Better yet, can they teach you how? Premier Financial Alliance is so poorly managed that there is no reason to trust it. 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. "Work life balance" was the most mentioned, "Great leadership" was the most mentioned, "Entrepreneurship" was the most mentioned, Read more National Life Group reviews (349), Read more Premier Financial Alliance reviews (146). It is a one-time lifetime fee. With IUL, the crediting rate for your cash value is determined by a formula, instead of being at the insurance companys discretion. 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. They really, really dont want people to know what they are getting into. View more recently sold homes. This shortcoming is only one of several signs that Premier Financial Alliance is not honest or transparent. Pyramid schemes are dependent on recruiting. 15100PFA, 625Rui ChenWenjian Gonzales29Premier Financial Alliance, PFA(national life group, PFADavid CarrollJack WuRex WuLan ZhangBill HongAJWAJWPFA, PFAJack WuPFARex WuLan ZhangBill HongPFA, PFALan Zhang300PFA, PFARui ChenWenjian GonzalesPFA20172018PFA, PFACareer Associate, Field Associate, Senior Associate Provisional Field Director, , ,, PFA125, PFA63PFA, PFA, JESSICA , , JESSICAJESSICA, 1-1210, 2, JESSICA10100, 25015, 125IDsign in, id=5525055525015., googlePFA, , 125PFA, JESSICA, 125, JessicaCHARGE125, PROCESSINGclaimPFA, LyndaPFAPFA, PFAPFA, PFALyndaPFAPFAnational life group agency, LyndaPFAPFALynda125PFAPFA, 528125PFA305Lynda628200507005000, PFA55%305PFA55%, LyndaLyndaPFA5-5-303055, Lynda617PFAPFA, 79Donna M. Ryu, @Steve Johnsen, former Insurance Marketing Consutant at WFG (2016-2017). /Kids [21 0 R 22 0 R 23 0 R 24 0 R 25 0 R 26 0 R 27 0 R 28 0 R] To sell the financial-success promise, PFA, Carroll, J. Wu, R. Wu, Hong, Zhang, and AJW flaunt the wealth of the highest-ranked Associates and those few insiders at the top of the pyramid, as examples of the riches that await new participants, if only they will work hard enough (i.e., tirelessly recruit new Associates). Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. Switching over to the 2019 case, the motion to compel arbitration that stayed the 2018 case was filed by Premier Financial Alliance on May 28th. endobj I am going to stay out of this company and to inform my others friends also. This is a business for someone who is serious about creating a great income and financial independence. If that cap wasnt in place, an IUL purchaser in 1999 would have had 69% more money than he really ended up with. So, I will shear it on my web link. Each year, this announced rate is multiplied by your cash value and the product is added to your cash value. /Parent 8 0 R I believe that many people will find the real truth about this company. Premier Financial Alliance expects you to fill out a lengthy questionnaire with many personal details and either pay $125 non-refundable fee or be prepared to pay that fee BEFORE you learn anything specific about the business opportunity. Thanks for sharing this with us. 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. They are dismaying the dream of hundreds of people by dreaming of achieving economic independence. To look at it another way, if Premier Financial Alliance earns most of its revenue by recruiting people into the scheme, its probably a pyramid scheme. PFA is broker for Life Insurance Companies. I dont understand how people can afford to state derogatory statements about this company PFA when they have not had any personal relationship or experience with the company. That appears to be the case with Premier Financial Alliance, but there is no evidence on their website confirming this assumption. >> /Rotate 0 I just hope people wont fall victim for all this fake MLM site. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a "particularly egregious classic pyramid scheme". Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771 PS. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. 8 0 obj Premier Financial Alliance affiliates are promised. In a single month, Premier Financial Alliance normally makes close to $7.6M in revenue. No marketing is done to retail customers. This naturally raised the question of what Premier Financial Alliances core priority was. Click to DISCOVER a Proven Path to Financial Independence! New agents end up feeling demoralized. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Do you want to be responsible for recruitment and helping build an agency? Learn more about each company and apply to jobs near you. Common Scams That Prey on Seniors and How to Prevent Them. 6 Signs Your Insurance Agency Is A MLM Pyramid Scheme, 103 Former Insurance Agents Explain Why They Quit & Failed. As per a July 1st order however, the hearing was continued till August 20th. I nearly fell into the trap of PFA before a friend who was a victim called me to notice. NOTE: Are you interested in selling insurance as a business? xS0+H8nA ^+"q@V=, Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771. I suspect if you did fill out the PFA questionnaire, you would soon get a phone call from a rep who tries to talk you into paying the non-refundable fee. Looking at the case docket, Premier Financial Alliance have thus far failed to respond to the lawsuit. In my opinion, if you cannot find quality training opportunities to sell insurance with either Premier Financial Alliance or the World Financial Group, you should continue your due diligence and look elsewhere. >> I work in the healthcare business. Rockville Maryland *Consumer Comment: Multi-Level-Marketing Independent Agency Alliance (IAA) Scam They state that "WFG associates are not required to purchase any products, goods, services, inventory, marketing plan or property of any kind, or pay any consideration in exchange for becoming or remaining an independent contractor of WFG." ", "Libby leads by example. 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. A 2016 video cites Zhang as a Premier Financial Alliance President, and depicts her receiving a special birthday present from PFA founder and CEO, David Carroll. World Financial Group (WFG) is a multi-level marketing financial and insurance services company based in Johns Creek, Georgia, a suburb of Atlanta, which sells investment, insurance, and various other financial products through a network of distributors in the United States, Canada, and Puerto Rico. /Type /Pages endobj 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. Bankers Life was established in 1879 in Chicago, Illinois. The business model described in the lawsuit is that of your typical no retail MLM pyramid scheme. Premier Financial Alliance does not have an Earning Disclosure Statement. No insurance agency can prevent you from stopping your affiliation with it and doing business with another organization. What matters, if you are considering the business opportunity, is whether you have a reasonable chance at success. 11 0 obj Its main product is indexed universal life insurance, a form of permanent coverage that provides a cash value in addition to life insurance. endobj The caveat is, is that you have to make money to pay it. The company serves the middle markets for insurance-based financial planning. When an MLM is not a member of DSA, it is cause for concern as it reveals they are not the least bit interested in appearing legitimate or abiding by any code of ethics. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! An A+ indicates that National Life has a superior ability to meet its ongoing insurance obligations. For example: this evening we just learned about how business owners like me can better offer benefits and reward financial benefits to our employees thru IRS tax credits. prices are so low? Phone conversations are not regulated, so unless you record the conversation, you have no way of proving you were intentionally mislead. $450,000 Last Sold Price. Any time the S&P 500 index returned more than 12%, you just get 12%. Or message me here. Pyramid schemes are structured to funnel money from the bottom of the organization to the top. >> I was a victim few years ago. Symmetry Financial Group 4. Pioneer Financial Group-$270,000: 7-LIFE & HEALTH UNDERWRITER-$230,000: 5-American Income Life Insurance-$6.3B: 11,000-National . We dont pay any monthly fee after that unlike other companies. Hi Ola: Thats insane. To overcome this, I recommend that new agents focus on mastering whatever insurance product theyre interested in before moving on to recruitment. COSLA is the voice of Local Government in Scotland. Assigning and protecting territories is something a legitimate direct selling company will do to protect the income of its salespeople. This aggressive side of Marquez is loved and appreciated by . You do not have to recruit to work a PFA. << The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. /Kids [11 0 R 12 0 R 13 0 R 14 0 R] I did not know any information about this company before. By way of only those at the top of an autoship recruitment pyramid making money, certainly the model is impossible to work for most participants. There are many reasons you may want to quit Premier Financial Alliance, for example, you ran out of money to invest in leads, you ran out of prospects to sell to, or you simply found that the business of selling insurance wasnt a good fit for you. The lawsuit filed in California alleges that success with PFA is completely dependent on recruitment. Your this comprehensive review will help people to become aware. We will ask you to provide us with information that we then use in what is called underwriting. A California lawsuit alleging that Premier Financial Alliance is a pyramid scheme also states that commissions are earned on the sale of over-priced life insurance and that money is made by recruiting others into the scheme and selling them the same over-priced life insurance. 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