiring that person would be an error. However, the problem is that the inverse is not true. A good historical record does not indicate competence. Hiring someone *because* of that would also be an error. It's the difference between a Type 1 error and a Type 2 error. In either case, lol at asking someone for their own portfolio information.

I'm just interested in the conversation to see how people think. It's can be fascinating.

[bjstare]

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agree, most of the good ones will not even talk to you if you don't have a minimum 7 figures to invest...

ftfy

[Rocket1k78]

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They find anyone off the street to do this stuff, much like other culty sales jobs, it’s just sales with no knowledge behind what they do.

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WFG advisors are seriously under educated. Most of the recruits are just suckers who get pulled into one of their seminars about easy money and have zero financial background.

Have to agree because ive seen this first hand, one of my best friends was suckered into this. He worked construction his whole life and then one day he tells me hes starting this new venture with primerica and starts grilling the shit out of me about my mortgage and insurance. What he was saying sounded pretty good and because he was my bf I trusted him. I googled primerica and luckily i did because im sure i wouldve made a huge mistake back then. I sent him all the links and he was so in denial, i remember even asking him how someone with no knowledge of that industry becomes a so called pro overnight. That phase lasted less than a year thankfully lol

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What annoyed me the most was how my friend and his partner tried strong arming me to give them my personal contacts, so they could 'help' them with their investments

I almost lost my best friend because he was so aggressive with me. It didnt matter what we were doing or talking about, he would always change the convo to him and how i had to switch everything over to him.

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So are you a WFG broker?

Im curious too. I would guess yes though

[Disoblige]

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my bf

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I almost lost my best friend because he was so aggressive with me.

I love reading between the lines lol.

[max_boost]

Sugarphreak portfolio only goes up

[A790]

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Well what isn't legitimate about it? It's just basic Affiliate marketing if you actually look into it.
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Haha, know how I can tell you don't know anything about affiliate marketing?

Amazon doesn't pay me to recruit other Amazon affiliates.

The web host I route $150k/yr in sales through doesn't pay me to recruit another affiliate.

The motorcycle gear distributors that I route $1mm+/yr in sales through don't pay me to recruit affiliates.

Interestingly, they DO pay me when I generate sales of PRODUCTS... shocking.

Affiliate marketing = commissioned sales. That model =/ MLM. Get your facts right.

[Rocket1k78]

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I love reading between the lines lol.

So what if my bf was aggressive with me

[GOnSHO]

Yes,

I am a WFG broker and have been for the last 3 years. As some have stated, we are exactly that a BROKER, no different than someone like maskedbandit who brokers home/auto through another company. I will agree that some people who come into the business and think they are a pro immediately are super annoying and dont end up lasting very long in the business. That being said, a good chunk of us ACTUALLY do know what we are talking about and have helped thousands of people see a light at the end of the tunnel that may have otherwise not been possible. We cater to the everyday person because those are the people who NEED the help and the education, is it nice to get a high networth client every once in a while, TOTALLY but we arent chasing them around and stealing them from other firms.

And im not sure who said we cant talk about investments unless we have a mutual fund license, you are sadly mistaken.

[A790]

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Yes,

I am a WFG broker and have been for the last 3 years. As some have stated, we are exactly that a BROKER, no different than someone like maskedbandit who brokers home/auto through another company. I will agree that some people who come into the business and think they are a pro immediately are super annoying and dont end up lasting very long in the business. That being said, a good chunk of us ACTUALLY do know what we are talking about and have helped thousands of people see a light at the end of the tunnel that may have otherwise not been possible. We cater to the everyday person because those are the people who NEED the help and the education, is it nice to get a high networth client every once in a while, TOTALLY but we arent chasing them around and stealing them from other firms.

And im not sure who said we cant talk about investments unless we have a mutual fund license, you are sadly mistaken.

WFG set me up with a shit SEG fund and UL policy at age 18 designed to maximize their commission while providing me with an unsuitable product for where I was in life or what my financial goals are. In fact, my goals were never even discussed with me. Instead, I was fed bullshit about the "power of 10" and shucked off to meetings where Mozone was more important than value. It was as massive PITA to get out of that policy and receive my cash value, and when I finally was able to get it sorted, I had to sit down and be pitched again by someone (Frank M) and listen to his shit until I finally told him to fuck off with his BS and sign the damn paper before I became a real problem for him.

You are not a broker. You are a predator. Your entire organization is.

You are involved in a company that actively deceives people - vulnerable people - and harms them. This well known and broadcast far and wide. There's a reason WFG Offline won't go away, and why so many people archive it every time WFG tries to get rid of it.

Comparing yourself to @maskedbandit is disingenuous at best, insulting at worst. He is a genuine subject matter expert who does not try to recruit you into his business after setting you up with your policy. That is such a dramatic difference that it is not lost on me or others that how you failed to acknowledge that.

That's called being brainwashed, and you very clearly are.

There are many ways you can become legitimate if you feel so inclined. WFG is not that ticket. Save yourself before your reputation (not just here) is destroyed.

Until you shrug off WFG, you can not be trusted to discuss finances with anyone. I appreciate your honesty here but do not appreciate the kool-aid you drink being regurgitated. I hope you see the error of your ways before you harm too many hardworking people that are financially ignorant and overly trusting.

[Buster]

Can you even got another job elsewhere in the industry if you have WFG on your resume?

[GOnSHO]

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WFG set me up with a shit SEG fund and UL policy at age 18 designed to maximize their commission while providing me with an unsuitable product for where I was in life or what my financial goals are. In fact, my goals were never even discussed with me. Instead, I was fed bullshit about the "power of 10" and shucked off to meetings where Mozone was more important than value. It was as massive PITA to get out of that policy and receive my cash value, and when I finally was able to get it sorted, I had to sit down and be pitched again by someone (Frank M) and listen to his shit until I finally told him to fuck off with his BS and sign the damn paper before I became a real problem for him.

You are not a broker. You are a predator. Your entire organization is.

You are involved in a company that actively deceives people - vulnerable people - and harms them. This well known and broadcast far and wide. There's a reason WFG Offline won't go away, and why so many people archive it every time WFG tries to get rid of it.

Comparing yourself to @maskedbandit is disingenuous at best, insulting at worst. He is a genuine subject matter expert who does not try to recruit you into his business after setting you up with your policy. That is such a dramatic difference that it is not lost on me or others that how you failed to acknowledge that.

That's called being brainwashed, and you very clearly are.

There are many ways you can become legitimate if you feel so inclined. WFG is not that ticket. Save yourself before your reputation (not just here) is destroyed.

Until you shrug off WFG, you can not be trusted to discuss finances with anyone. I appreciate your honesty here but do not appreciate the kool-aid you drink being regurgitated. I hope you see the error of your ways before you harm too many hardworking people that are financially ignorant and overly trusting.

Im sorry to hear that you had so many issues in the past, Ive heard those types of horror stories before from this company as well as MANY others (Sunlife, primerica, AIL, etc). As I said, I ALWAYS try and do whats best for each of my clients. If all you want is a Term insurance policy then thats all ill show you, If you want something longer term or permanent, thats what Ill show you. As I have with the handful of people who have approached me on here for JUST that reason, life insurance.

To say my brokering of services is different than that of ANY other broker is mystifying.. but ok.

Sorry feel that way but I have followed and will continue to follow EVERY compliance standard set in place by the Government of Alberta & Canada

[CompletelyNumb]

I'm not quite as passionate about it as Cam, but my thoughts are in line. I have a few friends who got caught up in WFG. I went to several meetings with them, simply because they told me they'd be rewarded internally if I came as a "potential client". It was just a favour for friends who were caught up in the MLM sales pitch.

What turned me off for life was what happened in those meetings. Fear based tactics for selling. Inaccurate statements about financial services. Complete lies and fallacies about wills and estate law. "Success stories" from the same people each time (this was over a 3 year period). I get it, your husband died, left you millions in life insurance, so WFG saved your life. At eats change your speech lady.

Every time the room was filled with young men, suited and booted, all talking about how much money they can make. Baseball players, students, salesmen, etc. None were bankers, brokers, financial advisors. None had ever worked with investments of any sort. None went to school for it. Their provincial certification and the WFG "training" was all they had. They bragged about all the big name banks they work for, as if that legitimated them. "If WFG was a true MLM, do you think these banks would work with us?!" Yes, I do, they sell a product to a market and you are a salesman for them.

And don't ever mistake that, WFG is an MLM company first, and investment company second.

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Also, you need to be a forum sponsor to sell your services here: https://forums.beyond.ca/threads/404...nsurance/page5

[A790]

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To say my brokering of services is different than that of ANY other broker is mystifying.. but ok.

Hey @maskedbandit , when was the last time you tried to recruit someone into your business that required them to pay you to join?
@GOnSHO , you are either truly brainwashed or are disingenuous. I'm assuming it's the former.

Note that you were never accused of failing to follow "EVERY compliance standard". To be very clear, I stated that you are actively involved in a self-serving and predatory organization that takes advantage of people's financial ignorance and offers products and solutions that are sold by inexperienced "advisors". Furthermore, I implied and am now directly stating that WFG's main goal is not to sell financial products, but to grow the business by recruiting unqualified people underneath its associates to grow the organization. Lastly, I further state that the majority focus of your internal meetings is on said recruitment/tactics.

As I mentioned, you can easily transition into a legitimate financial services business that carries no component of MLM. Where the goal is to service and grow your BOOK OF BUSINESS as opposed to the "advisors" that you bring in underneath you. If you actually believe in providing value, this would clearly be the appropriate course to take.

If you're going to respond to me, acknowledge and respond to the meat of my comments as opposed to the condiments.

Otherwise, move on.

[A790]

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I'm not quite as passionate about it as Cam, but my thoughts are in line. I have a few friends who got caught up in WFG. I went to several meetings with them, simply because they told me they'd be rewarded internally if I came as a "potential client". It was just a favour for friends who were caught up in the MLM sales pitch.

What turned me off for life was what happened in those meetings. Fear based tactics for selling. Inaccurate statements about financial services. Complete lies and fallacies about wills and estate law. "Success stories" from the same people each time (this was over a 3 year period). I get it, your husband died, left you millions in life insurance, so WFG saved your life. At eats change your speech lady.

Every time the room was filled with young men, suited and booted, all talking about how much money they can make. Baseball players, students, salesmen, etc. None were bankers, brokers, financial advisors. None had ever worked with investments of any sort. None went to school for it. Their provincial certification and the WFG "training" was all they had. They bragged about all the big name banks they work for, as if that legitimated them. "If WFG was a true MLM, do you think these banks would work with us?!" Yes, I do, they sell a product to a market and you are a salesman for them.

And don't ever mistake that, WFG is an MLM company first, and investment company second.

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Also, you need to be a forum sponsor to sell your services here: https://forums.beyond.ca/threads/404...nsurance/page5

lol WFG isn't even on my radar. I just hate con artists that take advantage of vulnerable people.

[Disoblige]

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And don't ever mistake that, WFG is an MLM company first, and investment company second.

This is the most important point.

Hopefully one day Gonsho will see the light!

[ExtraSlow]

First company RRSP I ever had was with BMO Nesbitt burns, which I thought was pretty reputable. I have no idea how the rest of that organization worked, but my guy basically put my into only the highest of high fee investments that wildly under performed the market and cost me thousands to get out of, even years later.

I'm now of the opinion that investment advisors are mostly just salesmen, and you need to check and doubt thier recommendations.

[Misterman]

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Haha, know how I can tell you don't know anything about affiliate marketing?

Amazon doesn't pay me to recruit other Amazon affiliates.


The web host I route $150k/yr in sales through doesn't pay me to recruit another affiliate.

The motorcycle gear distributors that I route $1mm+/yr in sales through don't pay me to recruit affiliates.

Interestingly, they DO pay me when I generate sales of PRODUCTS... shocking.

Affiliate marketing = commissioned sales. That model =/ MLM. Get your facts right.

You know how I know you don't know anything about MLM's? Because of everything you just said.


You're right my Amazon account does not pay me to recruit anyone............................But neither do a lot of MLM's. You know one time I got a bad coffee from a CircleK, so that means convenience stores have shitty coffee.


Whether you want to call it recruiting or not, how does income get generated in an MLM? It comes through referring sales. How does income get generated through Affiliate Marketing? It comes through referring sales. When you break it down it's virtually the same business model. As with Affiliate marketing, there is a plethora of ways to direct sales. You can do PPC, you can create commercial content, you can make "how to" videos to create interest in the product. etc. etc. The same way that MLM'ers can spam all their friends into signing up, offer "mentoring" through the business model, traditionally sell product through all the same methods of affiliate marketing, etc. etc.

Just because some MLM's have a one time bonus for signing someone up, does not mean the income is made through recruiting. Anyone relying on that sort of income won't make much. The only income worth mentioning comes from moving product, period.

Unlike most people, I didn't just gather my information on MLM's through people internet ranting. I researched at least 3 of them so far by physically getting the paperwork outlining their "business plan" and compensation structure. Haven't found one I was interested yet though. And something like Amazon was better since it doesn't limit me to one or two hype products to market.

[Buster]

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First company RRSP I ever had was with BMO Nesbitt burns, which I thought was pretty reputable. I have no idea how the rest of that organization worked, but my guy basically put my into only the highest of high fee investments that wildly under performed the market and cost me thousands to get out of, even years later.

I'm now of the opinion that investment advisors are mostly just salesmen, and you need to check and doubt thier recommendations.

Almost everyone you encounter in the Financial Services industry is just sales. Banking, Financial Advisors, Insurance, Investment Banking, etc etc

That goes for almost a substantial portion of your interactions in the rest of the economy, as well.