WFG or New York Life Co. or ...?

Submitted by newagent88 on Sat, 11/03/2007 - 20:30

Hi there.

Any1 here familiar with The World Financial Group (WFG)? I am an inactive member for quite a while now only because one of my friends asked me to. The concept sounds ok to me but I've always been somewhat skeptical because I've heard lots of different opinions, some being negative.

Now that I am licensed I would like to start working in this field and help people with their insurance needs but not sure I should do it through WFG or go apply for a sale position at a company like New York Life or MetLife...Any informations, thoughts or advices would be appreciated. TY

Posted: 04 Nov 2007 04:20 Post Subject:

Get away from WFG.

Work for a company like NYL, MetLife, or AIG.

There are also options on the health side, but 99.99% of captive health companies (meaning you can only work for them and sell their products) have substandard products.

Posted: 05 Nov 2007 03:59 Post Subject:

Thanks for your reply. What's on going commission do a typical company pay to agent? 30, 40, 50%?...

Posted: 05 Nov 2007 07:48 Post Subject: sh'd vary..

Hi all, We should remember that for the insurance industry the commission structure for agents should vary depending on the credibility & experiences. I'm saying this because we have both the independent as well as the captive agents working hand-in-hand. But the captive agents are obviously getting lower commissions than their independent counterparts- since they also get a fixed salary for the month (while the independents achieve commission on the basis of the cases closed).
Regards,
collinj77

Posted: 15 Apr 2009 11:21 Post Subject: new insurance adjuster

ever consider a personal insurance adjusting company my son is young 20s doing this & loves it you deal with claims the insurer has denied & now the consumer often corporate seeks a private company to dispute issues with the denying company it is however a stressfull job but can be more lucrative if your very self motivated

Posted: 15 May 2009 01:09 Post Subject: WFG is much better this New York Life

New York Life does not offer the oppurtunity to build your own team and business. I personally know several mulit-millionaires who are WFG agents.

Posted: 25 May 2009 08:06 Post Subject:

World Financial Group is a multi level marketing organization.

New York Life is a respected insurance company.

Posted: 26 May 2009 03:42 Post Subject:

I personally know several multi-millionaires that are tied up with Amway / Quixtar. BUT...it's not for me. If you would like to spend your time recruiting other agents who will then recruit other agents...and so on and so on...GO for WFG!!

However, if you would like to have a respected career within the insurance industry...go for New York Life. The dream behind a company like WFG is find a lot of people to do the work for you, and then kick back and relax and become rich. I know there's a little more to it than that...but that is it in a nutshell...try and prove me wrong!

New York Life is a very well-respected insurance company and I have met some very successful agents with them. They offer great support and will help you gain the knowledge base that you need to thrive.

Don't go to any WFG meetings...Don't drink the kool-aid...and Don't give up on your insurance career with a reputable organization!

Posted: 14 Nov 2010 04:55 Post Subject: THERE NOTHING WRONG WITH WFG

WFG is a great company that uses a method used by most wealthy people. the power of "let us" when we work together we produce greater result. It is often said is WFG meetings that with the company, "you are in a business for yourself but not by yourself." you do the same thing you do with METLIFE and other company but without quota. You destiny is in your hands so to say. You can grow as big as you want or remain small.

You don't have to bring people. you can just sell insurance.

Posted: 15 Nov 2010 12:10 Post Subject:

niyicharles,

People in the industry laught at WFG reps. We don't laugh at WFG. My experience with WFG reps is that they are underpaid and don't know it. They don't have the knowledge to do what is best for their client and don't know it. WFG reps must sell to friends and families. Nothing is wrong with this. The problem is that they can't compete once they get out of their inner circle.

Posted: 15 Nov 2010 04:35 Post Subject:

WFG is a great company that uses a method used by most wealthy people. the power of "let us" when we work together we produce greater result. It is often said is WFG meetings that with the company, "you are in a business for yourself but not by yourself." you do the same thing you do with . . .



Really? I don't know any MetLife agent who ever invited someone to borrow money from their home equity to pay for life insurance. But it is a common practice taught to new reps at WFG, and folks have lost their homes and their life insurance courtesy of WFG.

Also, I don't know anyone with any knowledge of life insurance and retirement plans -- other than WFG reps, who mostly don't have the knowledge or experience -- who ever told anyone that variable universal life was BETTER than a 401(k) retirement plan, and then encouraged them to stop contributing to the 401(k) plan and put all the money into a VUL contract. WFG reps with securities licenses do it frequently.

Mostly, WFG reps are poorly trained, and lack product and other material knowledge necessary to do the right things for people.

The nonsense about "in business for yourself, but not by yourself" . . . that phrase is used by every MLM organization in existence. It means nothing if you don't understand the "business". What most WFG reps understand is they have to show up at every meeting and big event and bring as many friends and family members to those things, too.

As was said above, once outside one's "warm market", most WFG reps are soon out of the business. At that point the slogan is, "Out of business for yourself, and now you're all by yourself, too."

Posted: 10 May 2011 06:59 Post Subject: my experience with some WFG reps

I was recruited to WFG by a friend, after turning in $100 application fee, which was ok. I did not start anything except that I bought some products. But the story began when I became a customer of WFG agents.

I was trying to buy two products through a same WFG agent. One is an insurance product, one is an investment product. For the insurance product, the agent was not professional. They did not give me a full picture. I had to do my independent research and then when I asked some questions, the agents may give me more details. It was like squeezing the toothpaste. I felt they won't tell me the cautions if I did not find out. Finally, I cancelled the policy when I got a letter from the insurance company saying that the policy already started while the agent did not tell me the starting date at all. I could not afford such communications messup for a life product.

What is really alarming was that about the another product I bought. After I cancelled the insurance policy, the agent was mad and stopped the support for another product I bought from them, probably as a revenge? I contacted several of the WFG agents and they remained unresponsive. I understand that nobody wanted to take my account to "offend" the mad agent's revenge. The investment product customer service asked me to contact Aegon (the parent company of WFG), which is not responsive either.

In the email they sent, there is often such a sentence "protect each other's reputation". I was wondering why they should have to do this. Maybe indeed there are some agents who ruin their reputation.

So you draw your own conclusions.

Posted: 11 May 2011 01:08 Post Subject:

If you have a complaint about an investment product you obtained through WFG, and you have not been able to resolve it through WFG, then you need to file a WRITTEN COMPLAINT with the regulator -- FINRA -- against the agent/registered rep who marketed the product to you, and also against the organization for failing to respond to a customer inquiry/complaint.

FINRA absolutely, and aggressively, follows up on complaints from investors. If there was a marketing violation or communication violation, they will enforce against it.

Visit the FINRA Investor Complaint Center here: http://www.finra.org/Investors/ProtectYourself/p118628

You can also obtain their Investor Complaint Program brochure here: http://www.finra.org/web/groups/investors/@inv/@protect/@after/documents/investors/p011944.pdf

Posted: 11 May 2011 05:50 Post Subject:

The agent doesn't have any right to get you through such hassles every time you call them for help. You have every right to cancel a product that you're paying for. It's your money so you make the decisions. If the WFG people haven't learned to handle thinks professionally, then they're certainly gonna lose much of their business in the future.

Posted: 27 Jun 2014 06:27 Post Subject: NYL vs WFG

I worked for NYL for 3 years and yes their training is good because it lasts 3 years. The support depends on your managing partner and how much he is willing to invest in the people on his team. I loved my managing partner until he transfered to another office and a new guy came in. That new person changed everything and knew because we didnt start with him that he would not get paid, so his rule was his way or the highway. I had 118 clients in 6 months and I had achieved all that I could as a new agent but that didnt matter to him.

There is a quota to acheive every month. First its ok if you struggle to hit them but then you can feel them start to lose interest and sometimes hear them talk about you.

I quit because I was forced to and when I asked about my clients I was told that it was no longer my problem and that they will get to my clients when that time comes. I was very disappointed because my clients are not getting the treatment that I promised them and what the company promised them.

WFG allows you the opportunity to really be im business on your own. It is not a multi level company. You dont have to recruit you can just sell insurance, and you can give your clients more options. You are really in business for yourself because there is no quota. I am really greatful for this company.

Posted: 27 Jun 2014 07:07 Post Subject:

WFG allows you the opportunity to really be im business on your own. It is not a multi level company.

YES IT IS. But that doesn't make it good or bad.

You dont have to recruit you can just sell insurance

And if all you do is sell, you cannot be promoted. Which is why WFG is a MLM organization. Stop drinking the Kool Aid and see the bigger picture.

You are really in business for yourself because there is no quota. I am really greatful for this company.

No quota . . . fine. But just wait and see how they treat you when you fail to recruit fresh meat into the baseshop. You're not in business for yourself, you are in business to grow your upline's business and income. Without a downline, you aren't worth much to yourself or your upline.

And you are giving up a considerable portion of the product commissions to others above you, instead of putting that money into your own account. Why would you do that? What did your upline do to earn your commissions? Did they close the sale for you? Did they do the paperwork for you? Or did you do 100% of the work? If you did 100% of the work, you should receive 100% of the commission.

So here's the truth:

If you believe you have all the sales skills you need, you DON'T need WFG. You should be an independent agent on your own. You will be paid 100% of the commissions on the policies you sell, not just a small portion, while the rest goes to your WFG upline.

Find a good FMO/IMO to work through and you will have access to even more insurance companies and products than WFG has to offer you.

Posted: 01 Oct 2014 09:44 Post Subject: ignorance is NOT bliss

WFG is MLM? Lol So I guess real estate is also MLM, we do exactly the same thing they do. If you're a broker, you hire agents to work under you. As an agent, and you want to become a broker, then you have to hire some agents under you. Hmmmm hahaha! Well, I guess I'm fortunate because I work part time and I make 2-3k extra income a month just by helping others. And btw WFG is just a payroll company lol They don't deal with our clients. What you guys say about the company don't make any sense! It's obvious you guys are either haters because we beat your products (sorry captive agents, we have more options and better companies than you do ✌) or you're brain is not capable of looking at a bigger picture. Idk, get your facts right. Do some REAL homework then think why some trillion dollar companies will risk their name to be marketed by WFG agents. However, just continue to hate, we love you guys! They said, the first sign of success is when you become controversial :)

Posted: 01 Oct 2014 10:15 Post Subject:

we do exactly the same thing they do.

The same thing as real estate agents? LOL. When was the last time you helped someone buy a home?

Or sold them a home they couldn't afford. In that regard, if you've sold someone a UL policy on the promise that the cash value would accumulate to the point that the policy would pay for itself, then, yes, perhaps you do what some real estate agents do. Those UL illustrations that show the millions of dollars of cash value are PIE IN THE SKY. If you don't know that, then you don't know your product, and that makes you dangerous.

Having said that, perhaps you don't know all the history behind WFG and its predecessor WMA, and the shady securities and loan businesses that helped put them out of business when WMA "associates" encouraged people to take out large second (and third) mortgages on their homes to provide funds for investments. That sure was "helping" customers, wasn't it?

As for your $2,000 extra per month, why don't you just show us the checks instead of talking about them?

WFG is just a payroll company

I'm sure that's news to your upline. Not to mention the higher ups at Aegon.

sorry captive agents, we have more options and better companies than you do

That does not make you "better" it only makes you "different". You do realize that you still have a responsibility to put the best product for your client on the table at the best price. But I'd like to know what percentage of your life insurance clients purchased term compared to some form of Universal Life -- 0% perhaps?

If so, you've failed in your public responsibility as a licensed agent. So much for success.

Representing 10-20-30 companies means you have a responsibility to look at as many as 100-200-300 different products to determine which two or three are truly in the best interests of your client. What percentage of your business is not written using WRL?

How many of the 10-20-30 companies you claim to represent have you actually written applications for? One only, or two? How does that make you any different than being a captive agent?

Posted: 02 Sep 2018 02:28 Post Subject:

I have been a partner of WFG for 3 years now. I started as a simple PC Agent. OMG- Had I known the difference I seriously would NEVER have invested SO much of my OWN $$ to open my PC Agency as my production level(s) with WFG FAR out way the PC.. At the same time I see the benefits of now having both.

Today I am a VERY WELL rounded Insurance /Financial Services agent and own my agency that has been greatly successful DUE to **WFG. And just so that you know, you can make as MUCH $$ as you desire or as little as ZERO.. There is NO CAP on your income level and you do NOT have quota's... EVERY WHERE ELSE Does! Laslty you will NEVER find a true auto/home agency that runs by itself either, there are always "CSR's", which are customer service reps to answer phones, etc...

As mentioned a few times here ** You can be independent OR have your own agency. The point of *(RECRUITING) is so that your HARD work pays OFF . If most of you were true *(business minded) ppl you would know that you will NEVER find a McDonalds owner flipping burgers or turning fries. The point of "owning" a business is that it RUNS with or w/o you. If you are upset at WFG for promoting that system then get angry at ALL of the franchise and true business owners that have understood the power of delegation.
WITH WFG - working HARD for yourself as oppose to an "Corp" truly pays off!
Call me directly as I would LOVE to give you the insight of my career move with WFG... (Ruthy) 720-205-1837
- :wink: :)

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