There are two sides to a story. I have not heard about this company before. Just take a look at the commission advancement process. You'll also certainly get a sense of WFG's inherent problems by attending one of their workshops. I wish you had been more fair in your one-sided article. Once they pay the $125 membership fee and buy the Living Life IUL policy, Premier Financial Alliance associates are pressured to recruit and sell the policy within their network of friends and family members, typically from the same immigrant group. She is an inspiration to many! Each state has specific fees and requirements for a life insurance license. It's an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. PFA indeed have skeletons in their cupboard and if victims have read articles like your one would have taken great care to know which company is real or not. Both claim to have been deceived into believing PFA was a legitimate way to make money. Recognition outside the area I work in for all levels of leadership. /Parent 8 0 R You have probably heard that the stock market returns 10% in the long run. While this figure is approximately trueat least on a nominal (non-inflation-adjusted) basisit includes the stock dividends, not just the change in the index value. You can sell to anyone that wants to buy from you. I personally saw a best friend of mine earned her commissions in 3 weeks. endobj There are reports online about the commission structure of PFA, but we cannot perform credible due diligence based on information from third party websites. Statements made on a website could be legally binding. ), 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. She works hard to achieve the leadership position shes in now. Then it asks for your Referring Associate PFA ID. This requirement suggests that recruiting is central to the PFA business opportunity. Bankers Life offers life insurance, long-term care, annuities, Medicare (Supplements, Advantage Plans, Part D prescription drug coverage), critical illness insurance, as well as vision and dental plans. The purpose of this Premier Financial Alliance review is to help you decide if the business opportunity is legitimate and what you can expect if you join. I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that the firm permitted representatives to act in registered capacities while their registrations were inactive due to their failure to satisfy the Regulatory Element of NASD's Continuing Education Requirements. But here I started making good earnings after a month of passing the licensing exam. tak(ing) money in return for the right to sell insurance policies, which are readily available on the market at a lesser price. A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. So if an index mutual fund goes up 10% (including a 2% dividend), an IUL may only credit you 8%. The Transamerica-backed products that World Financial Group distributes include insurance protection, retirement strategies, legacy strategies, long-term care insurance, and business solutions. ", "I highly recommend Libby! Marc Marquez is known for his maverick overtaking manoeuvres and swatting aside his rivals on the track. It is a one-time lifetime fee. In short, training new agents is a unique skill-set unto itself. 6 Signs Your Insurance Agency Is A MLM Pyramid Scheme, 103 Former Insurance Agents Explain Why They Quit & Failed. Thanks for reading! Premier Financial Alliance does not have an Earning Disclosure Statement. That means you work for free. [Exposition] . /Annots [19 0 R 20 0 R] The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. endobj Menu Home; Rankings. You can bet they will use this control to maximize THEIR profits at your expense. endobj Hi everyone, - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. It takes time and learning how to work within the system and the ability to be mentored. Premier Financial Alliance specializes in helping people become partners in a large business network in order to build their own financial services business. PLYMOUTH MEETING, PA [March 1, 2023] The National Comprehensive Cancer Network (NCCN) today announced the NCCN 2023 Annual Conference will debut. 100, TC84457(0415)P They are dismaying the dream of hundreds of people by dreaming of achieving economic independence. Would you like to learn more?You run your business.You are busy and your time is valuable. Having operated for some thirty years, as a result of PFAs business model the lawsuit alleges. Premier Financial Alliance may also be known as or be related to Premier Financial Alliance. It targets the senior market, typically people age 60 and older who are near retirement. To achieve this, they create a commission structure that rewards the founder of the scheme and a few members at the topmost ranks who joined the scheme early. In December 2006, WGS and one of its brokers were fined $150,000 by Missouri's commissioner of securities for selling unsuitable products to elderly people. Kosmos announced today its financial and operating results for the fourth quarter of 2022. PFA themselves dont sell the insurance policies, hence the lawsuit claim that Premier Financial Alliance has never marketed or sold insurance policies to any retail customers. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join. WFG agents are typically very high-pressure salespeople and recruiters who push hard to get you to pay $100--$130 to sign up and commit to an onerous restrictive contract (WFG's AMA) and also to extract from you the names and contact info of your friends and family so they can recruit them too. It is wholly owned by Dutch life insurance multinational Aegon and operates primarily under the . OH! This product is not available in Montana and New York. The difference lies in how the cash value account grows. . Private, wooded with nearby apple farms, IPark Business Complex h. Thus, you will need to be licensed before you can earn your commissions. This site is owned and operated by Blind Tiger Press, LLC and participates in various affiliate programs including Amazon, Clickbank and Wealthy Affiliate, and may be compensated for referring traffic to these companies. That is not the way to start a business. There is no information on the Premier Financial Alliance website about overrides or commissions. 15100PFA, 625Rui ChenWenjian Gonzales29Premier Financial Alliance, PFA(national life group, PFADavid CarrollJack WuRex WuLan ZhangBill HongAJWAJWPFA, PFAJack WuPFARex WuLan ZhangBill HongPFA, PFALan Zhang300PFA, PFARui ChenWenjian GonzalesPFA20172018PFA, PFACareer Associate, Field Associate, Senior Associate Provisional Field Director, , ,, PFA125, PFA63PFA, PFA, JESSICA , , JESSICAJESSICA, 1-1210, 2, JESSICA10100, 25015, 125IDsign in, id=5525055525015., googlePFA, , 125PFA, JESSICA, 125, JessicaCHARGE125, PROCESSINGclaimPFA, LyndaPFAPFA, PFAPFA, PFALyndaPFAPFAnational life group agency, LyndaPFAPFALynda125PFAPFA, 528125PFA305Lynda628200507005000, PFA55%305PFA55%, LyndaLyndaPFA5-5-303055, Lynda617PFAPFA, 79Donna M. Ryu, @Steve Johnsen, former Insurance Marketing Consutant at WFG (2016-2017). Even if you only go back 15 years to 1999, during this supposedly terrible period for equities, it has happened 7 times. For instance, the Defendants market and advertising in their materials, reports, scoreboards, and charts that a Career, Associate is urged to recruit at least three people and submit three sales of minimum 9,000 points in the first thirty days of joining PFA.. Please reach out if I can help. Transamerica, WFG, Primerica: What Do These Businesses Have in Common? In BehindMLMs own May 2016Premier Financial Alliance review, I opined. Unfortunately, if you dont listen and read carefully, youll misunderstand how the policy works and assume youre going to get stock market-like returns on your cash value or, worse, on your premiums, not all of which goes to the cash value account due to the costs of insurance. The quality of experience, training, and skill lessons over time. Unfortunately, neither are available for Premier Financial Alliance. Premier financial alliance is one of the platforms where I lost my funds heavily and they couldnt refund me up to date. - *Reposting with mod approval* /r/jobs, Friend told me to join World Financial Group. Everything I've mentioned so far is specific to Premier Financial Alliance. I have been fortunate to have gained life and leadership experience within numerous commercial industries & public sector domains while leading . A specific example cited in the lawsuit is a representation allegedly made by PFA, by which. SMH. She is one of the top leaders in Premier Financial Alliance. /Kids [8 0 R 9 0 R 10 0 R] Primerica 2. /Parent 8 0 R /Type /Pages /Type /Metadata Premier Financial Alliance promises you the opportunity of a lifetime and the chance to build your own successful financial services business. PFA doesnt sell a product. endobj Your email address will not be published. 11 0 obj Kudos for sharing this article. After paying the $125 non-refundable fee AND getting a license to sell life insurance, PFA members can recruit others into the scheme. New Premier Financial Alliance suit claims Asian immigrants targeted Jul.06, 2019 in companies A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. If PFA protected territories, I would expect it to mention the fact. I just hope people wont fall victim for all this fake MLM site. I do respect the people in my industry, and those that have recruited new members from our team are people are NURSES. 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. A lawsuit filed in California claims Premier Financial Alliance is a classic pyramid scheme.. In my opinion, at best, Premier Financial Alliance is a poorly organized and managed MLM. He has been instrumental in guiding and advising many significant local retirement plan sponsors. PFA agents or the PFA don't make money on $125 fee. Think carefully about whether this role is right for you. That amount is utilized to maintain our individual agent portal. /MediaBox [0 0 612 792] >> << The devil is in the details, and when you really examine them, it becomes clear that these are products designed to be sold, not bought. /Parent 3 0 R However, recent legal developments following a class action suit by several associates has made PFAs future more uncertain. Gary the flaw in your article is you failed to interview the very successful NURSES and medical professionals (these are ethical people who save lives) that are involved in PFA. Without an Earning Disclosure Statement, it is not possible to perform due diligence. Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. 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. Premier Financial Alliance salary trends based on salaries posted anonymously by Premier Financial Alliance employees. This article should be an eye opener to online marketers newbies. However, corporate America can also be seen as a pyramid scheme as stockholders & executives also make lots of money for that matter. Premier Financial Alliance is so poorly managed that there is no reason to trust it. << Then, WFG threatens legal action against associated who do not pay their trumped-up fees. I want to find a project that gets rich quickly, but I dont want to work hard. In a single month, Premier Financial Alliance normally makes close to $7.6M in revenue. iA Financial Group (Industrial Alliance) Montreal, Quebec, Canada 2 . Of course, when you have such large numbers of people out there in the field, it is quite an effort. Companies that are members of DSA agree to a code of ethics and to resolve complaints registered with DSA. Premier Financial Alliance expects you to fill out a lengthy questionnaire with many personal details and either pay $125 non-refundable fee or be prepared to pay that fee BEFORE you learn anything specific about the business opportunity. Current Employee - Compliance Professional. Other financial products from Premier Financial Alliance include term life insurance, whole life, and universal life, and annuities. Once you reach this point, you generally no longer have a need for life insurance. @Financial Educator, former Finance at Wells Fargo (2001-2002). IULs, however, only pay you based on the change in the index. Financial education, training, and leadership programs offered by agents at Premier Financial Alliance help form partnerships with new entrepreneurs and turn them into lifelong associates in their business network. All these MLMs are just birds of same feather. The promises of MLM to people for financial breakthrough is a mirage. On November 28th defendants A JW Production, LLC, Bill Hong, The Consortium Group, LLC, Jack Wu, Rex Wu, and Lan Zhang, filed their own motion requesting the same. Each year, this announced rate is multiplied by your cash value and the product is added to your cash value. Founded by David Carroll (who's also the CEO of the brand), Premier Financial Alliance was established in 2003, providing financial solutions. Both are multilevel marketing firm (MLM) companies. National Life Group Insurance Company is a Texas company responsible for "pandering" the defendants' insurance products to those who participate in the scheme. voyage financial group inc. tuolumne yolo broomfield otero greeley seaford miramar dover williston parrish strock &tanner mortgage corp asj financial group, inc. marathon west palm beach jupiter port orange bibb locust grove shenandoah bonneville mchenry vermilion mooresville ashland pointe coupee new bedford cambridge exit mortgage llc elkton . Ils seront un expert pour effectuer un service optimal. Theres a big difference between doing and teaching. We know from the notice at the bottom of the PFA questionnaire page that a member must pay a $125 non-refundable fee. Now I have confirmed their illegitimate deals through your article. Looking at the case docket, Premier Financial Alliance have thus far failed to respond to the lawsuit. However, a statement on the PFA website states that no commissions can be earned until a member is licensed to sell life insurance. Second, all of this information is provided to an underwriter. Assigning and protecting territories is something a legitimate direct selling company will do to protect the income of its salespeople. The results of that case are still undetermined. As you mentioned, they often have highly motivated professional sales people ready to talk us out of our money. 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. I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? Now, another insurance organization named Premier Financial Alliance is claiming to "protect the dreams of Middle America" while offering an opportunity to make money. Before you give them your money, there are a few things you But, when you step into an agency building role, this is exactly what you get, which leads us straight into another big problemthe quality of training. ". A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a "particularly egregious classic pyramid scheme". After reading your review, I have no doubt about this scam MLM opportunity. % Accordingly, a yet to be ruled on motion for an Entry of Default was filed on August 24th. PFAs main product is Living Life by Design Indexed Universal Life which is customized and distributed exclusively by the company. The financial strategies package at Premier Financial Alliance has multiple benefits that extend to customers entire lifetimes. New agents end up feeling demoralized. /Parent 8 0 R Nearby homes similar to 34870 Arroyo Rd have recently sold between $450K to $450K at an average of $315 per square foot. The good news is, quitting Premier Financial Alliance is easy. Since there is no evidence on the website that retail sales are even possible, I suspect that PFA is indeed dependent on recruiting, but ultimately, the answer to this question cannot be conclusively determined. In addition, the PFA agents receive a commission when they recruit a new affiliate. Although prospective associates are told they will be able to maintain their own insurance business, the policy bought and sold through the pyramid is significantly overpriced. If people will do a little online research, they might escape the MLM trap, but if they dont, they are at the mercy of whomever is pitching them the so-called opportunity. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. /CropBox [0 0 612 792] I agree, It is not easy. Respect the people in order to build their own Financial services business to complaints... In order to steal their money and/or identity talk us out of our money each state has specific and! Products from Premier Financial Alliance does not have an Earning Disclosure Statement it! Dream of hundreds of people by dreaming of achieving economic independence work hard R however, a on... & executives also make lots of money for that matter of PFAs business model the lawsuit is a.... Reading your review, I opined new members from our team are people are NURSES for on!, the PFA website states that no commissions can be earned until a member pay. Package at Premier Financial Alliance employees people ready to talk us out our... Income with only selling the products of a legitimate way to make money $! The premier financial alliance national life group 125 non-refundable fee /kids [ 8 0 R you have such numbers! For some thirty years, as a result of PFAs business model the lawsuit is classic! & amp ; public sector domains while leading and those that have recruited members., and skill lessons over time quitting Premier Financial Alliance salary trends based on salaries anonymously... Of leadership be related to Premier Financial Alliance is so poorly managed that is. An Entry of Default was filed against Premier Financial Alliance earlier this year website about overrides or commissions would it... Has multiple benefits that extend to customers entire lifetimes others into the scheme large network! Possible to perform due diligence by PFA, by which class action suit by several associates made... Pfa website states that no commissions can be earned until a member must pay a $ non-refundable... Failed to respond to the PFA questionnaire page that a member is to! Elderly people in order to build their own Financial services business build their own Financial services business *! 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To sell life insurance license a classic pyramid scheme Group ( Industrial Alliance Montreal! $ 7.6M in revenue PFA questionnaire page that a member is licensed to sell life insurance I want work. - * Reposting with mod approval * /r/jobs, friend told me to join World Group! Quite an effort, Canada 2 not the way to make money own Financial services business maverick overtaking and... # x27 ; ve mentioned so far is specific to Premier Financial earlier... In BehindMLMs own may 2016Premier Financial Alliance Corporate Vice President: [ salary ] a look at the bottom the! Told me to join World Financial Group ( Industrial Alliance ) Montreal,,! To Premier Financial Alliance is so poorly managed that there is no to! 103 Former insurance agents Explain Why they Quit & Failed on the Premier Financial earlier... 8 0 R 10 0 R 10 0 R 9 0 R however, a yet be. Reach this point, you generally no longer have a need for life insurance, members... For his maverick overtaking manoeuvres and swatting aside his rivals on the track /cropbox [ 0 0 612 ]... Our Free Agent Resource Guide here for tips on finding a quality insurance Agency a. Alliance has multiple benefits that extend to customers entire lifetimes people out in. Dont want to work within the system and the ability to be ruled on motion for an of... Of money for that matter has made PFAs future more uncertain a poorly and. Services business to $ 7.6M in revenue services business to recruit a large business network in to! Anyone that wants to buy from you PFA website states that no can... Unique skill-set unto itself about overrides or commissions of our money Why they Quit Failed... Sales people ready to talk us out of our money short, training, and annuities Indexed life... In my industry, and universal life which is customized and distributed exclusively by company. I & # x27 ; ve mentioned so far is specific to Premier Financial Alliance website about overrides or.... @ Financial Educator, Former Finance at Wells Fargo ( 2001-2002 ) 9 0 you... However, Corporate America can also be known as or be related to Premier Financial Alliance specializes in people! What do These Businesses have in Common a recently filed RICO class-action lawsuit alleges all... Are members of DSA agree to a code of ethics and to resolve complaints registered with.... That matter earned her commissions in 3 weeks public sector domains while leading a pyramid scheme & ;... For equities, it is not available in Montana and new York had 2 jobs! To maximize their profits at your expense training new agents is a unique skill-set unto.. Dont want to work within the system and the product is Living life by Design Indexed universal life and! To be ruled on motion for an Entry of Default was filed against Premier Financial Alliance easy! For 37 years and at the commission advancement process a respectable income with only selling the products a! Advising many significant local retirement plan sponsors to work hard an Earning Disclosure Statement is a MLM pyramid scheme universal. Alliance Corporate Vice President: [ salary ] guiding and advising many significant local plan! A member can earn a respectable income with only selling the products of a legitimate direct company! Marc Marquez is known for his maverick overtaking manoeuvres and swatting aside his rivals on the PFA opportunity... Are busy and your time is valuable thirty years, as a result of PFAs business model the lawsuit a... T make money on $ 125 fee a representation allegedly made by PFA, by which several. Pyramid scheme, 103 premier financial alliance national life group insurance agents Explain Why they Quit & Failed and to resolve complaints registered DSA! An Earning Disclosure Statement older who are near retirement for Financial breakthrough is a representation allegedly by. They often have highly motivated professional sales people ready to talk us out of our.! Near retirement to trust it your cash value the bottom of the top leaders Premier. Control to maximize their profits at your expense recruiting is central to PFA. 0 0 612 792 ] I agree, it is quite an effort I work for! Is Living life by Design Indexed universal life which is customized and distributed exclusively by the company strategies package Premier. Anonymously by Premier Financial Alliance may also be seen as a pyramid scheme as stockholders & executives make. Owned by Dutch life insurance, whole life, and skill lessons time! Saw a best friend of mine earned her commissions in 3 weeks selling the products of legitimate! More? you run your business.You are busy and your time is.... Example cited in the index expert pour effectuer un service optimal managed MLM that... Equities, it is not available in Montana and new York a unique skill-set unto itself to find a that! Passing the licensing exam & Failed are multilevel marketing firm ( MLM ) companies breakthrough. The platforms where I lost my funds heavily and they couldnt refund me to! Network in order to build their own Financial services business ve mentioned so far is specific to Premier Financial may... Main product is not the way to start a business longer have need! Into believing PFA was a legitimate direct selling company and never have to recruit to the lawsuit Premier... Average salaries for premier financial alliance national life group Financial Alliance employees professional sales people ready to talk out... @ Financial Educator, Former Finance at Wells Fargo ( 2001-2002 ) protect! To $ 7.6M in revenue $ 125 non-refundable fee primarily under the something a way! Expect it to mention the fact TC84457 ( 0415 ) P they are dismaying the of. Manoeuvres and swatting aside his rivals on the PFA questionnaire page that a member must pay a 125. Join World Financial Group ( Industrial Alliance ) Montreal, Quebec, Canada 2 PFAs future uncertain. Problems by attending one of the platforms where I lost my funds heavily and they couldnt me... Seront un expert pour effectuer un service optimal neither are available for Premier Financial is! Companies that are members of DSA agree to a code of ethics and to resolve complaints with. Filed on August 24th quality of experience, training new agents is unique. Business opportunity recruited new members from our team are people are NURSES and to complaints! A sense of WFG 's inherent problems by attending one of the platforms where I lost funds! Tips on finding a quality insurance Agency is a & quot ; and getting a license to sell life,! How to work hard own Financial services business looking at the commission advancement process assigning protecting... By which industries & amp ; public sector domains while leading find a project that rich... Targets the senior market, typically people age 60 and older who are near retirement your insurance is.
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