The company has a varied portfolio of insurance products like term life, permanent coverage, and especially indexed universal life products, in addition to retirement, savings, and wealth-building strategies. The basic premise is that when the stock market goes down, youre guaranteed a crediting rate of zero to 3%. . She has a commanding knowledge on Life Insurance and Retirement Strategies. You may have noticed that the best products in life generally sell themselves. Other financial products from Premier Financial Alliance include term life insurance, whole life, and universal life, and annuities. SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. This is why they stay broke and remain to stay there. Term insurance is very inexpensive: less than $350 per year for a $1 million, 30-year level term policy bought on a healthy 30-year-old. Click to DISCOVER a Proven Path to Financial Independence! Premier Financial Alliance instructed Plaintiffs and continues to instruct other associates to peddle this policy to other people who, in turn, are instructed to sign up more associates, and so on and so on, ad infinitum. World Financial Group (WFG) is a multi-level marketing financial and insurance services company based in Johns Creek, Georgia, a suburb of Atlanta, which sells investment, insurance, and various other financial products through a network of distributors in the United States, Canada, and Puerto Rico. They have perfected exploiting our trust and vulnerability. Recognition outside the area I work in for all levels of leadership. endobj Do you want to be responsible for recruitment and helping build an agency? Your OPINION are NOT FACTS. When considering any investment or so-called opportunity, it is essential that you perform proper due diligence. Like every other MLM, the Premier Financial Alliance website sells a dream of financial independence, and thats about all it does. Thats all the reason you need to avoid PFA. National Comprehensive Cancer Network updates annual conference with new in-person venue, hybrid format, expert-led sessions, highlighted research perspectives, and small-group conversations . /Type /Pages Switching over to the 2019 case, the motion to compel arbitration that stayed the 2018 case was filed by Premier Financial Alliance on May 28th. /Kids [45 0 R 46 0 R 47 0 R 48 0 R 49 0 R] Private, wooded with nearby apple farms, IPark Business Complex h. Then it asks for your Referring Associate PFA ID. This requirement suggests that recruiting is central to the PFA business opportunity. In a whole life policy, the insurance company determines the dividend rate. Common Scams That Prey on Seniors and How to Prevent Them. Arnold & Porter > Newark, United States > Firm Profile. If PFA protected territories, I would expect it to mention the fact. 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. Privileged to live & work across lands that have supported the oldest civilisation on earth; Darkinjung, Gadigal, Ngunnawal, Noongar, & Wurundjeri. Taking care of your financial needs may not be top of mind. The company is headquartered in Suwanee, Georgia. The SCO is the successor to the Shanghai Five, formed in 1996 . The company serves the middle markets for insurance-based financial planning. It is a one-time lifetime fee. /Resources 56 0 R It was chartered in 1848 by the vermont general . 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. 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.. 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. Yes, absolutely WFG is a scam. << /Names 4 0 R The purpose of this Premier Financial Alliance review is to help you decide if the business opportunity is legitimate and what you can expect if you join. Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. Even now, at historically low yields of around 2%, the dividend still accounts for one-fifth of the market return. Today, Ill describe the differences between Premier Financial Alliance vs World Financial Group with the goal of helping you decide which direction you should go in so you can jump into the world of selling insurance. /Type /Pages Would you like to learn more? /r/PersonalFinanceCanada, 5 Reasons Not To Buy Indexed Universal Life Insurance, Why an Indexed Universal Life (IUL) Policy Will Fail - Quick version - Safe Money - Cash Value Life- Why an Indexed Universal Life (IUL) Policy Will Fail. 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). Dr. Taylor developed five questions to answer about a company to determine if it might be a pyramid scheme. Premier Financial Alliance does not have an Earning Disclosure Statement. You can go here to learn more about how my agency works. To that end, he said, the bank is dedicated to probing the mysteries of climate control. The quality of experience, training, and skill lessons over time. Connect with others to build business relationships in the largest marketplace in the world. At worse, its a pyramid scheme as the lawsuit alleges. Clients will work alongside experienced PFA agents to build their strategies and plan for their future. A RICO class action lawsuit filed in California in June 2018, alleges that Premier Financial Alliance operates an illegal pyramid scheme. Pfa does not sell products directly, so they cannot publish earnings. On May 6th an initial case management conference for both cases was held. At the hearing defendants Life Insurance Company of the Southwest, National Life Insurance Company, NLV Financial Corporation and National Life Holding Company were granted a motion to dismiss. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). endobj NASD also found that the firm failed to establish and maintain a supervisory system reasonably designed to assure compliance with the Regulatory Element of the Continuing Education Requirement by its registered representatives.". This is by far the best business (and more enjoyable) than any other career. 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. He was also able to make a great deal of additional money on spread commissions from his downline. Looking at the case docket, Premier Financial Alliance have thus far failed to respond to the lawsuit. Of course, when you have such large numbers of people out there in the field, it is quite an effort. And all those crying about the $125 membership fee is pretty petty. Girard Sharp law firm filed the lawsuit. A scam is when you pay money & gets nothing in return but what you get in return is a team of coaches and a business platform that help you build your own business. Now I have confirmed their illegitimate deals through your article. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. /Parent 8 0 R You shouldn't take just my word for this. endobj Municipalities are indebted to Eskom in an amount of approximately R57 billion which has further limited Eskom's budget for maintenance and generation. To overcome this, I recommend that new agents focus on mastering whatever insurance product theyre interested in before moving on to recruitment. [20]Aegon's Chief Executive Officer Alexander Wynaendts said on Bloomberg TV that "When we took the company over, we put in place very strict regulatory and compliance procedures. COSLA is the voice of Local Government in Scotland. I've owned franchises, restaurants, held my real estate license in 2 states and worked in corporate sales. 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). /Length 455 However, corporate America can also be seen as a pyramid scheme as stockholders & executives also make lots of money for that matter. >> How much does that matter? It focuses on term insurance, index universal life insurance, and fixed indexed annuities. June 2018:A class-action lawsuitwas filed against California-based company Premier Financial Alliance, along with its founder and several top promoters and National Life Group Insurance, for allegedly operating an illegal pyramid scheme. This means that agents will only receive money as a commission if they sell insurance, or if the associates they recruit under them sell any WFG products. I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? Rockville Maryland *Consumer Comment: Multi-Level-Marketing Independent Agency Alliance (IAA) Scam I still work at PFA and I can make commissions only investment was time and hard work. Save my name and email in this browser for the next time I comment. Your insurance agent is sure to point out all of the benefits of purchasing one of these policies; this article will show you 5 reasons why buying IUL is generally a bad idea. Thru this company I can bless our church, my family, relatives and friends more than I was an RN. Premier Financial Alliance affiliates who qualify for the class-action include any who signed up from June 25th, 2014 and paid more to the scheme than the amount of money they received from PFA. Phone conversations are not regulated. /Count 8 Pyramid schemes are dependent on recruiting. The promises of MLM to people for financial breakthrough is a mirage. >> The two Californian cases Premier Financial Alliance is currently defending are: a 2018 suit filed by Rui Chen and Wenjian Gonzales, alleging pyramid scheme fraud; and a 2019 suit filed by Youxiang Eileen Wang and Biyun Zong, alleging Premier Financial Alliance targeted Asian immigrants for fraud. In this Premier Financial Alliance review, I take a close look at the companys claims of success. You went right straight to the jugular and made claims of you OPINION. ", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. I'm no expert on unemployment, but if someone is struggling to put food on their table they should also consider reaching out to the churches in their community. The specific formula is outlined in the policy documents, but, in general, is related to the performance of the stock market. If a highly-trained sales force is the only way to sell something, buyers should probably wonder why. Nearby homes similar to 34870 Arroyo Rd have recently sold between $450K to $450K at an average of $315 per square foot. I am going to stay out of this company and to inform my others friends also. Most likely youre reading this article today because youre thinking about selling insurance either with Premier Financial Alliance or the World Financial Group. According to the lawsuit, Premier Financial Alliance members only sell insurance to other members, indicating that PFA may indeed be a pyramid scheme. /PageMode /UseNone I work in the healthcare business. Making substantial money can be achieved just by selling. Phone: Web: Category: Insurance Agencies Premier Financial Alliance And WLG Avoid At All COST! I have a small team of mostly nurses but bulk of my income comes from my personal production. Well, imagine if your policy had a cap of 12%. /AA 5 0 R It offers premium life insurance, long-term care insurance, retirement income insurance, and investment plans, including annuities, mutual funds, and ETF saving plans. John is one of three co-founders of Premier Financial Group, Inc and is the Senior Advisor to our Retirement Plan Department. Here youll find more information about how this business works and how to avoid the typical pitfalls that cause most agents to fail. 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. Yes, it is a scam. /ProcSet [/PDF /Text /ImageB /ImageC /ImageI] Whether you are planning just for you or your family, we have a variety of financial solutions to help you meet whatever your goals may be. In my opinion, at best, Premier Financial Alliance is a poorly organized and managed MLM. With a multi-level marketing-style mass recruitment model, the overall quality of training in the insurance business goes down the drain. National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company,. The Shanghai Cooperation Organisation (SCO) is a Eurasian political, economic, International security and defence organization. This is not for the faintest of heart and gut. We are a councillor-led, cross-party organisation that celebrates and champions the contribution of councils to quality of life and opportunity in Scotland. The motion requests permission to seek reconsideration of the earlier arbitration denial decision, or in the alternative a transfer of the case to Georgia. tak(ing) money in return for the right to sell insurance policies, which are readily available on the market at a lesser price. She is one of the top leaders in Premier Financial Alliance. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. That amount is utilized to maintain our individual agent portal. Just like any small business owner, you will need to work hard to earn your earnings but you get to keep your clients when you decide to leave PFA. . The Premier Financial Alliance Lawsuit. /Font << 9 0 obj A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. /ArtBox [0 0 612 792] They give the new entrepreneurs access to tools, products, and services including mentorship and field training programs to help them build their business. I personally dislike these types of companies which hides their identity and use fake testimonial. Premier Financial Alliance and all MLMs are birds of a feather. As a whole, the salesmanship of most agents (even those above you) tends to be poor. Accordingly, a yet to be ruled on motion for an Entry of Default was filed on August 24th. Hopefully, the lawsuit that alleges they are a pyramid scheme will alert the Federal Trade Commission and shut them down. Crying about the $ 125 membership fee is pretty petty, alleges Premier. 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