World Financial Group "pyramid scheme" Reviews | Glassdoor

World Financial Group Employee Reviews about "pyramid scheme"

Updated Oct 17, 2019

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3.9
StarStarStarStarStar
Rating TrendsRating Trends
74%
Recommend to a Friend
83%
Approve of CEO
World Financial Group CEO Joe DiPaola  (no image)
Joe DiPaola
318 Ratings
Pros
  • "I just started part-time to make couple of hundreds(in 24 reviews)

  • "Unlike many franchises, the license may only last 10 to 20 years(in 23 reviews)

Cons
  • "I don't have issues with recruiting friends and family for my other businesses but I WFG a bit of challenging(in 41 reviews)

  • "If you want to make money, you have to work for it(in 30 reviews)

More Pros and Cons

Reviews about "pyramid scheme"

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  1. Helpful (5)

    "PYRAMID SCHEME"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Advisor in Madison, WI
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at World Financial Group part-time for less than a year

    Pros

    NONE! None none none none

    Cons

    ITS A SCAM! LIFE INSURANCE PYRAMID SCHEME

    Advice to Management

    Dissolve this unethical pyramid scheme

    World Financial Group2019-06-25
  2. Helpful (12)

    "Fun while it lasted but not realistic"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    Former Employee - Marketing Director in Burlingame, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at World Financial Group full-time for more than a year

    Pros

    - You develop a winning mindset if you're committed - Potential for high pay - Company paid trips if you perform well

    Cons

    - Feels like a cult since you'll constantly have to defend yourself for not being in a pyramid scheme (it's a MLM) - Depends on which hierarchy you fall into, but it can feel very manipulative

    Advice to Management

    Let part time people do this part time, don't talk down to them if they don't want to fully commit

    World Financial Group2019-03-12
  3. Helpful (12)

    "Multi Level Marketing/Pyramid Scheme"

    StarStarStarStarStar
    Former Employee - Anonymous Employee 
    Doesn't Recommend

    I worked at World Financial Group part-time

    Pros

    Networking opportunities and recruiters are willing to teach you the world of finance and insurance

    Cons

    Like any company you are applying to, do your research prior. Unfortunately for me and others, i've read about it was too late. WFG is a pyramid scheme where your recruiters make money off you (passive income) hunting down customers to sell insurance to. I have attended one of their bigger meetings/classes thinking i would fit in perfectly. Went home and researched and found an article explaining what this company... is about and concluded that it was not for me

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    Advice to Management

    Be straight up with potential employees and let them know EXACTLY what you are doing and company policies.

    World Financial Group2019-02-14
  4. Helpful (18)

    "total scam as soon as you begin to progress you will find out"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at World Financial Group

    Pros

    This fraudulent company is no different than Arbonne or Amway or Herbalife.

    Cons

    This fraudulent company is no different than Arbonne or Amway or Herbalife. Its a pyramid scheme, they get away with it because each office is its own "branch" so the company denies responsibility for any wrongdoings. I have seen office managers in multiple offices turn their heads at major financial fruad, like churning insurance policies.

    Advice to Management

    advice to management? you are not real management! all the titles are fake made up titles! the whole thing is a fraud!

    World Financial Group2018-08-14
  5. Helpful (26)

    "Be Careful"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Compensation and Benefits
    Former Employee - Anonymous Employee 
    Doesn't Recommend

    I worked at World Financial Group part-time for less than a year

    Pros

    Great for people who have the time, money, and patience to work here...

    Cons

    1. You pay for everything 2. They don't tell you that you are selling a "product" 3. They don't train you to sell said "product" 4. You have to give them your inner circle personal phone numbers (you have to call whoever you write down) 5. After you leave they still contact people you "suggested" 6. You pay for everything 7. You "invest" $100 to the company for "administration" fees. 8. Job is mainly about... recruiting others to be on the "team". 9. Have to be willing to invest 99% of your time to recruit others. 10. You have to pay $10 for a booklet of information and only one page is used for the duration of your employment there. 11. Fully commission based 12. Formated as a pyramid scheme, because the person who brings you in get all the money until you are licensed to sell life insurance. While you are working to get qualified you are earning points! 13. DO NOT APPLY UNLESS YOU HAVE ANOTHER JOB ON THE SIDE!!!!!!

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    Advice to Management

    Inform new recruits during the interview that they will be selling insurance and they will to be getting paid until they get their license.

    World Financial Group2018-04-16
  6. Helpful (24)

    "Pyramid Scheme MLM"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Senior Marketing Director in San Francisco, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at World Financial Group full-time for more than 3 years

    Pros

    Anyone can start this company with a pulse. But working for wfg is not respected in the traditional financial sector. They don't teach you how to sell but only how to recruit, recruit, recruit!!

    Cons

    Pyramid Scheme MLM. Lies and more lies. Don't drink the wfg Kool aid

    Advice to Management

    To tell the truth on WFG instead of selling the dream which is a nightmare. This is a Pyramid by using Insurance products to cover up your scheme.

    World Financial Group2017-08-25
  7. Helpful (15)

    "Make sure that your manager is a competent individual!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Planner/Insurance Agent in Los Angeles, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at World Financial Group full-time for more than a year

    Pros

    Freedom to grow your own business. The net worths of the higher ups are all too eager to tell you that within a year, you will be making at least 6 figures. They sell you a dream. Just with everything in life, only a few out of a hundred will fulfill those dreams. Do NOT work here full time unless you have a lot of capital to spare while you're making no money in the beginning

    Cons

    The cons severely outweigh the pros.... 1. If you google search "world financial group"... google automatically suggests adding "pyramid scheme". The company is obviously a legal organization, since multi level marketing is considered legal. Regardless, you have to rep a company that has a terrible reputation amongst several consumers 2. Depending on the branch/office/manager that hires you, you could be completely... screwed, or be lucky. 3. Similar to #2, if you notice a lot of unintelligent people there (such as sales people that couldn't sell themselves out of a paper bag), you're in one of the bad offices- LEAVE 4. The commission percentage is very low in the beginning, which means that the first people you sell to, those commissions are enjoyed primarily by a manager who did nothing.

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    Advice to Management

    Try not to get sued so much. Don't lie so much. Maybe then, just then, the WFG brand will begin to repair

    World Financial Group2016-09-23
  8. Helpful (10)

    "Be Careful"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at World Financial Group full-time

    Pros

    Potential to make a lot of money, but you have to follow their system, their way. Also, their meetings are very RAH-RAH, so if you don't feel good about yourself, go to the meetings.

    Cons

    You have to get a lot of people on board to make any money, either through recruiting or by selling. At the beginning, after all the fees, most of your initial sales go to those that recruited you (think pyramid scheme) so don't plan to make any serious money until you have put in a lot of hours and a lot of time. Also, the Burbank area has been heavily saturated, so selling in that area is tough.

    Advice to Management

    No advice. Their system works for them. Its the newer people that are struggling.

    World Financial Group2016-02-12
  9. Helpful (18)

    "Becareful!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     in Rockville, MD
    Doesn't Recommend
    Negative Outlook

    I have been working at World Financial Group

    Pros

    It's true, this company can make you money, but you're basically selling stuff to your friends and family at first and then to total strangers. If you are good at it, you can make money.

    Cons

    This company pretty much acts like a MLM (google that if you don't know) which is not very far from a pyramid scheme. Well you have basically used up your pool of friends, family, classmates, coworkers, etc, then you need to find more people to buy or go bust, which most people end up doing. I've been successful but this is not a job I will stay at long, it just pays the tuition, but barely. Becareful when they say... you'll earn thousands or millions within months. That notion is untrue and misleading. I'm already stuck here. I recommend you go else where.

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    World Financial Group2015-10-25
  10. Helpful (24)

    "A good place to start if you're new to the field, just take everything with a grain of salt"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Associate in Atlanta, GA
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at World Financial Group part-time for less than a year

    Pros

    The camaraderie is overwhelming. You will get to feel like you have a new group of friends in one night. Their BPM's (Business Planning Meetings, which are required to go to in some instances) will leave you with a good amount of both insider knowledge, leadership know-how, and even boost your networking skills as they throw you into a room with other people you have probably never seen before. Lots of awards and... even vacations are given out to those with high quarterly production. The idea behind training and advancement is to follow the plan they claim as being the only one to work 100% of the time (praise Art Williams.) First you need to get your Life Insurance license (or at least pass the exam) to be eligible for training. To get past "training," it's the 5/5/5 system. That means you need to gain 5 leads and appointments, invite 5 people to one of these BPMs in 5 days. Once you've done that, you're considered an associate. The splits then get more intense as you go through the ranks, but the gist of it is if you are working the system, part of which is recruiting a team, then you will be making "passive income" off the commissions from the sales of your team mates as the money goes up the, um, pyramid.

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    Cons

    The koolaid is a little sour. The top dogs which would be considered the rainmakers in the offices are by nature the faces we constantly see and they work extremely hard to keep us motivated. However, I was never given a direct answer when I asked a pointed question ("what will our tax liability be for all the training expenses, especially when we are not pulling in any money?" The worst I believe is that they try... very hard to not make this a pyramid scheme to the folks who have bought into it. "No, this isn't multilevel marketing, folks. It's multi-relational marketing!" Call a spade a spade, WFG. It's set up so that most of the people who come through eventually leave after spending an egregious amount of money to go to seminars, conferences, etc. on topics that they could either read on the web or listen to on a podcast for free. The managers work very hard as well to manipulate the doubts of those younger workers. I asked my friend, whom I tried to pull out after I left, "What are your doubts about WFG?" and he responded, "First let me tell you about my hopes..." Worst of all is that your reputation is on the line. I know many other commission-only companies tell their salesforce to use their "warm market" (friends, family) to gain leads. Here, they straight up tell you that's the only way. So, when I am shadowing with a 'trainer' (who I am under the impression actually has experience,) and we go to a close friend's house, I am appalled that the trainer skips the 'presentation' (which I thought was the only reason we were there for,) and begins hard selling her on products she certainly does not need. I am not saying that the company as a whole is like this, but if you decide to work here, keep an open eye towards anything and everything. I'm sure there are people who do make it in WFG, but I know there are plenty more who fall out with less in their pockets than they began.

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    Advice to Management

    Make sure the 'trainers' are actually experienced. It becomes evident quite quickly that the trainee's session is only a lead for the trainer whereupon the reputation only affects the trainee.

    World Financial Group2015-01-29
Found 599 reviews