The Premier Financial Alliance Lawsuit. I work in the healthcare business. This fee is non-refundable. Recognition outside the area I work in for all levels of leadership. Why Affiliate Marketing is Better than MLM. Theres another element here thats also crucial to your success. And somehow else, they dont tell you about recoupments. This is not for the faintest of heart and gut. Before you can purchase life insurance, you need to qualify for it. << Stated aims of the class-action include establishing. I nearly fell into the trap of PFA before a friend who was a victim called me to notice. This is a great product review with lots of important information about the premier financial alliance. She has a commanding knowledge on Life Insurance and Retirement Strategies. You shouldn't take just my word for this. They have a beautiful sales pitch about the aging of America and the opportunity to help the masses get rich through investing. Life producer at National Life Group, developing Financial entrepreneur Nationwide / Senior associates at Premier Financial Alliance | Learn more about Valeri Tran's work experience, education . /Count 1 So, I will shear it on my web link. I agree, It is not easy. The less you understand, the more likely you are to be disappointed when you eventually compare the steak to the sizzle you were sold. She is highly intelligent, great at the follow up, a strong negotiator, and you'll really feel her desire to win for you! Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. Assigning and protecting territories is something a legitimate direct selling company will do to protect the income of its salespeople. Premier Financial Alliance and all MLMs are birds of a feather. /ITXT (2.1.7) Of course, when you have such large numbers of people out there in the field, it is quite an effort. 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. % Plaintiffs Gonzales and Chen are seeking to represent a class of similarly situated Premier Financial Alliance victims, of whom they estimate there are over 25,000. Premier Financial Alliance revenue is $91.0M annually. After reading this great review, we got to know about their activities. Bankers Life offers life insurance, long-term care, annuities, Medicare (Supplements, Advantage Plans, Part D prescription drug coverage), critical illness insurance, as well as vision and dental plans. Is the WFG (World Financial Group) a scam? It can take months and considerable expense to get a license to sell life insurance. should know. Its taken me years to learn to see the truth about MLMs. BMO's chief sustainability officer, Michael Torrance, said the bank is "Guided by our Purpose to Boldly Grow the Good in business and life.". Yes, then check out my Free Insurance Agent Resource Guide to find out more. The truth is , these companies make money from their victims without nothing to give back. With an MLM that is a member of the Direct Sellers Association, the answers to these questions can be found in the Earning Disclosure Statement and the Compensation Plan. Since 1928, the S&P 500 has had an index return over 12% 44 times, or about 52% of the time. 5 0 obj They have perfected exploiting our trust and vulnerability. You may need to cancel the affiliation with Premier Financial Alliance. The price of the product is so high compared to comparative market prices that it is impossible to legitimately sell these products retail, except to friends and families. >> Now you know a little more about how Premier Financial Alliance and World Financial Group works, Id like to talk about my experience as an insurance agent since 2011 and as an insurance agency owner since 2014. /Parent 3 0 R The companies of National Life Group and their representatives do not offer tax or legal advice. To make matters worse, IULs usually have a cap rate. It may be prudent to wait for the verdict on the companys policies. Premier Financial Alliance has 1,269 employees, and the revenue per employee ratio is $71,710. 13 0 obj /Count 8 When you join PFA, you pay a $125 fee to the company. A legitimate direct sales company will have no more than four levels of rank and overrides. If recruiting stops, a pyramid scheme will collapse. Just because a company is a member of DSA does not mean its an honest company offering a legitimate business opportunity. endstream You'll also certainly get a sense of WFG's inherent problems by attending one of their workshops. Plus,. Dennis Villarin of Winnipeg, MB, a former agent who opened and trained others to open the above accounts, was stripped of his licensing and charged by the MFDA. The lawsuit also alleges that PFA promises members they can achieve vast wealth with their PFA business but that over 95% of PFA associates lose money. 100, An A+ indicates that National Life has a superior ability to meet its ongoing insurance obligations. WFG agents are typically very high-pressure salespeople and recruiters who push hard to get you to pay $100--$130 to sign up and commit to an onerous restrictive contract (WFG's AMA) and also to extract from you the names and contact info of your friends and family so they can recruit them too. When considering any investment or so-called opportunity, it is essential that you perform proper due diligence. /CropBox [0 0 612 792] How often does that happen? 9 0 obj Pioneer Financial Group-$270,000: 7-LIFE & HEALTH UNDERWRITER-$230,000: 5-American Income Life Insurance-$6.3B: 11,000-National . OH! Im sorry to hear that you lost funds, but how much did you lose? Sounds like that exactly whats going on. In our review we found an astonishing lack of information provided to potential PFA retail customers or indeed, whether retail sales were even possible at all. It takes time and learning how to work within the system and the ability to be mentored. According to the Direct Selling Associates Code of Ethics, the information on the Earning Disclosure must be substantiated by competent and reliable evidence.. Most organizations that push a recruitment-focused strategy usually offer way below-average sales training and support. Ft. 32644 Rome Hill Rd, Lake Elsinore, CA 92530. Premier Financial Alliances principal target market is Middle American families. Unfortunately, what you wont find on the PFA website is specific information that will help you determine what the business opportunity is or if its right for you. Learn more, read reviews and see open jobs. Join the Premier Financial Alliance team See Our Latest Jobs 5.0 Current Employee, more than 5 years The Real Deal for the Right Person Sep 18, 2022 - Provisional Field Director in Phoenix, AZ Recommend CEO Approval Business Outlook Pros Unlimited income potential. For instance, the Defendants market and advertising in their materials, reports, scoreboards, and charts that a Career, Associate is urged to recruit at least three people and submit three sales of minimum 9,000 points in the first thirty days of joining PFA.. Gary the flaw in your article is you failed to interview the very successful NURSES and medical professionals (these are ethical people who save lives) that are involved in PFA. Now I have confirmed their illegitimate deals through your article. Arnold & Porter Offices Transamerica, WFG, Primerica: What Do These Businesses Have in Common? This is a permanent life insurance product that combines pure insurance protection with cash value accumulation. I consider them to be one of the scam sites in the world. The Transamerica-backed products that World Financial Group distributes include insurance protection, retirement strategies, legacy strategies, long-term care insurance, and business solutions. 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). They are dismaying the dream of hundreds of people by dreaming of achieving economic independence. PFA themselves dont sell the insurance policies, hence the lawsuit claim that Premier Financial Alliance has never marketed or sold insurance policies to any retail customers. Any time a company tries to make you feel greedy for their opportunity but hides the details, its suspicious. Ils seront un expert pour effectuer un service optimal. The company has been around since 1991 and its highly regulated by Finra. Kosmos announced today its financial and operating results for the fourth quarter of 2022. Premier Financial Alliance affiliates are promised. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. /Type /Outlines World Financial Group is a Transamerica-owned company that sells financial planning services, such as savings, insurance, and retirement products. The more the insurance costs, the less youll have in the cash value account. Understand that this career is highly regulated since you are required to pass the government- administered licensing test. You do not have to buy PFA products to work there. /Count 5 Hence, this is not a scam. I only had to pay the $125 non-refundable fee and I paid expenses for my insurance licensing like everyone else. ), Is the World Financial Group a scam? Marc Marquez: Human side. I was paid commission on my first sale which more than paid for my outlay. << Sorry to hear you lost money to Premier Financial Alliance. Its not clear what benefits a member gets for paying this fee or what additional expenses a member might pay. They dont have any magic investments; they have to invest like anybody else. Freedom Equity Group, based in Arroyo Grande, California, is an independent marketing organization (IMO) that contracts with insurance companies to promote and distribute a range of life insurance products. Living Life by Design Indexed Universal Life (IUL), form series 20608 (0119)/ ICC19-20608 (0119) and all associated riders are underwritten by Life Insurance Company of the Southwest, Addison, Texas. Its really tragic. 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. Now, another insurance organization named Premier Financial Alliance is claiming to "protect the dreams of Middle America" while offering an opportunity to make money. Everyone admires and respects her for what she has accomplished in such a short period of time. Family First Life Top Pick A Note On MLMs And Insurance Insurance Network Marketing Companies Primerica World Financial Group Symmetry Financial Group Premier Financial Alliance PHP Agency The most damning allegations in the new 2019 lawsuit are the targeting of Asian immigrants, and claim that 95% of sales within Premier Financial Alliance are affiliate purchases. C2820332, that currently does business at 8000 Marina Blvd., Ste. /Kids [45 0 R 46 0 R 47 0 R 48 0 R 49 0 R] On the original 2018 pyramid scheme case docket, an administrative motion was filed on March 19th. If they stop recruiting, pyramid schemes quickly collapse. On January 22nd, 2019, the court denied both motions. IULs, however, only pay you based on the change in the index. Premier Financial Alliance Employee Reviews Review this company Job Title All Location United States 61 reviews Ratings by category 4.4 Work-Life Balance 4.4 Pay & Benefits 4.3 Job Security & Advancement 4.5 Management 4.6 Culture Sort by Helpfulness Rating Date Language Showing all 61 reviews I personally dislike these types of companies which hides their identity and use fake testimonial. PFA offered my best friend a goldmine and wealth of information that are fascinating. Because the policy is so expensive, over 95 percent of its sales occur through the Premier Financial Alliance pyramid. In this world, nobody is perfect, only GOD is! >> /Count 31 It offers premium life insurance, long-term care insurance, retirement income insurance, and investment plans, including annuities, mutual funds, and ETF saving plans. 2. /Type /Pages It is the world's largest regional organization in terms of geographic scope and population, covering approximately 60% of the area of Eurasia, 40% of the world population, and more than 30% of global GDP.. Others cant. PFA mitigates some of the financial and logistical risks that come with starting a business, acting as a self-proclaimed safety net for their partners so they can focus on their creative freedom, leadership strategies, and sales tactics without fear of failing because of their record or credentials. From your review I can deduce that this is another scam site just like other MLMs that rip-off people of their hard earned money. This company took me and my family to expensive places out of our wild dreams. The devil is in the details, and when you really examine them, it becomes clear that these are products designed to be sold, not bought. It focuses on term insurance, index universal life insurance, and fixed indexed annuities. USHEALTH Advisors is a wholly-owned national sales and distribution subsidiary of USHEALTH Group, one of the largest employers of health insurance agents in the United States. Reviews, Gwinnett County Board of Education Reviews, Gwinnett County Board of Education Careers. /Type /Catalog See how working at National Life Group vs. Premier Financial Alliance compares on a variety of workplace factors. These policies are likely to provide a return very similar to that of whole life insurance (with the possibility of much worse performance), which is easily seen to be in the 2% to 5% range long term for a policy bought today and held for life. After paying the $125 non-refundable fee AND getting a license to sell life insurance, PFA members can recruit others into the scheme. Premier Financial Alliance makes $249,315 in a day. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a "particularly egregious classic pyramid scheme". 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. She is one of the top leaders in Premier Financial Alliance. Thanks for the review on premier financial alliance. You wrote so many inaccurate claims that are your PERSONAL opinion. The questionnaire on the PFA website certainly raises the assumption that Premier Financial Alliance is dependent on recruitment. National Life is a financially sound life insurance provider that offers a variety of policies and riders, including some unique options, and pays dividends on participating policies. Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. A legitimate direct selling company earns most of its revenue through retail sales. This is why they stay broke and remain to stay there. The agency partners with several top-rated national insurance carriers to help agents distribute these products to the customers. 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. /Filter /FlateDecode I still work at PFA and I can make commissions only investment was time and hard work. 12 0 obj I am going to stay out of this company and to inform my others friends also. Millions of Americans provide care to loved ones who are aging or have special needs, many of whom have nowhere to turn for support and caregiver relief. So how can IULs offer market returns while still guaranteeing you wont lose money, at least on a nominal basis? with complete knowledge that the Defendants have violated Department of Insurance Guidelines and the anti-pyramid laws, but aided and abetted the conduct of Nationals co-defendants. How much of a commission is paid out is determined by a Premier Financial Alliance affiliate's rank: Career Associate - 30% Field Associate - 45% Senior Associate - 55% Provisional Field Director - 60% Qualified Field Director - 70% As such, the insurance component is very expensive. >> That is reason enough to avoid it. Absolutely NOT! >> Read Why Affiliate Marketing is Better than MLM. ? Premier Financial Alliance 5. ", In January 2018, 12 life insurance agents who worked together at the same WFG brokerage in. 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. A pyramid scheme does just the opposite. SMH. She is", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. However the same order also stayed the case, pending outcome of a motion to compel arbitration in the 2019 pyramid case. This is the process that an insurance company uses to determine the risk of The site should list what financial products and services their associates will sell.The site focuses way too much on how associates can get the life they want by building their business. National Life Insurance Company National Life Group,National Life Insurance Co., Life Insurance Company of the Southwest, didnt pay the beneficiary upon the creators death, instead began demanding monthly payments for the life insurance from the beneficiary then created a loan to steal the benefits from the beneficiary Montpelier Vermont It is a one-time lifetime fee. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. If that wasnt bad enough, there is also something called a participation rate. Thats insane. To sell the financial-success promise, PFA, Carroll, J. Wu, R. Wu, Hong, Zhang, and AJW flaunt the wealth of the highest-ranked Associates and those few insiders at the top of the pyramid, as examples of the riches that await new participants, if only they will work hard enough (i.e., tirelessly recruit new Associates). 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. Can You Trust Premier Financial Alliance? If someone wants to be an employee the of course the business owner would pay the expenses and give compensation to the employee. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. As per a July 1st order however, the hearing was continued till August 20th. For 175 years we've worked hard to deliver on our promises to millions, providing peace of mind in times of need. The company also offers final expense, living benefits, and indexed universal life insurance products. When it goes up, you get to participate in that increased return. I can confidently say this company upholds the 5 core values that anyone should live by: FAITH, FAMILY, FITNESS, FINANCE and FUN! endobj Premiere Financial Alliance Insurance website, Premier Financial Alliance Insurance Pyramid Scheme Class Action, Copyright Duford Insurance Group 2014-2022 Essentially, by answering Taylors questions, we can find out if a company is legitimate or if it exploits its associates. - *Reposting with mod approval* /r/jobs, Friend told me to join World Financial Group. The Direct Sellers Association attempts to regulate direct selling companies and multi-level marketing companies. @Financial Educator, former Finance at Wells Fargo (2001-2002). This shortcoming is only one of several signs that Premier Financial Alliance is not honest or transparent. The Happiest Place on Earth. Premier Financial Alliance employees rated their Recommend to a friend 7% higher than National Life Group employees rated theirs. Both are multilevel marketing firm (MLM) companies. This, the lawsuit states, comes at the expense of selling insurance policies to retail customers. Bottom line, quitting Premier Financial Alliance is no big deal. /Count 8 If Premier Financial Alliance is indeed an MLM company full of affiliates earning commissions based on how much their recruited downlines are spending each month thats a problem. First, consider your own situation. 14 0 obj My respect to all elders, past, present & emerging. The motion sough to relate the 2018 and 2019 cases, and was granted on March 26th. Offers excellent training & support, great benefits and educational opportunities. endobj In December 2006, WGS and one of its brokers were fined $150,000 by Missouri's commissioner of securities for selling unsuitable products to elderly people. /Count 29 Based on the evidence submitted, the court ruled that the Premier Financial Alliance defendants had failed to establish the existence of an agreement to arbitrate. Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. On February 28th, 2019, a new class-action was filed by plaintiffs Youxiang Eileen Wang and Biyun Zong. << The business model described in the lawsuit is that of your typical no retail MLM pyramid scheme. I suspect if you did fill out the PFA questionnaire, you would soon get a phone call from a rep who tries to talk you into paying the non-refundable fee. << 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. The court will determine if Premier Financial Alliance is a pyramid scheme. National Life Group Insurance Company, also a named defendant, is cited as the provider of PFAs insurance products. A 2016 video cites Zhang as a Premier Financial Alliance President, and depicts her receiving a special birthday present from PFA founder and CEO, David Carroll. Thank you. Hope this helps. By David Duford - January 03, 2023 - 5 Mins Read. 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. Even Disneyland gets sued. I encourage anyone who reads this to do your due diligence by talking to real people with real experiences or relationships with the company before casting your unpleasant judgement. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. Judging from the website, it doesnt look like potential associates would even have a clue as to what they would be selling. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. She is an inspiration to many! << I dont know how people take delight in ripping off people of there hard earned money. IULs are, by definition, permanent life insurance policies. If this sounds like you, youve found the right article! endobj She is very respectable in the community she lives in, ethical and", "I highly recommend Libby! Digital Neuro Marketing crypto,NFTs, Metaverse,iGaming Detective ><br>Unlocking Growth with Neuro Marketing, Neuro Design and Psychology in NFTs, Metaverse, crypto, Sports Betting, Casino & iGaming. You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . However, recent legal developments following a class action suit by several associates has made PFAs future more uncertain. Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! Strong Vision with an easy to follow plan. Primerica 2. Regardless of where you are in life, there is probably a lot going on. After 30 years, a nest egg growing at 8% instead of 10% ends up 42% smaller. It costs $125 to join Premier Financial Alliance. Premier Financial Alliance 20 years 3 months Executive Vice President Dec 2009 - Present13 years 3 months Suwanee, Georgia www.pfasuccess.com Corporate Meetings and Events Manager Jan 2005 -. The more complex the policy, the less likely you are to really understand how it will work in the future. /Count 8 Premier Financial Alliance, Inc. (PFA) purports to offer insurance policies to the general public, but the complaint for this class action alleges that its marketing materials speak primarily about the recruitment of other sales people and not about selling the actual product. The quality of experience, training, and skill lessons over time. For the quarter, the Company generated a net loss of $114 million , or $0.24 per diluted share. /Type /Pages By way of only those at the top of an autoship recruitment pyramid making money, certainly the model is impossible to work for most participants. 1. 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