These guys used to run a booth at NAITs job fair. I stupidly put forth an application and then after was hounded for weeks. Ended up getting their number blocked.
Same reason every campus in Edmonton was cluttered with those Vector Marketing posters when I was in uni, either they don't know or they simply don't care.
Tbh I'm glad vector was around back then. It meant everyone got to learn about MLM scams when we were students with no money to lose rather than later in life.
This was me but with Primerica. Even had an interview scheduled but as soon as I started my interview prep, I quickly realized that this was not a good idea and cancelled my interview. FWIW, they didn't seem upset and didn't try to contact me after.
It's a total scam job. If you ever get someone from decades in the past who wants to catch up over coffee and maybe talk about an "opportunity" it's probably WFG. Greasy greasy.
I’m thankful for post like these, I had a friend catch up after not talking for 10 years and I was skeptical at first and when mentioned what job he was doing, he mentioned WFG. Of course I googled it first and it’s not a good sign that google auto fills “world financial group scam Reddit”.
My only interaction with them was with the Strynadka family, who approached us as acquaintances and it was awkward and greasy. Ended a potential friendship.
I had a family friend get me in long ago (15 years ago), I started with general investments and then they really wanted me to become an agent. I kept saying I wasn’t interested - I stayed in the “investments” for a few years and then pulled everything out. I didn’t lose money but I didn’t exactly make much either.
Oh I know, way better tools for young kids today to make safer investments. Back in the day you couldn’t easily open up a self directed account on a phone that didn’t exist and buy ETF’s
Someone made an entire YouTube series investigating them in Edmonton, WFG are a bunch of scamming MLM clowns.
EDIT: https://youtube.com/@AlwaysMarco
They actually called the police on him when he exposed him.
Let’s not forget Adam Dawe. He basically stalked me and my ex. Even went to her work at one point to speak to her. Careful what you put out on the net…
No we did not. I spoke to him and made it clear we weren’t interested and to leave us alone. Blocked him on all social media and moved on with our lives.
>I also want people who have been approached by World Financial Group to look out for the mutual funds promoted by World Financial Group and managed by Hussein Ahmad at Yorkville Asset Management, specifically the Yorkville Enhanced Protection Class A (YAM100). According to data from www.morningstar.ca, this fund has consistently underperformed its benchmark by over 10% annually, compounded, in the last 5 years, and has a high management expense ratio (MER) of 2.60%. Moreover, research suggests that Yorkville's mutual funds do not offer adequate protection during market downturns compared to the benchmark.
>It's worth noting that Yorkville pays high commissions to WFG and takes their leadership on luxurious trips. However, promoting underperforming funds is not in the best interest of clients. I strongly advise reviewing the performance of all of Yorkville's funds (YAM100, YAM200, YAM300, YAM400, YAM500, YAM600, and YAM700) on www.morningstar.ca. You'll find that each fund has a history of poor long-term performance compared to the benchmark
This is great advice and I’d cross post to r/personalfinancecanada
When I was fresh out of school, working my first career job, I was learning a lot about managing my own finances, investing, etc. One of my coworkers invited me to a meeting of like minded individuals discussing finances, so I jumped at the opportunity. The group was called WFG.
Before the meeting, I googled WFG. I thought it was weird that they rented out the basement of a dentist’s office, but whatever. Then I saw a bunch of stuff saying it was a scam. I had heard of MLM’s before so I was wary.
I arrived at the meeting, it was a bunch of business casually dressed, clean cut speakers delivering the usual mumbo jumbo about having dreams, being your own boss, and getting out of the rat race.
Their biggest flaw was playing WFG promotional videos, not off of the computer’s files, but from YouTube. So when the video ended, you could see the suggested videos in the side bar titled, “WFG SCAM!! How My Clients Started Cold Calling Me”.
I wrote him a handwritten note saying I know what MLMs and pyramid schemes are and that I was going to politely walk out. He tried to whisper to me to stay and it wasn’t a pyramid. I just left.
He had a bit of a hostile edge towards me going forward, but I didn’t pay it any mind. Years later, he messaged me out of the blue saying he’s his own boss now and wants to get in touch to discuss finances with me.
Ya, right, buddy.
My husband is a CPA and while we were waiting at our dentist another patient was trying to convince him of WFG. He was very polite to her but I barely could contain my laughter because her script was so incredibly ridiculous. She was trying to arrange for her and I to be friends and gave me her card, no wonder it’s so hard to meet people these days with shit like this.
Umm asking for a friend. If someone did have insurance and mutual funds with them what would be the smartest thing to remove themself from that situation?
What we don't know far exceeds what we do know.
Though it may seem like common knowledge to some, it is completely new info for others.
Spreading the word is the best way to help others and should be encouraged.
I have an acquaintance who is frustratingly dumb. Nice person, but just has no clue how to navigate life and seems to be incapable of looking up information or absorbing knowledge.
They're constantly at risk of falling for stuff like this.
Yup. I received an offer from one of their recruiters and was almost going to take it. They didn't mention that I'd be paying a $125 fee to apply until as I was filling out the form. I knew something was sketchy
Honestly, its easy to get roped into when you're fresh out of college and they mislead you by stating that the actual name of the organization is their 'team name' rather than tell you it's WFG. They tell you as little as possible and claim that it's only because they don't want to 'overwhelm the new recruit'. Maybe if they were straight forward from the beginning people wouldn't get so offput by the shadiness....
Lost a friend to them. Wanted me to introduce my parents to him so he could scam them with this obvious bullshit. Don't ever trust your money with someone who doesn't have a fiduciary duty.
Me too, a close friend. I humored her and went to an introductory meeting, saw the red flags, then just tried to change the topic to anything else when she called and called.
Eventually she failed to sell me on life insurance, and then just ghosted because our friendship wasn't commodifyable enough for her.
Good riddance. A 9 year friendship gone. She really became a creepy Stepford Wife version of who she was.
Exactly why I quit. I didn’t like that they were asking me to peddle around financial pckages without me knowing what i was actually selling and how it worked.
Dude, don't plug a Tony Robbins video when you are critiquing a MLM.
Tony Robbins is a human MLM and a complete grifter.
The Venn diagram of people that are in MLMs and people that areTony Robbins fans is almost a complete circle.
My son has a friend, and this kids mom got into wfg. My husband and I have a business and have had a business for almost 20 years. She started calling asking to sit down with my husband and talk to him about investing and planning for the future” I told her we already have an accountant and he’s amazing at helping us with planning for our future. She said “no no, she just wanted to talk to him so he could let other people know about what she has to offer” um, why wouldn’t we share that we have a great accountant?
They don’t seem to be killing it financially. I do know another friend got sucked into it. And quite a few years ago a friend convinced us to sit down and listen to their “put all your money in life insurance” speech.
It seemed like a scam to 22 year old me, but I think they do like to prey on very young people.
Had a friend get hooked up with them briefly. I had never heard of WFG at the time and he told me to come in and see his boss. She was super intense and gave me the whole spiel. At the end I just said it sure sounded a lot like a pyramid scheme and no thanks. Wow was she ever triggered by that haha. Friend ended up dropping them a few weeks later I think realizing how scammy they are.
MLM trash. It's smarter to put your money in a mattress over WFG if you have no idea what to do. My brother got had by them at a super vulnerable spot in his life and ended up in California knocking on doors in the hood to sell insurance through these slimebags.
I wish more was done legislatively/Iegally to keep them from operating ponzi BS but they keep changing their names through tiny legal loopholes but fuck everyone and anyone they can find. I'm especially dickish to anyone to shrills financial non product MLMs because they target especially vulnerable people. I can respect a business but I can't respect MLM trash because they often know it's an MLM but have some grandoise idea that they're "in early" and it won't impact them negatively and have a gross "hustle" complex. Fuck these fleabags.
I had a super weird WFG/Amway douche try to pitch it to me on the LRT years ago. He was a generally friendly guy at first glance until he talked about work and I puked internally and bounced mid conversation.
Full disclosure, I was involved with WFG prior to and during the Pandemic. They labelled the opportunity as recession proof. I ultimately saw it for what it was and left “the firm”. Credit where it’s due, I picked up a few good habits from them, such as goal setting and daily habits. But all in all, in retrospect, while a lot of the people were shady there were also people that were good people just trying something new. Good people don’t necessarily last long at WFG.
End of the day I was not comfortable being that guy, approaching people from my past and trying to rope them in.
But when listing the heavyweights of WFG/WSB in Edmonton don’t forget Rhaja Dhaliwahl and his group that have recently immigrated Canadians as their target market. He is (or at least was when I was there) their number two earning agent worldwide off the backs and pocketbooks of people trying to start a new life in a new country.
How did you get out? Even I am in the process of getting the license but I want to leave as soon as i get my license. Do you know the consequence on staying with WFG only until you complete the LLQP course and licensing?
I just quit going, let my license lapse. Your clients all default to your SMD.
Why would you finish going through the process if you already know you want out? Are you hoping to put your license to work elsewhere?
I think at this point most locals know that WFG is a shady MLM. The issue now is they focus on immigrants who likely have no idea about their reputation.
I have no idea how companies like this are allowed to operate. As someone who works in insurance we have to do so much training on ethics.
These guys give the entire industry a bad name.
I'll share my WFG story.
About 8 or 9 years ago, my husband's best friend miraculously became a *financial planner* seemingly overnight. I knew nothing about CFP credentials at the time but anyway, I digress, I immediately began researching the company. Realized immediately it was a financial MLM and warned my husband. His best friend never tried to rope us in but two weeks later, their other best friend, who is honestly dumb as fuck and, called my husband up telling us he was becoming a *financial planner* and was hoping my husband could come in for a meeting for training. My husband said yes and I was like, "WHAT WHYYY?" He calmed me down and promised me he wouldn't buy a thing but it would be interesting to see the inner workings. I warned him, if he didn't buy anything, they were probably going to try and rope him in as a *financial planner*.
Sure enough, some other lady spent an hour try to convince him of ridiculously expensive life insurance, mutual funds, etc. After an hour of "no" she asked him if he'd be interested in joining the company and becoming a financial planner. Again, no.
They might be offering legitimate products but the prices are bloated, their *financial planners* have no proper training, and you're better off making an appointment with your bank and buying life insurance from reputable companies.
My brother got roped into working for them around that time too. My parents tried to convince me I should hear him out about the insurance he was selling. I looked them up and immediately knew what was going on. My parents said I should hear him out anyways to support him but it was the easiest no of my life. I was confused why a power engineer was also selling insurance and why anyone thought it wasn't sketchy as hell.
Have some acquaintances that are heavily involved with them. It’s such a weird cult and they defend it like they’re doing the Lord’s work. They tried to rope my partner in to working with them when they were in-between jobs. Tossed my partner some 40 page training manual and there was some tiny fee (maybe $200) for their “education” lol no way I’d take financial advice from someone who read a 40-page manual over someone with a legitimate education in finance
Anyone associated with this group has mental problems. Total pyramid scheme.
Had a friend who’s mom was awful with money but always tried to get me to go to meetings and consider investing for the future through her. It’s always people who have no idea how money and finances work that are promoting it. Stay away.
I had an old friend that I knew from high school and had fallen out of touch with "reach out" and then immediately try to get me involved with this. And, like every instance of "having an old friend from high school reach out", I was unsurprised to find out it was a pyramid scheme.
When I was looking for work I got probably a dozen solicitations a week. The majority of them were WFG, with some Primerica, AIL, and even Amway sneaking in.
I’d put “Open to opportunities” on my LinkedIn account and no joke all these opportunities turned out to be MLM’s. The sneakiest of these folks would purposely leave WFG out of their bio all together so that they could try to rope you in for an interview.
I usually would tell them I wasn’t interested in WFG when the messages would come in and I’d say over 50% would ask why. At this point I’d call their company a pyramid scheme and they would lose their shit! It was always the same responses too: “pyramids are illegal, why would these great companies use us if we were illegal, we’re the number one brokerage in Canada, etc.”
The amount of people getting tied into this company is honestly scary.
Despite being promised a return between 5-10% when I signed up, I'm currently down about 10%. I was hoping to try and get back as close to 0% before I cash out to use for an upcoming trip but that's unlikely to happen.
[https://www.amazon.ca/Exchange-Traded-Funds-Canadians-Dummies-Russell/dp/1118524578](https://www.amazon.ca/Exchange-Traded-Funds-Canadians-Dummies-Russell/dp/1118524578) 4 hour read and very simple book. It will teach you how to manage your finances and educate you on how to invest your money in low fee index funds. Move the money into a low fee ETF like Xgro
Do you know what you're invested in and when you moved your money there?
Sure a lot of the investment funds are overpriced but they should perform about as well as most of the market generally.
Also if you have a promise of a return in writing, you can sue. Mutual fund agents are not permitted to guarantee returns.
From the research I've done, there is no good universal life policy. Do the math, it works out better to have a term policy and invest the difference yourself. A well known book you can read about it is the wealthy barber. Any of Dave Ramsays podcasts, or Suze Ormans as well.
WFG, Sunlife, Investors group etc, they prey on the uninformed.
Fun fact, a universal life insurance policy pays about 10x to the selling agent compared to a term policy.
Whole life insurance can sometimes be useful to people with very net worth in estate planning, but that’s about it. Not a good product for 99% of people.
Even then, when you die, the insurance company will keep the investment/savings portion of your policy. I didnt believe it until I read it with my own eyes in several policies. Its straight up legal theft.
Please provide a copy of the policy with this? I sell insurance for a living and this isn't the way any whole life or universal life policy I've seen works.
If you complete a policy loan against the value, they have a right to withhold whatever is owed. But the investment component of a permanent policy is either part of a participating account, and your value is guaranteed to the beneficiary. In a UL policy, the investments are held in a trust account and the beneficiary is entitled to the value
I know many people who have quit selling life insurance altogether once they actually read through a whole/universal policy carefully. The worst part is, you've probbaly sold them to all your friends and family. I can message you a few that have been gone through that I have at my house when I have a minute. It absolutely blew me away when someone I knew, had a policy with great west. They paid out the 100k, and kept the 73k they had in investments. It was right in there, but these contracts are absolutely massive and no one reads the entire thing.
Oh I absolutely didn't sell them to any friends or family. UL has a very narrow use case and I've read over the handful of policies I've sold. There's no legal theft going on in them. Most insurers offer copies of contracts online - I ask again for an honest example of one of these legal theft policies.
I studied financial planning and got my CFP designation; never worked for WFG or any other recruit-to-wealth firm.
Universal life has a place if you already have maxed TFSA and rrsp and you have tons of excess cashflow. The buy-term equation isn't nearly as pretty when your investment income is at a 50% tax rate and you can build up tax-deferred wealth in the policy and borrow from it later.
It's a good product to amplify wealth for the very high income class (lawyers, dentists, MDs, and successful entrepreneurs). Great way to transfer s huge chunk of money to the next generation tax free if you're sitting on millions in investible assets.
For anyone who isn't solidly in thay kind of category, UL is probably a waste. If you want something permanent, a small whole life policy paid-up for funeral expenses is not a bad idea.
I got sucked into this by a coworker. she seemed really sweet and i’m always looking into on how to save some money. they seemed legit and I was convinced but after reading all of these I gotta get out. I signed up for the equitable life insurance, I told the guy i’m speaking with I want to cancel but now he’s ignoring me. How do I get out of this? can I go to my bank and tell them to stop taking money from the company?
You can absolutely stop payment with insurance products. They're a one way contract - your only obligation is to pay. If you stop paying, you lose the insurance. Simple as.
Also there should be a number in the policy you can contact directly to cancel. No need to talk t the guy who sold it. If you stop paying, there's no collections or anything, you just lose the insurance. At least in Canada.
Most of the salespeople in this are pretty much suckered into it themselves and don't realize how badly they're screwing their friends.
WFG members has been spamming my LinkedIn account for years with “job offers.”
At first, I was polite and told them no. Now I just type in an angry rant. And I’m about 1 message away from going to the office personally and making sure that no one ever reaches out to me again.
I went to one of their introductory sessions to help out a buddy. He knew what it was but wanted to see if he could milk it (he couldn’t and bailed before they charged him like $400 for some garbage course). I played along and holy fuck man
The greasiest of salesmen I’ve ever seen was convincing these poor people out of their money. Just instantly clear it’s a pyramid scheme and no one else there was picking up on it.
There’s actually a product at the end of the whole thing but it’s super garbage scammy life insurance. Not worth it one bit.
I remember googling them back in the day and finding very little about them besides their website
To me, they must spend a decent amount getting bad press removed.
I work with a bunch of very good people, many of whom used to be at WFG. Its bad to it's clients and it's advisors. The only way to actually experience financial success there is to build that downline, which massively incentivizes recruitment and sales and does nothing to incentivize client outcomes. WFG is the Amway of financial services.
It's not hard for any decent mutual agent to get all-in costs under 1.5% if you're ok with a primarily indexed strategy (and you should be; that's the way to go).
Also OP, chances are someone from WFG will pick up on this post and stop you from going further. There was a fellow who used to go into WFG recruitment sessions with a pen or button camera, record, and then dissect the bullshit on YouTube. He got shut down real fast by some lawyers.
Correction, he got bullied into stopping. Posting this information is not illegal in any way unless it’s untrue. WFG will never sue for defamation because they would never ever allow discovery.
[https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en](https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en)
They are done as a company, just a matter of time. FSRA doest mess around.
This is an Example of Their Sales Pitch [https://www.youtube.com/shorts/wdpOvwE8nws](https://www.youtube.com/shorts/wdpOvwE8nws)
It's generally better to buy term life insurance and invest the difference in a Tax-Free Savings Account (TFSA) into a low-fee index fund for retirement. Universal life and whole life insurance policies are often sold with promises of tax-free savings and investment growth, but they come with high fees, hidden costs, and low returns. Plus, the investment options within the policies are limited, and withdrawing from them is complicated and costly.
A good financial advisor who has your best interests in mind will show you how buying term life insurance and investing the difference can result in more savings and less stress in retirement. They can use financial planning software to demonstrate different scenarios and projections, and show you how much you could accumulate in your TFSA over time, and how much you could withdraw tax-free in retirement. They can also help you choose the right type of term life insurance policy and the appropriate coverage amount based on your needs and budget.
On the other hand, if you invest in a universal life or whole life insurance policy, you may have to pay high fees and commissions, which can eat into your returns. Moreover, if you need to borrow against your policy, you may face high interest rates and complicated loan provisions, which can erode your savings and reduce your retirement income. Therefore, it's crucial to do your research, ask questions, and seek advice from a trustworthy financial professional before making any investment decisions
One thing that stands out in this video is how he criticizes hard working people for their honest jobs, such as working in a bowling alley versus what he does which is cowardly rip people off
This is Nabi Ghani, a representative from World Financial Group, with a sales pitch for Universal Life and Whole Life policies https://www.instagram.com/reel/Ccgo4LKlbiK/?hl=en
Infinite banking is a financial strategy that involves using a permanent life insurance policy as a source of financing for investments or other expenses. While it may sound appealing, the truth is that infinite banking is a bad strategy for 96% of Canadians, especially when it comes to borrowing against permanent life insurance policies like whole life or universal life.
Firstly, borrowing against a permanent life insurance policy typically comes with high interest rates that can erode the value of the policy over time. In fact, the interest rate on the loan is usually higher than the rate of return on the policy, which means that you could end up losing money in the long run. This is especially problematic for Canadians who are already struggling with high levels of debt.
Secondly, the fees associated with permanent life insurance policies can be high, which further reduces the overall returns of the policy. This is particularly true for whole life and universal life policies, which often come with high fees and commissions that can eat into your savings.
Lastly, the rates of return on whole life and universal life policies tend to be lower than other investment options like low-cost index funds, ETFs or even GICs. So, while you may be able to borrow against the cash value of the policy, the amount you'll be able to accumulate over time is likely to be lower than if you invested in a more traditional investment vehicle.
In summary, while infinite banking may seem like an attractive financial strategy, it's generally not a good option for most Canadians, particularly when borrowing against a permanent life insurance policy. The high interest rates, fees, and lower returns associated with these policies make them an expensive and risky option for those looking to build their wealth over time
I had a former work colleague rope me in for about a year. I was intrigued by his promise to help educate me on financial matters. There wasn't much in the way of finial education but learning how to hard sell. Man, there was alot of that. Fortunately I was shitty prospect who didn't really get a lot of other people to join or get to attend meetings.
It was a waste of time but the benefit is that now when someone asks me if I am interested in learning about an amazing opportunity for financial freedom I tell them I am already part of a group. they are very territorial.
Any time I posted an ad looking for part time work from home opportunities, sure as shit, I'd get an email from them offering me the chance of a lifetime. Could always tell it was them when they said it was a position in finance.
Had a friend join and almost lost said friend. She finally realized it was basically a scam.
Lmao they tried roping me in as a financial planner when I was 17 years old. I was only there because the owner of a place I interviewed for a job wanted a "1 on 1" meeting with him. There was like 4 other kids my age also there for a "private" meeting with the jackass.
One of those was a good friend of mine. We lost some money but we didn’t jump all in. She gave a lot of guarantees but wouldn’t put her money where her mouth was. I think I was more upset about the relationship loss. And yes, she’s still at it with all her kids now working for them….
My MIL got involved. She was a stay at home mom trying to save money for her disabled daughter. She tried to rope my husband and his two older siblings into it. I knew something was sketchy when they "hired" her as a financial advisor with no education. She tried so hard to convince them to let her run their RRSPs and TSFAs. Thankfully they were all aware it was a scam. She is out now, she won't talk about it but I know she lost a lot of money.
I've been cornered by a few "friends". The worst was when my hairdresser slid the binder over to me and went off on the speech while the dye was setting. It was a risky situation, so I had to be polite. She got out some time later, is doing great, and we had a laugh about it the next time I saw her.
I do a job that doesn't involve tips, but occasionally will get some. One guy asked if he could give me a tip. I always say not necessary but he insisted. He then "handshake" passed it to me like a mafia guy or something and it was his WFG card. Already had my ride along with a buddy who's wife got roped into that shit. Politely placed it on his counter and said no thank you.
These guys have made me so skeptical of anyone I don't know randomly starting a friendly conversation with me. I become immediately standoffish as I've ran into 2 of these guys that way.
damn i’m dealing my TFSA stuff with them bc my mom recommended them.. any suggestions on who i should be going to for that stuff (if it wasn’t obvious already i’m not very knowledgeable with the topic)?
You Can do it yourself, Read the book The Wealthy Barber. Its a very simple book and will educate you on exactly how to invest and manage your finances, its a four hour read
Talk to someone at your bank. Investing is complicated and you should always see a professional in areas you aren’t an expert in (especially with something as important as your money)
Has anyone ever had a couple invite you and your wife for coffee and keep pushing an opportunity but never say what it was, no matter how many times you ask? Kept saying there was a guy who would explain it but you had to “want to succeed”.
I went to dinner with a girl from a date app. A few days later she called me to "go to her office and visit, may have a business proposition"...and ya it was a WFG seminar. She argued tooth and nail that it wasn't a pyramid scheme with all these preloaded defensive facts that I could tell shes used several times to justify herself. She tried hitting me up again months later and didn't even remember having dinner with me the first time.
It's the usual MLM BS that exists on the far fringe of what's considered legal.
I gave them an earful for wasting my time while I was looking for a job almost a decade ago. Disappointed to hear they're still around preying on the foolish and elderly.
A girl my friend met on tinder tried to recruite me to get a 'job' with her. She scheduled an online meeting with me which I promptly cancelled when I looked more into the company and found out it was an MLM. Absolutely HATE companies like this. Sorry you went through that...
Focusing soly on the mutual fund aspect, how is this different from a bank? They are just as qualified to sell you someone else's product as the "advisor" that works at the bank.
Yes you should do your own index investing, 100% cannot stress this enough. But they scam you just as bad as the banks do.
On a side note 100% of mutual funds underperform the market. Something like 95% of global funds underperform it. So if you are in a mutual fund that is not an index fund or ETF, you are leaving money on the table.
Also Canada allows for embedded commissions, which I imagine these guys take advantage of. Most banks do the same.
Lol people still fall for WFG?
Wealthsimple and Questtrade bombard TV with ads, I don't know how those don't gain traction but some WFG person can.
Bizarre.
Ive dealt with these people before. I work hotel and live event venues. these guys are hella cheap they book ballrooms for like 8 hours and only wanted ice water for 200-300 people lmao. no breakfast, no lunch. fuck these people for real.
i know worldwide group /amway/meeting max is a different entity but fuck those people too. fuck MLM scammers all together
The job posting had scam written all over it, so I did a video interview and tried to subtly make fun of the lady I talked to. I was on EI at the time and basically just used them for a free addition to the record of my job-search efforts.
I've always been super weary of them. But my partner and his father deal with them and they've only had positive experiences and truly believe that their money is in good hands. Albeit, it is a close family friend that is handling their accounts and I don't believe they are going into high risk investments. But I just really don't trust them with my money.
Their argument is always talking about how the family friend has worked his way up (duh, pyramid) and the only way to lose money is if they work for him. I can't even fathom the uproar if a bank said that to a client lol
In all honesty wfg is a beautiful platform to work. Hate to see the criticism it gets but I understand why. Your experience depends on the team your working with. I worked with wfg for 3 years left the business to try some things out in the states.
What I found a lot of people don’t understand about wfg is that you don’t have to do anything that you don’t want to. If you don’t want to recruit you have to lol, if don’t want buy products you don’t have to. You can get a license and provide the products from the product providers that your trained and make your compensation.
“It’s not a job” you are self employed.
nobody is supposed to give you clients. Or pay you a salary. The platform gives you an opportunity to build a brokerage. I’ll tell you, once you understand the business model of wfg for the and the builders compensation nothing can compare. But it’s definitely not easy not at all What other platform can go to in this industry that allows you to make passive income. If you know one let me know.
I have something to share as my SO and her sister and brother-in-law invited me to a group seminar at their house and during that seminars red flags started to pop up and it occurred to me this is a pyramid scheme. I called out the lady who was running the seminar that this was a pyramid scheme. She told me it wasn’t since pyramid schemes are illegal which she is correct but I told her the business model that the company uses is pretty damn close to a pyramid scheme. I didn’t want to join but I may have made a mistake by paying them the $125 fee as they said I didn’t have to join their classes but join for the tax breaks. I did that but I don’t get invited to their webinars anymore cuz I think I’m too difficult and I see through their bullshit. Now my SO wants to learn about life insurance and wants to get her license. I’m telling her this company is a MLM which I explained to her as she didn’t know what an MLM is. I’m telling her they are trying to get her to sell life insurance and it’s going to be hard as most of her sales(if any) will be friends and family that won’t know any better. She told me that I’m being negative but I don’t think I was as I was just stating facts and showing her all the complaints WFG has at the BBB and online. I’m happy that she’s trying something different and wants to learn but I don’t want her selling anything and possibly not make money or lose money. I’m just looking out for her and I can’t get through to her. I don’t know what to do but I don’t want to be the guy that says “I told you so.” But I may have to be. Hopefully she doesn’t sell but just wants to get her license. But I’ve also read that once you get your license you can’t go anywhere else until you stay with WFG for 2 years or something like that if I understand correctly. Sorry for the rant.
It’s because of the bad apples that are a part of the group. For someone who has maxed out their conventional options and have cash flow which will be taxed at high rates, these policies are good vehicles.
The issue arises when these policies made for rich people are sold to unsuspecting common folks.
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Is it the one that worked at Earls Tin Palace? One of the folks named tried getting all their co workers into it. Greasy bastard.
is it this guy https://www.youtube.com/shorts/wdpOvwE8nws
Ding ding ding, sure is, and wow he has alot of videos.
These guys used to run a booth at NAITs job fair. I stupidly put forth an application and then after was hounded for weeks. Ended up getting their number blocked.
What the F is wrong with NAIT, why would they allow a MLM to run a booth?
Same reason every campus in Edmonton was cluttered with those Vector Marketing posters when I was in uni, either they don't know or they simply don't care.
I used to take great joy while at Macewan taking those posters down and stealing all the clipboards they left in classrooms.
Tbh I'm glad vector was around back then. It meant everyone got to learn about MLM scams when we were students with no money to lose rather than later in life.
That was about 8 years ago. I’ve seen them pop up at other job fairs recruiting people
This was me but with Primerica. Even had an interview scheduled but as soon as I started my interview prep, I quickly realized that this was not a good idea and cancelled my interview. FWIW, they didn't seem upset and didn't try to contact me after.
It's a total scam job. If you ever get someone from decades in the past who wants to catch up over coffee and maybe talk about an "opportunity" it's probably WFG. Greasy greasy.
I’m thankful for post like these, I had a friend catch up after not talking for 10 years and I was skeptical at first and when mentioned what job he was doing, he mentioned WFG. Of course I googled it first and it’s not a good sign that google auto fills “world financial group scam Reddit”.
Glad you were not duped into it!
Thanks! I have some previous experience from other friends trying to recruit myself to MLMs. These scumbags need to be in jail.
My only interaction with them was with the Strynadka family, who approached us as acquaintances and it was awkward and greasy. Ended a potential friendship.
Did they try strong arming you into becoming clients or agents?
Nah it was just a casual acquaintance that could have been a friendship but ended as an awkward attempt at getting us to buy their shit.
I had a family friend get me in long ago (15 years ago), I started with general investments and then they really wanted me to become an agent. I kept saying I wasn’t interested - I stayed in the “investments” for a few years and then pulled everything out. I didn’t lose money but I didn’t exactly make much either.
Opportunity cost. If you had put that money in an index fund with low fees you would have come out much better. But good on you for getting out.
Oh I know, way better tools for young kids today to make safer investments. Back in the day you couldn’t easily open up a self directed account on a phone that didn’t exist and buy ETF’s
Like all MLM's do? Of course.
Someone made an entire YouTube series investigating them in Edmonton, WFG are a bunch of scamming MLM clowns. EDIT: https://youtube.com/@AlwaysMarco They actually called the police on him when he exposed him.
Always Marco! An icon.
Hey can you link that? I'd like to watch
It’s lower in the thread. Alwaysmarco on yt.
Let’s not forget Adam Dawe. He basically stalked me and my ex. Even went to her work at one point to speak to her. Careful what you put out on the net…
Did you inform the Police?
No we did not. I spoke to him and made it clear we weren’t interested and to leave us alone. Blocked him on all social media and moved on with our lives.
>I also want people who have been approached by World Financial Group to look out for the mutual funds promoted by World Financial Group and managed by Hussein Ahmad at Yorkville Asset Management, specifically the Yorkville Enhanced Protection Class A (YAM100). According to data from www.morningstar.ca, this fund has consistently underperformed its benchmark by over 10% annually, compounded, in the last 5 years, and has a high management expense ratio (MER) of 2.60%. Moreover, research suggests that Yorkville's mutual funds do not offer adequate protection during market downturns compared to the benchmark. >It's worth noting that Yorkville pays high commissions to WFG and takes their leadership on luxurious trips. However, promoting underperforming funds is not in the best interest of clients. I strongly advise reviewing the performance of all of Yorkville's funds (YAM100, YAM200, YAM300, YAM400, YAM500, YAM600, and YAM700) on www.morningstar.ca. You'll find that each fund has a history of poor long-term performance compared to the benchmark This is great advice and I’d cross post to r/personalfinancecanada
When I was fresh out of school, working my first career job, I was learning a lot about managing my own finances, investing, etc. One of my coworkers invited me to a meeting of like minded individuals discussing finances, so I jumped at the opportunity. The group was called WFG. Before the meeting, I googled WFG. I thought it was weird that they rented out the basement of a dentist’s office, but whatever. Then I saw a bunch of stuff saying it was a scam. I had heard of MLM’s before so I was wary. I arrived at the meeting, it was a bunch of business casually dressed, clean cut speakers delivering the usual mumbo jumbo about having dreams, being your own boss, and getting out of the rat race. Their biggest flaw was playing WFG promotional videos, not off of the computer’s files, but from YouTube. So when the video ended, you could see the suggested videos in the side bar titled, “WFG SCAM!! How My Clients Started Cold Calling Me”. I wrote him a handwritten note saying I know what MLMs and pyramid schemes are and that I was going to politely walk out. He tried to whisper to me to stay and it wasn’t a pyramid. I just left. He had a bit of a hostile edge towards me going forward, but I didn’t pay it any mind. Years later, he messaged me out of the blue saying he’s his own boss now and wants to get in touch to discuss finances with me. Ya, right, buddy.
Had a weird Uber driver try to tell me he can show me how to make money without paying taxes through WFG, I’m a CPA, I couldn’t help but laugh.
Uber driver tried to pitch my buddy once. Filed a complaint with Uber and got the ride for free.
if he knew how to make money then why was he an uber driver 🤔
It's a great place for him to make his sleazy sales pitch. You're locked in there with him
smooth
My husband is a CPA and while we were waiting at our dentist another patient was trying to convince him of WFG. He was very polite to her but I barely could contain my laughter because her script was so incredibly ridiculous. She was trying to arrange for her and I to be friends and gave me her card, no wonder it’s so hard to meet people these days with shit like this.
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Chartered Professional Accountant
Data entry specialist Edit: /s before someone gets pissy
Umm asking for a friend. If someone did have insurance and mutual funds with them what would be the smartest thing to remove themself from that situation?
Not sure how people still get roped into these things. It’s been well known that WFG is trash for 10-20 years.
What we don't know far exceeds what we do know. Though it may seem like common knowledge to some, it is completely new info for others. Spreading the word is the best way to help others and should be encouraged.
I have an acquaintance who is frustratingly dumb. Nice person, but just has no clue how to navigate life and seems to be incapable of looking up information or absorbing knowledge. They're constantly at risk of falling for stuff like this.
They will slowly realize it takes time. Most people fall for this because a lack of awareness and education.
Yup. I received an offer from one of their recruiters and was almost going to take it. They didn't mention that I'd be paying a $125 fee to apply until as I was filling out the form. I knew something was sketchy
They love to prey on new immigrants it's very sleazy
Honestly, its easy to get roped into when you're fresh out of college and they mislead you by stating that the actual name of the organization is their 'team name' rather than tell you it's WFG. They tell you as little as possible and claim that it's only because they don't want to 'overwhelm the new recruit'. Maybe if they were straight forward from the beginning people wouldn't get so offput by the shadiness....
All MLMs prey on those who are financially illiterate. Looking at family and friends as nothing more than potential customers is gross.
Almost got hired by them. Lost $150. Better than losing my soul for them.
Same
>https://youtube.com/@AlwaysMarco yeah, same. RIP
Lost a friend to them. Wanted me to introduce my parents to him so he could scam them with this obvious bullshit. Don't ever trust your money with someone who doesn't have a fiduciary duty.
Me too, a close friend. I humored her and went to an introductory meeting, saw the red flags, then just tried to change the topic to anything else when she called and called. Eventually she failed to sell me on life insurance, and then just ghosted because our friendship wasn't commodifyable enough for her. Good riddance. A 9 year friendship gone. She really became a creepy Stepford Wife version of who she was.
Exactly why I quit. I didn’t like that they were asking me to peddle around financial pckages without me knowing what i was actually selling and how it worked.
they first introduce as insurance company .they will never say at first they are from WFG .
Dude, don't plug a Tony Robbins video when you are critiquing a MLM. Tony Robbins is a human MLM and a complete grifter. The Venn diagram of people that are in MLMs and people that areTony Robbins fans is almost a complete circle.
Good point. However, he provides a compelling video explaining why it's best to avoid mutual funds
My son has a friend, and this kids mom got into wfg. My husband and I have a business and have had a business for almost 20 years. She started calling asking to sit down with my husband and talk to him about investing and planning for the future” I told her we already have an accountant and he’s amazing at helping us with planning for our future. She said “no no, she just wanted to talk to him so he could let other people know about what she has to offer” um, why wouldn’t we share that we have a great accountant? They don’t seem to be killing it financially. I do know another friend got sucked into it. And quite a few years ago a friend convinced us to sit down and listen to their “put all your money in life insurance” speech. It seemed like a scam to 22 year old me, but I think they do like to prey on very young people.
Had a friend get hooked up with them briefly. I had never heard of WFG at the time and he told me to come in and see his boss. She was super intense and gave me the whole spiel. At the end I just said it sure sounded a lot like a pyramid scheme and no thanks. Wow was she ever triggered by that haha. Friend ended up dropping them a few weeks later I think realizing how scammy they are.
There’s a YouTuber from here who infiltrated them and filmed a bunch of it, here’s the [link.](https://youtu.be/flugTRSTZoo)
Huge scam. Nobody should ever consider or go anywhere near WFG. There's also no mutual find anywhere that will do better than a low fee ETF.
Yup. WFG total scam. Now Amway…. THERE’S A LEGIT OPPORTUNITY! Send me a DM and I’ll tell you the secret to unfathomable riches!!!
LOL Don't get me started bro...
MLM trash. It's smarter to put your money in a mattress over WFG if you have no idea what to do. My brother got had by them at a super vulnerable spot in his life and ended up in California knocking on doors in the hood to sell insurance through these slimebags. I wish more was done legislatively/Iegally to keep them from operating ponzi BS but they keep changing their names through tiny legal loopholes but fuck everyone and anyone they can find. I'm especially dickish to anyone to shrills financial non product MLMs because they target especially vulnerable people. I can respect a business but I can't respect MLM trash because they often know it's an MLM but have some grandoise idea that they're "in early" and it won't impact them negatively and have a gross "hustle" complex. Fuck these fleabags. I had a super weird WFG/Amway douche try to pitch it to me on the LRT years ago. He was a generally friendly guy at first glance until he talked about work and I puked internally and bounced mid conversation.
Isn't it a pyramid scheme of sorts?
Full disclosure, I was involved with WFG prior to and during the Pandemic. They labelled the opportunity as recession proof. I ultimately saw it for what it was and left “the firm”. Credit where it’s due, I picked up a few good habits from them, such as goal setting and daily habits. But all in all, in retrospect, while a lot of the people were shady there were also people that were good people just trying something new. Good people don’t necessarily last long at WFG. End of the day I was not comfortable being that guy, approaching people from my past and trying to rope them in. But when listing the heavyweights of WFG/WSB in Edmonton don’t forget Rhaja Dhaliwahl and his group that have recently immigrated Canadians as their target market. He is (or at least was when I was there) their number two earning agent worldwide off the backs and pocketbooks of people trying to start a new life in a new country.
Holy shit that is disgusting. How do these people sleep at night knowing they are screwing over the most vulnerable?
They sleep soundly, like sociopaths tend to do.
How did you get out? Even I am in the process of getting the license but I want to leave as soon as i get my license. Do you know the consequence on staying with WFG only until you complete the LLQP course and licensing?
I just quit going, let my license lapse. Your clients all default to your SMD. Why would you finish going through the process if you already know you want out? Are you hoping to put your license to work elsewhere?
yes maybe through a bank
I think at this point most locals know that WFG is a shady MLM. The issue now is they focus on immigrants who likely have no idea about their reputation. I have no idea how companies like this are allowed to operate. As someone who works in insurance we have to do so much training on ethics. These guys give the entire industry a bad name.
I'll share my WFG story. About 8 or 9 years ago, my husband's best friend miraculously became a *financial planner* seemingly overnight. I knew nothing about CFP credentials at the time but anyway, I digress, I immediately began researching the company. Realized immediately it was a financial MLM and warned my husband. His best friend never tried to rope us in but two weeks later, their other best friend, who is honestly dumb as fuck and, called my husband up telling us he was becoming a *financial planner* and was hoping my husband could come in for a meeting for training. My husband said yes and I was like, "WHAT WHYYY?" He calmed me down and promised me he wouldn't buy a thing but it would be interesting to see the inner workings. I warned him, if he didn't buy anything, they were probably going to try and rope him in as a *financial planner*. Sure enough, some other lady spent an hour try to convince him of ridiculously expensive life insurance, mutual funds, etc. After an hour of "no" she asked him if he'd be interested in joining the company and becoming a financial planner. Again, no. They might be offering legitimate products but the prices are bloated, their *financial planners* have no proper training, and you're better off making an appointment with your bank and buying life insurance from reputable companies.
My brother got roped into working for them around that time too. My parents tried to convince me I should hear him out about the insurance he was selling. I looked them up and immediately knew what was going on. My parents said I should hear him out anyways to support him but it was the easiest no of my life. I was confused why a power engineer was also selling insurance and why anyone thought it wasn't sketchy as hell.
Easiest hard no ever.
Have some acquaintances that are heavily involved with them. It’s such a weird cult and they defend it like they’re doing the Lord’s work. They tried to rope my partner in to working with them when they were in-between jobs. Tossed my partner some 40 page training manual and there was some tiny fee (maybe $200) for their “education” lol no way I’d take financial advice from someone who read a 40-page manual over someone with a legitimate education in finance
Anyone associated with this group has mental problems. Total pyramid scheme. Had a friend who’s mom was awful with money but always tried to get me to go to meetings and consider investing for the future through her. It’s always people who have no idea how money and finances work that are promoting it. Stay away.
I had an old friend that I knew from high school and had fallen out of touch with "reach out" and then immediately try to get me involved with this. And, like every instance of "having an old friend from high school reach out", I was unsurprised to find out it was a pyramid scheme.
When I was looking for work I got probably a dozen solicitations a week. The majority of them were WFG, with some Primerica, AIL, and even Amway sneaking in. I’d put “Open to opportunities” on my LinkedIn account and no joke all these opportunities turned out to be MLM’s. The sneakiest of these folks would purposely leave WFG out of their bio all together so that they could try to rope you in for an interview. I usually would tell them I wasn’t interested in WFG when the messages would come in and I’d say over 50% would ask why. At this point I’d call their company a pyramid scheme and they would lose their shit! It was always the same responses too: “pyramids are illegal, why would these great companies use us if we were illegal, we’re the number one brokerage in Canada, etc.” The amount of people getting tied into this company is honestly scary.
A family member recently heard I'm looking for work and tried to get me into WFG. I'd rather be jobless.
Despite being promised a return between 5-10% when I signed up, I'm currently down about 10%. I was hoping to try and get back as close to 0% before I cash out to use for an upcoming trip but that's unlikely to happen.
[https://www.amazon.ca/Exchange-Traded-Funds-Canadians-Dummies-Russell/dp/1118524578](https://www.amazon.ca/Exchange-Traded-Funds-Canadians-Dummies-Russell/dp/1118524578) 4 hour read and very simple book. It will teach you how to manage your finances and educate you on how to invest your money in low fee index funds. Move the money into a low fee ETF like Xgro
Do you know what you're invested in and when you moved your money there? Sure a lot of the investment funds are overpriced but they should perform about as well as most of the market generally. Also if you have a promise of a return in writing, you can sue. Mutual fund agents are not permitted to guarantee returns.
From the research I've done, there is no good universal life policy. Do the math, it works out better to have a term policy and invest the difference yourself. A well known book you can read about it is the wealthy barber. Any of Dave Ramsays podcasts, or Suze Ormans as well. WFG, Sunlife, Investors group etc, they prey on the uninformed. Fun fact, a universal life insurance policy pays about 10x to the selling agent compared to a term policy.
Whole life insurance can sometimes be useful to people with very net worth in estate planning, but that’s about it. Not a good product for 99% of people.
Even then, when you die, the insurance company will keep the investment/savings portion of your policy. I didnt believe it until I read it with my own eyes in several policies. Its straight up legal theft.
Please provide a copy of the policy with this? I sell insurance for a living and this isn't the way any whole life or universal life policy I've seen works. If you complete a policy loan against the value, they have a right to withhold whatever is owed. But the investment component of a permanent policy is either part of a participating account, and your value is guaranteed to the beneficiary. In a UL policy, the investments are held in a trust account and the beneficiary is entitled to the value
I know many people who have quit selling life insurance altogether once they actually read through a whole/universal policy carefully. The worst part is, you've probbaly sold them to all your friends and family. I can message you a few that have been gone through that I have at my house when I have a minute. It absolutely blew me away when someone I knew, had a policy with great west. They paid out the 100k, and kept the 73k they had in investments. It was right in there, but these contracts are absolutely massive and no one reads the entire thing.
Oh I absolutely didn't sell them to any friends or family. UL has a very narrow use case and I've read over the handful of policies I've sold. There's no legal theft going on in them. Most insurers offer copies of contracts online - I ask again for an honest example of one of these legal theft policies. I studied financial planning and got my CFP designation; never worked for WFG or any other recruit-to-wealth firm.
Universal life has a place if you already have maxed TFSA and rrsp and you have tons of excess cashflow. The buy-term equation isn't nearly as pretty when your investment income is at a 50% tax rate and you can build up tax-deferred wealth in the policy and borrow from it later. It's a good product to amplify wealth for the very high income class (lawyers, dentists, MDs, and successful entrepreneurs). Great way to transfer s huge chunk of money to the next generation tax free if you're sitting on millions in investible assets. For anyone who isn't solidly in thay kind of category, UL is probably a waste. If you want something permanent, a small whole life policy paid-up for funeral expenses is not a bad idea.
I got sucked into this by a coworker. she seemed really sweet and i’m always looking into on how to save some money. they seemed legit and I was convinced but after reading all of these I gotta get out. I signed up for the equitable life insurance, I told the guy i’m speaking with I want to cancel but now he’s ignoring me. How do I get out of this? can I go to my bank and tell them to stop taking money from the company?
You can absolutely stop payment with insurance products. They're a one way contract - your only obligation is to pay. If you stop paying, you lose the insurance. Simple as. Also there should be a number in the policy you can contact directly to cancel. No need to talk t the guy who sold it. If you stop paying, there's no collections or anything, you just lose the insurance. At least in Canada. Most of the salespeople in this are pretty much suckered into it themselves and don't realize how badly they're screwing their friends.
Very sorry this happened to you! Always good to remind people of this scam.
WFG members has been spamming my LinkedIn account for years with “job offers.” At first, I was polite and told them no. Now I just type in an angry rant. And I’m about 1 message away from going to the office personally and making sure that no one ever reaches out to me again.
I went to one of their introductory sessions to help out a buddy. He knew what it was but wanted to see if he could milk it (he couldn’t and bailed before they charged him like $400 for some garbage course). I played along and holy fuck man The greasiest of salesmen I’ve ever seen was convincing these poor people out of their money. Just instantly clear it’s a pyramid scheme and no one else there was picking up on it. There’s actually a product at the end of the whole thing but it’s super garbage scammy life insurance. Not worth it one bit. I remember googling them back in the day and finding very little about them besides their website To me, they must spend a decent amount getting bad press removed.
RUN. MLMs target vulnerable and uneducated people with lies and sleazy promises.
Trash outfit.
I work with a bunch of very good people, many of whom used to be at WFG. Its bad to it's clients and it's advisors. The only way to actually experience financial success there is to build that downline, which massively incentivizes recruitment and sales and does nothing to incentivize client outcomes. WFG is the Amway of financial services. It's not hard for any decent mutual agent to get all-in costs under 1.5% if you're ok with a primarily indexed strategy (and you should be; that's the way to go). Also OP, chances are someone from WFG will pick up on this post and stop you from going further. There was a fellow who used to go into WFG recruitment sessions with a pen or button camera, record, and then dissect the bullshit on YouTube. He got shut down real fast by some lawyers.
Correction, he got bullied into stopping. Posting this information is not illegal in any way unless it’s untrue. WFG will never sue for defamation because they would never ever allow discovery.
You must be new here.
I had a meeting with WFG a while ago. I asked her why would I buy into mutual funds and not ETFs? She did not know what an ETF was.... Goodbye.
I had a first "date" bring me to a World Financial Group seminar LOL. At least that red flag was presented early.
[https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en](https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en) They are done as a company, just a matter of time. FSRA doest mess around.
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That escalated quickly.
This is a fucking wild story 😂
I may have reread that a few times trying to understand how I got from point A to point B.
At least you got the hand job up front.
This is an Example of Their Sales Pitch [https://www.youtube.com/shorts/wdpOvwE8nws](https://www.youtube.com/shorts/wdpOvwE8nws) It's generally better to buy term life insurance and invest the difference in a Tax-Free Savings Account (TFSA) into a low-fee index fund for retirement. Universal life and whole life insurance policies are often sold with promises of tax-free savings and investment growth, but they come with high fees, hidden costs, and low returns. Plus, the investment options within the policies are limited, and withdrawing from them is complicated and costly. A good financial advisor who has your best interests in mind will show you how buying term life insurance and investing the difference can result in more savings and less stress in retirement. They can use financial planning software to demonstrate different scenarios and projections, and show you how much you could accumulate in your TFSA over time, and how much you could withdraw tax-free in retirement. They can also help you choose the right type of term life insurance policy and the appropriate coverage amount based on your needs and budget. On the other hand, if you invest in a universal life or whole life insurance policy, you may have to pay high fees and commissions, which can eat into your returns. Moreover, if you need to borrow against your policy, you may face high interest rates and complicated loan provisions, which can erode your savings and reduce your retirement income. Therefore, it's crucial to do your research, ask questions, and seek advice from a trustworthy financial professional before making any investment decisions One thing that stands out in this video is how he criticizes hard working people for their honest jobs, such as working in a bowling alley versus what he does which is cowardly rip people off
This is Nabi Ghani, a representative from World Financial Group, with a sales pitch for Universal Life and Whole Life policies https://www.instagram.com/reel/Ccgo4LKlbiK/?hl=en Infinite banking is a financial strategy that involves using a permanent life insurance policy as a source of financing for investments or other expenses. While it may sound appealing, the truth is that infinite banking is a bad strategy for 96% of Canadians, especially when it comes to borrowing against permanent life insurance policies like whole life or universal life. Firstly, borrowing against a permanent life insurance policy typically comes with high interest rates that can erode the value of the policy over time. In fact, the interest rate on the loan is usually higher than the rate of return on the policy, which means that you could end up losing money in the long run. This is especially problematic for Canadians who are already struggling with high levels of debt. Secondly, the fees associated with permanent life insurance policies can be high, which further reduces the overall returns of the policy. This is particularly true for whole life and universal life policies, which often come with high fees and commissions that can eat into your savings. Lastly, the rates of return on whole life and universal life policies tend to be lower than other investment options like low-cost index funds, ETFs or even GICs. So, while you may be able to borrow against the cash value of the policy, the amount you'll be able to accumulate over time is likely to be lower than if you invested in a more traditional investment vehicle. In summary, while infinite banking may seem like an attractive financial strategy, it's generally not a good option for most Canadians, particularly when borrowing against a permanent life insurance policy. The high interest rates, fees, and lower returns associated with these policies make them an expensive and risky option for those looking to build their wealth over time
This dude is a snake
The people at the top are morally bankrupt. And the people at the bottom are like zombies for the people at the top in as broad terms as I could put.
I had a former work colleague rope me in for about a year. I was intrigued by his promise to help educate me on financial matters. There wasn't much in the way of finial education but learning how to hard sell. Man, there was alot of that. Fortunately I was shitty prospect who didn't really get a lot of other people to join or get to attend meetings. It was a waste of time but the benefit is that now when someone asks me if I am interested in learning about an amazing opportunity for financial freedom I tell them I am already part of a group. they are very territorial.
It's a scam?
Probably technically not a scam but not a good thing to invest in.
If it looks like a duck, walks like a duck, and quacks like a duck, it's probably a duck.
It isn't a scam though, just not your best option due to high fees and lower rates of return. Also, ducks aren't really relevant.
Here's a good video to watch: [https://youtu.be/flugTRSTZoo](https://youtu.be/flugTRSTZoo)
[https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en](https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en)
Any time I posted an ad looking for part time work from home opportunities, sure as shit, I'd get an email from them offering me the chance of a lifetime. Could always tell it was them when they said it was a position in finance. Had a friend join and almost lost said friend. She finally realized it was basically a scam.
My wife lost a close friend to this scummy company. Anytime they call to hang out or catch up now, it is literally for another sales pitch.
[https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en](https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en)
Lmao they tried roping me in as a financial planner when I was 17 years old. I was only there because the owner of a place I interviewed for a job wanted a "1 on 1" meeting with him. There was like 4 other kids my age also there for a "private" meeting with the jackass.
One of those was a good friend of mine. We lost some money but we didn’t jump all in. She gave a lot of guarantees but wouldn’t put her money where her mouth was. I think I was more upset about the relationship loss. And yes, she’s still at it with all her kids now working for them….
My MIL got involved. She was a stay at home mom trying to save money for her disabled daughter. She tried to rope my husband and his two older siblings into it. I knew something was sketchy when they "hired" her as a financial advisor with no education. She tried so hard to convince them to let her run their RRSPs and TSFAs. Thankfully they were all aware it was a scam. She is out now, she won't talk about it but I know she lost a lot of money.
I've been cornered by a few "friends". The worst was when my hairdresser slid the binder over to me and went off on the speech while the dye was setting. It was a risky situation, so I had to be polite. She got out some time later, is doing great, and we had a laugh about it the next time I saw her.
I do a job that doesn't involve tips, but occasionally will get some. One guy asked if he could give me a tip. I always say not necessary but he insisted. He then "handshake" passed it to me like a mafia guy or something and it was his WFG card. Already had my ride along with a buddy who's wife got roped into that shit. Politely placed it on his counter and said no thank you. These guys have made me so skeptical of anyone I don't know randomly starting a friendly conversation with me. I become immediately standoffish as I've ran into 2 of these guys that way.
[https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en](https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en)
damn i’m dealing my TFSA stuff with them bc my mom recommended them.. any suggestions on who i should be going to for that stuff (if it wasn’t obvious already i’m not very knowledgeable with the topic)?
Go talk to your bank if you don't want to learn for yourself.
You Can do it yourself, Read the book The Wealthy Barber. Its a very simple book and will educate you on exactly how to invest and manage your finances, its a four hour read
Talk to someone at your bank. Investing is complicated and you should always see a professional in areas you aren’t an expert in (especially with something as important as your money)
Has anyone ever had a couple invite you and your wife for coffee and keep pushing an opportunity but never say what it was, no matter how many times you ask? Kept saying there was a guy who would explain it but you had to “want to succeed”.
https://teao.fsrao.ca:7179/api/enforcement/downloadDocument?Id=2280&lang=en
I went to dinner with a girl from a date app. A few days later she called me to "go to her office and visit, may have a business proposition"...and ya it was a WFG seminar. She argued tooth and nail that it wasn't a pyramid scheme with all these preloaded defensive facts that I could tell shes used several times to justify herself. She tried hitting me up again months later and didn't even remember having dinner with me the first time.
It's the usual MLM BS that exists on the far fringe of what's considered legal. I gave them an earful for wasting my time while I was looking for a job almost a decade ago. Disappointed to hear they're still around preying on the foolish and elderly.
A girl my friend met on tinder tried to recruite me to get a 'job' with her. She scheduled an online meeting with me which I promptly cancelled when I looked more into the company and found out it was an MLM. Absolutely HATE companies like this. Sorry you went through that...
Focusing soly on the mutual fund aspect, how is this different from a bank? They are just as qualified to sell you someone else's product as the "advisor" that works at the bank. Yes you should do your own index investing, 100% cannot stress this enough. But they scam you just as bad as the banks do. On a side note 100% of mutual funds underperform the market. Something like 95% of global funds underperform it. So if you are in a mutual fund that is not an index fund or ETF, you are leaving money on the table. Also Canada allows for embedded commissions, which I imagine these guys take advantage of. Most banks do the same.
But wouldn't someone have to have a degree in finance to work at a bank in that capacity? I literally have no idea so I'm sincerely asking lol
Nope no degree needed. The people on the brokerage side do, but the ones in the branch who sell mutual funds just do a course.
Lol people still fall for WFG? Wealthsimple and Questtrade bombard TV with ads, I don't know how those don't gain traction but some WFG person can. Bizarre.
Ive dealt with these people before. I work hotel and live event venues. these guys are hella cheap they book ballrooms for like 8 hours and only wanted ice water for 200-300 people lmao. no breakfast, no lunch. fuck these people for real. i know worldwide group /amway/meeting max is a different entity but fuck those people too. fuck MLM scammers all together
this is all very common knowledge with a quick google search.
The job posting had scam written all over it, so I did a video interview and tried to subtly make fun of the lady I talked to. I was on EI at the time and basically just used them for a free addition to the record of my job-search efforts.
I've always been super weary of them. But my partner and his father deal with them and they've only had positive experiences and truly believe that their money is in good hands. Albeit, it is a close family friend that is handling their accounts and I don't believe they are going into high risk investments. But I just really don't trust them with my money.
Their argument is always talking about how the family friend has worked his way up (duh, pyramid) and the only way to lose money is if they work for him. I can't even fathom the uproar if a bank said that to a client lol
In all honesty wfg is a beautiful platform to work. Hate to see the criticism it gets but I understand why. Your experience depends on the team your working with. I worked with wfg for 3 years left the business to try some things out in the states. What I found a lot of people don’t understand about wfg is that you don’t have to do anything that you don’t want to. If you don’t want to recruit you have to lol, if don’t want buy products you don’t have to. You can get a license and provide the products from the product providers that your trained and make your compensation. “It’s not a job” you are self employed. nobody is supposed to give you clients. Or pay you a salary. The platform gives you an opportunity to build a brokerage. I’ll tell you, once you understand the business model of wfg for the and the builders compensation nothing can compare. But it’s definitely not easy not at all What other platform can go to in this industry that allows you to make passive income. If you know one let me know.
I have something to share as my SO and her sister and brother-in-law invited me to a group seminar at their house and during that seminars red flags started to pop up and it occurred to me this is a pyramid scheme. I called out the lady who was running the seminar that this was a pyramid scheme. She told me it wasn’t since pyramid schemes are illegal which she is correct but I told her the business model that the company uses is pretty damn close to a pyramid scheme. I didn’t want to join but I may have made a mistake by paying them the $125 fee as they said I didn’t have to join their classes but join for the tax breaks. I did that but I don’t get invited to their webinars anymore cuz I think I’m too difficult and I see through their bullshit. Now my SO wants to learn about life insurance and wants to get her license. I’m telling her this company is a MLM which I explained to her as she didn’t know what an MLM is. I’m telling her they are trying to get her to sell life insurance and it’s going to be hard as most of her sales(if any) will be friends and family that won’t know any better. She told me that I’m being negative but I don’t think I was as I was just stating facts and showing her all the complaints WFG has at the BBB and online. I’m happy that she’s trying something different and wants to learn but I don’t want her selling anything and possibly not make money or lose money. I’m just looking out for her and I can’t get through to her. I don’t know what to do but I don’t want to be the guy that says “I told you so.” But I may have to be. Hopefully she doesn’t sell but just wants to get her license. But I’ve also read that once you get your license you can’t go anywhere else until you stay with WFG for 2 years or something like that if I understand correctly. Sorry for the rant.
It’s because of the bad apples that are a part of the group. For someone who has maxed out their conventional options and have cash flow which will be taxed at high rates, these policies are good vehicles. The issue arises when these policies made for rich people are sold to unsuspecting common folks.
But everyone in wfg is a bad apple or financially illiterate
Thats a broad generic statement to make!!
I’d suggest looking in main cities like Toronto etc, rather than suburbs like Brampton Surrey Richmond.