Pyramid schemes typically require members to Pay to Play. Pay to play means a member must pay for the opportunity to make money for the company. And, the $125 entry fee is enough to choke on. /Kids [37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R] The most damning allegations in the new 2019 lawsuit are the targeting of Asian immigrants, and claim that 95% of sales within Premier Financial Alliance are affiliate purchases. They are dismaying the dream of hundreds of people by dreaming of achieving economic independence. /MediaBox [0 0 612 792] Partnership to Encourage Mental Health Awareness. Premier Financial Alliance revenue is $91.0M annually. /Type /Pages National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme with Premier Financial Group selling universal life insurance policies issued by National Life Group. /Parent 8 0 R You may have noticed that the best products in life generally sell themselves. Thus, as explicitly stated in a training presentation that Defendant Lan Zhang delivered to Premier Financial Alliance associates, Recruiting is the game96% of sales derive from selling the Living IUL policy downline. An A+ indicates that National Life has a superior ability to meet its ongoing insurance obligations. I have no downline and I am still making money. PFA agents or the PFA don't make money on $125 fee. /Title (Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771) Even now, at historically low yields of around 2%, the dividend still accounts for one-fifth of the market return. >> 16 0 obj The company offers education, training, and mentorship programs to agents, all of which provide them with the necessary tools to help them build their business. >> On May 6th an initial case management conference for both cases was held. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. In fact, if youre interested in learning more about the industry, you can check out my Free Insurance Agent Resource Guide, specifically for aspiring agents. >> Also, the more complex the product, the fewer competitors it will have, and competition drives prices down. These products dont pass the common sense test. Recommendations Given ( 7) Libby D Lum eXp Realty - Honolulu Highly Recommended "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. We will ask you to provide us with information that we then use in what is called underwriting. /Type /Page The opportunity enabled me to quit nursing after 2 years. /Filter /FlateDecode Regardless of where you are in life, there is probably a lot going on. Defendants have failed to meet their burden to show, by undisputed material facts, that the parties entered into an agreement to arbitrate the claims here. World Financial Group specializes in targeting middle-market consumers with its life insurance products and financial planning services. Most likely youre reading this article today because youre thinking about selling insurance either with Premier Financial Alliance or the World Financial Group. Corporate America companies get sued all the time by their rivals, so not to be too quick to label Pfa as a scam when you have not seen it for yourself. I was a victim few years ago. Common Scams That Prey on Seniors and How to Prevent Them. Living Beneits Advocate (Current Employee) - Remote - September 30, 2022 Statements made on a website could be legally binding. Blind Tiger Press 1304 Sunset Blvd Suite # 1290 West Columbia, SC 29169. However, there is no evidence on the Premier Financial website to substantiate these assertions. 2. First, consider your own situation. To make matters worse, IULs usually have a cap rate. Any time the S&P 500 index returned more than 12%, you just get 12%. However, we can use criteria established by Dr. Jon Taylor and published on the Federal Trade Commissions website to determine how closely PFA resembles a pyramid scheme. How much does that matter? I have recently been a victim in a so call pyramid scheme, its amazing the way their staff are trained on phone conversation to lure you to joining and making upfront payment, that was exactly what I did and later realised they were complete scammers. /Type /Pages << And I will share this with our team. However, it does show that the company is at least paying lip service to a code of ethics. This fee is non-refundable. Premier Financial Alliance is designed to give clients control over their budding business by providing start-up capital to entrepreneurs regardless of prior experience or sparkling corporate resumes. A lawsuit filed in California claims Premier Financial Alliance is a classic pyramid scheme.. Unfortunately, what you wont find on the PFA website is specific information that will help you determine what the business opportunity is or if its right for you. Others cant. /Subtype /XML Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771 At worse, its a pyramid scheme as the lawsuit alleges. The more the insurance costs, the less youll have in the cash value account. We feel comfortable that we now have the regulatory issues under control."[20]. /Contents [50 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R] The two Californian cases Premier Financial Alliance is currently defending are: a 2018 suit filed by Rui Chen and Wenjian Gonzales, alleging pyramid scheme fraud; and a 2019 suit filed by Youxiang Eileen Wang and Biyun Zong, alleging Premier Financial Alliance targeted Asian immigrants for fraud. You can sell to anyone that wants to buy from you. >> This is the process that an insurance company uses to determine the risk of Again, there is no information on the PFA website that answers this question. Generally speaking, people dont make money here by selling legitimate products. I contacted them repeatedly (as an associate! The Premier Financial Alliance Lawsuit. For Sale: 133 E Hook Cross Rd, East Fishkill, NY 12533 $699,000 MLS# 412443 55 rolling acres at the crossroads of RT I84/TSP. endstream You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . Premier Financial Alliance affiliates are promised. The fundamental flaw is that there is no end benefit; the money simply travels up the chain, and only the originator (or at best a very few) wins in swindling his followers. ", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. endobj Because it involves talking to your friends, relatives and even searching online job boards to persuade people to join and sell insurance with you. No MLM offers a legitimate opportunity, but with PFA the warning signs are all over the place. What does that mean?? Although prospective associates are told they will be able to maintain their own insurance business, the policy bought and sold through the pyramid is significantly overpriced. And if you want to recruit people and create your own team , you can do that. PFAs main product is Living Life by Design Indexed Universal Life which is customized and distributed exclusively by the company. Premiere Financial Alliance (PFA) sell for National Life Group which doesn't have a good reputation in the Insurance Industry plus Premiere Financial Alliance (PFA) only push one product and one product only from National Life Group which is an (IUL) Indexed Universal Life Insurance Product and Premiere Financial Alliance (PFA) does not represent Hi Ola: Our focus is to make sure that you get the information you need to help you protect your business and family. Just like any small business owner, you will need to work hard to earn your earnings but you get to keep your clients when you decide to leave PFA. Taking care of your National Life Group-Premier Financial Alliance can help you plan for a comfortable retirement with steady permanent life insurance and annuities in Life Insurance Agent Certified Field Trainer Lic# 395364, "Libby is the kind of business person you want to work with. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. TC84457(0415)P /Length 491 Of course, when you have such large numbers of people out there in the field, it is quite an effort. 9 0 obj You went right straight to the jugular and made claims of you OPINION. ", "Very knowledgeable, personable, and excellent follow up! They focus on recruits, tell you time and again you can work part time. Assigning and protecting territories is something a legitimate direct selling company will do to protect the income of its salespeople. You do not have to recruit to work a PFA. Learn More LIFE INSURANCE ANNUITIES TALK TO AN AGENT LIFECHANGER OF THE YEAR The Mission Watch Video And the GULLIBLES who are broke and negative would simply buy your opinion. National Life Group is a group of financial service companies that offers life insurance and annuity products for individuals, families, and businesses. 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. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. I did not know any information about this company before. By David Duford - January 03, 2023 - 5 Mins Read. Ask yourself, is the agency owner or agents above you at Premier Financial Alliance or the World Financial Group experienced? 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. Is the WFG (World Financial Group) a scam? Its not clear what benefits a member gets for paying this fee or what additional expenses a member might pay. 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.. It is a one-time lifetime fee. He was also able to make a great deal of additional money on spread commissions from his downline. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. Thats where National Life Group can help. However, a statement on the PFA website states that no commissions can be earned until a member is licensed to sell life insurance. At the end of the day , if you are curious , find out about it yourself , worst come to worst you spend $100 and you get financial education. Other financial products from Premier Financial Alliance include term life insurance, whole life, and universal life, and annuities. They dont. 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. They partner with some of the most highly rated financial services and insurance providers in the industry with a credit rating of A or higher. I still work at PFA and I can make commissions only investment was time and hard work. 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. Good luck and thanks for reading. /Parent 8 0 R You wrote so many inaccurate claims that are your PERSONAL opinion. This too comes out of commissions but you have the option to pay upfront for 30.00 a mon. It can take months and considerable expense to get a license to sell life insurance. Judging from the website, it doesnt look like potential associates would even have a clue as to what they would be selling. Premier Financial Alliance makes $249,315 in a day. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). American Income Lifes core markets are labor unions, credit unions, and associations for insurance solicitation. /CropBox [0 0 612 792] One of the bigger issues that stands out to me with both these companies is the extreme focus on building a downline agency very early on in your sales career. This aggressive side of Marquez is loved and appreciated by . It is the world's largest regional organization in terms of geographic scope and population, covering approximately 60% of the area of Eurasia, 40% of the world population, and more than 30% of global GDP.. Emotional decisions are not logical decisions. If you do, the first step is to give them $125 you will never get back. 4 0 obj 7 0 obj Premier Financial Alliance Investment & Asset Management Salaries National Life Group has 450 more total submitted salaries than Premier Financial Alliance. Symmetry Financial Group is an insurance marketing organization based out of Swannanoa, North Carolina. Since everyone eventually dies, permanent life insurance must be priced so that there is enough money to pay a death benefit to everyone. ", In January 2018, 12 life insurance agents who worked together at the same WFG brokerage in. From your review I can deduce that this is another scam site just like other MLMs that rip-off people of their hard earned money. In this world, nobody is perfect, only GOD is! Freedom Equity Group 7. It's an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. PS. The more complex the policy, the less likely you are to really understand how it will work in the future. Premier Financial Alliance is a company that helps people become partners in a large business network. Each state has specific fees and requirements for a life insurance license. And feel free to leave a comment below. To my believe, they are scam while newbies in online making money should stay away from. Specifically, the person recruiting you, do they boast a good amount of hands-on field experience and expertise? I have not heard about this company before. If that 95% figure is anywhere remotely accurate, Premier Financial Alliance appears to be a prime target for an FTC shutdown. The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. As you mentioned, they often have highly motivated professional sales people ready to talk us out of our money. /MediaBox [0 0 612 792] Too many new insurance agents fail within their first year that its imperative we get these things right the first time (as best we can). I only had to pay the $125 non-refundable fee and I paid expenses for my insurance licensing like everyone else. Freedom Equity Group, based in Arroyo Grande, California, is an independent marketing organization (IMO) that contracts with insurance companies to promote and distribute a range of life insurance products. Questions must be sent no later than 1 June . OH! To overcome this, I recommend that new agents focus on mastering whatever insurance product theyre interested in before moving on to recruitment. Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. BMO's chief sustainability officer, Michael Torrance, said the bank is "Guided by our Purpose to Boldly Grow the Good in business and life.". If that cap wasnt in place, an IUL purchaser in 1999 would have had 69% more money than he really ended up with. You simply dont get anywhere near the market returns due to the costs of the insurance, the additional fees, the loss of the dividends, the cap rates, and the participation rates. Better yet, can they teach you how? We could not conclusively answer the five questions because Premier Financial Alliance withholds information. Just because a company is a member of DSA does not mean its an honest company offering a legitimate business opportunity. The motion requests permission to seek reconsideration of the earlier arbitration denial decision, or in the alternative a transfer of the case to Georgia. Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! 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premier financial alliance national life group