WFG - Good, Bad or otherwise?
- Thread starter dwoychuk
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What does WFG stand for?
QUOTE (dwoychuk @ Mar 26 2010, 11:19 AM) Hello,
Just curious what your opinions are about WFG. I have only had very limited exposure to them, but they kind of rubbed me the wrong way.
I am concerned about a friends possible path with them, any input is appreciated.
Cheers,
QUOTE (dwoychuk @ Mar 26 2010, 11:19 AM) Hello,
Just curious what your opinions are about WFG. I have only had very limited exposure to them, but they kind of rubbed me the wrong way.
I am concerned about a friends possible path with them, any input is appreciated.
Cheers,
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- Sep 19, 2007
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- 137
QUOTE (housingrental @ Mar 26 2010, 11:42 AM) What does WFG stand for?
world financial group
world financial group
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QUOTE (Nukav @ Mar 26 2010, 02:07 PM) world financial group
Yes, Thank you.
World Financial Group. Some more detail on it, is they are trying to convince him to pull out all the equity in his home to invest in a program that will allow him to pay off his remaining mortgage faster.
So i guess my more specific question is, are they a good investment group?
Yes, Thank you.
World Financial Group. Some more detail on it, is they are trying to convince him to pull out all the equity in his home to invest in a program that will allow him to pay off his remaining mortgage faster.
So i guess my more specific question is, are they a good investment group?
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I used to be part of WFG: so now that I have automatically discounted my opinion, bear in mind that I am no longer an agent and can provide you some "unbiased" advice.
I think the insurance we sold was very comptetitive, whether it was term or permanent.
I will say though, that the whole "invest your house`s equity into the market" approach is not something I`d recommend, but that comes with a caveat.
The caveat is, does your friend have a financial plan/roadmap? What is their level of financial literacy?
I ask, because most Canadians are unwilling to spend the time, effort, money, or have little inclination to do slightly more sophisticated investment strategies like, say, real estate. I also trade my own money; a la options (calls and puts) in the market, so I am definitely not your avg investing type.
Its really really easy to say that people should not invest in some sort of fund. Fair enough, but is your friend willing to take his education to the next level? Is he willing to, say, take that equity and buy a strong cash-flowing property in a fundamentally strong region? If not, he should look into funds, and if he has low risk tolerance or none, he can look at GIC`s or Seg funds (expensive MER`s; but they come with certain guarantees).
Ultimately, I couldn`t reconcile in my head about advising people the pros and cons of the stock market and funds in general, because of the frustration that (1) most of them want an easy, simple investment versus (2) them actually lowering the risk by learning to trade or buy real estate, (3) me using my teaching background to try an educate them and them not listening to me anyways. Plus, of course, I couldn`t recommend those more sophisticated types of strategies.
Bear in mind that the "conflict of interest" I`ve outlined above is NOT specific to WFG, but to most planning firms in general. Not many planners - even those that are so-called "unbiased" and will work for a flat fee - have enough knowledge to properly educate their clients. Just read through the magazine "MoneySense" and you`ll get a feel for the anti-real estate bias most planners have. Unfortunate.
And part of the reason I went back to teaching; so I could work for `free` volunteering to help educate kids about financial literacy. That there isn`t more in the curriculum, money concepts, is a shameful, in my opinion. But recent experiences at Teacher`s Convention have given me hope (more and more organizations are reaching out to kids and the public in general).
Then there is the netowrk marketing aspect of WFG which I am fine with; some people aren`t but it is a legitimate business model, and in WFG`s case, since their in financial services and not just selling juice or a diet program, they are HEAVILY regulated. The protocols to submit business to compliance is unbelievable in terms of paperwork, but that`s as it should be, to protect the client. Yes, people will bug their friends and family, but in many cases, those people needed some seriosu help, as did I (and still do).
Overall, if you don`t like WFG`s model then I say feel free to tell your friend about your bad taste or gut feeling and let him make up his mind.
Questions?
Smitty
I think the insurance we sold was very comptetitive, whether it was term or permanent.
I will say though, that the whole "invest your house`s equity into the market" approach is not something I`d recommend, but that comes with a caveat.
The caveat is, does your friend have a financial plan/roadmap? What is their level of financial literacy?
I ask, because most Canadians are unwilling to spend the time, effort, money, or have little inclination to do slightly more sophisticated investment strategies like, say, real estate. I also trade my own money; a la options (calls and puts) in the market, so I am definitely not your avg investing type.
Its really really easy to say that people should not invest in some sort of fund. Fair enough, but is your friend willing to take his education to the next level? Is he willing to, say, take that equity and buy a strong cash-flowing property in a fundamentally strong region? If not, he should look into funds, and if he has low risk tolerance or none, he can look at GIC`s or Seg funds (expensive MER`s; but they come with certain guarantees).
Ultimately, I couldn`t reconcile in my head about advising people the pros and cons of the stock market and funds in general, because of the frustration that (1) most of them want an easy, simple investment versus (2) them actually lowering the risk by learning to trade or buy real estate, (3) me using my teaching background to try an educate them and them not listening to me anyways. Plus, of course, I couldn`t recommend those more sophisticated types of strategies.
Bear in mind that the "conflict of interest" I`ve outlined above is NOT specific to WFG, but to most planning firms in general. Not many planners - even those that are so-called "unbiased" and will work for a flat fee - have enough knowledge to properly educate their clients. Just read through the magazine "MoneySense" and you`ll get a feel for the anti-real estate bias most planners have. Unfortunate.
And part of the reason I went back to teaching; so I could work for `free` volunteering to help educate kids about financial literacy. That there isn`t more in the curriculum, money concepts, is a shameful, in my opinion. But recent experiences at Teacher`s Convention have given me hope (more and more organizations are reaching out to kids and the public in general).
Then there is the netowrk marketing aspect of WFG which I am fine with; some people aren`t but it is a legitimate business model, and in WFG`s case, since their in financial services and not just selling juice or a diet program, they are HEAVILY regulated. The protocols to submit business to compliance is unbelievable in terms of paperwork, but that`s as it should be, to protect the client. Yes, people will bug their friends and family, but in many cases, those people needed some seriosu help, as did I (and still do).
Overall, if you don`t like WFG`s model then I say feel free to tell your friend about your bad taste or gut feeling and let him make up his mind.
Questions?
Smitty
- Joined
- Sep 24, 2009
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- 58
Thank you Smitty.
The "bad taste" came when one of my co-workers tried to convince me to quit my job and go work for them. I went to a "training" seminar with them and that was it, so I really didn`t know much more about it. I am a little bias toward REI, since it is what I am learning and trying to get into.
I am intending on sitting down with them and telling them a bit about what I am doing and throw that option at them as well, for a possible JV partnership.
Again, thank you for your input.
Regards,
The "bad taste" came when one of my co-workers tried to convince me to quit my job and go work for them. I went to a "training" seminar with them and that was it, so I really didn`t know much more about it. I am a little bias toward REI, since it is what I am learning and trying to get into.
I am intending on sitting down with them and telling them a bit about what I am doing and throw that option at them as well, for a possible JV partnership.
Again, thank you for your input.
Regards,
- Joined
- Oct 26, 2009
- Messages
- 18
WFG = multi level marketting...bring me your money, and your family and friends money and everything will be AWESOME!
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- Sep 14, 2007
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- 121
QUOTE (ibuildstuff @ Aug 10 2010, 11:50 PM) WFG = multi level marketting...bring me your money, and your family and friends money and everything will be AWESOME!
So, you decided to revive this thread, move right past my - what I thought was a reasonable - reply, and just go with the easy one-liner.
You sound as close-minded as the people who besmirch REIN and Don Campbell.
Yeah, I`ll be monitoring this thread; again, let me reiterate, it has been now well over a year since I`ve been active as a WFG agent. And if anyone wants to post legitimate criticisms - and there are more than a few - that add to the thread, they should be added and welcomed.
But lets not have this thread dissolve into lobbing cheap shots. Ok? I don`t think that`s an unreasonable request.
WFG serves a niche for either relatively financially uneducated and/or financially disinterested. Its the complete opposite of REIN in that sense. And, believe me, trying to motivate/inspire/educate people to take control over their finances is actually harder than it sounds. Some people do want easy, in-a-box, financial planning. That`s what WFG does.
And, btw, that afflicts REIN members too. Just talk to Don or Russ. Have you listened to the monthly meetings? There are still REIN members - and lots of them - out there that want there real estate investing to come in pre-packaged all-in-one format, tied with a little bow where they can just be as passive as they were and continue to be.
Its about seizing control and taking action, and I for one always encouraged and challenged my clients to do better than me, particularly on the investment side. Yet another reason I had to leave the industry...
Smitty
So, you decided to revive this thread, move right past my - what I thought was a reasonable - reply, and just go with the easy one-liner.
You sound as close-minded as the people who besmirch REIN and Don Campbell.
Yeah, I`ll be monitoring this thread; again, let me reiterate, it has been now well over a year since I`ve been active as a WFG agent. And if anyone wants to post legitimate criticisms - and there are more than a few - that add to the thread, they should be added and welcomed.
But lets not have this thread dissolve into lobbing cheap shots. Ok? I don`t think that`s an unreasonable request.
WFG serves a niche for either relatively financially uneducated and/or financially disinterested. Its the complete opposite of REIN in that sense. And, believe me, trying to motivate/inspire/educate people to take control over their finances is actually harder than it sounds. Some people do want easy, in-a-box, financial planning. That`s what WFG does.
And, btw, that afflicts REIN members too. Just talk to Don or Russ. Have you listened to the monthly meetings? There are still REIN members - and lots of them - out there that want there real estate investing to come in pre-packaged all-in-one format, tied with a little bow where they can just be as passive as they were and continue to be.
Its about seizing control and taking action, and I for one always encouraged and challenged my clients to do better than me, particularly on the investment side. Yet another reason I had to leave the industry...
Smitty