Learn more about each company and apply to jobs near you. If you are bitter about investing the $125 to educate yourself then quit and move on. We know from the notice at the bottom of the PFA questionnaire page that a member must pay a $125 non-refundable fee. First, start by doing your due diligence and find another insurance agency to work for. As such, the insurance component is very expensive. , , 50, , , 85C WFG20, , 20. This allegation is significant because a telltale sign of a pyramid scheme is lack of retail sales to the public. No tangible Information on their website. The lawsuit specifically alleges that members of PFA earn commissions solely by recruiting new members and not by retailing insurance to non-members. The SCO is the successor to the Shanghai Five, formed in 1996 . Other sources online report that PFA has ten affiliate ranks. I recruit agents nationally to sell products like final expense, Medicare Advantage, and annuities. NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? The company have a system to do that. We are a councillor-led, cross-party organisation that celebrates and champions the contribution of councils to quality of life and opportunity in Scotland. 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. 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. However, it does show that the company is at least paying lip service to a code of ethics. 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.. Premier Financial Alliance employees rated their Positive Business Outlook 14% higher than National Life Group employees rated theirs. A member can earn a respectable income with only selling the products of a legitimate direct selling company and never have to recruit. 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. They have perfected exploiting our trust and vulnerability. 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. Kudos for sharing this article. Before you can purchase life insurance, you need to qualify for it. The questionnaire on the PFA website certainly raises the assumption that Premier Financial Alliance is dependent on recruitment. Hence, this is not a scam. Is National Life Group an insurance company? Follow state politics, local business, crime, sports, environment and community news. The less you understand, the more likely you are to be disappointed when you eventually compare the steak to the sizzle you were sold. Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. Again, there is no information on the PFA website that answers this question. The company structure is not a traditional one thats why I understand people jump to conclusion and called it SCAM or PYRAMID. << 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. However, a statement on the PFA website states that no commissions can be earned until a member is licensed to sell life insurance. In this Premier Financial Alliance review, I take a close look at the companys claims of success. Symmetry Financial Group 4. And most quit the business prematurely. In other words, although you pay the fee, youre not in business. Millions of Americans provide care to loved ones who are aging or have special needs, many of whom have nowhere to turn for support and caregiver relief. This is a permanent life insurance product that combines pure insurance protection with cash value accumulation. in many downlines, there is a sad litany of downline reports reflecting that persons have made their initial payment to Defendants, and premium payments on the applicable insurancepolicies, only to discontinue payments upon realizing the business is impossible. Premier Financial Alliance insistence that you give them your phone number is suspicious. 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. 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. I doubt it. Rocky please do keep us posted about your experiences with Premier Financial Alliance. A legitimate direct sales company keeps management streamlined and compact, so the largest percentage of commissions is paid to the people making the sales. No clue. 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.. Your OPINION are NOT FACTS. If youre stuck and bitter about paying $125 then you gotta move on and do something else. 2 0 obj If you do, the first step is to give them $125 you will never get back. How much of a commission is paid out is determined by a Premier Financial Alliance affiliate's rank: Career Associate - 30% Field Associate - 45% Senior Associate - 55% Provisional Field Director - 60% Qualified Field Director - 70% Why Affiliate Marketing is Better than MLM. I am morally obliged to share this opportunity to those who would like to attain time and financial freedom like what I am enjoying now. It may be prudent to wait for the verdict on the companys policies. Sinclair Broadcast Group today announced the company will partner with The National Alliance on Mental Illness (NAMI) to launch Sinclair Cares: Mental Health Support + Hope, a campaign to encourage mental health awareness, with a focus on young adults.The campaign will begin on March 6 and run throughout the month. INDIVIDUALS, BUSINESS OWNERS & FAMILIES This is a flat out lie. They have a beautiful sales pitch about the aging of America and the opportunity to help the masses get rich through investing. << Thats like putting your money on the table and rolling the dice. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. I wish you had been more fair in your one-sided article. She is one of the top leaders in Premier Financial Alliance. 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. /Font << Companies that are members of DSA agree to a code of ethics and to resolve complaints registered with DSA. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. Premier Financial Alliance 5. Clients will work alongside experienced PFA agents to build their strategies and plan for their future. PFA collects $125 non refundable after filling lot of questionnaires and at the end all is a scam. By David Duford - January 03, 2023 - 5 Mins Read. ", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. 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. /Subtype /XML Now I have confirmed their illegitimate deals through your article. Thanks for the review on premier financial alliance. According to the lawsuit, Premier Financial Alliance members only sell insurance to other members, indicating that PFA may indeed be a pyramid scheme. Some organizations honestly believe its okay for an entry-level agent with ZERO experiencesomeone who hasnt even sold their first policyto start recruiting people left, right, and center. Most people enter the insurance business because they dont want employees below them. The company has been around since 1991 and its highly regulated by Finra. >> 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." Once you reach this point, you generally no longer have a need for life insurance. Eskom's ability to maintain its power stations and introduce new generation capacity has been, and continues to be, hampered by a host of regulatory obstacles. Premier Financial Alliance does not have an Earning Disclosure Statement. Without an Earning Disclosure Statement, it is not possible to perform due diligence. So if an index mutual fund goes up 10% (including a 2% dividend), an IUL may only credit you 8%. I agree, It is not easy. PFA doesnt sell a product. Perhaps, youre also looking for guidance on which one of these opportunities will be best for you? Premier Financial Alliance may also be known as or be related to Premier Financial Alliance. Youll see that most of the time, being promoted requires downline agents to be selling insurance underneath you. Stated aims of the class-action include establishing. A quick search of DSA members reveals that Premier Financial Alliance is NOT a member of DSA. 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. The results of that case are still undetermined. 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. My advice: Dont drink the kool-aid and run away fast! 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. Thanks for writing out this lovely article and I must say its a must for everyone to read and digest.premier financial alliance is a platform to stay away with, they claims a non-refundable fee of $125 while they aint among the member of DSA.what exactly is there group into? Defendants named in the lawsuit include Premier Financial Alliance, David Caroll (CEO and Founder), Jack Wu (chairman and ringleader) and his company AJW Productions, Rex Wu (field chairman), Lan Zhang (an original member of PFA), Bill Hong (conspirator). The lawsuit also alleges that PFA promises members they can achieve vast wealth with their PFA business but that over 95% of PFA associates lose money. You do not have to buy PFA products to work there. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. Yes, absolutely WFG is a scam. Any time the S&P 500 index returned more than 12%, you just get 12%. Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. ", "I highly recommend Libby! stream Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. Lets take a look at some insurance agencies and companies similar to Premier Financial Alliance in case youre interested in doing a comparison. /Names 4 0 R 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. None of the information on this page has been provided or approved by Premier Financial Alliance. 13 0 obj We dont pay any monthly fee after that unlike other companies. 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. LIFE INSURANCE, LIVING BENEFITS,ANNUITIES, Pandemic Unemployment Assistance in Hawaii, 1019 Waimanu St Ste 213 Honolulu, HI 96814. I personally know someone (immigrant) who made it good in PFA. After 30 years, a nest egg growing at 8% instead of 10% ends up 42% smaller. Legally, in the United States, the Federal Trade Commission enforces anything that might be considered advertising. Premier Financial Alliance is a secretive multi-level marketing company claiming to offer an opportunity to build a financial services business. >> She works hard to achieve the leadership position shes in now. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc, Ask anonymous questions on Fishbowl and get real time answers from National Life Group and Premier Financial Alliance employees and others in your industry. [17]It is yet unclear how successfully the company has managed to distance itself from its more controversial U.S.-based predecessor WMA, associated with fraud, misrepresentation and false statements, and the subject of class action lawsuits, andNational Association of Securities Dealers(NASD) disciplinary action. /Count 29 SMH. I did not know any information about this company before. The data presented on this page does not represent the view of Premier Financial Alliance and its employees or that of Zippia. Like putting your money on the table and rolling the dice then you got ta on... Pfa has ten affiliate ranks this question of Premier Financial Alliance review i. You pay the fee, youre not in business away fast about this company before experienced PFA to... People enter the insurance component is very expensive with DSA the lawsuit specifically alleges that members PFA! 1991 and its highly regulated by Finra selling the products of a pyramid scheme and an chain! I did not know any information about this company before and its or! And the opportunity to help the masses get rich through investing for life insurance, you generally no longer a... For more insight on how the insurance sales industry works PFA has ten ranks. Of success other words, although you pay the fee, youre also for. 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