Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. My upline made about $400K this last year all by himself on business direct to him. She is very respectable in the community she lives in, ethical and trustworthy. This, the lawsuit states, comes at the expense of selling insurance policies to retail customers. In April 2010, WGS was fined in excess of $850,000 as the result of the unauthorized sale of private securities by some of its agents in the State of Arizona. You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. From your review I can deduce that this is another scam site just like other MLMs that rip-off people of their hard earned money. It doesnt. 1. Thanks for visiting my Linked In profile page. The company offers education, training, and mentorship programs to agents, all of which provide them with the necessary tools to help them build their business. Essentially, by answering Taylors questions, we can find out if a company is legitimate or if it exploits its associates. Equis is a marketing organization for independent insurance agents and agency builders. << See how working at National Life Group vs. Premier Financial Alliance compares on a variety of workplace factors. She is", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. This shortcoming is only one of several signs that Premier Financial Alliance is not honest or transparent. Every page of the PFA website attempts to make you feel greedy for the pig in a poke they are selling. Multi-level marketing companies that are members of the Direct Selling Association must make available to all prospects an Earning Disclosure Statement. First, consider your own situation. Well, imagine if your policy had a cap of 12%. Save my name and email in this browser for the next time I comment. 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. Premier Financial Alliance's Annual Revenue, Premier Financial Alliance Similar Companies, Insurance Center Of New England, Inc. Revenue, Gwinnett County Board of Education Revenue, Insurance Center Of New England, Inc. First, start by doing your due diligence and find another insurance agency to work for. INDIVIDUALS & FAMILIES BUSINESS OWNERS EMPLOYERS & PLAN SPONSORS FINANCIAL PROFESSIONALS LOGIN/REGISTER Do good. This allegation is significant because a telltale sign of a pyramid scheme is lack of retail sales to the public. If your participation rate is 80%, that means that if the stock market goes up 10% (not counting dividends) you get 8% credited to your cash value account. 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. - *Reposting with mod approval* /r/jobs, Friend told me to join World Financial Group. By keeping so many secrets, PFA has full control. Premier Financial Alliance Investment & Asset Management Salaries National Life Group has 450 more total submitted salaries than Premier Financial Alliance. If someone wants to be an employee the of course the business owner would pay the expenses and give compensation to the employee. To make matters worse, IULs usually have a cap rate. [Exposition] . When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net income (1) of $111 million, or $0.23 per . 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. Kosmos announced today its financial and operating results for the fourth quarter of 2022. There is no information on the Premier Financial Alliance website about overrides or commissions. Premier Financial Alliance is a company that helps people become partners in a large business network. You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . When you join PFA, you pay a $125 fee to the company. She works hard to achieve the leadership position shes in now. All these MLMs are just birds of same feather. If this sounds like you, youve found the right article! Their training is in sales, and they are generally very good at what they do. IUL is similar to the more familiar whole life insurance policy in that it is composed of 2 basic pieces: First, a permanent insurance policy that will pay a death benefit whether you die young or old; and, second, a cash value account from which you can borrow money tax-free (but not interest-free) in order to pay for expensive items, educational expenses, or your retirement. I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. Joining the wrong organization could be detrimental to your long-term success selling insurance. Weve added the lawsuit to our list of cases were following, so stay tuned for further updates as the case progresses. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). Without buying a new policy, they will not train you. In addition to covering that, today we're also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. Menu Home; Rankings. The final report will bring together several elements of Canada's role in the conflict, including financial, military and humanitarian aid. Im pleased that your friend alerted you to the dangers of MLM, and that you listened. I just started PFA. In BehindMLMs own May 2016Premier Financial Alliance review, I opined. /Type /Pages Premier Financial Alliance may also be known as or be related to Premier Financial Alliance. /Metadata 6 0 R Any time the S&P 500 index returned more than 12%, you just get 12%. [17]It is yet unclear how successfully the company has managed to distance itself from its more controversial U.S.-based predecessor WMA, associated with fraud, misrepresentation and false statements, and the subject of class action lawsuits, andNational Association of Securities Dealers(NASD) disciplinary action. Ultimately, it doesnt matter if PFA is a pyramid scheme or not. endobj The company structure is not a traditional one thats why I understand people jump to conclusion and called it SCAM or PYRAMID. PS: If you would like to learn more about insurance sales opportunities other than Premier Financial Alliance and World Financial Group, weve posted tons of insurance career reviews on this page. The Premier Financial Alliance Lawsuit. They have a brain washing routine that will suck most go-getters in and when you try to quit they hassle and threaten you with paying fees. Some organizations honestly believe its okay for an entry-level agent with ZERO experiencesomeone who hasnt even sold their first policyto start recruiting people left, right, and center. World Financial Group - Be Careful of this MLM! To that end, he said, the bank is dedicated to probing the mysteries of climate control. Thank you! Just like any small business owner, you will need to work hard to earn your earnings but you get to keep your clients when you decide to leave PFA. Judging from the website, it doesnt look like potential associates would even have a clue as to what they would be selling. Because the policy is so expensive, over 95 percent of its sales occur through the Premier Financial Alliance pyramid. The good news is, quitting Premier Financial Alliance is easy. Based on the evidence submitted, the court ruled that the Premier Financial Alliance defendants had failed to establish the existence of an agreement to arbitrate. 3. Specifically, the person recruiting you, do they boast a good amount of hands-on field experience and expertise? After reading this great review, we got to know about their activities. The lawsuit filed in California alleges that success with PFA is completely dependent on recruitment. If Premier Financial Alliance is indeed an MLM company full of affiliates earning commissions based on how much their recruited downlines are spending each month thats a problem. We dont pay any monthly fee after that unlike other companies. Emotional decisions are not logical decisions. Once I gave them my credit card, they started charging increasing monthly fees. In the questionnaire, youre required to provide a phone number. Click to DISCOVER a Proven Path to Financial Independence! Questions must be sent no later than 1 June . 3 0 obj The difference lies in how the cash value account grows. If that cap wasnt in place, an IUL purchaser in 1999 would have had 69% more money than he really ended up with. PFA offered my best friend a goldmine and wealth of information that are fascinating. I am morally obliged to share this opportunity to those who would like to attain time and financial freedom like what I am enjoying now. The company was founded in 1951 and is headquartered in Waco, Texas. John is one of three co-founders of Premier Financial Group, Inc and is the Senior Advisor to our Retirement Plan Department. 2. Rocky please do keep us posted about your experiences with Premier Financial Alliance. /Length 491 /Parent 3 0 R endobj For more details on what I write, please go here: What is the World Financial Group? When you join Pfa you will get the training you need to be your own boss. They state that "WFG associates are not required to purchase any products, goods, services, inventory, marketing plan or property of any kind, or pay any consideration in exchange for becoming or remaining an independent contractor of WFG." As a multilevel marketing firm, WFG highly promotes team-building and recruiting new agents. Premier Financial Alliance Lawsuit. OH! A lawsuit filed in California claims Premier Financial Alliance is a classic pyramid scheme.. Affiliate membership requires payment of a $125 fee. In fact, if youre interested in learning more about the industry, you can check out my Free Insurance Agent Resource Guide, specifically for aspiring agents. << A hearing to decide the arbitration matter was scheduled for July 19th. @Financial Educator, former Finance at Wells Fargo (2001-2002). BehindMLMreviewed Premier Financial Alliancein 2016. >> PS. Of course, when you have such large numbers of people out there in the field, it is quite an effort. Taking care of your financial needs may not be top of mind. - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. endobj According to the report, WGS "submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured and fined $15,000. Premier financial alliance is one of the platforms where I lost my funds heavily and they couldnt refund me up to date. Read Why Affiliate Marketing is Better than MLM. I know the WSB office usually offer it. WASHINGTON, May 08, 2017 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD), the advocate for the profession of director. Thats insane. If recruiting stops, a pyramid scheme will collapse. In addition, they have to generate enough money for profits and to pay hefty commissions to their sales force. So there. In other words, DSA is not obligated to follow any code of ethics and answers to no regulatory body. Your this comprehensive review will help people to become aware. . PFA is broker for Life Insurance Companies. In my opinion, if you cannot find quality training opportunities to sell insurance with either Premier Financial Alliance or the World Financial Group, you should continue your due diligence and look elsewhere. To become an associate, an individual allegedly has to buy into the scheme for a non-refundable $125. This is called financial independence. endobj Unfortunately, the internet makes it much easier for them to take our money. Just take a look at the commission advancement process. Better yet, can they teach you how? They didn't want to deal with customer complaints and were too busy recruiting other associates so they could make their pyramid fees. 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. /Type /Pages Founded by David Carroll (who's also the CEO of the brand), Premier Financial Alliance was established in 2003, providing financial solutions. It is headquartered in Johns Creek, Georgia, and operates both in the US, Puerto Rico, and Canada. And most quit the business prematurely. Thanks for sharing this with us. The specific formula is outlined in the policy documents, but, in general, is related to the performance of the stock market. 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