At worse, its a pyramid scheme as the lawsuit alleges. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). Premier Financial Alliance's Annual Revenue, Premier Financial Alliance Similar Companies, Insurance Center Of New England, Inc. Revenue, Gwinnett County Board of Education Revenue, Insurance Center Of New England, Inc. A specific example cited in the lawsuit is a representation allegedly made by PFA, by which. << /Annots [19 0 R 20 0 R] 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.. It is a one-time lifetime fee. /Parent 9 0 R To my believe, they are scam while newbies in online making money should stay away from. /AA 5 0 R /Parent 3 0 R This, the lawsuit states, comes at the expense of selling insurance policies to retail customers. Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. Lets take a look at some insurance agencies and companies similar to Premier Financial Alliance in case youre interested in doing a comparison. I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? Hopefully, the lawsuit that alleges they are a pyramid scheme will alert the Federal Trade Commission and shut them down. As you mentioned, they often have highly motivated professional sales people ready to talk us out of our money. << The opportunity enabled me to quit nursing after 2 years. You do not have to buy PFA products to work there. Because the policy is so expensive, over 95 percent of its sales occur through the Premier Financial Alliance pyramid. If youd like to learn more about how Ive helped insurance agents become top producers selling final expense and Medicare both over the phone and face-to-face, theres more information on my FAQ page. No tangible Information on their website. Girard Sharp law firm filed the lawsuit. /Group 55 0 R After reading this great review, we got to know about their activities. >> >> Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States >> Phone conversations are not regulated. This is called financial independence. Then, WFG threatens legal action against associated who do not pay their trumped-up fees. << /Resources << And feel free to leave a comment below. stream And most quit the business prematurely. Youll see that most of the time, being promoted requires downline agents to be selling insurance underneath you. Rockville Maryland *Consumer Comment: Multi-Level-Marketing Independent Agency Alliance (IAA) Scam 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). /Subtype /XML /Type /Catalog Since the emphasis is on recruitment, actual sales skills end up taking a back seat. The odds are you will lose. It is headquartered in Johns Creek, Georgia, and operates both in the US, Puerto Rico, and Canada. Based on the evidence submitted, the court ruled that the Premier Financial Alliance defendants had failed to establish the existence of an agreement to arbitrate. The PFA questionnaire clearly states at the top that all fields must be completed. WFG Securities (Canada) was under investigation by the Manitoba Securities Commission in 2008, after some investors say they ended up in financial situations they did not understand regarding leveraged accounts. Would you like to learn more?You run your business.You are busy and your time is valuable. A scam is when you pay money & gets nothing in return but what you get in return is a team of coaches and a business platform that help you build your own business. 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. This is the process that an insurance company uses to determine the risk of Living Beneits Advocate (Current Employee) - Remote - September 30, 2022 "We took concrete actions on our Net-Zero Ambition in 2021, launching the BMO Climate Institute . I have been fortunate to have gained life and leadership experience within numerous commercial industries & public sector domains while leading . 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. with complete knowledge that the Defendants have violated Department of Insurance Guidelines and the anti-pyramid laws, but aided and abetted the conduct of Nationals co-defendants. Your article is a FARCE, Gary, Shame on you. Why can this be an issue? $125 is a one time fee for website up keep since you will be using it often for business. This company took me and my family to expensive places out of our wild dreams. Sounds like that exactly whats going on. It's only a matter of time before the authorities catch up with this very fast and loose MLM. Why Affiliate Marketing is Better than MLM. Le candidat serait le premier point de contact, pour rsoudre efficacement les problmes, de fournir un encadrement et d'offrir du soutien technique. The questionnaire on the PFA website certainly raises the assumption that Premier Financial Alliance is dependent on recruitment. It hassle you day and night with emails and text messages and demand long virtual meetings weekly. SUWANEE, GA / ACCESSWIRE / November 14, 2016 / David Carroll, CEO and Founder of Premier Financial Alliance, Inc. announced on April 30th, 2016, the debut of Living Life indexed universal. Yes, then check out my Free Insurance Agent Resource Guide to find out more. The company has a varied portfolio of insurance products like term life, permanent coverage, and especially indexed universal life products, in addition to retirement, savings, and wealth-building strategies. Make good. The quality of experience, training, and skill lessons over time. Check out myfree New Insurance Agent Resource Guideto help answer many of your questions (as well as ones you didnt know you had!). Below, my goal is to highlight a few key factors for you to consider before you join any organization, whether Premier Financial Alliance, World Financial Group, or another agency. I have a small team of mostly nurses but bulk of my income comes from my personal production. endobj Thanks for this article. Im sorry to hear that you lost funds, but how much did you lose? 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. Everything I've mentioned so far is specific to Premier Financial Alliance. should know. /MediaBox [0 0 612 792] 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. stream endstream Symmetry Financial Group 4. The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. John has been in the financial industry since 1987, and prior to that he worked his way through college doing construction. 8 0 obj /F2 18 0 R Those who sell these commissioned products are highly trained, but not in finance. Premier Financial Alliance Lawsuit. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. /MediaBox [0 0 612 792] All these MLMs are just birds of same feather. xS0+H8nA ^+"q@V=, Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771. 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. When it goes up, you get to participate in that increased return. None of the information on this page has been provided or approved by Premier Financial Alliance. Premier Financial Alliance agents are paid variable commissions from the insurance carriers based on the type of product, amount of coverage, and other factors such as the age and health of the customer. This is a permanent life insurance product that combines pure insurance protection with cash value accumulation. TORONTO, Feb. 28, 2023 /PRNewswire/ - For the first quarter ended January 31, 2023, BMO Financial Group (TSX:BMO) (NYSE: BMO) recorded net income of $247 million or $0.30 per share on a reported . This process of using their dedicated database to sell the job to other agents before selling company insurance is why some career associates have claimed that PFA is a pyramid scheme. Menu Home; Rankings. >> However, a statement on the PFA website states that no commissions can be earned until a member is licensed to sell life insurance. In other words, although you pay the fee, youre not in business. Well, imagine if your policy had a cap of 12%. Join the Premier Financial Alliance team See Our Latest Jobs 5.0 Current Employee, more than 5 years The Real Deal for the Right Person Sep 18, 2022 - Provisional Field Director in Phoenix, AZ Recommend CEO Approval Business Outlook Pros Unlimited income potential. These products dont pass the common sense test. Premier Financial Alliance may also be known as or be related to Premier Financial Alliance. Unlike a legitimate direct sales company, a pyramid scheme must permit unlimited recruiting or die. At least then, you can avoid making the big mistakes that most agents make. However, recent legal developments following a class action suit by several associates has made PFAs future more uncertain. You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . It specializes in marketing innovative and affordable health coverage plans. /Type /Pages Phone conversations are not regulated, so unless you record the conversation, you have no way of proving you were intentionally mislead. Thats insane. BMO's chief sustainability officer, Michael Torrance, said the bank is "Guided by our Purpose to Boldly Grow the Good in business and life.". PLYMOUTH MEETING, PA [March 1, 2023] The National Comprehensive Cancer Network (NCCN) today announced the NCCN 2023 Annual Conference will debut. >> 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. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. In November 2010, the SEC ordered WGS to pay, among other things, a civil monetary penalty in the amount of $200,000 for the fraudulent selling of unsuitable securities in the State of California, which were funded using home equity, derived from the refinance of the customers' homes into subprime mortgages. /Length 491 >> Premier Financial Alliance affiliates who qualify for the class-action include any who signed up from June 25th, 2014 and paid more to the scheme than the amount of money they received from PFA. Regardless of where you are in life, there is probably a lot going on. I work in the healthcare business. My respect to all elders, past, present & emerging. By comparing employers on employee ratings, salaries, reviews, pros/cons, job openings and more, you'll feel one step ahead of the rest. 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. These policies are likely to provide a return very similar to that of whole life insurance (with the possibility of much worse performance), which is easily seen to be in the 2% to 5% range long term for a policy bought today and held for life. SOLD FEB 8, 2023. 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. >> I am glad the way youve exposed all the atrocities of these fraudulent companies by listing all the taletell signs. On November 28th defendants A JW Production, LLC, Bill Hong, The Consortium Group, LLC, Jack Wu, Rex Wu, and Lan Zhang, filed their own motion requesting the same. Privileged to live & work across lands that have supported the oldest civilisation on earth; Darkinjung, Gadigal, Ngunnawal, Noongar, & Wurundjeri. It creates several levels, so money is gathered across a wide base and funneled to a few people at the top who had nothing to do with the sale. Unfortunately, if you dont listen and read carefully, youll misunderstand how the policy works and assume youre going to get stock market-like returns on your cash value or, worse, on your premiums, not all of which goes to the cash value account due to the costs of insurance. To become an associate, an individual allegedly has to buy into the scheme for a non-refundable $125. Its main product is indexed universal life insurance, a form of permanent coverage that provides a cash value in addition to life insurance. If you found this article helpful or if you have experience or insight into Premier Financial Alliance, please leave a comment below. @Financial Educator, former Finance at Wells Fargo (2001-2002). And the GULLIBLES who are broke and negative would simply buy your opinion. Premier Financial Alliance makes $249,315 in a day. The lawsuit filed in California alleges that success with PFA is completely dependent on recruitment. Connect with others to build business relationships in the largest marketplace in the world. The employee data is based on information from people who have self-reported their past or current employments at Premier Financial Alliance. NASD also found that the firm failed to establish and maintain a supervisory system reasonably designed to assure compliance with the Regulatory Element of the Continuing Education Requirement by its registered representatives.". She is." Read more I am astonished to see how they can easily deceive themselves by keeping themselves concealed. Be good. They have perfected exploiting our trust and vulnerability. Once you reach this point, you generally no longer have a need for life insurance. One thing that struck me being with this company for 10 years now is I can freely call and talk to the CEO of the company which boosts my morale everytime. - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. At least on one level, it appears that the immediate goal of the Premier Financial Alliance website is to get people to fill out the questionnaire. Just please be careful and on your guard if you go. SUWANEE, GA / ACCESSWIRE / November 14, 2016 / David Carroll, CEO and Founder of Premier Financial Alliance, Inc. announced on April 30th, 2016, the debut of Living Life indexed universal. It's working beautifully for me! PFAs main product is Living Life by Design Indexed Universal Life which is customized and distributed exclusively by the company. If Premier Financial Alliance is indeed an MLM company full of affiliates earning commissions based on how much their recruited downlines are spending each month thats a problem. endobj In this Premier Financial Alliance review, I take a close look at the companys claims of success. It's an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. /Parent 3 0 R Others cant. As per a July 1st order however, the hearing was continued till August 20th. At some insurance agencies and companies similar to Premier Financial Alliance makes $ in. For business PFA products to work there their activities interested in doing a comparison some insurance agencies companies... 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