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. This is a permanent life insurance product that combines pure insurance protection with cash value accumulation. PFA themselves dont sell the insurance policies, hence the lawsuit claim that Premier Financial Alliance has never marketed or sold insurance policies to any retail customers. It specializes in marketing innovative and affordable health coverage plans. Welcome to Premier Financial Alliance Explore the opportunity to leverage your talents and abilities so you can begin building your own successful financial services business today. Thats where National Life Group can help. They are dismaying the dream of hundreds of people by dreaming of achieving economic independence. Reviews, Gwinnett County Board of Education Reviews, Gwinnett County Board of Education Careers. The promises of MLM to people for financial breakthrough is a mirage. Its insurance products include life insurance and supplemental health. 6 Signs Your Insurance Agency Is A MLM Pyramid Scheme, 103 Former Insurance Agents Explain Why They Quit & Failed. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. %PDF-1.7 Is it a scam? You are so right about MLM. The truth is , these companies make money from their victims without nothing to give back. prices are so low? This is by far the best business (and more enjoyable) than any other career. /Type /Metadata >> . Premier Financial Alliance is a secretive multi-level marketing company claiming to offer an opportunity to build a financial services business. Pyramid schemes are dependent on recruiting. The results of that case are still undetermined. He has been instrumental in guiding and advising many significant local retirement plan sponsors. /MediaBox [0 0 612 792] 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. There is an open and direct communication line with the CEO, the Executive Chairman and the other leaders in this company. Plaintiffs Gonzales and Chen are seeking to represent a class of similarly situated Premier Financial Alliance victims, of whom they estimate there are over 25,000. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. Click to DISCOVER a Proven Path to Financial Independence! 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. Marc Marquez is known for his maverick overtaking manoeuvres and swatting aside his rivals on the track. That is not the way to start a business. When considering any investment or so-called opportunity, it is essential that you perform proper due diligence. Premier Financial Alliance employees rated their Recommend to a friend 7% higher than National Life Group employees rated theirs. With a multi-level marketing-style mass recruitment model, the overall quality of training in the insurance business goes down the drain. Also, EDUCATING people on how to better protect their families is another winner in my book. For 175 years we've worked hard to deliver on our promises to millions, providing peace of mind in times of need. 1 0 obj should know. >> After 30 years, a nest egg growing at 8% instead of 10% ends up 42% smaller. 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. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. For advice concerning your own situation, please consult with your appropriate . Bottom line, quitting Premier Financial Alliance is no big deal. Offers excellent training & support, great benefits and educational opportunities. Premier Financial Alliance 5. COSLA is the voice of Local Government in Scotland. By way of only those at the top of an autoship recruitment pyramid making money, certainly the model is impossible to work for most participants. 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 . Commission increases are dependent on agency building, higher levels of recruiting, and production. This is a great product review with lots of important information about the premier financial alliance. There is no way to know what a person is getting into when they visit the Premier Financial Alliance website. Give the amount of investment it takes to start a business compared to the cost of paying the $125 entry fee and costs for training I dont understand how this should be an issue. 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. Also, the more complex the product, the fewer competitors it will have, and competition drives prices down. ? C2820332, that currently does business at 8000 Marina Blvd., Ste. [20]Aegon's Chief Executive Officer Alexander Wynaendts said on Bloomberg TV that "When we took the company over, we put in place very strict regulatory and compliance procedures. The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. Think carefully about whether this role is right for you. You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . Your article is helpful. Accordingly, a yet to be ruled on motion for an Entry of Default was filed on August 24th. Thanks for this article. Perhaps this is why there is so little information on the Premier Financial Alliance website. In other words, you must enter the recruiting process. Pyramid schemes are dependent on recruiting. If that 95% figure is anywhere remotely accurate, Premier Financial Alliance appears to be a prime target for an FTC shutdown. Are they a good fit for you? An underwriter is someone who is specially trained to assess your application and determine what risk, if any, may exist. Check out myfree New Insurance Agent Resource Guideto help answer many of your questions (as well as ones you didnt know you had!). Statements made on a website could be legally binding. /Parent 8 0 R /ITXT (2.1.7) This is why they stay broke and remain to stay there. Plaintiffs Gonzales and Chen have opposed the motion, and a hearing to decide the matter has been scheduled for July 19th. . Already we see class-action lawsuits launched, and in the research phase, against its parent company Transamerica, and the Universal Life insurance it produces. Because Premier Financial Alliance is so poorly managed, its a little easier to see the holes in their operation, but most MLMs are much more sophisticated. To those who would totally believe that PFA is a scam. 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. This means that the same Californian Judge will hear both cases. Yes, absolutely WFG is a scam. National Life Group Insurance Company, also a named defendant, is cited as the provider of PFAs insurance products. 47.7. 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. How often does that happen? To make matters worse, IULs usually have a cap rate. 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 . I only had to pay the $125 non-refundable fee and I paid expenses for my insurance licensing like everyone else. Or message me here. The fundamental flaw is that there is no end benefit; the money simply travels up the chain, and only the originator (or at best a very few) wins in swindling his followers. /AA 5 0 R 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.". The company is headquartered in Suwanee, Georgia. You dont need a permanent policy to insure against a temporary risk. Premier Financial Alliance revenue is $91.0M annually. The odds are you will lose. In our review we found an astonishing lack of information provided to potential PFA retail customers or indeed, whether retail sales were even possible at all. If you are bitter about investing the $125 to educate yourself then quit and move on. 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. Without buying a new policy, they will not train you. Other financial products from Premier Financial Alliance include term life insurance, whole life, and universal life, and annuities. WFG Securities (Canada) was under investigation by the Manitoba Securities Commission in 2008, after some investors say they ended up in financial situations they did not understand regarding leveraged accounts. Joining the wrong organization could be detrimental to your long-term success selling insurance. In the end, I often fall into the trap of being cheated. 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. While guarantees are always nice, you dont want to overpay for them. My goal was to provide clarity and transparency on how the company works and what circumstances you need to be aware of. IULs are, by definition, permanent life insurance policies. PFA is broker for Life Insurance Companies. According to the Direct Selling Associates Code of Ethics, the information on the Earning Disclosure must be substantiated by competent and reliable evidence.. >> endstream Your email address will not be published. Sorry to hear you lost money to Premier Financial Alliance. No persons, except the promotors and operators of the Premier Financial Alliance scheme make any money. Stated aims of the class-action include establishing. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. After paying the $125 non-refundable fee AND getting a license to sell life insurance, PFA members can recruit others into the scheme. These products dont pass the common sense test. Term insurance is very inexpensive: less than $350 per year for a $1 million, 30-year level term policy bought on a healthy 30-year-old. In BehindMLMs own May 2016Premier Financial Alliance review, I opined. Premier Financial Alliance Investment & Asset Management Salaries National Life Group has 450 more total submitted salaries than Premier Financial Alliance. /Type /Pages Most of what you find on the Premier Financial Alliance website (pfaonline.com) pushes the business opportunity. A scam is when you pay money & gets nothing in return but what you get in return is a team of coaches and a business platform that help you build your own business. /Type /Pages In addition to covering that, today we're also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. 2. It can take months and considerable expense to get a license to sell life insurance. The opportunity enabled me to quit nursing after 2 years. /Type /Pages link to Common Scams That Prey on Seniors and How to Prevent Them. National Life Insurance Company National Life Group,National Life Insurance Co., Life Insurance Company of the Southwest, didnt pay the beneficiary upon the creators death, instead began demanding monthly payments for the life insurance from the beneficiary then created a loan to steal the benefits from the beneficiary Montpelier Vermont National Life Group-Premier Financial Alliance can help you plan for a comfortable retirement with steady permanent life insurance and annuities in. Would you like to learn more?You run your business.You are busy and your time is valuable. A legitimate direct selling company earns most of its revenue through retail sales. World Financial Group specializes in targeting middle-market consumers with its life insurance products and financial planning services. PFA collects $125 non refundable after filling lot of questionnaires and at the end all is a scam. 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. The securities commission noted that the World Financial Group "did not have adequate controls and mechanisms in place to fully supervise the leveraged accounts." No tangible Information on their website. Since Premier Financial Alliance has taken no steps to prove they are NOT a pyramid scheme, we may assume the worse. The data presented on this page does not represent the view of Premier Financial Alliance and its employees or that of Zippia. SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. I believe that many people will find the real truth about this company. 6 0 obj /Kids [11 0 R 12 0 R 13 0 R 14 0 R] Transparency, collaboration and team building are strong in the area I work in. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a "particularly egregious classic pyramid scheme". Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. Wang and Zong, both New Jersey residents, claim Premier Financial Alliance is a pyramid scheme they were lured into. Kudos for sharing this article. Here is a brief overview of the products and strategies featured through the Premier Financial Alliance services. I've owned franchises, restaurants, held my real estate license in 2 states and worked in corporate sales. World Financial Group 3. 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. 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. They fail to realize that had they had a harder look at the organization they joined beforehand, their experience starting out in the insurance business could have been very different. The caveat is, is that you have to make money to pay it. Why Affiliate Marketing is Better than MLM. Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. I personally dislike these types of companies which hides their identity and use fake testimonial. PHP Agency 6. The company serves the middle markets for insurance-based financial planning. I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. On January 22nd, 2019, the court denied both motions. USHEALTH offers individual health coverage plans and a number of related supplementary products. Strong company culture. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. Premier Financial Alliance may also be known as or be related to Premier Financial Alliance. The Premier Financial Alliances Mentorship Program provides its associates with programs that are dedicated to help them build their business. << In the questionnaire, youre required to provide a phone number. A hearing to decide the arbitration matter was scheduled for July 19th. I personally saw a best friend of mine earned her commissions in 3 weeks. 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. Premiere Financial Alliance Insurance website, Premier Financial Alliance Insurance Pyramid Scheme Class Action, Copyright Duford Insurance Group 2014-2022 Financial education, training, and leadership programs offered by agents at Premier Financial Alliance help form partnerships with new entrepreneurs and turn them into lifelong associates in their business network. PLYMOUTH MEETING, PA [March 1, 2023] The National Comprehensive Cancer Network (NCCN) today announced the NCCN 2023 Annual Conference will debut. You shouldn't take just my word for this. Ride the journey with bliss and gratitude! Their training is in sales, and they are generally very good at what they do. I have no downline and I am still making money. According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. /Type /Pages On the original 2018 pyramid scheme case docket, an administrative motion was filed on March 19th. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. It's not a get rich overnight scheme. Premier Financial Alliance specializes in helping people become partners in a large business network in order to build their own financial services business. WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". World Financial Group is a Transamerica-owned company that sells financial planning services, such as savings, insurance, and retirement products. 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