As a professional community marketer, with almost a decade of trip in financial services, I frequently get approached via reps from World Financial Group, also recognised as WFG, to take a appear at their opportunity. While I never joined WFG, I did take a desirable challenging seem at what they are about and how their commercial enterprise mannequin works. If you are looking into the World Financial Group commercial enterprise opportunity, do not join… at least, no longer until you read this review. In this review, I’ll go into the background of the company, the special merchandise they offer, their compensation design and whether or now not they provide an probability that someone can clearly be successful at.
World Financial Group, previously acknowledged as World Marketing Alliance (WMA), is headquartered in Duluth, Georgia and used to be at first established by using Hubert Humphrey in 1991. Before starting WMA, Humphrey was once the #1 Producer for A.L. Williams, now known as Primerica. After Art Williams offered his corporation to Sandy Weill and The Travelers Group, Humphrey determined it was once time to begin his personal company.
Today, Hubert Humphrey is no longer phase of the agency and WFG is now a absolutely owned subsidiary of Aegon, one of the world’s largest life insurance and pension groups, and a sturdy issuer of funding products. WFG markets quite a number financial services, which include life insurance, investments and personal loan merchandise although a multilevel advertising model. Some of WFG’s strategic partners consist of some huge names in the economic offerings arena: Western Reserve Life, Pacific Life, Allianz, TransAmerica, Nationwide, John Hancock, Hartford Life and Investment Advisors International.
Currently, the employer has shut to 85,000 licensed reps in it’s income force, and is running in the US and Canada. It’s rumored that the organisation recruits shut to 10,000 new associates every single month, which is highly astonishing for a financial services-based direct income company.
To be part of the company, there is a start-up cost of $100 ($125 in Canada) plus any licensing charges that the kingdom in which you stay charges. Give or take, it will probable whole anywhere between $500-$1,000 for all your licenses, and about 20-40 hours of licensing time. Unlike different network advertising agencies that permit you to make cash the minute you join, WFG requires it is reps to get licensed before they can get paid. And, while this would possibly look like a negative factor to some people, maintain in idea that due to the fact you are dealing with economic products, you have to be licensed. The true thing is that you can make some rather great commissions, to the tune of $500-$1,000 for one sale, as quickly as your able to write business.
Another aspect of WFG’s compensation diagram is that while there is a licensing requirement, and it will take a little longer to teach people because you’re dealing with financial products that can also get complicated, you solely need a handful of producers to make a properly income. In fact, upon reviewing the compensation plan, it impressed me that you solely want around 15-25 lively producers to make $150,000-$250,000 a year. Now, for sure you will need to recruit a lot greater than 25 people to get 25 producers, specifically in view that only a few will virtually get licensed, and of these who really get licensed, only a few will produce. But still… building 25 leaders, who each get 2-3 customers a month, over the course of 2-3 years is a lot greater “do-able” than constructing a group of 15,000-20,000 reps.
One last note, there are a ton of incentives in the compensation format consisting of a variety of trips, luxury car applications and a range of bonuses you can earn.
With that said, you do have to be aware of all the prices you can incur for constructing your WFG business. Besides the licensing charges I referred to earlier, there are costs to do different traces of business, especially if that line of enterprise requires a state license. There’s additionally E&O Insurance (Malpractice insurance plan for monetary representatives) that will run you close to $100 a month. Also, may be some charge to do enterprise in other states, depending on what merchandise you diagram on selling in those states. If you are serious about building a economic services business enterprise with WFG, then do not get too caught up with these fees. After all, if you had been to begin a usual economic offerings firm, you would without difficulty pay much, plenty extra than this.
In closing, World Financial Group (WFG) is in reality no longer a scam. It may additionally now not be your cup of tea, but it is surely now not a scam. If you put in the time and effort, you can in reality build a very lucrative business and make a a couple of six-figure earnings a year. However, truly becoming a member of WFG would not suggest you will without difficulty succeed. All WFG offers is an chance for you to build your own monetary business. Ultimately, your success will remember on your capability to brand yourself, market and generate greater leads than you can get to. It’s extremely vital, if you are serious, to obtain the know-how and skills that will enable you to personally sponsor 10-20 reps a month. Without this advertising knowledge, even although World Financial Group (WFG) is a solid business, you will warfare and, most likely, be dead in the water.