", "Libby leads by example. And the GULLIBLES who are broke and negative would simply buy your opinion. >> /Count 5 The specific formula is outlined in the policy documents, but, in general, is related to the performance of the stock market. Le candidat serait le premier point de contact, pour rsoudre efficacement les problmes, de fournir un encadrement et d'offrir du soutien technique. 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. To achieve this, they create a commission structure that rewards the founder of the scheme and a few members at the topmost ranks who joined the scheme early. That means that if a client doesnt pay their premiums they will take the commission back! WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". Since there is no evidence on the website that retail sales are even possible, I suspect that PFA is indeed dependent on recruiting, but ultimately, the answer to this question cannot be conclusively determined. Any time the S&P 500 index returned more than 12%, you just get 12%. She is." Read more I have been fortunate to have gained life and leadership experience within numerous commercial industries & public sector domains while leading . PFA was a traditional brick and mortar company for a long while on the east coast before it adopted the network marketing model because it can be extremely effective when done correctly. Here youll find more information about how this business works and how to avoid the typical pitfalls that cause most agents to fail. Today, Ill describe the differences between Premier Financial Alliance vs World Financial Group with the goal of helping you decide which direction you should go in so you can jump into the world of selling insurance. He was also able to make a great deal of additional money on spread commissions from his downline. If this is true, PFA is hiding it for some reason. 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. "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 . This, the lawsuit states, comes at the expense of selling insurance policies to retail customers. A 2016 video cites Zhang as a Premier Financial Alliance President, and depicts her receiving a special birthday present from PFA founder and CEO, David Carroll. Companies that are members of DSA agree to a code of ethics and to resolve complaints registered with DSA. /Font << In April 2010, WGS was fined in excess of $850,000 as the result of the unauthorized sale of private securities by some of its agents in the State of Arizona. ", "Libby leads by example. /Tabs /W The truth is , these companies make money from their victims without nothing to give back. 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. 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. /Resources 56 0 R /Type /Metadata 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. Here is a brief overview of the products and strategies featured through the Premier Financial Alliance services. "Work life balance" was the most mentioned, "Great leadership" was the most mentioned, "Entrepreneurship" was the most mentioned, Read more National Life Group reviews (349), Read more Premier Financial Alliance reviews (146). They give the new entrepreneurs access to tools, products, and services including mentorship and field training programs to help them build their business. Premier Financial Alliance is so poorly managed that there is no reason to trust it. There are two sides to a story. National Life Group is most highly rated for Work/life balance and Premier Financial Alliance is most highly rated for Culture. If you do, the first step is to give them $125 you will never get back. 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. Premier Financial Alliance and all MLMs are birds of a feather. Living Beneits Advocate (Current Employee) - Remote - September 30, 2022 Regardless of where you are in life, there is probably a lot going on. Premier Financial Alliance, Inc. (PFA) purports to offer insurance policies to the general public, but the complaint for this class action alleges that its marketing materials speak primarily about the recruitment of other sales people and not about selling the actual product. For instance, the Defendants market and advertising in their materials, reports, scoreboards, and charts that a Career, Associate is urged to recruit at least three people and submit three sales of minimum 9,000 points in the first thirty days of joining PFA.. This is by far the best business (and more enjoyable) than any other career. Chen and Gonzales lawsuit attributes the lack of retail disclosure to PFA. According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. A more recent docket listing may be available from PACER . It starts with a look at the companys Earning Disclosure Statement. You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . endobj I just started selling after I was trained (for free) on the PFA system. Those who sell these commissioned products are highly trained, but not in finance. The good news is, quitting Premier Financial Alliance is easy. SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. I have not heard about this company before. So many negative people (like you ) who like to put people down just because they are a HATER. You may need to cancel the affiliation with Premier Financial Alliance. In other words, you must enter the recruiting process. Better yet, can they teach you how? Its really tragic. National Life Group is a trade name representing a diversified family of financial services companies offering life insurance, annuity and investment products. 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. Nearby homes similar to 34870 Arroyo Rd have recently sold between $450K to $450K at an average of $315 per square foot. Its main product is mortgage protection life insurance, designed to reduce or eliminate the threat of foreclosure or eviction if the insured passes unexpectedly. Indexed universal life insurance (IUL) is an insurance product that seems to promise you can have your cake and eat it, too. Pfa offers to anyone who wants to own their own business a platform of training to become business owners. By David Duford - January 03, 2023 - 5 Mins Read. How much of a commission is paid out is determined by a Premier Financial Alliance affiliate's rank: Career Associate - 30% Field Associate - 45% Senior Associate - 55% Provisional Field Director - 60% Qualified Field Director - 70% Gary the flaw in your article is you failed to interview the very successful NURSES and medical professionals (these are ethical people who save lives) that are involved in PFA. Even Disneyland gets sued. According to the Direct Selling Associates Code of Ethics, the information on the Earning Disclosure must be substantiated by competent and reliable evidence.. 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. With IUL, you are doing so in the form of much lower returns. Before you can purchase life insurance, you need to qualify for it. 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. 13 0 obj I dont know how people take delight in ripping off people of there hard earned money. Even for a petty $125. The most glaring red flag is that no one can perform proper due diligence on the business opportunity. However, it does show that the company is at least paying lip service to a code of ethics. Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. endobj INDIVIDUALS, BUSINESS OWNERS & FAMILIES Offers excellent training & support, great benefits and educational opportunities. It may be prudent to wait for the verdict on the companys policies. Making substantial money can be achieved just by selling. In other words, although you pay the fee, youre not in business. 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.". That amount is utilized to maintain our individual agent portal. Judging from the website, it doesnt look like potential associates would even have a clue as to what they would be selling. /Parent 8 0 R Both are multilevel marketing firm (MLM) companies. 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.. Second, all of this information is provided to an underwriter. Theres another element here thats also crucial to your success. So there. /Names 4 0 R 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. /ITXT (2.1.7) I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? 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. Since everyone eventually dies, permanent life insurance must be priced so that there is enough money to pay a death benefit to everyone. Pyramid schemes are dependent on recruiting. Arnold & Porter Offices The business model described in the lawsuit is that of your typical no retail MLM pyramid scheme. So, I will shear it on my web link. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. In addition, they have to generate enough money for profits and to pay hefty commissions to their sales force. endobj Before you give them your money, there are a few things you You went right straight to the jugular and made claims of you OPINION. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. << Also, check out my Agent Success Stories and my best-selling insurance sales books. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. Both are multilevel marketing firm (MLM) companies. The insurance business is a highly regulated industry and therefore cannot be a scam. To overcome this, I recommend that new agents focus on mastering whatever insurance product theyre interested in before moving on to recruitment. 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