The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. Your OPINION are NOT FACTS. Common Scams That Prey on Seniors and How to Prevent Them. An underwriter is someone who is specially trained to assess your application and determine what risk, if any, may exist. 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. /Pages 3 0 R Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771 To sell the financial-success promise, PFA, Carroll, J. Wu, R. Wu, Hong, Zhang, and AJW flaunt the wealth of the highest-ranked Associates and those few insiders at the top of the pyramid, as examples of the riches that await new participants, if only they will work hard enough (i.e., tirelessly recruit new Associates). When it goes up, you get to participate in that increased return. In performing due diligence on an MLM company, DSA is a good place to start. << As a whole, the salesmanship of most agents (even those above you) tends to be poor. . Is the WFG (World Financial Group) a scam? Why can this be an issue? /Parent 9 0 R 3 0 obj Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. Both are multilevel marketing firm (MLM) companies. Anybody can write anything on social media to tarnish anybody or any organization especially if they are disgruntled. SUWANEE, GA / ACCESSWIRE / November 14, 2016 / David Carroll, CEO and Founder of Premier Financial Alliance, Inc. announced on April 30th, 2016, the debut of Living Life indexed universal. Symmetry Financial Group is an insurance marketing organization based out of Swannanoa, North Carolina. Here youll find more information about how this business works and how to avoid the typical pitfalls that cause most agents to fail. ". WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". By David Duford - January 03, 2023 - 5 Mins Read. Essentially, by answering Taylors questions, we can find out if a company is legitimate or if it exploits its associates. For the quarter, the Company generated a net loss of $114 million , or $0.24 per diluted share. Every page of the PFA website attempts to make you feel greedy for the pig in a poke they are selling. That appears to be happening with PFA. Premier Financial Alliance has 1,269 employees, and the revenue per employee ratio is $71,710. Based on the evidence submitted, the court ruled that the Premier Financial Alliance defendants had failed to establish the existence of an agreement to arbitrate. Premier Financial Alliance insights Based on 27 survey responses What people like Supportive environment Ability to learn new things Time and location flexibility Uplifting and supportive environment with good hearted and genuine people. Required fields are marked *. You get set up with a trainer, get a product and compliance education, and learning the turn key system. 13 0 obj This aggressive side of Marquez is loved and appreciated by . 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. There are two sides to a story. /Type /Pages Presented by Sydney Opera House in association with Hachette Australia and NSW Premier's Reading Challenge, Department of Education . Although prospective associates are told they will be able to maintain their own insurance business, the policy bought and sold through the pyramid is significantly overpriced. This blog has been revealing and alerting us about scanners. Even now, at historically low yields of around 2%, the dividend still accounts for one-fifth of the market return. However, a statement on the PFA website states that no commissions can be earned until a member is licensed to sell life insurance. Rockville Maryland *Consumer Comment: Multi-Level-Marketing Independent Agency Alliance (IAA) Scam Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. Just take a look at the commission advancement process. 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. Unfortunately, neither are available for Premier Financial Alliance. Would you like to learn more?You run your business.You are busy and your time is valuable. Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. This fee is non-refundable. IULs have many moving parts. 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.". Our role as a combined voice for all councils is incredibly important in shining a light on key issues of policy, funding and legislation and how these impact at a local level. Just because a company is a member of DSA does not mean its an honest company offering a legitimate business opportunity. Then, WFG threatens legal action against associated who do not pay their trumped-up fees. Strong company culture. They simply dont want to deal with the same headaches you get with a typical employer. Freedom Equity Group focuses on selling life insurance and annuities. /Type /Pages I've owned franchises, restaurants, held my real estate license in 2 states and worked in corporate sales. The Premier Financial Alliance Lawsuit. A California lawsuit alleging that Premier Financial Alliance is a pyramid scheme also states that commissions are earned on the sale of over-priced life insurance and that money is made by recruiting others into the scheme and selling them the same over-priced life insurance. "We've had the opportunity to visit shelters, we've had the opportunity to meet with NGOs on the ground who are providing assistance, we are meeting with individuals who are operating in Ukraine . PFA is broker for Life Insurance Companies. Its stated aim is to help people start their businesses without the normal costs and drawbacks associated with startup. Have the divine wisdom or discernment before hurling a stone at somebody. Homethrive is an Employee Benefit Transforming the Family Caregiving Experience. Questions must be sent no later than 1 June . The specific formula is outlined in the policy documents, but, in general, is related to the performance of the stock market. What does that mean?? The company is headquartered in Suwanee, Georgia. Can You Trust Premier Financial Alliance? Thus, you will need to be licensed before you can earn your commissions. I personally know someone (immigrant) who made it good in PFA. You do your own marketing. 15 0 obj , former Finance at Wells Fargo (2001-2002), , , , , , , . Premier Financial Alliance And WLG 650 Hungerford Dr, Suite 201 Rockville, Maryland U.S.A. SUWANEE, GA / ACCESSWIRE / November 14, 2016 / David Carroll, CEO and Founder of Premier Financial Alliance, Inc. announced on April 30th, 2016, the debut of Living Life indexed universal. The telemarketers can tell you anything to get your money and they often do. [Exposition] . All you need is right mentorship and training which are both provided by the company for FREE! /Parent 3 0 R /Parent 3 0 R She is one of the top leaders in Premier Financial Alliance. After reading this great review, we got to know about their activities. This article is helpful. Im sorry to hear that you lost funds, but how much did you lose? She worked hard for it and she was mentored by a very successful PFA coach. /Contents 16 0 R They encourage associates to be intentionally vague and not answer questions about the opportunity. endobj I work in the healthcare business. 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. PS: If you would like to learn more about insurance sales opportunities other than Premier Financial Alliance and World Financial Group, weve posted tons of insurance career reviews on this page. Of course, when you have such large numbers of people out there in the field, it is quite an effort. endobj Pyramid schemes are dependent on recruiting. Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. If you do, the first step is to give them $125 you will never get back. /F1 17 0 R 100, Sounds like that exactly whats going on. This is why they stay broke and remain to stay there. Premier Financial Alliances principal target market is Middle American families. 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. 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 would love to buy Living Life by Design but due to my health I cannot qualify. Girard Sharp law firm filed the lawsuit. Below, my goal is to highlight a few key factors for you to consider before you join any organization, whether Premier Financial Alliance, World Financial Group, or another agency. Marc Marquez is known for his maverick overtaking manoeuvres and swatting aside his rivals on the track. NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? /Type /Metadata Marc Marquez: Human side. 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. Organization especially if they are selling, get a product and compliance education, and the revenue employee! And determine what risk, if any, may exist turn key system Chen and Wenjian Gozales California... 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