World Financial Group Overview
If you’re searching into the World Financial Group home business opportunity, don’t join… at least, not before reading through this overview. In this short article overview, I will concentrate on World Financial Group background, the various services they market, their compensation plan and, whether or not WFG is a fraud.
World Financial Group, is based out of Georgia and was started in 1991 by Hubert Humphrey. Before starting WMA, Humphrey was the #1 Producer for A.L. Williams, now known as Primerica. When Art Williams sold the company to Sandy Weill, Humphrey decided to venture out on his own and start his own financial services direct sales company.
Currently, Hubert Humphrey is no longer associated with World Financial Group, which is now owned by AEGON, one of the world’s largest life insurance and pension groups. WFG markets various financial services, including life insurance coverage, investments and mortgage products though the multilevel marketing business model. Some of World Financial Group strategic partners include some big names in the financial services arena: Western Reserve Life, Pacific Life, Allianz, Transamerica, Nationwide, John Hancock, Hartford Life and Investment Advisors International.
At this moment, the company has a sales force of 85,000 life insurance licensed representatives, and is doing business in the United States and Canada. It’s said that the company recruits close to 10,000 new associates every single month, which is pretty amazing for a financial services-based direct sales company.
To sign up the company, there is a start-up price of $100 ($125 in Canada) plus any qualification costs that the state in which you live charges. More or less, it will probably total anywhere between $500-$1,000 for all your licenses, and about 20-40 hours of certification time. Unlike other multi-level marketing businesses that enable you in making money the minute you join, WFG demands it’s reps to get licensed before they can get paid. And, while this might look like a negative point to some individuals, keep in mind that because you’re dealing with financial products, you must be certified. The great news is that you can make some pretty nice commissions, to the tune of $500-$1,000 for one sale, as soon as your able to write business.
Another aspect of World Financial Group’s pay plan is that even though there is a qualification process you and your team have to go through, you only need a few active producers to create big money. In fact, upon reviewing the compensation plan, it pretty impressive that you only need about 15-25 active producers to produce $150,000-$250,000 a year. Now, clearly you will need to recruit much more than 25 people to get 25 producers, especially since only a few will actually get licensed, and of those who actually get licensed, only a few will produce. Even still… building 25 producers, who sell Two or three products monthly, is a lot more do-able than building a team of 15,000 to 20,000 reps.
There are a ton of incentives in the compensation plan including various trips, a Mercedes Benz, a Role, Rings you get for going over $100,000 a year in income and a variety of bonuses you can earn.
With that said, you do have to be aware of all the fees you can incur for building your WFG business. Besides the licensing costs I mentioned earlier, there are costs to do other lines of business, especially if that line of business requires a state license. There’s also E&O Insurance (Malpractice insurance for financial representatives) that will amount to close to $100 per month. You may also get state fees to do business in other states. If you’re serious about building a financial services organization with WFG, then don’t get too caught up with these fees. After all, if you were to begin a traditional financial services firm, you would easily pay much, much more than this.
In summary, WFG is a legit business. It is absolutely not a rip-off. If you put in the effort and time, you can build a strong business that can potentially pay you multiple 6-figures a year. With that said, simply joining WFG does not mean you are guaranteed success.
At the end of the day, your ability to succeed will depend on whether or not you can brand yourself and generate an never-ending flow of leads. It is important, if you are serious, that you receive the coaching you need to help you sponsor 10-20 new people a month into your team.
Without knowing how to produce leads, even though WFG is a great opportunity. However you will be leaving a lot of money on the table if you don’t have an automatic system to generate leads for your WFG Business.
Learn more on how to generate more leads for your WFG Business Here.
Learn more on how to generate more leads for your WFG Business Here.
You Can Find The Original Post On How To Sponsor More World Financial Group Reps And Acquire More Customers Here
