World Finance Group/Transamerica also calls itself Revolution Financial management

Warning: this is still an MLM - I am wondering if WFG has caught on to the fact that here is now negative association with that name and decided to rebrand itself as Revolution Financial Management, or perhaps WFG took over the firm Revolution Financial Management. I am not a good enough internet sleuth to figure that out....I googled the names and did not get very much...but like I said I am not good at sleuthing.
I do have a couple of links that did raise questions. One link is
Wfg-Offline.com
Xwma.org
but going to these sites shows that the posting activity stopped in around 2006 (at least that's what I can figure), and I wonder why. Looks like a lot of people got burned.

this revolting little link is a teaser for one of their upcoming rah rah seminars....
Revolution Financial Management Wealth Bowl 2015

I had a hard time keeping down my lunch, even though it was a mere few seconds long....

Worse yet is that a local 4 year State college CSUN allowed the MLM's Transamerica and this Revolution financial Management onto their campus for some sort of career night per this link

http://www.csun.edu/sites/default/fi...iptions_10.pdf

I hope these links work. I just want to get the word out there. it's one thing if it's lotions, potions etc but when it's finances.....seriously?:scared_1::pulling_hair_out :

Revolution financial management is a WONDERFUL company. The leadership is so amazing. These guys helping the rest of the financial industry isn't willing to help. Our family are their clients, and we love the products. We always knew we needed to do something better the we were doing, but we never knew where to go or who to turn to, until we got introduced to this firm.
if I'd met with them a few years ago it would have made a world of difference for me financially. We are really impressed with the firm. They take a low key educational approach and we TRUST them.
We love this firm so much, and we have been telling people about the services they are providing.

lol. damn that's funny.

Quote:

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Originally Posted by veronicad

leadership is so amazing

we love the products

low key educational approach

We love this firm so much, and we have been telling people about the services they are providing.

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Who is the leadership, what are the products, and what are the educational materials?

I made it 30 seconds into the promo video and frankly it comes across more as motivational tripe to recruit a bunch of people than professional guidance. Every time I have seen something similar it has meant overpriced products and/or trainings for the consumer. What say you?

Revolution Financial Management is a financial services marketing company of World Financial Group, Inc.. World Financial Group, Inc. is an agency for several major insurance companies. While appearing to be an MLM, they are not. The reason being the representatives of Revolution Financial Management do to not get any referral fees for anyone they get to join the company. Each person who signs up has to get insurance licensed as well as for any other financial service products they offer to their clients. They also provide debt management counseling. The person who does get someone to join the agency will get override commissions on any sales the sales rep makes only. Standard in the insurance business for licensed agents. If you are good at sales, you can make a substantial income. The average sales person in an agency makes at least $48K annually in the first year. The really great ones make $100K annually in the first year.

Both companies are licensed and registered with all the required authorities to conduct business. Each of the sales reps, which is what they truly are, are also licensed and registered with the required state insurance authorities. So both companies are legal in their operations.

WFG - Revolution Financial Management is NOT a scam!!! This is a legitimate company. I'm not going to waste much of my time here, but we have Tony Robbins, Grant Cardone, Ed Myllet, Tim Grover and other really well known people that endorses our company, not to mention that we do business with Transamerica, Nationwide, Pacific Life, Voya and many other companies. I'm pretty sure these people/companies wouldn't be endorsing us or doing business with us if this wasn't legit.
Please make sure you do your homework before saying something that is not true.

" When you get scammed you loose once, but when you are skeptical you loose all the time"

Quote:

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Originally Posted by pswagent

I'm not going to waste much of my time here,

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Why show up at all?

https://www.youtube.com/watch?v=-c_Ncmg2RXQ

https://ethanvanderbuilt.com/2015/08...m-yes-opinion/

Quote:

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Originally Posted by pswagent

WFG - Revolution Financial Management is NOT a scam!!! This is a legitimate company.

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I think what Kath said was it is MLM, with 53,000 licensed agents that seems easy to believe.

http://www.worldfinancialgroup.com/w..._Factsheet.jpg

Perhaps you can provide an income disclosure showing income brackets for the sales force?

Some of the bigger complaints I see about WFG are people being contacted for interviews under false pretense, a lack of training, and selling friends/family.

https://www.glassdoor.com/Reviews/Wo...21_KH22,36.htm

https://www.glassdoor.com/Reviews/Em...VW20178856.htm

https://www.glassdoor.com/Reviews/Em...VW18662284.htm

https://www.complaintsboard.com/worl...up-wfg-b128246

Quote:

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Originally Posted by pswagent

but we have Tony Robbins, Grant Cardone, Ed Myllet, Tim Grover and other really well known people that endorses our company,

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For free?

Quote:

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Originally Posted by pswagent

not to mention that we do business with Transamerica, Nationwide, Pacific Life, Voya and many other companies. I'm pretty sure these people/companies wouldn't be endorsing us or doing business with us if this wasn't legit.

---

Really???

I would argue that Transamerica et. al. are in the business of selling products and WFG helps meet that goal. To me legit would be associates knowledgeable enough to sell well structured products, or adept enough to avoid the garbage entirely. Transamerica's FFIUL is a product very likely not to be well understood by most agents much less the consumers. Of course most people will cancel their polices in the first few years and just eat whatever losses they eat. For those that do hang on if the policy wasn't funded properly, returns don't materialize, or fees go up significantly they will face the same dilemma as policy holders in this article. https://www.foxbusiness.com/features...tle-over-rates

https://www.sommerspc.com/blog/2016/...-class-action/

https://world-financial-group.pissed...722886905.html

https://world-financial-group.pissed...801892272.html

Quote:

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Originally Posted by pswagent

Please make sure you do your homework before saying something that is not true.

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Exactly.

Quote:

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Originally Posted by pswagent

but we have Tony Robbins, Grant Cardone, Ed Myllet, Tim Grover and other really well known people that endorses our company,

---

Pictures, documents or videos, please, or you're regurgitating nonsense you've been fed by your upline.

IMO here's the bottom line for consumers with these types of insurance products, make certain your policy won't lapse with the guaranteed minimum return and the guaranteed maximum insurance expense. Then pay extra close attention what happens if you borrow from the policy without the intention of paying the loan and interest back using the same min/max criteria.

https://www.ripoffreport.com/reports...g-will-1314196


"The projections we were given were based on eight percent interest rate and there was never a time where the policies earned eight percent," Mary Feller said. "Now, suddenly the cost of the insurance has skyrocketed. So when we put in $250 or $500 or $700, or whatever we put in on that quarterly basis, that money is eaten up."

"Well, here we are 25 years later. The baby boomer generation is ready to retire. Now the companies say, 'Whoa, we've got to make good on our promise? No, we're walking away,'" said the Feller's attorney Harvey Rosenfield.

7 On Your Side investigates insurance company accused of acting in bad faith | abc7news.com

Rebutting the Arguments For Indexed Universal Life Insurance
https://www.whitecoatinvestor.com/re...ife-insurance/

This guy is clearly a quitter with a J.:RpS_wink:.B. mentality.

https://www.youtube.com/watch?v=wChvM97cBoM

The deception alleged in this video is nothing new in MLM. Acquaintance says stop by for a get together next thing your in business opportunity hell, who doesn't like that?

The second thing I found troubling with this video is this guy says several times he didn't feel he was qualified, the crux of the response he claims he got was about how much money he could make. Then what, some product related training and a few canned sales scripts from an upline that might know a little more than he does?

What could possibly go wrong?

This video is priceless because View Profile: Textex - RealScam.com - Is it, or isn't it? You Decide. makes a cameo with his own brand of MLM justices.

https://www.youtube.com/watch?v=v5J0BcY66nU

It's nice that the comments section is open since that gives people a chance to see what the agents have to say.

Quote:

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Originally Posted by pswagent

I'm not going to waste much of my time here

---

Personally, I want to thank you for necroing a three year old thread. So much got missed the first time round.

Quote:

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Originally Posted by pswagent

we do business with Transamerica, Nationwide, Pacific Life, Voya and many other companies.

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While this investigation is asking for purchasers of "universal" life insurance, today's equity indexed life has the potential for many of the same problems as well see in our next post or three.


Life Insurance Surrender & Hidden Fees Investigation

Lieff Cabraser is investigating allegations of fraud and other deceptive practices in connection with the sale of universal life insurance policies by the following companies:

Accordia (previously called Aviva and briefly called Athene)
Aegon USA
Allianz
Allstate Life
Midland National Life
Minnesota Life
NACOLAH Life
National Life Group (which includes LSW)
Nationwide
Old Mutual Financial
Pacific Life
Penn Mutual
Transamerica
Voya

Customers report that they have suffered unexpectedly low returns, and in some cases have lost their entire investments and been forced to surrender their policies, as a result of this alleged deceptive conduct.

https://www.lieffcabraser.com/consum...ife-insurance/

Isn't this special?

In addition to having the contractual right to raise the cost of insurance up to a maximum that will in many instances cause a policy to implode, better back that up with the right to lower returns in the future.



"Insurers exclude reinvested dividends from interest calculations and reserves the right to change the cap on how much interest they will pay."

https://www.evanslaw.com/concerns-bu...life-policies/

This case below is not related to World Financial Group, just posted for educational purposes.


In 2014, a settlement involving similar allegations was reached between a plaintiff and Fidelity & Guaranty Life Insurance Company and Paramount Financial Services. In that case, the plaintiff alleged four separate instances of misconduct, including “(i) misleading and deceptive sales presentations; (ii) encouraging customers to obtain a mortgage on their residence or home equity line of credit and use the proceeds to purchase IUL policies; (iii) misrepresenting the IUL policies as ‘investments’ or ‘investment plans’; or (iv) improperly describing the IUL policies’ costs, benefits and terms.” https://www.bergermontague.com/blog/...ance-policies/

Read your contracts, and if you can't read them have an attorney experienced in these matters explain the implications to you.


The Plaintiffs' Views

To maximize the number of elderly policyholders who would surrender their policies and lose their insurance coverage, Transamerica sent letters to policyholders directing them to contact a designated Transamerica hotline with any questions about the increase, rather than the agents they had dealt with for many years. Transamerica has also begun refusing to provide policyholders with illustrations showing how their policies will perform as a result of the increase. Instead, Transamerica will now only provide policy illustrations depicting how the policies would perform if the monthly COIs were raised to a level even higher than the rates imposed by the increase. Transamerica hopes that by showing elderly policyholders the most pessimistic policy performance possible, they will surrender their policies. As a result of Transamerica's actions, thousands of class members are faced with the imminent harm of either paying the exorbitant and unjustified new charges, or forever losing the benefits for which they have dutifully paid premiums for many years.

Transamerica's Views

Transamerica says the policies give it discretion to set COI rates anywhere below the maximum rates guaranteed in the policies.
Transamerica says the policies permit the company to set COI rates based upon any factors it chooses so long as it does not do so to recoup past losses.
Transamerica says the plaintiffs' claim that the company breached their policies by raising COI rates to recoup past losses is insufficiently plausible.
Transamerica says its COI rate changes were to mitigate future losses from persistently low interest rates rather than to recoup past losses.


Joseph M. Belth: No. 239: Transamerica's Cost-of-Insurance Increases and an Important Class Action Lawsuit


Premium Increases of Over 200%

Over the past couple of years, thousands of universal life policyholders have been informed that their insurers are using the fine print of their contracts to significantly increase their long-static monthly premiums. Some customers have been hit with increases of over 200%. https://www.forbes.com/sites/nextave.../#6acb7a043368

Some time back there was a discussion in this tread http://www.realscam.com/f8/elevation...lard-3445/with with an insurance agent username Marsh.
Marsh was a big proponent of this system https://www.bankonyourself.com/ using life insurance. The purveyor of that system has some words of warning, or sour grapes depending on where your bread is buttered.

Nice the comments are open so people can witness all the hubbub as it unfolds.

https://www.youtube.com/watch?v=ehYT1DqDcAA

https://www.bankonyourself.com/7-rea...universal-life

If I had to use funding a life insurance policy as retirement income I would lean toward the guarantees of whole life over the ambiguity of equity indexed life. The behavior of several insurance companies raising fees to the point of destroying polices makes this a no brainer IMO. Although unpaid interest charges on policy loans risk blowing up a whole life policy, so I'm not convinced that's a free lunch either. Marsh and I had some good discussion about this and other insurance matters in the thread linked above.

18 year-old grocery clerks giving financial advice?

My Experience With World Financial Group - Financial Uproar

Nothing says don't let them google you like not handing out your business card at this time.



PROSPECTING

Since they are not being invited to a business presentation meeting (BPM) or solicited business, you should
not give them a business card at this time

http://www.schwartz1.com/uploads/1/7...7/bfs_2012.pdf

The linked document was pulled from this blog, who knew so many people have written about WFG?


World Financial Group Review — The Finance Guy

Quote:

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Originally Posted by ribshaw

Marsh was a big proponent of this system https://www.bankonyourself.com/ using life insurance.

---

As I thought about it last night Marsh was doing https://infinitebanking.org/ which is similar to Bank on Yourself. Comments were not displaying when I loaded this page http://www.mypersonalfinancejourney....ife-insurance/, but if they pop back up he joined in the discussion.


The crux of these programs regardless of name is over-funding a life insurance policy and borrowing the accumulation to pay for things like college or retirement. The money grows tax deferred and can be borrowed tax free as long as the policy remains in force. The cost of insurance causing a drag on returns and the risk of policy lapse due to rate increases and/or unpaid policy loans are the big risks most often cited against these plans.

Plenty of reading on the subject, WFG recruits and customers alike can decide if the strategy makes sense.

Some Yelp reviews, I suppose people can say whatever they want on the internet. Although when they all seem to be saying some version of the same thing either it's legit, the fix is in, or both.

https://www.yelp.com/biz/world-finan...oup-san-jose-6
https://www.yelp.com/biz/world-financial-group-pomona-3
https://www.yelp.com/biz/world-financial-group-orange-3
https://www.yelp.com/biz/world-finan...roup-anaheim-3
https://www.yelp.com/biz/world-financial-group-irvine
https://www.yelp.com/biz/world-finan...curities-ripon

I could be wrong, but find reviews like those from (Amy of Alameda, CA April 24, 2018) and (Jade of Fremont, CA March 16, 2018) https://www.consumeraffairs.com/insu...insurance.html rather specious. They feel to me much the same as some of the pro WFG comments, long on emotion short on addressing concerns.



In the blog below the writer has found insurance agents posing as customers, who does that?

An Index Universal Life Insurance Illustration
https://www.whitecoatinvestor.com/an...-illustration/


Here is a pro index universal life article by an insurance agent in response to the blog above.

Is Indexed Universal Life Insurance Just what the Doctor Ordered? | The Insurance Pro Blog

I would encourage people to read the rebuttal below particularly the math on S&P 500 returns done by the agent.

A Serious Reply – More Arguing About IUL
https://www.whitecoatinvestor.com/a-...ing-about-iul/

I don't know anything about the two insurance agencies linked below, I found their writing germane to the discussion of WFG. I'm certain WFG agents have access to various insurance and investment products.
My question would be how often they use them and how much time is spent selling the opportunity versus educating consumers?

In this blog https://www.insuranceblogbychris.com...urance-review/ the writer highlights the reason why based on health it might pay to deal with a knowledgeable agent with access to many companies.

In this blog https://www.jrcinsurancegroup.com/bu...ife-insurance/ the agent gives the pros and cons of what so far as I can tell is the mainstay product of WFG.

I sort of expect insurance companies to have more complaints than compliments, that's the nature of the beast. Both Transamerica and Prudential have F ratings with BBB. USAA is A+ rated but has 300 complaints and 25 compliments, so who knows how much weight to put on BBB?

If people read some of the complaints it appears to be seniors or their children having problems after many years of paying into a policy. Perhaps simpler is better? I think a good agent should help customers navigate this system. Are WFG agents equipped to do this, or are many simply repeating what has been said by their upline?


Transamerica Life Insurance Company
https://www.bbb.org/iowa/business-re...and-complaints

The Prudential Insurance Company of America
https://www.bbb.org/new-jersey/busin...wtype=negative

USAA
https://www.bbb.org/central-texas/bu...tonio-tx-23452

Threads from Reddit...


I would not believe it if I hadn't experienced it myself. The company sells a variety of insurance products but it seems like the only thing I was ever pitched, and other reports confirm was the FIUL policy (Indexed Universal Life)
https://www.reddit.com/r/jobs/commen...l_of_this_mlm/

-My trainer required me to write down 25 names and phone numbers of people I knew to either recruit them or strive to have them purchase financial products.
https://www.reddit.com/r/jobs/commen..._group_an_mlm/

Buddy got involved in world financial group... he has 0 finance background yet they have him going around giving financial advice and trying to sell insurance plans .
https://www.reddit.com/r/antiMLM/com...al_group_scam/

Can someone Tell me What I Just Agreed To?
https://www.reddit.com/r/personalfin...ust_agreed_to/

I started the training process for World Financial Group a few days ago not really understanding the business model. As part of my training I did a "financial review" where they signed me up for Indexed Universal Life insurance through TransAmerica so I could, as my trainer put it, "better understand what I'm selling to clients."
https://www.reddit.com/r/antiMLM/com...nancial_group/

zombies
https://www.reddit.com/r/bayarea/com...es_so_present/

Then they conduct a bs 2 minute interview and hire you.
https://www.reddit.com/r/conspiracy/...scam_ive_ever/

Someone I know is inviting me to meeting.
https://www.reddit.com/r/personalfin...nancial_group/

Secret Secret I have a Secret!

Attachment 22608

Have you heard about the secret retirement plan called a 702(j) that the government supposedly doesn’t want you to know about? Here’s why the 702(j) isn’t all it’s cracked up to be…
702(j) plans stink! You may have heard or seen the pitch for President Reagan’s Secret 702(j) Retirement Plan or something called the 770 Account, President’s Secret Account, Invisible Account or Income for Life.

Whatever the name, it’s being touted as a miraculous tax-free account that pays 40 to 60 times more than your bank; you can withdraw from it at any time, without penalty; you don’t have to report it to the IRS; and it won’t drop in value in the event of a stock market crash.

https://clark.com/insurance/life-insurance-702j/

If someone has a policy or is looking to purchase a policy this may be $100 very well spent.


"For $100, there’s a man named Jim Hunt at the Consumer Federation of America (CFA) who will run an analysis to determine the true investment returns on any cash value life insurance policy — be it whole life, universal life or variable life."

https://clark.com/insurance/service-...ue-investment/

Simply visit EvaluateLifeInsurance.org or call 603-224-2805 to get started.