I have to agree with truthtell.. You have to go where it fits you. as for the wfg pyramid if you haven't realized all business structures are pyramid. Yes you get increase in pay based on your ability to do work, as with this you get based on your ability to build a team. as for commission, it's 30% as a new trainee then increase to 45% and if you get to the higher levels (permanent worker) stock options etc your at 80%.. now for the record the reason why they have a bad rep due to research I've conducted is that they try to build fast (let some scum squeak by). kind of like loose lips sink ships, these people ruin reputations. I know people involved in the business, it's very legit, as compared to primeamerica (not knocking on it by any means). they focus on the recruiting to make money. as with WFG you aren't obligated other then the 3-3-30 that you originally do. also commission on plans are pretty good, I'm not really experienced with the insurance game to much. I'm new to the world, but I've seen some commissions ave 3000, and you get 30-40%.. can anyone verify other businesses? also they tell you at least the people I know... this isn't a business to get rich fast, if that's the case this business isn't for you, it takes time and patience to make large amounts of money. I know another thing to is that they say there is no quota they set for you as an individual, they set it for the whole company as a whole. but this is just my two cents on this topic. I'd love to hear feedback...
Starting at World Financial Group
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- 8,707
First we are talking about life insurance. Any licensed agent willing to take a 40% payout when the street level no production required is 90% or more needs to think about that for a second. You can with your production and or recruiting eventually get yourself to the same commission rate a single independent agent can achieve on day one with no proof of production.
Yes every orginization exists in the shape of a pyramid but most don't have the amount of levels between the producer and the carrier.
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If they pay for your license for free, in the long haul it will not be free.
I'm fairly sure the commissions aren't vested and you can not take any business with you when you leave...
I could not recruit my warm market, nor sell them so most captive situations and MLMs would never work for me.
WFG does not pay for your licensing. The benefit i see in WFG is the training or some people may say "meeting". For someone not knowing anything about finances or life insurance then going to these "meetings" is very helpful depending who is conducting the "meeting" (Think of it as Mcdonalds..not all Mcdonalds are the same. Sure they sell the same burgers and drinks but different locations there is a different person selling it to you. One location might put poop on your burger but the other location might piss in your drink. Did I ruin anyone lunch?)
Use these companies for your training purposes and you make the decision if the company is the right fit for you. Who knows YOU may NOT be the right fit for the company.
Each people are entitled to their own opinion. Some favors WFG, some doesn't, life goes on. There are pros and cons to being independent agent as well. If you know what you're doing, great! Being independent makes better commission anyway. However, if I were to go independent when I know nothing at all about insurance and/or finance, I am basically throwing myself into a pool full of shark.
The opportunity that WFG gave people is teaching everybody to not be independent and support each other. WFG is and always will be a team, no matter if you are new or not, you are always part of a team. If an agent needed help with something, the senior WFG agents are always there for them. Everything is about supporting each other. If you know what you're doing, wanted to go independent, and produce on your own, then WFG is definitely not for you. There are other great agencies out there that let you be independent seller and make better commission.
I just want to be frank that I am a WFG agent. Now, it doesn't mean that I favor WFG. I am completely neutral. Just because I joined doesn't mean I have to favor them. The reason I joined WFG is because I think of the long run. I want to build my own team, having massive passive residual income, and so I can retire whenever I want & still makes income because of the team that I built, not because of my assets or retirement funds. WFG gave me the opportunity to achieve all of that. However, if I were to go independent, it's true that I make more money in the beginning. However, if I were to retire or take a vacation later in life, I will not make any money. If something were to happen to me, I have to tap into my savings account or LTC or my cash value account to help me pay bills. There is no passive residual income coming from being independent agent.
Again, different people have different thoughts. This is just my 2 cents. I am not bashing on either WFG nor independent agents. I am completely neutral.
The opportunity that WFG gave people is teaching everybody to not be independent and support each other. WFG is and always will be a team, no matter if you are new or not, you are always part of a team. If an agent needed help with something, the senior WFG agents are always there for them. Everything is about supporting each other. If you know what you're doing, wanted to go independent, and produce on your own, then WFG is definitely not for you. There are other great agencies out there that let you be independent seller and make better commission.
I just want to be frank that I am a WFG agent. Now, it doesn't mean that I favor WFG. I am completely neutral. Just because I joined doesn't mean I have to favor them. The reason I joined WFG is because I think of the long run. I want to build my own team, having massive passive residual income, and so I can retire whenever I want & still makes income because of the team that I built, not because of my assets or retirement funds. WFG gave me the opportunity to achieve all of that. However, if I were to go independent, it's true that I make more money in the beginning. However, if I were to retire or take a vacation later in life, I will not make any money. If something were to happen to me, I have to tap into my savings account or LTC or my cash value account to help me pay bills. There is no passive residual income coming from being independent agent.
Again, different people have different thoughts. This is just my 2 cents. I am not bashing on either WFG nor independent agents. I am completely neutral.
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Have fun staying neutral as the chances of you being successful at this (WFG) are less than 1%.
When saying this, please know I am not bashing on either WFG nor independent agents. I am completely neutral.
When saying this, please know I am not bashing on either WFG nor independent agents. I am completely neutral.
Have fun staying neutral as the chances of you being successful at this (WFG) are less than 1%.
When saying this, please know I am not bashing on either WFG nor independent agents. I am completely neutral.
We're all adults here. So why don't you stop acting like a child and grow up instead of playing the teasing game? I don't play games when it comes to business. I have no time to decipher your witty remarks as it is meaningless to me.
- 16,881
How does that work exactly? How is building a downline team different if you do it at WFG with only 100% contracts to work with than if you did it as an independent agent with higher contracts?
How does your team not scatter on you once you "retire" and they are stuck with no daily success to you for support and they could easily jump over to an active upline AND higher commission contracts?
Aren't "renewals" a much better plan for supplementing your own retirement? Paired with real retirement income from annuities or investments? You could buy these from the extra commission you are giving up like all smart people do who plan ahead for retirement. Are you putting anything back for the future or going all in on this WFG scheme? Is WFG shaving your renew percentages down? If so, that is stealing your retirement money.
I've watched these really, really bad companies pitch bogus schemes for 20-years to greenhorn agents. One of the most unrealistic schemes is to try to get agents with no knowledge of the industry that they can "retire" one day off passive downline income. Do you know why they pitch this scheme to you? They do it because they are trying to get you excited about recruiting your friends and family at low, low commissions. No one in their right mind that understands the industry would sign up at reduced commissions. But if they can get you leverage your friends and family that don't know any better and have trust in your judgement, they can get some that way.
Going down this path you will end up broke with damaged relationships with your friends and you will be several years behind on funding your retirement.
You won't believe I am trying to help you when you read this today. But read this post again in 5-years and it will be a head slapper. That sales pitch that you have been given is strong and many of you guys have fallen for it in the past and will in the future. But once you get a little mileage on you, you will look back and say "How the hell did I fall for that?"
Lets look at WFG's genetic clone, half sister if you will, Primerica. All they talk about is their "Opportunity" for wealth, residual income, owning your own business, blah blah blah. Now lets contrast that with the info at the top of page 38;
http://investors.primerica.com/Cache/c33106258.html
Bear in mind that 34% of their licensed force and 84% of recruits leave each year, and the fact that their IBA clearly states if you leave, your clients stay with the "mothership", and you have a non-compete clause. The truth is, less than 1% of all their reps since 1977 ever exceeded $50k during any best 12 month rolling window, including advances (before expenses). The majority of their big earners started back in the A.L. Williams boom days, with virgin territories. Anyone starting there today has little hope of achieving those numbers. Thats why 1.6 million have joined, then left, since 2009 alone. MLMs are great at selling a dream, but in reality, you're a client first and foremost. Last year, Primerica collected an average of $421 per rep for online access and marketing materials.
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Just to put it in perspective....
When I was a full-time State Farm agency "owner", I made only 20% on most term and 30% on most perm. All was paid "as-earned"... I became a SF agent because I was buying into a "system" (what a joke).
30% with advances to someone that is new to the industry is not that horrible when you take that SF joke into consideration. Especially considering the support system and mentorship - there is a price for that. What good is an 80% contract for a new person if they don't know anything or how to sell? 80% of nothing is nothing.
I'm not sure if WFG will place experienced people at a more reasonable contract....
I'm not saying to go out and join WFG, but anytime you join a company with a system, you are not going to get paid what you would if you were 100% "on your own". I don't know what New York Life or Mass Mutual agents make, but I can certainly guess they are not making 80%-100% on first year premium either...
When I was a full-time State Farm agency "owner", I made only 20% on most term and 30% on most perm. All was paid "as-earned"... I became a SF agent because I was buying into a "system" (what a joke).
30% with advances to someone that is new to the industry is not that horrible when you take that SF joke into consideration. Especially considering the support system and mentorship - there is a price for that. What good is an 80% contract for a new person if they don't know anything or how to sell? 80% of nothing is nothing.
I'm not sure if WFG will place experienced people at a more reasonable contract....
I'm not saying to go out and join WFG, but anytime you join a company with a system, you are not going to get paid what you would if you were 100% "on your own". I don't know what New York Life or Mass Mutual agents make, but I can certainly guess they are not making 80%-100% on first year premium either...
