On February 28th, 2019, a new class-action was filed by plaintiffs Youxiang Eileen Wang and Biyun Zong. << The more complex the policy, the less likely you are to really understand how it will work in the future. SMH. - *Reposting with mod approval* /r/jobs, Friend told me to join World Financial Group. View more recently sold homes. 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. /Title (Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771) Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. Your email address will not be published. This is a permanent life insurance product that combines pure insurance protection with cash value accumulation. SOLD FEB 8, 2023. Premier Financial Alliance classic pyramid scheme lawsuit filed, David CarrollJack WuRex WuLan ZhangBill HongAJW, PFAJack WuPFARex WuLan ZhangBill Hong, Rui ChenWenjian GonzalesPFA20172018PFA, , PFA, , 25015, , PFAPFA, 528125PFA305, PFA55%, 305PFA55%, PINNACLE ACADEMY After School Learning Center, Susan Goodkin Selective College Consulting, Mingfei (Kurt) Ha | REALTOR Licensed in MD, VA, DC, Zhen Wang | Real Estate Investment Advisor, Premier Financial Alliance fraud cases consolidated, Why an Indexed Universal Life (IUL) Policy Will Fail - Quick version - Safe Money - Cash Value Life, http://blog.sina.com.cn/s/blog_708d8ef10100xznu.html, http://www.chineseinla.com/f/page_viewtopic/t_779561.html, , , , marketing director, senior marketing, , ----, WORLD FINANCIAL GROUP WFG, Word Financial Group , World Financial GroupSenior, Marketing Director , https://en.wikipedia.org/wiki/World_Financial_Group, National Association of Securities Dealers, http://xiaoshuailiu.blogspot.com/2017/09/wfg.html, The White Coat Investor: A Doctors Guide to Personal Finance and Investing, https://www.mdmag.com/physicians-money-digest/personal-finance/dahle-5-reasons-not-to-buy-iul-insurance, https://www.mitbbs.com/article_t/SanFrancisco/34629529.html, https://behindmlm.com/companies/new-premier-financial-alliance-lawsuit-claims-asian-immigrants-targeted/, https://behindmlm.com/companies/premier-financial-alliance-classic-pyramid-scheme-lawsuit-filed/, http://www.wenxuecity.com/news/2018/07/25/7469956.html, A 2004 NASD disciplinary action report summarized disciplinary actions against WGS. ", "I highly recommend Libby! << World Financial Group - Be Careful of this MLM! Join the Premier Financial Alliance team See Our Latest Jobs 5.0 Current Employee, more than 5 years The Real Deal for the Right Person Sep 18, 2022 - Provisional Field Director in Phoenix, AZ Recommend CEO Approval Business Outlook Pros Unlimited income potential. Click to DISCOVER a Proven Path to Financial Independence! Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. /Count 1 3 Beds. After reading this great review, we got to know about their activities. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. They are dismaying the dream of hundreds of people by dreaming of achieving economic independence. Primerica 2. 2 Baths. Pyramid schemes are dependent on recruiting. However, recent legal developments following a class action suit by several associates has made PFAs future more uncertain. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. 2020, Premier Financial Alliance, Inc. All rights reserved 1. Its not clear what benefits a member gets for paying this fee or what additional expenses a member might pay. (What is the World Financial Group? It can take months and considerable expense to get a license to sell life insurance. With an MLM that is a member of the Direct Sellers Association, the answers to these questions can be found in the Earning Disclosure Statement and the Compensation Plan. If you decide to get licensed , you will become independent licensed agent. Premier Financial Alliance is so poorly managed that there is no reason to trust it. 2. Thank you! Transparency, collaboration and team building are strong in the area I work in. While guarantees are always nice, you dont want to overpay for them. The termination usually needs to be filed within a 30 day window, however canceling affiliation is not always mandatory. The company is a subsidiary of CNO Financial Group. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. I have a small team of mostly nurses but bulk of my income comes from my personal production. % /Type /Catalog Affiliate membership requires payment of a $125 fee. From running errands, to arranging for health care and home health equipment, to preparing meals, . When you join Pfa you will get the training you need to be your own boss. Also, the more complex the product, the fewer competitors it will have, and competition drives prices down. The lawsuit specifically alleges that members of PFA earn commissions solely by recruiting new members and not by retailing insurance to non-members. Rockville Maryland *Consumer Comment: Multi-Level-Marketing Independent Agency Alliance (IAA) Scam (Is the World Financial Group a scam?). Copyright Duford Insurance Group 2014-2022
Having operated for some thirty years, as a result of PFAs business model the lawsuit alleges. There is always a lawsuit. California is the land of frivolous lawsuits. This allegation is significant because a telltale sign of a pyramid scheme is lack of retail sales to the public. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. They have perfected exploiting our trust and vulnerability. Premier Financial Alliance revenue is $91.0M annually. The truth is , these companies make money from their victims without nothing to give back. Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. Symmetry Financial Group 4. 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 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. 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.. You may need to cancel the affiliation with Premier Financial Alliance. Taking care of your financial needs may not be top of mind. Lan Zhang appears to be a top Premier Financial Alliance affiliate. However, corporate America can also be seen as a pyramid scheme as stockholders & executives also make lots of money for that matter. However the same order also stayed the case, pending outcome of a motion to compel arbitration in the 2019 pyramid case. I doubt it. Every page of the PFA website attempts to make you feel greedy for the pig in a poke they are selling. In this Premier Financial Alliance review, I take a close look at the companys claims of success. /Kids [8 0 R 9 0 R 10 0 R] INDIVIDUALS & FAMILIES
/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] There are many reasons you may want to quit Premier Financial Alliance, for example, you ran out of money to invest in leads, you ran out of prospects to sell to, or you simply found that the business of selling insurance wasnt a good fit for you. Emotional decisions are not logical decisions. 9 0 obj So there. Hopefully, the lawsuit that alleges they are a pyramid scheme will alert the Federal Trade Commission and shut them down. 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 . How much does that matter? The securities commission noted that the World Financial Group "did not have adequate controls and mechanisms in place to fully supervise the leveraged accounts." World Financial Group 3. Thanks for the review on premier financial alliance. /Annots [19 0 R 20 0 R] For advice concerning your own situation, please consult with your appropriate . /Rotate 0 Premier Financial Alliance makes $249,315 in a day. ". I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. We dont pay any monthly fee after that unlike other companies. In a single month, Premier Financial Alliance normally makes close to $7.6M in revenue. Corporate America companies get sued all the time by their rivals, so not to be too quick to label Pfa as a scam when you have not seen it for yourself. Now I have confirmed their illegitimate deals through your article. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. What does that mean?? Simply find another organization thats better suited to your insurance sales career goals, submit contracting through the new organization, and within the next few weeks, youre good to go and can stop doing business with Premier Financial Alliance. The court will determine if Premier Financial Alliance is a pyramid scheme. >> 6 0 obj Its main product is indexed universal life insurance, a form of permanent coverage that provides a cash value in addition to life insurance. Naturally, they want it up front, preferably from a credit card or debit card. I only had to pay the $125 non-refundable fee and I paid expenses for my insurance licensing like everyone else. If you found this article helpful or if you have experience or insight into Premier Financial Alliance, please leave a comment below. Like every other MLM, the Premier Financial Alliance website sells a dream of financial independence, and thats about all it does. Hi everyone, Premier Financial Alliance has 1,269 employees, and the revenue per employee ratio is $71,710. 7 0 obj Would you like to learn more? This naturally raised the question of what Premier Financial Alliances core priority was. Kosmos announced today its financial and operating results for the fourth quarter of 2022. And I will share this with our team. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. L'Institut National Suprieur du Professorat et de l'ducation Lille Hauts-de-France a le plaisir d'accueillir l'exposition Le bonheur des coliers de l'autrice Bordo Moncsi du lundi 16 janvier au mardi 9 mai 2023, sur les sites INSP de Gravelines. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. /F1 17 0 R The seasoned agents and the office manager would not answer the phone. link to Common Scams That Prey on Seniors and How to Prevent Them. If this sounds like you, youve found the right article! Why can this be an issue? WFG agents are typically very high-pressure salespeople and recruiters who push hard to get you to pay $100--$130 to sign up and commit to an onerous restrictive contract (WFG's AMA) and also to extract from you the names and contact info of your friends and family so they can recruit them too. with complete knowledge that the Defendants have violated Department of Insurance Guidelines and the anti-pyramid laws, but aided and abetted the conduct of Nationals co-defendants. There is an open and direct communication line with the CEO, the Executive Chairman and the other leaders in this company. ? /MediaBox [0 0 612 792] The less you understand, the more likely you are to be disappointed when you eventually compare the steak to the sizzle you were sold.
Unlike a legitimate direct sales company, a pyramid scheme must permit unlimited recruiting or die. This, the lawsuit states, comes at the expense of selling insurance policies to retail customers. Making substantial money can be achieved just by selling. Premier Financial Alliance et al 4:2021mc80087 | US District Court for the Northern District of California | Justia In Re PFA Insurance Marketing Litigation v. Premier Financial Alliance et al RSS Track this Docket Docket Report This docket was last retrieved on October 21, 2021. The business model described in the lawsuit is that of your typical no retail MLM pyramid scheme. Again, there is no information on the PFA website that answers this question. Too many new insurance agents fail within their first year that its imperative we get these things right the first time (as best we can). We feel comfortable that we now have the regulatory issues under control."[20]. That usually corresponds to four levels of management such as local, state, regional and national. To my believe, they are scam while newbies in online making money should stay away from. Not to mention the lawsuit that clearly describes Premier Financial as a pyramid scheme. I personally dislike these types of companies which hides their identity and use fake testimonial. In my opinion, at best, Premier Financial Alliance is a poorly organized and managed MLM. Unfortunately, neither are available for Premier Financial Alliance. Other sources online report that PFA has ten affiliate ranks. Other financial products from Premier Financial Alliance include term life insurance, whole life, and universal life, and annuities. - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. /ITXT (2.1.7) National Life Group is a trade name representing a diversified family of financial services companies offering life insurance, annuity and investment products. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. Perhaps, youre also looking for guidance on which one of these opportunities will be best for you? The PFA lawsuit is still playing out. 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. A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. As you mentioned, they often have highly motivated professional sales people ready to talk us out of our money. Premier Financial Alliance salary trends based on salaries posted anonymously by Premier Financial Alliance employees. Ill be checking in for updates on both cases on July 19th, after which our next scheduled case update will be on or around August 20th. That process can take days or weeks depending on the information received.Lastly, your agent will contact you and go over the results of your underwriting and details of your policy. 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." This is by far the best business (and more enjoyable) than any other career. 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. Typically, the window for companies to process affiliations is very short, with most companies approving insurance agent carrier appointments within 1 to 2 weeks on average. You do not have to buy PFA products to work there. they will earn vast wealth, luxury vehicles, and lavish trips when in reality more than 95% of PFA Associates average net losses. Those who sell these commissioned products are highly trained, but not in finance. So how can IULs offer market returns while still guaranteeing you wont lose money, at least on a nominal basis? 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. /Type /Pages Follow state politics, local business, crime, sports, environment and community news. He was also able to make a great deal of additional money on spread commissions from his downline. In performing due diligence on an MLM company, DSA is a good place to start. Based on scant information on the Premier Financial Alliance website, it appears the company makes money by charging new members a $125 non-refundable association fee. The devil is in the details, and when you really examine them, it becomes clear that these are products designed to be sold, not bought. Thanks for reading! Thanks for this article. It hassle you day and night with emails and text messages and demand long virtual meetings weekly. Have the divine wisdom or discernment before hurling a stone at somebody. Most organizations that push a recruitment-focused strategy usually offer way below-average sales training and support. Even for a petty $125. 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. Is the WFG (World Financial Group) a scam? The good news is, quitting Premier Financial Alliance is easy. IULs, however, only pay you based on the change in the index. Strong Vision with an easy to follow plan. On May 6th an initial case management conference for both cases was held. The reason it is so inexpensive is that people are unlikely to die before 60. 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 . Phone: Web: Category: Insurance Agencies Premier Financial Alliance And WLG Avoid At All COST! 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! << I dont know how people take delight in ripping off people of there hard earned money. Hi Ola: /Subtype /XML Just take a look at the commission advancement process. Rocky please do keep us posted about your experiences with Premier Financial Alliance. I agree. If you want more information about PFA than the website provides you must fill out a lengthy questionnaire and include the member number of the PFA associate who would be your sponsor. Even Disneyland gets sued. Ride the journey with bliss and gratitude! Plaintiffs Gonzales and Chen have opposed the motion, and a hearing to decide the matter has been scheduled for July 19th. Pfa offers to anyone who wants to own their own business a platform of training to become business owners. Dennis Villarin of Winnipeg, MB, a former agent who opened and trained others to open the above accounts, was stripped of his licensing and charged by the MFDA. Pyramid schemes are dependent on recruiting. 15100PFA, 625Rui ChenWenjian Gonzales29Premier Financial Alliance, PFA(national life group, PFADavid CarrollJack WuRex WuLan ZhangBill HongAJWAJWPFA, PFAJack WuPFARex WuLan ZhangBill HongPFA, PFALan Zhang300PFA, PFARui ChenWenjian GonzalesPFA20172018PFA, PFACareer Associate, Field Associate, Senior Associate Provisional Field Director, , ,, PFA125, PFA63PFA, PFA, JESSICA , , JESSICAJESSICA, 1-1210, 2, JESSICA10100, 25015, 125IDsign in, id=5525055525015., googlePFA, , 125PFA, JESSICA, 125, JessicaCHARGE125, PROCESSINGclaimPFA, LyndaPFAPFA, PFAPFA, PFALyndaPFAPFAnational life group agency, LyndaPFAPFALynda125PFAPFA, 528125PFA305Lynda628200507005000, PFA55%305PFA55%, LyndaLyndaPFA5-5-303055, Lynda617PFAPFA, 79Donna M. Ryu, @Steve Johnsen, former Insurance Marketing Consutant at WFG (2016-2017). To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. The PFA lawsuit is still playing out. Im sorry to hear that you lost funds, but how much did you lose? ", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. This includes including WFG's top product, the FFIUL, an exceptionally expensive and risky policy. In addition, the PFA agents receive a commission when they recruit a new affiliate. My upline made about $400K this last year all by himself on business direct to him. She is." Read more NOTE: Are you interested in selling insurance as a business? On the original 2018 pyramid scheme case docket, an administrative motion was filed on March 19th. Recognition outside the area I work in for all levels of leadership. An underwriter is someone who is specially trained to assess your application and determine what risk, if any, may exist.