Hence, this is not a scam. When it goes up, you get to participate in that increased return. The most damning allegations in the new 2019 lawsuit are the targeting of Asian immigrants, and claim that 95% of sales within Premier Financial Alliance are affiliate purchases. /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] Premier financial alliance is one of the platforms where I lost my funds heavily and they couldnt refund me up to date. /Annots [19 0 R 20 0 R] 2. Its really tragic. We feel comfortable that we now have the regulatory issues under control."[20]. INDIVIDUALS & FAMILIES BUSINESS OWNERS EMPLOYERS & PLAN SPONSORS FINANCIAL PROFESSIONALS LOGIN/REGISTER Do good. 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. Commission increases are dependent on agency building, higher levels of recruiting, and production. I want to find a project that gets rich quickly, but I dont want to work hard. The termination usually needs to be filed within a 30 day window, however canceling affiliation is not always mandatory. 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. They are dismaying the dream of hundreds of people by dreaming of achieving economic independence. /Kids [21 0 R 22 0 R 23 0 R 24 0 R 25 0 R 26 0 R 27 0 R 28 0 R] If this sounds like you, youve found the right article! It is headquartered in Johns Creek, Georgia, and operates both in the US, Puerto Rico, and Canada. << Without an Earning Disclosure Statement, it is not possible to perform due diligence. >> The business opportunity is focused on recruiting people, and have them purchase 100 points in volumes. Here is a brief overview of the products and strategies featured through the Premier Financial Alliance services. link to Common Scams That Prey on Seniors and How to Prevent Them. World Financial Group (WFG) is a multi-level marketing financial and insurance services company based in Johns Creek, Georgia, a suburb of Atlanta, which sells investment, insurance, and various other financial products through a network of distributors in the United States, Canada, and Puerto Rico. /Type /Page Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. Premier Financial Alliance, Inc. (PFA) purports to offer insurance policies to the general public, but the complaint for this class action alleges that its marketing materials speak primarily about the recruitment of other sales people and not about selling the actual product. Why Affiliate Marketing is Better than MLM. Both the focus on recruiting agents rather than immediate sales as well as the non-refundable $125 signing fee are red flags for those worried that the insurance vendor they work for is a pyramid scheme. I was told to get five dowlines and it goes on and on . To those who would totally believe that PFA is a scam. PFA, Carroll, J. Wu, R. Wu, Hong, Zhang, AJW, by their authorization promote the pyramid scheme and make misleading claims of financial success. In a whole life policy, the insurance company determines the dividend rate. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. Most organizations that push a recruitment-focused strategy usually offer way below-average sales training and support. I work in the healthcare business. That appears to be the case with Premier Financial Alliance, but there is no evidence on their website confirming this assumption. << The reason it is so inexpensive is that people are unlikely to die before 60. Companies that are members of DSA agree to a code of ethics and to resolve complaints registered with DSA. After reading your review, I have no doubt about this scam MLM opportunity. Indexed universal life insurance (IUL) is an insurance product that seems to promise you can have your cake and eat it, too. This naturally raised the question of what Premier Financial Alliances core priority was. Rocky please do keep us posted about your experiences with Premier Financial Alliance. Affiliate membership requires payment of a $125 fee. /Names 4 0 R June 2018:A class-action lawsuitwas filed against California-based company Premier Financial Alliance, along with its founder and several top promoters and National Life Group Insurance, for allegedly operating an illegal pyramid scheme. /Count 8 /Annots [] >> The quality of experience, training, and skill lessons over time. 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. Thanks for this article. Some top agents can do it. I hope you enjoyed my article on Premier Financial Alliance. Youll see that most of the time, being promoted requires downline agents to be selling insurance underneath you. We dont pay any monthly fee after that unlike other companies. That usually corresponds to four levels of management such as local, state, regional and national. 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. NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? Blind Tiger Press 1304 Sunset Blvd Suite # 1290 West Columbia, SC 29169. The court will determine if Premier Financial Alliance is a pyramid scheme. /Count 8 Common Scams That Prey on Seniors and How to Prevent Them. Naturally, they want it up front, preferably from a credit card or debit card. endobj Its insurance products include life insurance and supplemental health. Bankers Life was established in 1879 in Chicago, Illinois. Sounds like that exactly whats going on. NOTE: Are you interested in selling insurance as a business? /Kids [45 0 R 46 0 R 47 0 R 48 0 R 49 0 R] When considering any investment or so-called opportunity, it is essential that you perform proper due diligence. A legitimate direct sales company keeps management streamlined and compact, so the largest percentage of commissions is paid to the people making the sales. endobj People Helping People was established in 2009 in Northridge, California. 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 the same order also stayed the case, pending outcome of a motion to compel arbitration in the 2019 pyramid case. /Length 491 Required fields are marked *. 100, Premier Financial Alliance affiliates are promised. Questions must be sent no later than 1 June . A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. 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. USHEALTH offers individual health coverage plans and a number of related supplementary products. Regardless of where you are in life, there is probably a lot going on. INDIVIDUALS, BUSINESS OWNERS & FAMILIES I am astonished to see how they can easily deceive themselves by keeping themselves concealed. If that cap wasnt in place, an IUL purchaser in 1999 would have had 69% more money than he really ended up with. The company was founded in 1951 and is headquartered in Waco, Texas. You cannot join without paying fees, and only after you do, do you find out that you have to keep paying higher and higher monthly fees. Having operated for some thirty years, as a result of PFAs business model the lawsuit alleges. Sinclair Broadcast Group today announced the company will partner with The National Alliance on Mental Illness (NAMI) to launch Sinclair Cares: Mental Health Support + Hope, a campaign to encourage mental health awareness, with a focus on young adults.The campaign will begin on March 6 and run throughout the month. Each state has specific fees and requirements for a life insurance license. /Parent 8 0 R One of the bigger issues that stands out to me with both these companies is the extreme focus on building a downline agency very early on in your sales career. Because it involves talking to your friends, relatives and even searching online job boards to persuade people to join and sell insurance with you. The telemarketers can tell you anything to get your money and they often do. An underwriter is someone who is specially trained to assess your application and determine what risk, if any, may exist. Please reach out if I can help. Defendants named in the lawsuit include Premier Financial Alliance, David Caroll (CEO and Founder), Jack Wu (chairman and ringleader) and his company AJW Productions, Rex Wu (field chairman), Lan Zhang (an original member of PFA), Bill Hong (conspirator). I personally dislike these types of companies which hides their identity and use fake testimonial. /Type /Page - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. Again, there is no information on the PFA website that answers this question. It targets the senior market, typically people age 60 and older who are near retirement. This is something to digest and learn from, lots have fallen victim and many more are on their way to the traps. They really, really dont want people to know what they are getting into. The companies of National Life Group and their representatives do not offer tax or legal advice. It's only a matter of time before the authorities catch up with this very fast and loose MLM. In December 2006, WGS and one of its brokers were fined $150,000 by Missouri's commissioner of securities for selling unsuitable products to elderly people. She is highly intelligent, great at the follow up, a strong negotiator, and you'll really feel her desire to win for you! 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. This shortcoming is only one of several signs that Premier Financial Alliance is not honest or transparent. You'll also certainly get a sense of WFG's inherent problems by attending one of their workshops. It offers premium life insurance, long-term care insurance, retirement income insurance, and investment plans, including annuities, mutual funds, and ETF saving plans. In response to the2018 lawsuit, Premier Financial Alliance filed a motion to dismiss the lawsuit and compel arbitration in October 2018. /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. PFA is broker for Life Insurance Companies. Unfortunately, neither are available for Premier Financial Alliance. According to the report, WGS "submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured and fined $15,000. The two Californian cases Premier Financial Alliance is currently defending are: a 2018 suit filed by Rui Chen and Wenjian Gonzales, alleging pyramid scheme fraud; and a 2019 suit filed by Youxiang Eileen Wang and Biyun Zong, alleging Premier Financial Alliance targeted Asian immigrants for fraud. Lan Zhang appears to be a top Premier Financial Alliance affiliate. 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. As a member of PFA, some of the statements in this article are not true. Marc Marquez is known for his maverick overtaking manoeuvres and swatting aside his rivals on the track. Current Employee - Compliance Professional. Not to mention the lawsuit that clearly describes Premier Financial as a pyramid scheme. 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 . endobj Learn more about each company and apply to jobs near you. And if you want to recruit people and create your own team , you can do that. Privileged to live & work across lands that have supported the oldest civilisation on earth; Darkinjung, Gadigal, Ngunnawal, Noongar, & Wurundjeri. This hybrid forum brought together global and local financial experts who came together in Dubai to discuss and express their viewpoints on the strong . Thats like putting your money on the table and rolling the dice. It specializes in marketing innovative and affordable health coverage plans. 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. What matters, if you are considering the business opportunity, is whether you have a reasonable chance at success. After 30 years, a nest egg growing at 8% instead of 10% ends up 42% smaller. Thanks for the review on premier financial alliance. Sorry to hear you lost money to Premier Financial Alliance. Similarly, World Financial Group agent earnings are commission-based. >> Connect with others to build business relationships in the largest marketplace in the world. Taking care of your financial needs may not be top of mind. Check out myfree New Insurance Agent Resource Guideto help answer many of your questions (as well as ones you didnt know you had!). 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. Its mentorship and field training programs, as well as its numerous business tools, give new entrepreneurs access to products and services that help them build their dream business. She is very respectable in the community she lives in, ethical and", "I highly recommend Libby! Marc Marquez: Human side. A 2016 video cites Zhang as a Premier Financial Alliance President, and depicts her receiving a special birthday present from PFA founder and CEO, David Carroll. Rockville Maryland *Consumer Comment: Multi-Level-Marketing Independent Agency Alliance (IAA) Scam Yes, absolutely WFG is a scam. Our focus is to make sure that you get the information you need to help you protect your business and family. If someone wants to be an employee the of course the business owner would pay the expenses and give compensation to the employee. Follow state politics, local business, crime, sports, environment and community news. Premier Financial Alliance instructed Plaintiffs and continues to instruct other associates to peddle this policy to other people who, in turn, are instructed to sign up more associates, and so on and so on, ad infinitum. You do your own marketing. >> The seasoned agents and the office manager would not answer the phone. /Parent 3 0 R ", "I highly recommend Libby! they will earn vast wealth, luxury vehicles, and lavish trips when in reality more than 95% of PFA Associates average net losses. Your insurance agent is sure to point out all of the benefits of purchasing one of these policies; this article will show you 5 reasons why buying IUL is generally a bad idea. /Pages 3 0 R National Life Group-Premier Financial Alliance can help you plan for a comfortable retirement with steady permanent life insurance and annuities in. Underneath you where you are considering the business owner would pay the and... Through the Premier Financial as a pyramid scheme to the employee dreaming of achieving economic.! Each company and apply to jobs near you 8 % instead of 10 % ends 42! Is not possible to perform due diligence people, and operates both in the largest marketplace in the she... However the same order also stayed the case, pending outcome of a motion compel!, ethical and '', `` I highly recommend Libby 1 June a of! For some thirty years, a victim only gains a rank by recruiting people, and production but there probably... 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