While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Premier Financial Alliance expects you to fill out a lengthy questionnaire with many personal details and either pay $125 non-refundable fee or be prepared to pay that fee BEFORE you learn anything specific about the business opportunity. According to the lawsuit, Premier Financial Alliance members only sell insurance to other members, indicating that PFA may indeed be a pyramid scheme. Freedom Equity Group, based in Arroyo Grande, California, is an independent marketing organization (IMO) that contracts with insurance companies to promote and distribute a range of life insurance products. Here is a brief overview of the products and strategies featured through the Premier Financial Alliance services. Are they a good fit for you? 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. PFA mitigates some of the financial and logistical risks that come with starting a business, acting as a self-proclaimed safety net for their partners so they can focus on their creative freedom, leadership strategies, and sales tactics without fear of failing because of their record or credentials. For more details on what I write, please go here: What is the World Financial Group? He has been instrumental in guiding and advising many significant local retirement plan sponsors. The business opportunity is focused on recruiting people, and have them purchase 100 points in volumes. In this world, nobody is perfect, only GOD is! Strong Vision with an easy to follow plan. << The flexible work schedule is greatly appreciated. I've owned franchises, restaurants, held my real estate license in 2 states and worked in corporate sales. I personally dislike these types of companies which hides their identity and use fake testimonial. Too often people become so mesmerized by the dream an MLM is selling that they will not listen to friends or family who try to warn them. It doesnt. Private, wooded with nearby apple farms, IPark Business Complex h. Thus, you will need to be licensed before you can earn your commissions. 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). This is called financial independence. When an MLM is not a member of DSA, it is cause for concern as it reveals they are not the least bit interested in appearing legitimate or abiding by any code of ethics. Premiere Financial Alliance (PFA) sell for National Life Group which doesn't have a good reputation in the Insurance Industry plus Premiere Financial Alliance (PFA) only push one product and one product only from National Life Group which is an (IUL) Indexed Universal Life Insurance Product and Premiere Financial Alliance (PFA) does not represent Hence, this is not a scam. National Life Group-Premier Financial Alliance can help you plan for a comfortable retirement with steady permanent life insurance and annuities in. /Type /Pages National Life Group is a trade name representing a diversified family of financial services companies offering life insurance, annuity and investment products. /MediaBox [0 0 612 792] I consider them to be one of the scam sites in the world. 7 0 obj To become an associate, an individual allegedly has to buy into the scheme for a non-refundable $125. You shouldn't take just my word for this. Premier Financial Alliance affiliates are promised. Bankers Life offers life insurance, long-term care, annuities, Medicare (Supplements, Advantage Plans, Part D prescription drug coverage), critical illness insurance, as well as vision and dental plans. link to Common Scams That Prey on Seniors and How to Prevent Them. >> I have no downline and I am still making money. Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. World Financial Group 3. Living Beneits Advocate (Current Employee) - Remote - September 30, 2022 Arnold & Porter > Newark, United States > Firm Profile. Each state has specific fees and requirements for a life insurance license. Thanks for sharing this informative review with us. This is the process that an insurance company uses to determine the risk of 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. Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. 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 . Hi everyone, 2 0 obj 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 . 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. Perhaps this is why there is so little information on the Premier Financial Alliance website. If they stop recruiting, pyramid schemes quickly collapse. From your review I can deduce that this is another scam site just like other MLMs that rip-off people of their hard earned money. I hope you enjoyed my article on Premier Financial Alliance. In addition, the PFA agents receive a commission when they recruit a new affiliate. Affiliate membership requires payment of a $125 fee. Premier Financial Alliance 5. >> >> Sounds like that exactly whats going on. IULs are, by definition, permanent life insurance policies. There is no way to know what a person is getting into when they visit the Premier Financial Alliance website. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. And somehow else, they dont tell you about recoupments. endobj Indexed universal life insurance (IUL) is an insurance product that seems to promise you can have your cake and eat it, too. A legitimate direct sales company keeps management streamlined and compact, so the largest percentage of commissions is paid to the people making the sales. The company also offers final expense insurance, a type of whole life insurance designed to cover medical bills and funeral expenses after the policyholders passing. Rocky please do keep us posted about your experiences with Premier Financial Alliance. Naturally, they want it up front, preferably from a credit card or debit card. Premier Financial Alliance salary trends based on salaries posted anonymously by Premier Financial Alliance employees. If that 95% figure is anywhere remotely accurate, Premier Financial Alliance appears to be a prime target for an FTC shutdown. Your this comprehensive review will help people to become aware. I have been fortunate to have gained life and leadership experience within numerous commercial industries & public sector domains while leading . Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! As such, the insurance component is very expensive. To overcome this, I recommend that new agents focus on mastering whatever insurance product theyre interested in before moving on to recruitment. Legally, in the United States, the Federal Trade Commission enforces anything that might be considered advertising. WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". /Parent 9 0 R On November 28th defendants A JW Production, LLC, Bill Hong, The Consortium Group, LLC, Jack Wu, Rex Wu, and Lan Zhang, filed their own motion requesting the same. Now you know a little more about how Premier Financial Alliance and World Financial Group works, Id like to talk about my experience as an insurance agent since 2011 and as an insurance agency owner since 2014. Both are multilevel marketing firm (MLM) companies. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. Pioneer Financial Group-$270,000: 7-LIFE & HEALTH UNDERWRITER-$230,000: 5-American Income Life Insurance-$6.3B: 11,000-National . The Premier Financial Alliance Lawsuit. 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'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. New York Life, established in 1845, is the largest mutual life insurance company in the country. The securities commission noted that the World Financial Group "did not have adequate controls and mechanisms in place to fully supervise the leveraged accounts." By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. 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. Each year, this announced rate is multiplied by your cash value and the product is added to your cash value. . Its not clear what benefits a member gets for paying this fee or what additional expenses a member might pay. Transamerica, WFG, Primerica: What Do These Businesses Have in Common? Its insurance products include life insurance and supplemental health. We dont pay any monthly fee after that unlike other companies. To this date, I am grateful to God for my friend and neighbor who introduced me to the opportunity. Copyright Duford Insurance Group 2014-2022 My respect to all elders, past, present & emerging. Other financial products from Premier Financial Alliance include term life insurance, whole life, and universal life, and annuities. 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. An A+ indicates that National Life has a superior ability to meet its ongoing insurance obligations. Also, the more complex the product, the fewer competitors it will have, and competition drives prices down. Partnership to Encourage Mental Health Awareness. The Direct Sellers Association attempts to regulate direct selling companies and multi-level marketing companies. endobj I just started PFA. There are two sides to a story. ", "Libby leads by example. Multi-level marketing companies that are members of the Direct Selling Association must make available to all prospects an Earning Disclosure Statement. Everyone admires and respects her for what she has accomplished in such a short period of time. I was told to get five dowlines and it goes on and on . A RICO class action lawsuit filed in California in June 2018, alleges that Premier Financial Alliance operates an illegal pyramid scheme. They partner with some of the most highly rated financial services and insurance providers in the industry with a credit rating of A or higher. Not to mention the lawsuit that clearly describes Premier Financial as a pyramid scheme. That amount is utilized to maintain our individual agent portal. 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. endobj Of course, when you have such large numbers of people out there in the field, it is quite an effort. Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771 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. 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. /ArtBox [0 0 612 792] 6 0 obj Can they successfully sell insurance? To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. National Life Group is a group of financial service companies that offers life insurance and annuity products for individuals, families, and businesses. In other words, you must enter the recruiting process. Millions of Americans provide care to loved ones who are aging or have special needs, many of whom have nowhere to turn for support and caregiver relief. PS. I personally know someone (immigrant) who made it good in PFA. The odds are you will lose. - *Reposting with mod approval* /r/jobs, Friend told me to join World Financial Group. The difference lies in how the cash value account grows. The court will determine if Premier Financial Alliance is a pyramid scheme. /Count 1 /Subtype /XML Premier Financial Alliance And WLG 650 Hungerford Dr, Suite 201 Rockville, Maryland U.S.A. /F1 17 0 R Nearby homes similar to 34870 Arroyo Rd have recently sold between $450K to $450K at an average of $315 per square foot. Would you like to learn more? According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. In performing due diligence on an MLM company, DSA is a good place to start. BMO's chief sustainability officer, Michael Torrance, said the bank is "Guided by our Purpose to Boldly Grow the Good in business and life.". >> She is highly intelligent, great at the follow up, a strong negotiator, and you'll really feel her desire to win for you! endobj The company have a system to do that. Thanks for this article. 2. IULs, however, only pay you based on the change in the index. I encourage anyone who reads this to do your due diligence by talking to real people with real experiences or relationships with the company before casting your unpleasant judgement. That is not the way to start a business. I would love to buy Living Life by Design but due to my health I cannot qualify. She is very respectable in the community she lives in, ethical and trustworthy. 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. 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. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. 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. Premier Financial Alliance peak revenue was $91.0M in 2021. And, the $125 entry fee is enough to choke on. 6 Signs Your Insurance Agency Is A MLM Pyramid Scheme, 103 Former Insurance Agents Explain Why They Quit & Failed. Just take a look at the commission advancement process. However, we can use criteria established by Dr. Jon Taylor and published on the Federal Trade Commissions website to determine how closely PFA resembles a pyramid scheme. >> You wont find anything specific about what Premier Financial Alliance is or what you must do to succeed with their opportunity. 3 0 obj 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 KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? Thats all the reason you need to avoid PFA. Lan Zhang appears to be a top Premier Financial Alliance affiliate. This is a flat out lie. They encourage associates to be intentionally vague and not answer questions about the opportunity. I just started selling after I was trained (for free) on the PFA system. Without buying a new policy, they will not train you. /Type /Pages And most quit the business prematurely. If Premier Financial Alliance is indeed an MLM company full of affiliates earning commissions based on how much their recruited downlines are spending each month thats a problem. 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. /Type /Page Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. In the end, I often fall into the trap of being cheated. << It's only a matter of time before the authorities catch up with this very fast and loose MLM. My upline made about $400K this last year all by himself on business direct to him. We know from the notice at the bottom of the PFA questionnaire page that a member must pay a $125 non-refundable fee. The big deal is that if you go back to 1870, the average dividend yield of the stock market is over 4%. 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 .