Some top agents can do it. Save my name and email in this browser for the next time I comment. They noted that Dennis Villarin and his trainees "made it appear to WFG's supervisory and compliance staff as though the clients satisfied WFG's requirements regarding the use of leveraging, as set out in its policies and procedures. National Life Group-Premier Financial Alliance can help you plan for a comfortable retirement with steady permanent life insurance and annuities in. The PFA questionnaire clearly states at the top that all fields must be completed. And all those crying about the $125 membership fee is pretty petty. PFAs main product is Living Life by Design Indexed Universal Life which is customized and distributed exclusively by the company. $450,000 Last Sold Price. [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. ", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. This process of using their dedicated database to sell the job to other agents before selling company insurance is why some career associates have claimed that PFA is a pyramid scheme. BehindMLMreviewed Premier Financial Alliancein 2016. To that end, he said, the bank is dedicated to probing the mysteries of climate control. He was also able to make a great deal of additional money on spread commissions from his downline. World Financial Group is a Transamerica-owned company that sells financial planning services, such as savings, insurance, and retirement products. With IUL, you are doing so in the form of much lower returns. endobj whether Defendants are operating an endless chain; whether Defendants omitted to inform the Plaintiff and the plaintiff class that they were entering into an illegal scheme where an overwhelming number of participants lose money; whether PFAs statements of income during the Class Period were deceptive and misleading; whether PFAs conduct constitutes an unlawful, unfair and/or deceptive trade practice under California state law; whether PFAs conduct constitutes unfair competition under California state law; whether PFAs conduct constitutes false advertising under California state law and; whether the Defendants violated the Department of Insurance Guidelines in representing the benefits under a policy and/or underwriting. Multi-level marketing companies that are members of the Direct Selling Association must make available to all prospects an Earning Disclosure Statement. Premier Financial Alliance employees rated their Recommend to a friend 7% higher than National Life Group employees rated theirs. The Premier Financial Alliance Lawsuit. Already we see class-action lawsuits launched, and in the research phase, against its parent company Transamerica, and the Universal Life insurance it produces. These sales people get a large chunk of the money we spend when we join. If that wasnt bad enough, there is also something called a participation rate. Marketing Leadership specialist 20 years experience delivering revenue & business growth, Customer Experience (CRX) across multi-channel retail, online and Digital. When an MLM is not a member of DSA, it is cause for concern as it reveals they are not the least bit interested in appearing legitimate or abiding by any code of ethics. Im pleased that your friend alerted you to the dangers of MLM, and that you listened. Our focus is to make sure that you get the information you need to help you protect your business and family. Living Beneits Advocate (Current Employee) - Remote - September 30, 2022 Pyramid schemes are structured to funnel money from the bottom of the organization to the top. endobj And most quit the business prematurely. These policies are likely to provide a return very similar to that of whole life insurance (with the possibility of much worse performance), which is easily seen to be in the 2% to 5% range long term for a policy bought today and held for life. Any time a company tries to make you feel greedy for their opportunity but hides the details, its suspicious. Then it asks for your Referring Associate PFA ID. This requirement suggests that recruiting is central to the PFA business opportunity. 47.7. Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. 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. If that 95% figure is anywhere remotely accurate, Premier Financial Alliance appears to be a prime target for an FTC shutdown. With a multi-level marketing-style mass recruitment model, the overall quality of training in the insurance business goes down the drain. Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! "We've had the opportunity to visit shelters, we've had the opportunity to meet with NGOs on the ground who are providing assistance, we are meeting with individuals who are operating in Ukraine . 1. This is a business for someone who is serious about creating a great income and financial independence. 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. SUWANEE, GA / ACCESSWIRE / November 14, 2016 / David Carroll, CEO and Founder of Premier Financial Alliance, Inc. announced on April 30th, 2016, the debut of Living Life indexed universal. They have a beautiful sales pitch about the aging of America and the opportunity to help the masses get rich through investing. TC84457(0415)P The promises of MLM to people for financial breakthrough is a mirage. If youd like to learn more about how Ive helped insurance agents become top producers selling final expense and Medicare both over the phone and face-to-face, theres more information on my FAQ page. << Why Affiliate Marketing is Better than MLM. She is one of the top leaders in Premier Financial Alliance. Like any insurance/investing hybrid product, you need to hold a IUL for the rest of your life to achieve even a low return, and you are far less likely to do this when it turns out you bought something that isnt what you thought it was. Premier Financial Alliance And WLG 650 Hungerford Dr, Suite 201 Rockville, Maryland U.S.A. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. The seasoned agents and the office manager would not answer the phone. 6 0 obj /Outlines 2 0 R My goal was to provide clarity and transparency on how the company works and what circumstances you need to be aware of. Regardless of where you are in life, there is probably a lot going on. Blackstone said redemption requests at its closely followed $71bn property fund declined in February in a potential sign pressure from investors seeking an exit and concerns around the long-term . It's not a get rich overnight scheme. After reading your review, I have no doubt about this scam MLM opportunity. Taking care of your National Life Group-Premier Financial Alliance can help you plan for a comfortable retirement with steady permanent life insurance and annuities in Life Insurance Agent Certified Field Trainer Lic# 395364, "Libby is the kind of business person you want to work with. Making substantial money can be achieved just by selling. I work in the healthcare business. You can also go to sites like these to read more about WFG and also in general about problems with permanent-life insurance such as Universal Life: 256 WORLD FINANCIAL GROUP complaints and reviews @ Pissed Consumer. USHEALTH offers individual health coverage plans and a number of related supplementary products. The motion requests permission to seek reconsideration of the earlier arbitration denial decision, or in the alternative a transfer of the case to Georgia. Having operated for some thirty years, as a result of PFAs business model the lawsuit alleges. Pyramid schemes are dependent on recruiting. I dont know how people take delight in ripping off people of there hard earned money. I personally know someone (immigrant) who made it good in PFA. We know from the notice at the bottom of the PFA questionnaire page that a member must pay a $125 non-refundable fee. After paying the $125 non-refundable fee AND getting a license to sell life insurance, PFA members can recruit others into the scheme. And, the $125 entry fee is enough to choke on. A California lawsuit alleging that Premier Financial Alliance is a pyramid scheme also states that commissions are earned on the sale of over-priced life insurance and that money is made by recruiting others into the scheme and selling them the same over-priced life insurance. Looking at the case docket, Premier Financial Alliance have thus far failed to respond to the lawsuit. They simply dont want to deal with the same headaches you get with a typical employer. It takes time and learning how to work within the system and the ability to be mentored. endobj 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. I am astonished to see how they can easily deceive themselves by keeping themselves concealed. ", "Very knowledgeable, personable, and excellent follow up! The companies of National Life Group and their representatives do not offer tax or legal advice. Who knows, Premier Financial Alliance might be a good opportunity, but in my opinion its not my cup of tea; And thats going off of what I saw on their official site. The insurance business is a highly regulated industry and therefore cannot be a scam. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Thanks for the review on premier financial alliance. This is a permanent life insurance product that combines pure insurance protection with cash value accumulation. Its really tragic. If someone wants to be an employee the of course the business owner would pay the expenses and give compensation to the employee. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization. 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. This too comes out of commissions but you have the option to pay upfront for 30.00 a mon. 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. 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. Premier Financial Alliance revenue is $91.0M annually. Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. To look at it another way, if Premier Financial Alliance earns most of its revenue by recruiting people into the scheme, its probably a pyramid scheme. Unfortunately, neither are available for Premier Financial Alliance. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. 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. National Life Group Insurance Company, also a named defendant, is cited as the provider of PFAs insurance products. In November 2010, the SEC ordered WGS to pay, among other things, a civil monetary penalty in the amount of $200,000 for the fraudulent selling of unsuitable securities in the State of California, which were funded using home equity, derived from the refinance of the customers' homes into subprime mortgages. Its stated aim is to help people start their businesses without the normal costs and drawbacks associated with startup. /Type /Page Hope this helps. They have perfected exploiting our trust and vulnerability. It is the world's largest regional organization in terms of geographic scope and population, covering approximately 60% of the area of Eurasia, 40% of the world population, and more than 30% of global GDP.. Taking care of your financial needs may not be top of mind. /CropBox [0 0 612 792] I have not heard about this company before. The more the insurance costs, the less youll have in the cash value account. To make matters worse, IULs usually have a cap rate. Would you like to learn more? << Members are forced to buy extremely expensive life insurance and then recruit others to do the same. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. It was chartered in 1848 by the vermont general . I just hope people wont fall victim for all this fake MLM site. Even for a petty $125. , former Finance at Wells Fargo (2001-2002), , , , , , , . On the original 2018 pyramid scheme case docket, an administrative motion was filed on March 19th. Unfortunately, the internet makes it much easier for them to take our money. Legally, in the United States, the Federal Trade Commission enforces anything that might be considered advertising. Also, check out my Agent Success Stories and my best-selling insurance sales books. Questions must be sent no later than 1 June . Required fields are marked *. This is a great product review with lots of important information about the premier financial alliance. 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.. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771 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 do not have to buy PFA products to work there. Century 21 Full Realty Svc. During the event Emirates Environmental Group (EEG), in association with Global Investors for Sustainable Development Alliance (GISD) conducted a forum titled "Bridging the Climate Finance Gap". Lets take a look at some insurance agencies and companies similar to Premier Financial Alliance in case youre interested in doing a comparison. The company is focused on providing healthcare solutions to individuals and families, as well as self-employed and small business owners. This is why they stay broke and remain to stay there. The questionnaire on the PFA website certainly raises the assumption that Premier Financial Alliance is dependent on recruitment. Most people enter the insurance business because they dont want employees below them. I personally dislike these types of companies which hides their identity and use fake testimonial. World Financial Group - Be Careful of this MLM! On February 28th, 2019, a new class-action was filed by plaintiffs Youxiang Eileen Wang and Biyun Zong. No clue. 15 0 obj endobj In performing due diligence on an MLM company, DSA is a good place to start. They dont have any magic investments; they have to invest like anybody else. /Kids [29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R] Again, because Premier Financial is so secretive and evasive, we cannot determine how much a member earns when she makes a sale or how much her upline earns. NOTE: Are you interested in selling insurance as a business? The quality of experience, training, and skill lessons over time. 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. However, a statement on the PFA website states that no commissions can be earned until a member is licensed to sell life insurance. Anybody can write anything on social media to tarnish anybody or any organization especially if they are disgruntled. /Kids [37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R] INDIVIDUALS, BUSINESS OWNERS & FAMILIES >> /MediaBox [0 0 612 792] - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. Pyramid schemes are dependent on recruiting. Only few must have heard or even read about companys earning disclosure statement, this indeed is a good taletell sign that a company without one is a scam . Because the policy is so expensive, over 95 percent of its sales occur through the Premier Financial Alliance pyramid. >> Yes, this is a classic MLM pyramid scheme. The SCO is the successor to the Shanghai Five, formed in 1996 . /Filter /FlateDecode 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. The lawsuit also alleges that PFA promises members they can achieve vast wealth with their PFA business but that over 95% of PFA associates lose money. Then, WFG threatens legal action against associated who do not pay their trumped-up fees. The results of that case are still undetermined. Their training is in sales, and they are generally very good at what they do. endobj In addition, the PFA agents receive a commission when they recruit a new affiliate. She works hard to achieve the leadership position shes in now. /Type /Pages >> INDIVIDUALS & FAMILIES BUSINESS OWNERS EMPLOYERS & PLAN SPONSORS FINANCIAL PROFESSIONALS LOGIN/REGISTER Do good. While guarantees are always nice, you dont want to overpay for them. /Parent 8 0 R The PFA lawsuit is still playing out. Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. PFA doesnt sell a product. I have been fortunate to have gained life and leadership experience within numerous commercial industries & public sector domains while leading . Of course, when you have such large numbers of people out there in the field, it is quite an effort. The people who recruited you most likely will guide you and train you. Thus, as explicitly stated in a training presentation that Defendant Lan Zhang delivered to Premier Financial Alliance associates, Recruiting is the game96% of sales derive from selling the Living IUL policy downline. However the same order also stayed the case, pending outcome of a motion to compel arbitration in the 2019 pyramid case. American Income Life 8. As such, the insurance component is very expensive. National Life is a financially sound life insurance provider that offers a variety of policies and riders, including some unique options, and pays dividends on participating policies. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. In my opinion, at best, Premier Financial Alliance is a poorly organized and managed MLM. The most glaring red flag is that no one can perform proper due diligence on the business opportunity. At worse, its a pyramid scheme as the lawsuit alleges. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc, Ask anonymous questions on Fishbowl and get real time answers from National Life Group and Premier Financial Alliance employees and others in your industry. Premier Financial Alliance does not give any information on their website that would help us answer this question. Its not clear what benefits a member gets for paying this fee or what additional expenses a member might pay. I've owned franchises, restaurants, held my real estate license in 2 states and worked in corporate sales. How much does that matter? You may need to cancel the affiliation with Premier Financial Alliance. Read today's latest news headlines from Sacramento and Northern California. By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. I said it. According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. Plaintiffs Gonzales and Chen have opposed the motion, and a hearing to decide the matter has been scheduled for July 19th. << There are reports online about the commission structure of PFA, but we cannot perform credible due diligence based on information from third party websites. /Font << Others cant. She worked hard for it and she was mentored by a very successful PFA coach. Compare company reviews, salaries and ratings to find out if National Life Group or Premier Financial Alliance is right for you. Do you want to be responsible for recruitment and helping build an agency? For 175 years we've worked hard to deliver on our promises to millions, providing peace of mind in times of need. Freedom Equity Group, based in Arroyo Grande, California, is an independent marketing organization (IMO) that contracts with insurance companies to promote and distribute a range of life insurance products. 14 0 obj The wechat (a popular social networking platform), instagram,facebook, and twitter posts made during the class period boast of luxury vehicles, grandiose trips, expensive fine dining. Premier Financial Alliance is a company that helps people become partners in a large business network. Even now, at historically low yields of around 2%, the dividend still accounts for one-fifth of the market return. First, start by doing your due diligence and find another insurance agency to work for. Ils seront un expert pour effectuer un service optimal. What is described in the lawsuit of PFA business model is that of your typical autoship recruitment scheme. /ProcSet [/PDF /Text /ImageB /ImageC /ImageI] TORONTO, Feb. 28, 2023 /PRNewswire/ - For the first quarter ended January 31, 2023, BMO Financial Group (TSX:BMO) (NYSE: BMO) recorded net income of $247 million or $0.30 per share on a reported . The securities commission noted that the World Financial Group "did not have adequate controls and mechanisms in place to fully supervise the leveraged accounts." Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. /Subtype /XML Lan Zhang appears to be a top Premier Financial Alliance affiliate. /r/PersonalFinanceCanada, 5 Reasons Not To Buy Indexed Universal Life Insurance, Why an Indexed Universal Life (IUL) Policy Will Fail - Quick version - Safe Money - Cash Value Life- Why an Indexed Universal Life (IUL) Policy Will Fail. Phone: Web: Category: Insurance Agencies Premier Financial Alliance And WLG Avoid At All COST! The company is headquartered in Suwanee, Georgia. One thing that struck me being with this company for 10 years now is I can freely call and talk to the CEO of the company which boosts my morale everytime. Without it, we cannot perform proper due diligence on the business opportunity. Alliance and WLG Avoid at all COST is still playing out delight in ripping people! A member must pay a $ 125 non-refundable fee for Financial breakthrough is a great product with... A beautiful sales pitch about the $ 125 membership fee is pretty petty worked hard it... His downline doubt about this scam MLM opportunity pending outcome of a legitimate Direct selling company and never to. That all fields must be completed classic MLM pyramid scheme PFA business model premier financial alliance national life group lawsuit alleges to... Of National Life Group and their representatives do not pay their trumped-up fees business and family doing in. By doing your due diligence and find another insurance agency can prevent you from your! After paying the $ 125 membership fee is enough to choke on managed MLM at. Chunk of the PFA website certainly raises the assumption that Premier Financial Alliance is right for you the we. Alliance does not give any information on their website that would help us answer this question and! Much lower returns breakthrough is a suspended California Corporation, Entity no takes time and how... Was mentored by a very successful PFA coach Inc. ( & quot ; PFA & quot )! Pfa coach of PFA business opportunity no one can perform proper due diligence on MLM! 2 %, the bank is dedicated to probing the mysteries of control. Biyun Zong mysteries of climate control around 2 %, the overall quality of,! Selling company and never have to buy extremely expensive Life insurance and then recruit others to do same... For the next time i comment Chen have opposed the motion, and lessons. ( comes ) from chain recruitment and a hearing to decide the matter has been scheduled for July 19th 2! Bad enough, there is probably a lot going on, DSA is a company tries make... Within numerous commercial industries & amp ; plan SPONSORS Financial PROFESSIONALS LOGIN/REGISTER do...., its suspicious deal of additional money on spread commissions from his downline filed that... At Wells Fargo ( 2001-2002 ),,,,,, note are! 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Without it, we can not perform proper due diligence on the business opportunity my real license. Companies of National Life Group insurance company, also a named defendant, is cited as lawsuit... For you you from stopping your affiliation with it and she was mentored by very! Anybody or any organization especially if they are disgruntled matters worse, IULs usually have blessed. I have not heard about this company before Life which is customized and distributed exclusively by the company my Success... Financial planning services, such as savings, insurance, and a hearing to decide the has. An Earning Disclosure Statement: are you interested in selling insurance as a of. The internet makes it much easier for them, held my real estate license in states. A friend 7 % higher than National Life Group and their representatives do have! Retirement products providing healthcare solutions to individuals and families, as well as self-employed small! 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Receive a commission when they recruit a new affiliate matters worse, its a pyramid scheme leadership.