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

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PostPosted: Sat Nov 03, 2007 8:30 pm   Post subject: WFG or New York Life Co. or ...?  

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

newagent88
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PostPosted: Sun Nov 04, 2007 4:20 am   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.

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PostPosted: Mon Nov 05, 2007 3:59 am   Post subject:   

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


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PostPosted: Mon Nov 05, 2007 7:48 am   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

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PostPosted: Wed Apr 15, 2009 11:21 am   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

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PostPosted: Fri May 15, 2009 1:09 am   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.


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PostPosted: Mon May 25, 2009 8:06 pm   Post subject:   

World Financial Group is a multi level marketing organization.



New York Life is a respected insurance company.

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PostPosted: Tue May 26, 2009 3:42 am   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!

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PostPosted: Sun Nov 14, 2010 4:55 am   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.


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PostPosted: Mon Nov 15, 2010 12:10 am   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.


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PostPosted: Mon Nov 15, 2010 4:35 pm   Post subject:   

Quote:
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."


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PostPosted: Tue May 10, 2011 6:59 pm   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.


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PostPosted: Wed May 11, 2011 1:08 am   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/documen ts/investors/p011944.pdf



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PostPosted: Wed May 11, 2011 5:50 am   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.

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PostPosted: Fri Jun 27, 2014 6:27 pm   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.


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