The vast majority of Americans, and especially high-income Americans like physicians, will, at some point, no longer depend on their earnings from work in order to live. This means that agents will only receive money as a commission if they sell insurance, or if the associates they recruit under them sell any WFG products. This is called financial independence. Thats where National Life Group can help. No clue. Thats like putting your money on the table and rolling the dice. /Type /Outlines endobj We dont pay any monthly fee after that unlike other companies. Please reach out if I can help. However, corporate America can also be seen as a pyramid scheme as stockholders & executives also make lots of money for that matter. In a press release found on the PFA website, Premier Financial Alliance states that they are a victim of false accusations and that they consider the lawsuit a nuisance action attempting to obtain a large settlement without having to litigate the merits of the complaint.. << 5 0 obj The basic premise is that when the stock market goes down, youre guaranteed a crediting rate of zero to 3%. Premier Financial Alliance affiliates who qualify for the class-action include any who signed up from June 25th, 2014 and paid more to the scheme than the amount of money they received from PFA. >> Any time the S&P 500 index returned more than 12%, you just get 12%. Similarly, World Financial Group agent earnings are commission-based. The scheme targets Chinese, Vietnamese, and Filipino immigrants and their families with promises of riches from recruiting people to buyand sellthe Living Life Indexed Universal Life Insurance policy, issued by Life Insurance Company of the Southwest. There is no way to know what a person is getting into when they visit the Premier Financial Alliance website. Premier Financial Alliance classic pyramid scheme lawsuit filed, David CarrollJack WuRex WuLan ZhangBill HongAJW, PFAJack WuPFARex WuLan ZhangBill Hong, Rui ChenWenjian GonzalesPFA20172018PFA, , PFA, , 25015, , PFAPFA, 528125PFA305, PFA55%, 305PFA55%, PINNACLE ACADEMY After School Learning Center, Susan Goodkin Selective College Consulting, Mingfei (Kurt) Ha | REALTOR Licensed in MD, VA, DC, Zhen Wang | Real Estate Investment Advisor, Premier Financial Alliance fraud cases consolidated, Why an Indexed Universal Life (IUL) Policy Will Fail - Quick version - Safe Money - Cash Value Life, http://blog.sina.com.cn/s/blog_708d8ef10100xznu.html, http://www.chineseinla.com/f/page_viewtopic/t_779561.html, , , , marketing director, senior marketing, , ----, WORLD FINANCIAL GROUP WFG, Word Financial Group , World Financial GroupSenior, Marketing Director , https://en.wikipedia.org/wiki/World_Financial_Group, National Association of Securities Dealers, http://xiaoshuailiu.blogspot.com/2017/09/wfg.html, The White Coat Investor: A Doctors Guide to Personal Finance and Investing, https://www.mdmag.com/physicians-money-digest/personal-finance/dahle-5-reasons-not-to-buy-iul-insurance, https://www.mitbbs.com/article_t/SanFrancisco/34629529.html, https://behindmlm.com/companies/new-premier-financial-alliance-lawsuit-claims-asian-immigrants-targeted/, https://behindmlm.com/companies/premier-financial-alliance-classic-pyramid-scheme-lawsuit-filed/, http://www.wenxuecity.com/news/2018/07/25/7469956.html, A 2004 NASD disciplinary action report summarized disciplinary actions against WGS. You may have noticed that the best products in life generally sell themselves. Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. I have a small team of mostly nurses but bulk of my income comes from my personal production. They dont. /Pages 3 0 R That means you work for free. Most organizations that push a recruitment-focused strategy usually offer way below-average sales training and support. with complete knowledge that the Defendants have violated Department of Insurance Guidelines and the anti-pyramid laws, but aided and abetted the conduct of Nationals co-defendants. Premier Financial Alliance agents are paid variable commissions from the insurance carriers based on the type of product, amount of coverage, and other factors such as the age and health of the customer. >> In response to the2018 lawsuit, Premier Financial Alliance filed a motion to dismiss the lawsuit and compel arbitration in October 2018. Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. /Kids [45 0 R 46 0 R 47 0 R 48 0 R 49 0 R] We could not conclusively answer the five questions because Premier Financial Alliance withholds information. She is very respectable in the community she lives in, ethical and", "I highly recommend Libby! Marketing Leadership specialist 20 years experience delivering revenue & business growth, Customer Experience (CRX) across multi-channel retail, online and Digital. Your article is helpful. NATIONAL LIFE GROUP INSURANCE CO., a Texas Corporation, AJWPRODUCTION, LLC, a California Limited Liabilit Company, and DOES 1-10, Defendants. endobj "Work life balance" was the most mentioned, "Great leadership" was the most mentioned, "Entrepreneurship" was the most mentioned, Read more National Life Group reviews (349), Read more Premier Financial Alliance reviews (146). Phone conversations are not regulated. Premier Financial Alliance is designed to give clients control over their budding business by providing start-up capital to entrepreneurs regardless of prior experience or sparkling corporate resumes. should know. I nearly fell into the trap of PFA before a friend who was a victim called me to notice. Plus,. It specializes in marketing innovative and affordable health coverage plans. Premier Financial Alliance is a secretive multi-level marketing company claiming to offer an opportunity to build a financial services business. /Type /Page Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. With IUL, the crediting rate for your cash value is determined by a formula, instead of being at the insurance companys discretion. While it may have the word index in its title, an IUL has much in common with whole life insurance and almost nothing in common with a high-quality index mutual fund. Copyright Duford Insurance Group 2014-2022 endobj Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. Im pleased that your friend alerted you to the dangers of MLM, and that you listened. Unfortunately, what you wont find on the PFA website is specific information that will help you determine what the business opportunity is or if its right for you. Its taken me years to learn to see the truth about MLMs. I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? 1. Its stated aim is to help people start their businesses without the normal costs and drawbacks associated with startup. That appears to be happening with PFA. /Type /Pages You are so right about MLM. First, start by doing your due diligence and find another insurance agency to work for. They didn't want to deal with customer complaints and were too busy recruiting other associates so they could make their pyramid fees. This naturally raised the question of what Premier Financial Alliances core priority was. Once you reach this point, you generally no longer have a need for life insurance. On January 22nd, 2019, the court denied both motions. /Type /Pages To make matters worse, IULs usually have a cap rate. I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. Premier Financial Alliance et al 4:2021mc80087 | US District Court for the Northern District of California | Justia In Re PFA Insurance Marketing Litigation v. Premier Financial Alliance et al RSS Track this Docket Docket Report This docket was last retrieved on October 21, 2021. Term insurance is very inexpensive: less than $350 per year for a $1 million, 30-year level term policy bought on a healthy 30-year-old. And then, because you have a life insurance license you are required to have Errors and Omissions insurance to the tune of 40.00 a month. And, the $125 entry fee is enough to choke on. Emotional decisions are not logical decisions. However, recent legal developments following a class action suit by several associates has made PFAs future more uncertain. Today, Ill describe the differences between Premier Financial Alliance vs World Financial Group with the goal of helping you decide which direction you should go in so you can jump into the world of selling insurance. Yes, then check out my Free Insurance Agent Resource Guide to find out more. Both claim to have been deceived into believing PFA was a legitimate way to make money. Since 1928, the S&P 500 has had an index return over 12% 44 times, or about 52% of the time. A lawsuit filed in California claims Premier Financial Alliance is a classic pyramid scheme.. 13 0 obj Freedom Equity Group focuses on selling life insurance and annuities. C2820332, that currently does business at 8000 Marina Blvd., Ste. Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! American Income Life, a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental life insurance. Homethrive is an Employee Benefit Transforming the Family Caregiving Experience. /Type /Pages How often does that happen? . Unfortunately, neither are available for Premier Financial Alliance. Also, EDUCATING people on how to better protect their families is another winner in my book. Your email address will not be published. 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. Before you can purchase life insurance, you need to qualify for it. And I will share this with our team. PFAs Certified Field Training Program gives them these opportunities. We are a councillor-led, cross-party organisation that celebrates and champions the contribution of councils to quality of life and opportunity in Scotland. Premier Financial Alliance and all MLMs are birds of a feather. Can they successfully sell insurance? 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. /Type /Metadata The company has a varied portfolio of insurance products like term life, permanent coverage, and especially indexed universal life products, in addition to retirement, savings, and wealth-building strategies. Premier financial alliance is one of the platforms where I lost my funds heavily and they couldnt refund me up to date. If you do, the first step is to give them $125 you will never get back. It targets the senior market, typically people age 60 and older who are near retirement. they will earn vast wealth, luxury vehicles, and lavish trips when in reality more than 95% of PFA Associates average net losses. 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. This product is not available in Montana and New York. All these MLMs are just birds of same feather. This fee is non-refundable. Then, WFG threatens legal action against associated who do not pay their trumped-up fees. Wang and Zong, both New Jersey residents, claim Premier Financial Alliance is a pyramid scheme they were lured into. Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! Premier Financial Alliance has 1,269 employees, and the revenue per employee ratio is $71,710. World Financial Group 3. The companies of National Life Group and their representatives do not offer tax or legal advice. I have recently been a victim in a so call pyramid scheme, its amazing the way their staff are trained on phone conversation to lure you to joining and making upfront payment, that was exactly what I did and later realised they were complete scammers. Pyramid schemes typically require members to Pay to Play. Pay to play means a member must pay for the opportunity to make money for the company. Looking at the case docket, Premier Financial Alliance have thus far failed to respond to the lawsuit. The insurance business is a highly regulated industry and therefore cannot be a scam. >> << As you mentioned, they often have highly motivated professional sales people ready to talk us out of our money. By David Duford - January 03, 2023 - 5 Mins Read. It happens more often than not. endobj Premier Financial Alliance 4,762 followers 1mo This past year has been a unique journey for many business owners, and it's important to take time to reflect on the successes and challenges you. Blind Tiger Press 1304 Sunset Blvd Suite # 1290 West Columbia, SC 29169. Ride the journey with bliss and gratitude! The $125 membership fee is refundable within the 1st 10 days of signing up. I just started selling after I was trained (for free) on the PFA system. stream World Financial Group is a Transamerica-owned company that sells financial planning services, such as savings, insurance, and retirement products. My advice: Dont drink the kool-aid and run away fast! Bankers Life was established in 1879 in Chicago, Illinois. Pyramid schemes are dependent on recruiting. Switching over to the 2019 case, the motion to compel arbitration that stayed the 2018 case was filed by Premier Financial Alliance on May 28th. An honest Earning Disclosure Statement shows the percentage of MLM members that are earning commissions, how much they are earning and the probability of success. /Group 55 0 R At worse, its a pyramid scheme as the lawsuit alleges. /Parent 8 0 R Specifically, the person recruiting you, do they boast a good amount of hands-on field experience and expertise? The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. PFA offered my best friend a goldmine and wealth of information that are fascinating. IULs, however, only pay you based on the change in the index. Thank you very much for introducing afraudMLM company like Premier Financial Alliance. 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. I completed Bachelor of Nursing for 5 years but did I attain my current income right after passing the NCLEX? 3 0 obj . The plaintiffs also claim that the cost of the insurance is so expensive it cannot compete as a retail product and only members of PFA purchase it as a requirement to qualify for commissions and overrides. Some top agents can do it. It is wholly owned by Dutch life insurance multinational Aegon and operates primarily under the . It was chartered in 1848 by the vermont general . You simply dont get anywhere near the market returns due to the costs of the insurance, the additional fees, the loss of the dividends, the cap rates, and the participation rates. $125 is a one time fee for website up keep since you will be using it often for business. Perhaps, youre also looking for guidance on which one of these opportunities will be best for you? with just one sale, based on the time value of money, $2,500,000 can be made by an Associate. After paying the $125 non-refundable fee AND getting a license to sell life insurance, PFA members can recruit others into the scheme. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. Non-Refundable fee of councils to quality of life and opportunity in Scotland based! And rolling the dice recruitment-focused strategy usually offer way below-average sales training mentorship... 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Associates so they could make their pyramid fees for the company company Premier... 1879 in Chicago, Illinois couldnt refund me up to date a goldmine and wealth of information that are.. Way below-average sales training and support usually have a blessed day everyone and enjoy the best give GOD us-! At worse, its a pyramid scheme as the lawsuit and compel arbitration in October 2018 business 8000... Blind Tiger Press 1304 Sunset Blvd Suite # 1290 West Columbia, SC 29169 Play! Market, typically people age 60 and older who are near retirement point, you just 12. $ 125 is a highly regulated industry and therefore can not be scam! In life generally sell themselves and affordable health coverage plans 1,269 employees and! You anything to get you to the lawsuit alleges and rolling the dice can promise you anything get... A secretive multi-level marketing company claiming to offer an opportunity to build a Financial services business life and in! Life insurance pay for the opportunity to build a Financial services business is wholly owned by Dutch life multinational! Major provider of supplemental life insurance, PFA members can recruit others into the scheme membership fee is to... Of same feather doing your due diligence and find another insurance agency work...
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