So a friend who works with WFG, suggested and tried to sell me Whole life plan insurance for my child? Is this like the Universal Life Insurance that is mentioned in this video?
It's sorta similar. Both are permanent life insurance. I'd probably still stay away if I was you. Without knowing too many details I'm going to assume it's probably not the best financial decision you can make for yourself.
Oh yea if WFG strategy doesn’t work then why did the CEO of Aegon specifically mention WFG as the reason why their North American business how grown in Q1?? Something must be working…
I swear it is as if you didn't even watch the video. Philip's concerns appear obviously on what is best for the customers and agents of WFG, not the bottom line of the parent organization and insurance carriers. Great growth for a company does not mean the agents are being paid, trained, and supervised properly or that customers are being set up well with their finances. Huge difference.
@@tommymodecNo you are the one who didn’t watch the video. He says our system doesn’t work yet something must be working to get continued growth as a whole. Go back and listen again since you appeared to have missed it then you will realize why this original comment came in the first place. Stay hating!!
Back in 2010 a WFG recruiter convinced me to buy universal life insurance .He literally said if you start putting $150 monthly from today,after 20 years you don't need to pay any more also it will automatically grow,you will just watch your money double, triple etc.I said that sounds fantastic.I kept paying $150 monthly until 2016.In 2016 called the insurance provider,It was completely different story.That is when I said to my self ,you know what I will take my money I don't need this insurance.Then they said you will only able to take half of the money on top you will have to pay taxes in it.I was curious because that is not what the recruiter told me at the start of 2010.Anyways long story short you are right they have so many unknown things.Also on my end I didn't do research into it at first.Thank you for bring it now!
Ahhh I'm so sorry to hear that my friend. I think sometimes WFG agents truly believe what they are saying as their upline is telling them the exact same thing but unfortunately they don't actually understand how these products work and in reality what they are saying isn't how it actually happens. You can always report this type of negligence to the FTC or the local regulatory insurance body where you reside. Best of luck!
I thought trying to get your family and friends to secure their life with a policy is the overall structure of life insurance. What's the difference if an agent that's not associated with WFG sell a policy to their warm market vs that same agent joining WFG and doing the same? Even companies such as NY Life promotes selling to a warm market.
There's nothing wrong with selling to your warm market where there is a clear need for insurance and there is correct product fit. I take an issue with it when uplines sell to their recruits warm market and push complicated and unnecessary products and the friends/family are labeled as "unsupportive" if they don't buy.
@@tommymodec Fact check, WFG agent wont understand Universal Life.. Wrong cause I Understand, Fact check the advisor will be gone. I have been with wfg for over 3 years along with alot of my colleagues. Fact check we dont train,, again he is wrong we train all the time on the products and services and how to close and etc... this guy takes a few people and paints it all with a broad brush.
@@TheOpinionSports The only thing I will agree with you on is that he should avoid speaking in absolutes. Ironically, one of Philip's typical jokes in his videos is, "Only the Siths deal in absolutes." With that being said, just because you claim to understand the complexity of IULs does not mean the majority of WFG reps do. And three years in this industry is nothing, especially considering many WFG agents are only part-time. The Financial Services Regulatory Authority of Ontario (FSRA) literally just issued a notice of proposal against WFG for its MLM structure and lack of training and supervision of its agents. There is clearly a big problem with WFG in Canada, where Philip is. I would argue there are many of the same issues in the States. But again, you can disagree with him speaking absolutes, but he is justified to call it out for that reason alone. Thanks for the "fact checks," though. 👏🏼
@@tommymodec the team I am a part of provides training all the time and it doesn’t always center around recruiting. What I find is a lot of people are too lazy to even log into a zoom call where most of the trainings are conducted. Then when people don’t do well they blame the company and say we didn’t provide training. Just this morning we had someone from nationwide just going over basics how to properly fill out an application for the underwriters. I know that is very basic but we do provide training but again organization wise that’s why the organization I am in is the top one in WFG so maybe that’s why we are the top team in the company cause we do all of that people complain about
I am wondering how do you give such a CERTAIN advice on NOT to buy UL while yourself have no idea how the Universal Life work as you said it is complicated AND YOU DO NOT UNDERSTAND THE PRODUCT!!!! This is so unprofessional to say do not by it because YOU do not understand the product! You advise people to ignore something that could have save a lot of families' life just because it is COMPLICATED!!!
I never said don't buy it. I said it's a very complicated product that is probably only suited to a small minority of individuals in Canada. Btw I'm not the only one with this opinion. Basically all other respectable insurance brokers AND the regulatory body of Ontario (FSRA) have stated that as such. Look no further than the FSRA investigation into WFG, Greatway and Experior financial for improperly sold UL polices. Don't try and twist my words. Just because I said it's complicated does not mean I do not fully understand how it works.
@@Luis-ec2vu your guess is 50/50 I did join WFG last yr but took 6 months to actually weigh out if i want to get licensed and work with them. I got my licence two weeks ago I have not sold any policy yet but the more i am learning i am seeing how channels like these are misinforming ppl. Term insurances are like giving money to insurance company in hope of dying. If you don’t during your term, who keeps your money? UL and WL at least have that CSV and yes i am seeing at it as a tool to generate wealth and leave to my kids tax free Plus all this against MLM is also bit misinforming If i do not want to recruit i do not have to. And if I do it is to expand my wings and get royalty. Do i pay tax on royalty? We need to find ways to tax shelter our hard earned money I am doing my own due diligence and a channel misrepresenting stuff coz they are biased is not honest in my opinion Bring real results where a UL actually matured and the person lost money or it collapsed even paying premiums
@@livewealth360 *Sorry in advance for the long response* Okay, so you have only been with WFG for 6 months, have been licensed for less than a month, and have yet to sell a single policy... yet you know that Phillip is giving bad information? News flash: WFG's training is incredibly biased toward selling IULs and recruiting others... to sell IULs. Maybe your trainers are spreading misinformation and not the independent insurance agent. The VAST majority of Canadians and Americans should own term life insurance and stay far away from permanent life insurance. You don't have to recruit anyone if you are with WFG... but you'll have to settle for piss-poor commission rates for your entire career. Commission overrides from your recruits are not royalties and it is not tax-sheltered. I have helped nearly two dozen people whose policies would lapse in the future because of several factors. You don't hear about it because you are in a bubble at WFG. Ask your trainers to show a policy that has been inforce for 30+ years and helped someone fund their retirement. Oh, wait, IULs have only existed since 1997... awkward. You claim you are doing your due diligence, but you are battling confirmation bias.
@thefreelancefiduciary thanks for doing my work for me here...you said exactly what I would have said. It's a bit of a bubble and I can understand when you're inside it you see outsiders as ignorant or in their own bias. Appreciate your support brother. @elabella5762 I don't want to sound arrogant or demeaning to you. I've been in this industry for 10 years now and have seen a lot of things. I've extensively researched products, taxation, underwriting, law, etc to understand what carriers and brokerages like WFG are saying. I've done the math and once you understand how things work you can see it's seen through a bit of a rose-colored glasses. If you like the industry, keep going with it and keep learning. If you enjoy producing you will eventually switch over as an independent because you'll get access to more products and better commission. Good luck my friend.
