So, a friend or family member introduced you to this "Amazing" business opportunity...
And, you thought that maybe this is something that you can do for a career.
But, when you are asked to pay a sum of money to join this "career"...
You became skeptical and you wanted to know if World Financial Group is a scam.
You've come to the right place because I am going to share everything you need to know about this business opportunity.
Including the good, the bad, and the ugly.
Hopefully, you will be able to make an informed decision after reading this World Financial Group review.
Company Name: World Financial Group
Founder: Hubert Humphrey
Products: Insurance and Financial Products
Is it a Pyramid Scheme: No
Is it a Legit Network Marketing or MLM Company: Yes
Business Opportunity Difficulty: Extremely Difficult
Overall Business Opportunity Rating:
People who are suitable for the World Financial Group opportunity:
- Embraces sales as part of their life
- Embraces rejection and use it as a fuel for their success
- Has an Entrepreneurial Spirit - Always looking for a solution to their problems
- Really feel that the products of the company has made an impact on their life
- Do not mind hard work
- Have a strong mindset
- Outgoing and people centered
People who are NOT suitable for the World Financial Group opportunity:
- Uncomfortable with Selling
- Hates to face rejection
- Unwilling to pursuit a career in the field of Sales
- Dislike the term network marketing or MLM
- Do not find the company's products beneficial
- Cannot cope with emotional stress
- Expect to see results without any hard work (You know such opportunities doesn't exist, right?)
What is World Financial Group?
The World Financial Group is a Multilevel marketing company based in the USA.
Their business sells financial products to customers like insurance and various other investment based products.
World Financial Group was founded by Hubert Humphrey after he left Primerica over some disputes.
It has undergone a few name changes since its founding in 1991 like Alexander Inc, World Marketing Alliance to its current name.
Now, the company is owned by Transamerica.
Is World Financial Group a Pyramid Scheme?
While most other network marketing companies are pyramid schemes, which uses unreliable overpriced products as a front for the company’s existence, World Financial Group sells legit financial products to its customers, much like Primerica.
World Financial Group, like most other companies, relies on the sale of products to keep afloat.
It does it through maintaining a network of associates who operate on a commission basis.
The associates pay a fee of $100 for the right to sell the company’s products who in turn, pay them a percentage of the products being sold.
Where this company differs, is that it has a Multilevel Marketing (MLM) structure.
Which means that the person who've recruited an agent who sold a product gets paid as well.
This has led to an aggressive recruitment strategy with various issues which I will explain later on. And, this is probably the reason why people think that World Financial Group is a pyramid scheme.
Which it really isn't.
If you have a different opinion though, feel free to share it in the comments section below.
Primerica vs. World Financial Group
The differences become clearer from a consumer point of view on the types of financial products they tend to recommend and push.
Primerica has a focus on Buy Term and Invest the Difference (BTID) whereas World Financial Group has a focus on Universal Life Insurance.
At a glance, both companies provide similar services and products.
There are other differences like the sources of the products but nothing too drastic.
As an agent, both the companies have their own commission and recruitment structures. Nothing that drastically deviates from each other.
What You Should Know Before You Join?
The World Financial Group has a history of issues both within and outside the company.
The company has had multiple run-ins with the law with many fines.
These are usually to do with regulation.
The negligence has led to questioning on the company’s integrity and finally accumulated to the latest this year where agents conspired to cheat in a test to get their licences.
The real bulk of the issues start to show when dealing with their representatives.
If you are reading this to decide whether to join them as one of their associates, this will be highly relevant to you.
#1 Issue: Your Shot of Becoming Successful with World Finance Group
You may be here because a friend or family member approached you to join for an opportunity to “own” a business.
A few friends or neighbors have approached me with the same line as well.
They will invite you to a talk hosted by their company in hopes that you will listen and eventually join as an associate.
I have personally attended a few of these talks and the ones from World Finance Group are no different.
The contents of the talk usually contain about how this is an opportunity that is unique, how you are able to use the time to do what you want, earning a passive income, and about how different they are from normal organizations etc.
How much of these are true?
Circumstances may vary from person to person.
You may wish to ask yourself rather than the person giving the talk on whether this is true.
Most people in this line have prepared a list of generic counter arguments or answers to what people may see.
Here are a few points they would tell you and you would have to ask yourself before you decide to join.
Is this really owning a business?
Their definition of owning the business and yours may vastly differ from what owning one actually means.
Owning a business means you have full rights to the company including logos, copyrights amongst many other things.
In which aspect of this pitch is really “owning” a business.
You are operating and running under their brand, representing them in your talks and selling their products.
If anything at all, you are more of a subsidiary than a business.
You have KPIs that are set by them which for a start, include a 3-3-30.
What is this 3-3-30 you may ask?
Its a KPI on what you need to be able to accomplish within the first month of joining in order to get paid.
In the event you do not meet that, it carries forward to the next month, requiring you to hit double that KPI to get paid at all, if any.
The only similarity that this has to owning a business is the flexible work arrangements you may enjoy, which might not be as flexible as you think it is.
A strong selling point they would emphasize would be the freedom of your time.
Does joining the company as an associate really free up your time?
Let's take a look at the following chart which they present to their members for promotion...
These are the numbers they presented and crunched out for you...
They use this as a way to present how easy it is to earn a high income.
Assuming you know 2000 people.
Only 500-1000 will observe and follow up with an interview.
Out of those, about 100-200 will join as an associate.
And, out of those 100-200, you get about 25-30 licences associates.
With that, you might not even get a Senior Managing Director out of the bunch.
The fact is that you would need to know about 4000 people to actually have a shot at true success as described.
Can you imagine how much phone calls or personal favors you would be needing to get people in?
Here are a few tips for you to become a successful network marketer for World Financial Group Associate.
Besides this, did they also mention how much time you would initially need to put in when you start?
By law, you are required to take an exam to attain the license to sell financial products and insurance.
If you are thinking of entering this industry for a career, this would seem like a fair requirement.
For those of us who are not, You have a month to attain this license while still fulfilling the 3-3-30 mentioned earlier.
This involves heavy studying and high levels of commitment.
Should you not be able to pass this exam, you would be stuck earning only referral money and your uplines earning the commission on the sale of product and your referral.
#2 Issue: Inconsistency with their interview - is it a job or an opportunity?
Should you decide to join them, you are required to have an interview with them.
During this interview, they would be pitching to you that this is an opportunity or a job.
They are not consistent across with each other and tend to change the tone or method of pitching based on the information you provide.
Whether this is actually an opportunity or a job, they are never clear or consistent.
My personal experience and most others as well they would be highly focused on a couple of areas that sound amazing but in reality it is not.
The interviews that I went to were highly focused on the income potential from doing little to nothing, how the job has flexible hours and do not require much time, and how it was actually a legit business.
Almost every pitch or line they gave were appealing to my desires and were full on justifying the company and “job”.
This is in stark contrast for when I went to an actual finance and insurance company.
While at the company’s interview, they were upfront and legit about recruiting me to be an insurance agent.
They were rather asking me questions about myself as a person rather than pitching the company or benefits.
The Real Pitfalls of the World Financial Group Opportunity
#1 Pitfall: Lack of Prospects and Leads
Like any business, if it does not have a consistent flow of new prospects and new customers, they falter and most likely go out of business.
With the World Financial Group opportunity, it focuses a lot on lead generation through the use of friends and family.
This means you would try to contact and sell products to everybody you would know.
Like stated in the example previously, you would need a very huge contact list to actually pull it off.
The problem with this is that you'd probably not have thousands of people to contact.
And, when you run out of people to contact, you'd probably recycle your list, or spend money buying useless "MLM leads".
If you want my suggestion on how to grow your World Financial Group business...
I would say that you should find an endless stream of prospects online. And, if you do not know how to get started, you should check this out.
Do not rely on the people in your social circle, because 99% of the time, it is a formula for failure, and it leads you to join the NFL club.
#2 Pitfall: Joining the NFL Club, you know... the "No Friends Left" Club?
Have you ever gotten a call from a long lost friend who wanted to catch with you, and when you met with your friend, you realized that it is not what you've expected?
It is not a catch up session, it is a sales call!
I don't know about you, but I feel rather unhappy and disappointed knowing that the person whom I considered a friend, is using me as a potential source of income.
It makes me feel that our past friendship was nothing more than a financial benefit.
If you are a World Financial Group representative looking at this review, I would advise that you stop using this tactic to approach your friends.
If you really treasure that friendship, tell that person honestly about what you want to meet them for, instead of hiding an agenda for the meeting.
However, this could be avoided if you start finding your leads online.
#3 Pitfall: Avoiding the Flow-over Penalty
With the 3-3-30 rule and the flow-over penalty, the costs involved at the start may be higher than you think, should you fail to get started.
It may be well worth it to pay for others to join or buy a policy for a family member just to avoid that initial penalty.
These could cost up to thousands of dollars, some recurring monthly.
It is not unknown for new associates starting out doing that just to avoid the penalty and pitfalls.
#4 Pitfall: Flexible Time? You'll be in for a shock...
When doing this, you have to consider the amount of time you have to spend.
While they pitch to you the flexible and minimum hours required, how much time do you need to put in before achieving that state?
Even with a background in marketing and sales, the amount of time needed to put in for each crafted pitch is extremely time consuming and has a high rejection rate.
You will spend hours talking to each person you try to sell to, and they may not buy or join the company.
You are also required to study for the license, which is the most important item to have success in the company.
Even with a business background, i still struggle from time to time untangling and understanding some of these products and concepts, much less someone with a non business background.
All these has to be achieved in your first month of joining the company.
Even after completing this, your load is not lightened by much as you will be spending time and struggling to generate leads or doing cold calls.
My Sincere Advice to You
Personally, I wouldn't recommend joining the World Financial Group as an associate...
Because, it takes a lot of time to acquire the license to sell financial products, and it is rather difficult to actually earn any income from the opportunity (if you don't know how).
However, if you are still interested, but do not know if you are suitable for this...
Then, I recommend that you read this article. Hopefully, this will help you understand what you are getting into.
And, if you are already a World Financial Group associate, who is looking for ways to grow the business online, then I'd recommend that you check out this training program.
Now, what if the World Financial Group business opportunity is not suitable for you?
If you are still open to learning how to earn money online, then I'd recommend that you check out this program.
This is the program that has taught me everything I needed to earn a real income online, and it has allowed me to quit my job and focus full-time on my online business. Here is my story.
Thank you so much for reading this review!
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