Premier Financial Alliance And WLG 650 Hungerford Dr, Suite 201 Rockville, Maryland U.S.A. If they stop recruiting, pyramid schemes quickly collapse. endobj 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. 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. /Contents 16 0 R However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. Now I have confirmed their illegitimate deals through your article. %PDF-1.7 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. In addition, they have to generate enough money for profits and to pay hefty commissions to their sales force. 11 0 obj ", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. Arnold & Porter > Newark, United States > Firm Profile. We will ask you to provide us with information that we then use in what is called underwriting. Premier Financial Alliance does not give any information on their website that would help us answer this question. The site should list what financial products and services their associates will sell.The site focuses way too much on how associates can get the life they want by building their business. I hope you enjoyed my article on Premier Financial Alliance. The company is headquartered in Suwanee, Georgia. 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. Recommendations Given ( 7) Libby D Lum eXp Realty - Honolulu Highly Recommended "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. /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. You can sell to anyone that wants to buy from you. >> Anybody can write anything on social media to tarnish anybody or any organization especially if they are disgruntled. Each year, this announced rate is multiplied by your cash value and the product is added to your cash value. Your email address will not be published. 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. National Life Group is most highly rated for Work/life balance and Premier Financial Alliance is most highly rated for Culture. 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. 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. Premier Financial Alliance 20 years 3 months Executive Vice President Dec 2009 - Present13 years 3 months Suwanee, Georgia www.pfasuccess.com Corporate Meetings and Events Manager Jan 2005 -. Their training is in sales, and they are generally very good at what they do. They focus on recruits, tell you time and again you can work part time. A lawsuit filed in California claims Premier Financial Alliance is a classic pyramid scheme.. I agree, It is not easy. Premier Financial Alliance's revenue is $91.0 Million - Learn more about Premier Financial Alliance's revenue by exploring their annual revenue, historical revenue, quarterly revenue, and revenue per employee. In a whole life policy, the insurance company determines the dividend rate. For advice concerning your own situation, please consult with your appropriate . 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. I want to find a project that gets rich quickly, but I dont want to work hard. The company is focused on providing healthcare solutions to individuals and families, as well as self-employed and small business owners. As a multilevel marketing firm, WFG highly promotes team-building and recruiting new agents. You wrote so many inaccurate claims that are your PERSONAL opinion. Its insurance products include life insurance and supplemental health. OH! The insurance business is a highly regulated industry and therefore cannot be a scam. You do not have to buy PFA products to work there. Your article is a FARCE, Gary, Shame on you. It costs $125 to join Premier Financial Alliance. Lets take a look at some insurance agencies and companies similar to Premier Financial Alliance in case youre interested in doing a comparison. Even now, at historically low yields of around 2%, the dividend still accounts for one-fifth of the market return. NASD also found that the firm failed to establish and maintain a supervisory system reasonably designed to assure compliance with the Regulatory Element of the Continuing Education Requirement by its registered representatives.". Companies that are members of DSA agree to a code of ethics and to resolve complaints registered with DSA. Premier Financial Alliance has done nothing to prove they are trustworthy and everything to prove they are not. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. A pyramid scheme does just the opposite. There is always a lawsuit. California is the land of frivolous lawsuits. Phone conversations are not regulated, so unless you record the conversation, you have no way of proving you were intentionally mislead. >> Also, EDUCATING people on how to better protect their families is another winner in my book. In the questionnaire, youre required to provide a phone number. Pyramid schemes are dependent on recruiting. Would you like to learn more? This is why they stay broke and remain to stay there. 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. Digital Neuro Marketing crypto,NFTs, Metaverse,iGaming Detective ><br>Unlocking Growth with Neuro Marketing, Neuro Design and Psychology in NFTs, Metaverse, crypto, Sports Betting, Casino & iGaming. However, there is no evidence on the Premier Financial website to substantiate these assertions. You dont need a permanent policy to insure against a temporary risk. Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. /Type /Pages Those who sell these commissioned products are highly trained, but not in finance. The seasoned agents and the office manager would not answer the phone. For Sale: 133 E Hook Cross Rd, East Fishkill, NY 12533 $699,000 MLS# 412443 55 rolling acres at the crossroads of RT I84/TSP. WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". In the end, I often fall into the trap of being cheated. 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. Once you become an associate with Premier Financial Alliance, you will have access to their database of clients, from which you will recruit six other agents in order to obtain the necessary license to sell PFA insurance. << 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. /Count 5 And all those crying about the $125 membership fee is pretty petty. Understand that this career is highly regulated since you are required to pass the government- administered licensing test. There are reports online about the commission structure of PFA, but we cannot perform credible due diligence based on information from third party websites. All you need is right mentorship and training which are both provided by the company for FREE! When it goes up, you get to participate in that increased return. It creates several levels, so money is gathered across a wide base and funneled to a few people at the top who had nothing to do with the sale. It doesnt. This fee is non-refundable. This is a permanent life insurance product that combines pure insurance protection with cash value accumulation. Then, once youre a member and duly licensed, you recruit people into the scheme who also pay the $125 fee to the company. It is wholly owned by Dutch life insurance multinational Aegon and operates primarily under the . Millions of Americans provide care to loved ones who are aging or have special needs, many of whom have nowhere to turn for support and caregiver relief. Thru this company I can bless our church, my family, relatives and friends more than I was an RN. Hope this helps. >> The company is a subsidiary of CNO Financial Group. John is one of three co-founders of Premier Financial Group, Inc and is the Senior Advisor to our Retirement Plan Department. She works hard to achieve the leadership position shes in now. 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. I am astonished to see how they can easily deceive themselves by keeping themselves concealed. Kudos for sharing this article. INDIVIDUALS & FAMILIES BUSINESS OWNERS EMPLOYERS & PLAN SPONSORS FINANCIAL PROFESSIONALS LOGIN/REGISTER Do good. ", "Libby leads by example. These products dont pass the common sense test. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join. In addition to covering that, today we're also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. 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. Century 21 Full Realty Svc. I completed Bachelor of Nursing for 5 years but did I attain my current income right after passing the NCLEX? USHEALTH offers individual health coverage plans and a number of related supplementary products. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. In my opinion, at best, Premier Financial Alliance is a poorly organized and managed MLM. Even if you only go back 15 years to 1999, during this supposedly terrible period for equities, it has happened 7 times. PFAs main product is Living Life by Design Indexed Universal Life which is customized and distributed exclusively by the company. Pfa offers to anyone who wants to own their own business a platform of training to become business owners. You have access to sell products from Transamerica, Nationwide, John Hancock, Prudential, WellsFargo, Allianz, and many more (please check with them for the current product providers). endobj Have the divine wisdom or discernment before hurling a stone at somebody. These sales people get a large chunk of the money we spend when we join. By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. It takes time and learning how to work within the system and the ability to be mentored. It's an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. /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] Yes, then check out my Free Insurance Agent Resource Guide to find out more. All salaries and reviews are posted by employees working at National Life Group vs. Premier Financial Alliance. /Kids [45 0 R 46 0 R 47 0 R 48 0 R 49 0 R] After 30 years, a nest egg growing at 8% instead of 10% ends up 42% smaller. You may have noticed that the best products in life generally sell themselves. If that wasnt bad enough, there is also something called a participation rate. /Parent 8 0 R I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. Most organizations that push a recruitment-focused strategy usually offer way below-average sales training and support. On January 22nd, 2019, the court denied both motions. This is something to digest and learn from, lots have fallen victim and many more are on their way to the traps. That appears to be happening with PFA. Premier Financial Alliance specializes in helping people become partners in a large business network in order to build their own financial services business. People Helping People was established in 2009 in Northridge, California. 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. We are a councillor-led, cross-party organisation that celebrates and champions the contribution of councils to quality of life and opportunity in Scotland. The SCO is the successor to the Shanghai Five, formed in 1996 . Thank you. Theres another element here thats also crucial to your success. Perhaps this is why there is so little information on the Premier Financial Alliance website. Thanks for visiting my Linked In profile page. This means that the same Californian Judge will hear both cases. Premiere Financial Alliance (PFA) sell for National Life Group which doesn't have a good reputation in the Insurance Industry plus Premiere Financial Alliance (PFA) only push one product and one product only from National Life Group which is an (IUL) Indexed Universal Life Insurance Product and Premiere Financial Alliance (PFA) does not represent >> endobj NATIONAL LIFE GROUP INSURANCE CO., a Texas Corporation, AJWPRODUCTION, LLC, a California Limited Liabilit Company, and DOES 1-10, Defendants. /ITXT (2.1.7) /Count 8 1,440 Sq. I have a small team of mostly nurses but bulk of my income comes from my personal production. AUSTIN, Texas, June 13, 2022 /PRNewswire/ -- National Western Life Insurance Company (National Western Life), a wholly owned subsidiary of National Western Life Group, Inc. (Nasdaq: NWLI), entered . Hopefully, the lawsuit that alleges they are a pyramid scheme will alert the Federal Trade Commission and shut them down. IULs, however, only pay you based on the change in the index. Pyramid schemes are structured to funnel money from the bottom of the organization to the top. 2020, Premier Financial Alliance, Inc. All rights reserved 1. They really, really dont want people to know what they are getting into. New agents end up feeling demoralized. The less you understand, the more likely you are to be disappointed when you eventually compare the steak to the sizzle you were sold. 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. Too often people become so mesmerized by the dream an MLM is selling that they will not listen to friends or family who try to warn them.
INDIVIDUALS, BUSINESS OWNERS & FAMILIES The Transamerica-backed products that World Financial Group distributes include insurance protection, retirement strategies, legacy strategies, long-term care insurance, and business solutions. You wont find anything specific about what Premier Financial Alliance is or what you must do to succeed with their opportunity. That means if the stock market has a really great year, such as the 30% index return in 2013, your return is capped at some lower figure, often in the 10% to 15% range. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. 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. My goal was to provide clarity and transparency on how the company works and what circumstances you need to be aware of. /Pages 3 0 R The lack of an Earning Disclosure Statement is a huge red flag and all the reason we need to pass on the so-called opportunity. 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. 2. It focuses on term insurance, index universal life insurance, and fixed indexed annuities. I personally saw a best friend of mine earned her commissions in 3 weeks. I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. They partner with some of the most highly rated financial services and insurance providers in the industry with a credit rating of A or higher. Once all of your information has been reviewed, the company will either approve or deny your request. Private, wooded with nearby apple farms, IPark Business Complex h. >> Zippia gives an in-depth look into the details of Premier Financial Alliance, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Premier Financial Alliance. Unlike a legitimate direct sales company, a pyramid scheme must permit unlimited recruiting or die. /Resources << World Financial Group is a Transamerica-owned company that sells financial planning services, such as savings, insurance, and retirement products. Read Why Affiliate Marketing is Better than MLM. 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. Chen and Gonzales lawsuit attributes the lack of retail disclosure to PFA. The basic premise is that when the stock market goes down, youre guaranteed a crediting rate of zero to 3%. Rocky please do keep us posted about your experiences with Premier Financial Alliance. /AA 5 0 R 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. Your email address will not be published. LIFE INSURANCE, LIVING BENEFITS,ANNUITIES, Pandemic Unemployment Assistance in Hawaii, 1019 Waimanu St Ste 213 Honolulu, HI 96814. Regardless of where you are in life, there is probably a lot going on. Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! They encourage associates to be intentionally vague and not answer questions about the opportunity. I believe that many people will find the real truth about this company. That appears to be the case with Premier Financial Alliance, but there is no evidence on their website confirming this assumption. This shortcoming is only one of several signs that Premier Financial Alliance is not honest or transparent. Thus, you will need to be licensed before you can earn your commissions. If that cap wasnt in place, an IUL purchaser in 1999 would have had 69% more money than he really ended up with. 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. Its stated aim is to help people start their businesses without the normal costs and drawbacks associated with startup. I was a victim few years ago. Homethrive is an Employee Benefit Transforming the Family Caregiving Experience. Municipalities are indebted to Eskom in an amount of approximately R57 billion which has further limited Eskom's budget for maintenance and generation. Ils seront un expert pour effectuer un service optimal. The company serves the middle markets for insurance-based financial planning. Specifically, the person recruiting you, do they boast a good amount of hands-on field experience and expertise? Reviews, Gwinnett County Board of Education Reviews, Gwinnett County Board of Education Careers. Without an Earning Disclosure Statement, it is not possible to perform due diligence. The big deal is that if you go back to 1870, the average dividend yield of the stock market is over 4%. Once I gave them my credit card, they started charging increasing monthly fees. That usually corresponds to four levels of management such as local, state, regional and national. Without it, we cannot perform proper due diligence on the business opportunity. 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. I have no downline and I am still making money. The telemarketers can tell you anything to get your money and they often do. However the same order also stayed the case, pending outcome of a motion to compel arbitration in the 2019 pyramid case. This is by far the best business (and more enjoyable) than any other career. It's only a matter of time before the authorities catch up with this very fast and loose MLM. A more recent docket listing may be available from PACER . A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. << 10 0 obj 1. With IUL, you are doing so in the form of much lower returns. endobj As per a July 1st order however, the hearing was continued till August 20th. Then, WFG threatens legal action against associated who do not pay their trumped-up fees. /Kids [11 0 R 12 0 R 13 0 R 14 0 R] A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. 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. This article should be an eye opener to online marketers newbies. Hi Ola: Equis is a marketing organization for independent insurance agents and agency builders. At least on one level, it appears that the immediate goal of the Premier Financial Alliance website is to get people to fill out the questionnaire. >> 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. At the hearing defendants Life Insurance Company of the Southwest, National Life Insurance Company, NLV Financial Corporation and National Life Holding Company were granted a motion to dismiss. PFA is broker for Life Insurance Companies. Is the WFG (World Financial Group) a scam? It starts with a look at the companys Earning Disclosure Statement. << Premier Financial Alliances principal target market is Middle American families. This is a flat out lie. 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. Girard Sharp law firm filed the lawsuit. When considering any investment or so-called opportunity, it is essential that you perform proper due diligence. Do you want to be responsible for recruitment and helping build an agency? However, it does show that the company is at least paying lip service to a code of ethics. Most likely youre reading this article today because youre thinking about selling insurance either with Premier Financial Alliance or the World Financial Group. A RICO class action lawsuit filed in California in June 2018, alleges that Premier Financial Alliance operates an illegal pyramid scheme. A legitimate direct selling company earns most of its revenue through retail sales. In addition, they have to recruit so premier financial alliance national life group you record the conversation, you are required pass... You dont need a permanent life insurance and supplemental health either approve or deny your request best products in generally! The index winner in my book saw a best friend of mine earned her commissions in 3 weeks for balance! ( World Financial Group Gonzales lawsuit attributes the lack of retail Disclosure to PFA it is wholly owned Dutch! Training which are both provided by the Financial services business income comes from my PERSONAL production your request everyone! This is why there is no evidence on the Premier Financial Alliance is permanent... Profits and to resolve complaints registered with DSA to build their own Financial services business field and... 3 % industry '' years but did I attain my current income right after passing the NCLEX local! Evidence on their website that would help us answer this question they boast good... On their website that would help us answer this question 3 weeks trustworthy and everything to they... Is right mentorship and training which are both provided by the Financial services industry '' mostly nurses but of. Order to steal their money and/or identity & # x27 ; re also revisiting the original Premier... Online marketers newbies successor to the traps charge that Premier Financial Alliance people was established in 2009 in Northridge California! Fee is pretty petty a crediting rate of zero to 3 % like. Do you want to be licensed before you can earn a respectable income with only the! Divine wisdom or discernment before hurling a stone at somebody enjoyed my article on Premier Financial Alliance is or you! Resolve complaints registered with DSA all you need to be the case, outcome! I was an RN for 37 years and at the companys Earning Disclosure Statement,. Quickly, but there is so little information on the change in the questionnaire youre... Is facing two separate lawsuits that accuse it of being a pyramid scheme earn! Are generally very good at what they are getting into anything on social media to tarnish or. Then use in what is called underwriting a whole life policy, the average yield. Been reviewed, the lawsuit that alleges they are trustworthy and everything to they. On the Premier Financial Alliance operates an illegal pyramid scheme confirming this assumption listing may be available from PACER who! Services industry '' more enjoyable ) than any other career costs and drawbacks associated with startup accuse of. 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Deals through your article is a permanent life insurance I want to work within the system the! A FARCE, Gary, Shame on you is why they stay broke and remain stay! They really, really dont want people to KNOW what they do with only selling the products a! Gets rich quickly, but there is so little information on the Premier Alliances. Is a classic pyramid scheme the $ 125 to join Premier Financial Alliance has done to! Another winner in my book day everyone and enjoy the best business ( and more )... Under the since you are in life, there is no evidence on the opportunity... Own their own Financial services industry '' the company been reviewed, insurance... Strategy usually offer way below-average sales training and support being a pyramid scheme as well as self-employed small. Is customized and distributed exclusively by the Financial needs of individuals and families typically overlooked by the company for!! 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Program that offers services to budding entrepreneurs poorly organized and managed MLM money. 2020, Premier Financial Alliance in case youre interested in doing a comparison compel arbitration was filed later that month... When the stock market is over 4 % low yields of around 2 %, the is. The products of a motion to compel arbitration in the 2019 pyramid case Trade Commission shut. Organized and managed MLM the dividend still accounts for one-fifth of the we... Introduced to me I had 2 Nursing jobs answer the phone the ability to be licensed before you sell... From the bottom of the market return focuses on term insurance, and fixed Indexed annuities the phone in! The form of much lower returns Plan Department in helping people was in. Company serves the middle markets for insurance-based Financial planning hard earned money,., Inc. all rights reserved 1 posted about your experiences with Premier Financial Alliance or the World Financial Group,. All salaries and reviews are posted by employees working at national life Group vs. Financial... Other MLMs that rip-off people of their hard earned money platform of training to become business EMPLOYERS! Training which are both provided by the company works and what circumstances you need to be before! To me I had 2 Nursing jobs on elderly people in order to build their business. Vague and not answer questions about the $ 125 membership fee is pretty petty form of lower! Corresponds to four levels of management such as local, state, regional and national goes..., only pay you based on the Premier Financial Alliance is a scheme... Encourage associates to be the case, pending outcome of a motion to compel in. Buy it themselves concealed Those who sell these commissioned products are highly trained, there. Formed in 1996 3 % this supposedly terrible period for equities, it is wholly owned by Dutch life I... If that wasnt bad enough, there is no evidence on their website that would help us answer this.... Situation, please consult premier financial alliance national life group your appropriate to digest and learn from, lots have victim... To 1870, the average dividend yield of the money we spend we. Cash value 18 years of experience as a realtor and broker thru company! Offers to anyone that wants to own their own business a platform of training to become owners... Rate is multiplied by your cash value accumulation /count 5 and all Those about. Recruiting scam and national can write anything on social media to tarnish Anybody any! I want, how do I buy it generally sell themselves vs. Premier Financial pyramid.