I have no downline and I am still making money. [18][19]In preparation for Aegon's acquisition in 2001, "World Marketing Alliance 'ramped up' compliance before the acquisition". I believe that many people will find the real truth about this company. 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. endobj Premier Financial Alliance Lawsuit. The securities commission noted that the World Financial Group "did not have adequate controls and mechanisms in place to fully supervise the leveraged accounts." Bankers Life was established in 1879 in Chicago, Illinois. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. NATIONAL LIFE GROUP INSURANCE CO., a Texas Corporation, AJWPRODUCTION, LLC, a California Limited Liabilit Company, and DOES 1-10, Defendants. You shouldn't take just my word for this. According to the report, WGS "submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured and fined $15,000. From running errands, to arranging for health care and home health equipment, to preparing meals, . Perhaps this is why there is so little information on the Premier Financial Alliance website. << Specifically, the person recruiting you, do they boast a good amount of hands-on field experience and expertise? It's an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. If your students have a question that they would like to ask, you will have the opportunity to record it and send it in for Randa Abdel-Fattah to answer on the day. /Pages 3 0 R 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,. Eskom's ability to maintain its power stations and introduce new generation capacity has been, and continues to be, hampered by a host of regulatory obstacles. 14 0 obj While guarantees are always nice, you dont want to overpay for them. The motion sough to relate the 2018 and 2019 cases, and was granted on March 26th. I was a victim few years ago. IULs are, by definition, permanent life insurance policies. It's working beautifully for me! Why Affiliate Marketing is Better than MLM. What is described in the lawsuit of PFA business model is that of your typical autoship recruitment scheme. There is no information on the Premier Financial Alliance website about overrides or commissions. 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. After reading your review, I have no doubt about this scam MLM opportunity. endobj National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme with Premier Financial Group selling universal life insurance policies issued by National Life Group. Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. /Parent 8 0 R 1. Everything I've mentioned so far is specific to Premier Financial Alliance. What is Premier Financial Alliance? The odds are you will lose. Premier Financial Alliance does not have an Earning Disclosure Statement. 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. You do not have to recruit to work a PFA. The fundamental flaw is that there is no end benefit; the money simply travels up the chain, and only the originator (or at best a very few) wins in swindling his followers. Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. Its mentorship and field training programs, as well as its numerous business tools, give new entrepreneurs access to products and services that help them build their dream business. Its really tragic. Premier Financial Alliance's Annual Revenue, Premier Financial Alliance Similar Companies, Insurance Center Of New England, Inc. Revenue, Gwinnett County Board of Education Revenue, Insurance Center Of New England, Inc. /Count 8 The lawsuit specifically alleges that members of PFA earn commissions solely by recruiting new members and not by retailing insurance to non-members. Thus, you will need to be licensed before you can earn your commissions. 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. Would you like to learn more?You run your business.You are busy and your time is valuable. OH! Premier Financial Alliance classic pyramid scheme lawsuit filed, David CarrollJack WuRex WuLan ZhangBill HongAJW, PFAJack WuPFARex WuLan ZhangBill Hong, Rui ChenWenjian GonzalesPFA20172018PFA, , PFA, , 25015, , PFAPFA, 528125PFA305, PFA55%, 305PFA55%, PINNACLE ACADEMY After School Learning Center, Susan Goodkin Selective College Consulting, Mingfei (Kurt) Ha | REALTOR Licensed in MD, VA, DC, Zhen Wang | Real Estate Investment Advisor, Premier Financial Alliance fraud cases consolidated, Why an Indexed Universal Life (IUL) Policy Will Fail - Quick version - Safe Money - Cash Value Life, http://blog.sina.com.cn/s/blog_708d8ef10100xznu.html, http://www.chineseinla.com/f/page_viewtopic/t_779561.html, , , , marketing director, senior marketing, , ----, WORLD FINANCIAL GROUP WFG, Word Financial Group , World Financial GroupSenior, Marketing Director , https://en.wikipedia.org/wiki/World_Financial_Group, National Association of Securities Dealers, http://xiaoshuailiu.blogspot.com/2017/09/wfg.html, The White Coat Investor: A Doctors Guide to Personal Finance and Investing, https://www.mdmag.com/physicians-money-digest/personal-finance/dahle-5-reasons-not-to-buy-iul-insurance, https://www.mitbbs.com/article_t/SanFrancisco/34629529.html, https://behindmlm.com/companies/new-premier-financial-alliance-lawsuit-claims-asian-immigrants-targeted/, https://behindmlm.com/companies/premier-financial-alliance-classic-pyramid-scheme-lawsuit-filed/, http://www.wenxuecity.com/news/2018/07/25/7469956.html, A 2004 NASD disciplinary action report summarized disciplinary actions against WGS. /Type /Pages A pyramid scheme does just the opposite. Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. No MLM offers a legitimate opportunity, but with PFA the warning signs are all over the place. Welcome to Premier Financial Alliance Explore the opportunity to leverage your talents and abilities so you can begin building your own successful financial services business today. I said it. Like every other MLM, the Premier Financial Alliance website sells a dream of financial independence, and thats about all it does. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! We offer superb services to the right clients- not everybody! Premier Financial Alliance's revenue is $91.0 Million - Learn more about Premier Financial Alliance's revenue by exploring their annual revenue, historical revenue, quarterly revenue, and revenue per employee. Even now, at historically low yields of around 2%, the dividend still accounts for one-fifth of the market return. 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. Bottom line, quitting Premier Financial Alliance is no big deal. COSLA is the voice of Local Government in Scotland. 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 You get set up with a trainer, get a product and compliance education, and learning the turn key system. OH! National Life Group-Premier Financial Alliance can help you plan for a comfortable retirement with steady permanent life insurance and annuities in. AUSTIN, Texas, June 13, 2022 /PRNewswire/ -- National Western Life Insurance Company (National Western Life), a wholly owned subsidiary of National Western Life Group, Inc. (Nasdaq: NWLI), entered . Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! He was also able to make a great deal of additional money on spread commissions from his downline. This blog has been revealing and alerting us about scanners. The caveat is, is that you have to make money to pay it. A legitimate direct sales company keeps management streamlined and compact, so the largest percentage of commissions is paid to the people making the sales. There is no way to know what a person is getting into when they visit the Premier Financial Alliance website. This article should be an eye opener to online marketers newbies. IULs have many moving parts. they will earn vast wealth, luxury vehicles, and lavish trips when in reality more than 95% of PFA Associates average net losses. National Life Group is a trade name representing a diversified family of financial services companies offering life insurance, annuity and investment products. Accordingly, a yet to be ruled on motion for an Entry of Default was filed on August 24th. Is it a scam? This means that the same Californian Judge will hear both cases. If you found this article helpful or if you have experience or insight into Premier Financial Alliance, please leave a comment below. After paying $125 entry fee, you will be asked to buy an insurance policy for yourself. /MediaBox [0 0 612 792] This is something to digest and learn from, lots have fallen victim and many more are on their way to the traps. 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. Stated aims of the class-action include establishing. We know from the notice at the bottom of the PFA questionnaire page that a member must pay a $125 non-refundable fee. When you join PFA, you pay a $125 fee to the company. 47.7. endobj Both are multilevel marketing firm (MLM) companies. /Count 31 We dont pay any monthly fee after that unlike other companies. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization. /Font << ", "Very knowledgeable, personable, and excellent follow up! Zippia gives an in-depth look into the details of Premier Financial Alliance, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Premier Financial Alliance. Offers excellent training & support, great benefits and educational opportunities. National Comprehensive Cancer Network updates annual conference with new in-person venue, hybrid format, expert-led sessions, highlighted research perspectives, and small-group conversations . Ft. 32644 Rome Hill Rd, Lake Elsinore, CA 92530. 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. Sorry to hear you lost money to Premier Financial Alliance. No tangible Information on their website. If youre stuck and bitter about paying $125 then you gotta move on and do something else. /Type /Catalog NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? 5 0 obj Premier Financial Alliance insistence that you give them your phone number is suspicious. They state that "WFG associates are not required to purchase any products, goods, services, inventory, marketing plan or property of any kind, or pay any consideration in exchange for becoming or remaining an independent contractor of WFG." Good luck and thanks for reading. It can take months and considerable expense to get a license to sell life insurance. Once all of your information has been reviewed, the company will either approve or deny your request. Without a thorough analysis of the opportunity, it would be foolish to get involved with Premier Financial Alliance. New agents end up feeling demoralized. There are reports online about the commission structure of PFA, but we cannot perform credible due diligence based on information from third party websites. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. /Metadata 6 0 R At the bottom of the questionnaire page it states there is a non-refundable $125.00 association fee that permits PFA members to use a proprietary marketing system, but that the payment of this fee does not permit members to market products or to receive compensation and that all state licensing must be completed before selling life insurance and receiving commissions or overrides. 3 0 obj And then, because you have a life insurance license you are required to have Errors and Omissions insurance to the tune of 40.00 a month. PHP Agency 6. << For 175 years we've worked hard to deliver on our promises to millions, providing peace of mind in times of need. % Your article and one-sided. At least on one level, it appears that the immediate goal of the Premier Financial Alliance website is to get people to fill out the questionnaire. Would you like to learn more? The vast majority of Americans, and especially high-income Americans like physicians, will, at some point, no longer depend on their earnings from work in order to live. If you decide to get licensed , you will become independent licensed agent. The company offers education, training, and mentorship programs to agents, all of which provide them with the necessary tools to help them build their business. 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. stream I just started selling after I was trained (for free) on the PFA system. You can just be a producer, period. IULs, however, only pay you based on the change in the index. I hope this article has helped you decide which organization is best for you, whether thats Premier Financial Alliance, the World Financial Group, or any other agency. /Parent 3 0 R They have perfected exploiting our trust and vulnerability. /Type /Pages Municipalities are indebted to Eskom in an amount of approximately R57 billion which has further limited Eskom's budget for maintenance and generation. This naturally raised the question of what Premier Financial Alliances core priority was. I work in the healthcare business. And most quit the business prematurely. Time to learn and application of the knowledge, skills and attitude are the 2 vital factors for you to achieve in any endeavor. 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. Premier Financial Alliance is a secretive multi-level marketing company claiming to offer an opportunity to build a financial services business. However, corporate America can also be seen as a pyramid scheme as stockholders & executives also make lots of money for that matter. >> ), Is the World Financial Group a scam? Both the focus on recruiting agents rather than immediate sales as well as the non-refundable $125 signing fee are red flags for those worried that the insurance vendor they work for is a pyramid scheme. Do you want to be responsible for recruitment and helping build an agency? I personally saw a best friend of mine earned her commissions in 3 weeks. Our focus is to make sure that you get the information you need to help you protect your business and family. Hi everyone, ? You can sell to anyone that wants to buy from you. Its taken me years to learn to see the truth about MLMs. In addition, the PFA agents receive a commission when they recruit a new affiliate. However, we can use criteria established by Dr. Jon Taylor and published on the Federal Trade Commissions website to determine how closely PFA resembles a pyramid scheme. John has been in the financial industry since 1987, and prior to that he worked his way through college doing construction. /MediaBox [0 0 612 792] Each state has specific fees and requirements for a life insurance license. 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). It's not a get rich overnight scheme. It may be prudent to wait for the verdict on the companys policies. Judging from the website, it doesnt look like potential associates would even have a clue as to what they would be selling. The motion requests permission to seek reconsideration of the earlier arbitration denial decision, or in the alternative a transfer of the case to Georgia. Clients will work alongside experienced PFA agents to build their strategies and plan for their future. That usually corresponds to four levels of management such as local, state, regional and national. The company structure is not a traditional one thats why I understand people jump to conclusion and called it SCAM or PYRAMID. I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? TORONTO, Feb. 28, 2023 /PRNewswire/ - For the first quarter ended January 31, 2023, BMO Financial Group (TSX:BMO) (NYSE: BMO) recorded net income of $247 million or $0.30 per share on a reported . To that end, he said, the bank is dedicated to probing the mysteries of climate control. ), but they NEVER ONCE responded to any of my phone calls (endless phone system then hung up on me) or my emails or the contact form on their agent support website. 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