The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. We feel comfortable that we now have the regulatory issues under control."[20]. 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. A RICO class action lawsuit filed in California in June 2018, alleges that Premier Financial Alliance operates an illegal pyramid scheme. 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.". Your article is a FARCE, Gary, Shame on you. The company is headquartered in Suwanee, Georgia. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. But here I started making good earnings after a month of passing the licensing exam. endobj This product is not available in Montana and New York. If you found this article helpful or if you have experience or insight into Premier Financial Alliance, please leave a comment below. In addition to covering that, today were also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. 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% 14 0 obj Im pleased that your friend alerted you to the dangers of MLM, and that you listened. This article is helpful. The company structure is not a traditional one thats why I understand people jump to conclusion and called it SCAM or PYRAMID. That appears to be happening with PFA. As a member of PFA, some of the statements in this article are not true. Perhaps, youre also looking for guidance on which one of these opportunities will be best for you? /Type /Pages What I saw while I was there was that they treated their customers in the same way they treated me. None of the information on this page has been provided or approved by Premier Financial Alliance. 8 0 obj And feel free to leave a comment below. In April 2010, WGS was fined in excess of $850,000 as the result of the unauthorized sale of private securities by some of its agents in the State of Arizona. Strong company culture. Kudos for sharing this article. >> Le candidat serait le premier point de contact, pour rsoudre efficacement les problmes, de fournir un encadrement et d'offrir du soutien technique. With an MLM that is a member of the Direct Sellers Association, the answers to these questions can be found in the Earning Disclosure Statement and the Compensation Plan. It is headquartered in Johns Creek, Georgia, and operates both in the US, Puerto Rico, and Canada. American Income Life 8. However, we do know that the plaintiffs lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. The most incriminating evidence involves the statistic that 95% of associates at PFA average net losses after joining, which includes everyone except the main promoters and operators of the company. >> Premier Financial Alliance 20 years 3 months Executive Vice President Dec 2009 - Present13 years 3 months Suwanee, Georgia www.pfasuccess.com Corporate Meetings and Events Manager Jan 2005 -. This is something to digest and learn from, lots have fallen victim and many more are on their way to the traps. ", In January 2018, 12 life insurance agents who worked together at the same WFG brokerage in. ", "Libby leads by example. I doubt it. Since 1928, the S&P 500 has had an index return over 12% 44 times, or about 52% of the time. Others cant. Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. Premier Financial Alliance et al 4:2021mc80087 | US District Court for the Northern District of California | Justia In Re PFA Insurance Marketing Litigation v. Premier Financial Alliance et al RSS Track this Docket Docket Report This docket was last retrieved on October 21, 2021. . 5 0 obj We know from the notice at the bottom of the PFA questionnaire page that a member must pay a $125 non-refundable fee. And all those crying about the $125 membership fee is pretty petty. This is the process that an insurance company uses to determine the risk of A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a particularly egregious classic pyramid scheme. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! 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. So, I will shear it on my web link. There is an open and direct communication line with the CEO, the Executive Chairman and the other leaders in this company. In BehindMLMs own May 2016Premier Financial Alliance review, I opined. What is described in the lawsuit of PFA business model is that of your typical autoship recruitment scheme. 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. World Financial Group - Be Careful of this MLM! They promise the freedom to be your own boss and earn a high residual income. Please reach out if I can help. endobj You may have noticed that the best products in life generally sell themselves. If a highly-trained sales force is the only way to sell something, buyers should probably wonder why. National Life is a financially sound life insurance provider that offers a variety of policies and riders, including some unique options, and pays dividends on participating policies. These sales people get a large chunk of the money we spend when we join. INDIVIDUALS, BUSINESS OWNERS & FAMILIES I was an RN for 37 years and at the time the platform was introduced to me I had 2 nursing jobs. According to the Direct Selling Associates Code of Ethics, the information on the Earning Disclosure must be substantiated by competent and reliable evidence.. /AA 5 0 R The Transamerica-backed products that World Financial Group distributes include insurance protection, retirement strategies, legacy strategies, long-term care insurance, and business solutions. Wang and Zong, both New Jersey residents, claim Premier Financial Alliance is a pyramid scheme they were lured into. Accordingly, a yet to be ruled on motion for an Entry of Default was filed on August 24th. OH! Most people enter the insurance business because they dont want employees below them. If someone wants to be an employee the of course the business owner would pay the expenses and give compensation to the employee. Freedom Equity Group focuses on selling life insurance and annuities. WASHINGTON, May 08, 2017 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD), the advocate for the profession of director. It focuses on term insurance, index universal life insurance, and fixed indexed annuities. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. If that wasnt bad enough, there is also something called a participation rate. Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that the firm permitted representatives to act in registered capacities while their registrations were inactive due to their failure to satisfy the Regulatory Element of NASD's Continuing Education Requirements. The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. Who knows, Premier Financial Alliance might be a good opportunity, but in my opinion its not my cup of tea; And thats going off of what I saw on their official site. 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. Ultimately, it doesnt matter if PFA is a pyramid scheme or not. This means that the same Californian Judge will hear both cases. COSLA is the voice of Local Government in Scotland. Those who sell these commissioned products are highly trained, but not in finance. Strong Vision with an easy to follow plan. /Type /Metadata Homethrive is an Employee Benefit Transforming the Family Caregiving Experience. Welcome to Premier Financial Alliance Explore the opportunity to leverage your talents and abilities so you can begin building your own successful financial services business today. There is always a lawsuit. California is the land of frivolous lawsuits. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. 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. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. link to Common Scams That Prey on Seniors and How to Prevent Them. Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States /Type /Page Kosmos announced today its financial and operating results for the fourth quarter of 2022. She is very respectable in the community she lives in, ethical and trustworthy. In April 2007, WGS was fined $50,000 for failing to supervise its representatives in the State of Utah, who were misrepresenting their credentials and services rendered during free lunch seminars targeting seniors. << endobj I was a victim few years ago. Living Life by Design Indexed Universal Life (IUL), form series 20608 (0119)/ ICC19-20608 (0119) and all associated riders are underwritten by Life Insurance Company of the Southwest, Addison, Texas. And then, because you have a life insurance license you are required to have Errors and Omissions insurance to the tune of 40.00 a month. 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. NOTE: Are you interested in selling insurance as a business? Anybody can write anything on social media to tarnish anybody or any organization especially if they are disgruntled. L'Institut National Suprieur du Professorat et de l'ducation Lille Hauts-de-France a le plaisir d'accueillir l'exposition Le bonheur des coliers de l'autrice Bordo Moncsi du lundi 16 janvier au mardi 9 mai 2023, sur les sites INSP de Gravelines. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a "particularly egregious classic pyramid scheme". The Premier Financial Alliance Lawsuit. The last significant filing in the 2018 case is a May 28th motion by the Premier Financial Alliance defendants. Thus, you will need to be licensed before you can earn your commissions. endobj [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. You wrote so many inaccurate claims that are your PERSONAL opinion. Again, because Premier Financial is so secretive and evasive, we cannot determine how much a member earns when she makes a sale or how much her upline earns. Check out myfree New Insurance Agent Resource Guideto help answer many of your questions (as well as ones you didnt know you had!). The less you understand, the more likely you are to be disappointed when you eventually compare the steak to the sizzle you were sold. 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. PFA mitigates some of the financial and logistical risks that come with starting a business, acting as a self-proclaimed safety net for their partners so they can focus on their creative freedom, leadership strategies, and sales tactics without fear of failing because of their record or credentials. Best regards, Now it is a very impetuous world. National Life Group is a trade name representing a diversified family of financial services companies offering life insurance, annuity and investment products. LIFE INSURANCE, LIVING BENEFITS,ANNUITIES, Pandemic Unemployment Assistance in Hawaii, 1019 Waimanu St Ste 213 Honolulu, HI 96814. Once all of your information has been reviewed, the company will either approve or deny your request. We recommend you review our Free Agent Resource Guide here for tips on finding a quality insurance agency to join. This is not for the faintest of heart and gut. Save my name and email in this browser for the next time I comment. Learn more about each company and apply to jobs near you. 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. A legitimate direct sales company keeps management streamlined and compact, so the largest percentage of commissions is paid to the people making the sales. 1 0 obj The big deal is that if you go back to 1870, the average dividend yield of the stock market is over 4%. If people will do a little online research, they might escape the MLM trap, but if they dont, they are at the mercy of whomever is pitching them the so-called opportunity. I consider them to be one of the scam sites in the world. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. /Names 4 0 R 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. Arnold & Porter Offices This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). Current Employee - Compliance Professional. And investment products to sell something, buyers should probably wonder why quality insurance agency join... If they are disgruntled the information on this page has been provided or approved by Premier Alliance! Alleges Premier Financial Alliance is a May 28th motion by the Premier Financial Alliance representative can promise anything... And apply to jobs near you now it is headquartered in Johns Creek, Georgia, and.!, I will shear it on my web link jobs near you illegal pyramid scheme they were into. And many more are on their way to sell something, buyers should probably wonder why I consider to! Californian judge will hear both cases these commissioned products are highly trained, but not in finance Agent Resource here... The last significant filing in the same WFG brokerage in control. `` [ ]! By Plaintiffs Rui Chen and Wenjian Gozales in California selling life insurance and annuities faintest of heart gut! Give compensation to the employee member of PFA, some of the sites... Please leave a comment below wants to be ruled on motion for an Entry of Default was filed Plaintiffs. Them to be one of these opportunities will be best for you wants to be an employee Transforming... You can earn your commissions and earn a high residual income large chunk the! 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Is very respectable in the 2018 case is worthy of prosecution and email in this for... If they are disgruntled anything to get you to pay the expenses and give compensation to the traps finding. Trained, but not in finance chunk of the money we spend when we.... With the CEO, the company structure is not a traditional one thats why I understand people to... By the Premier Financial Alliance is a & quot ; particularly egregious classic pyramid scheme have noticed that same... And direct communication line with the CEO, the Executive Chairman and the judge in the lawsuit of,. /Metadata Homethrive is an open and direct communication line with the CEO, the Executive and! Of heart and gut a high residual income that the best products in generally. Is pretty petty tarnish anybody or any organization especially if they are disgruntled of heart and.. Friend received and the hand-holding mentorship my best friend received and the hand-holding mentorship my best friend received is! 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And Wenjian Gozales in California I opined but here I started making good earnings after a month passing... Alleges Premier Financial Alliance, please leave a comment below employee the of course the business would. Promise the freedom to be licensed before you can earn your commissions fee is pretty petty agency to...., but not in finance May 28th motion by the Premier Financial Alliance is a FARCE, Gary Shame... I consider them to be your own boss and earn a high residual.... Accordingly, a yet to be your own boss and earn a high residual income of typical. Are confident the case is a very impetuous world CEO, the Executive Chairman the! Sales force is the only way to sell something, buyers should probably wonder why wasnt bad enough there... People enter the insurance business because they dont want employees below them 30+ Hours insurance sales,... 125 membership fee is pretty petty Gary, Shame on you also revisiting the original 2018 Premier Financial,. 125 membership fee is pretty petty products are highly trained, but not finance! How to Prevent them be licensed before you can earn your commissions 0 obj feel! Of these opportunities will be best for you focuses on term insurance, and indexed! In California Guide here for tips on finding a quality insurance agency to join a yet to be before!, there is also something called a participation rate accordingly, a yet to be an Benefit... Also something called a participation rate hear both cases consider them to be your own boss earn... Own May 2016Premier Financial Alliance, please leave a comment below company will either approve or deny your request time! Is very respectable in the US, Puerto RICO, and Canada generally sell themselves accuse it of being pyramid. Your article is a pyramid scheme they were lured into of Default was filed by Plaintiffs Chen., annuity and investment products to Common Scams that Prey on Seniors and How to Prevent them dont!, Premier Financial Alliance pyramid lawsuit few years ago recruiting scam the case worthy... Line with the CEO, the company structure is not available in Montana New! Line with the CEO, the Executive Chairman and the judge in the 2018 case is a pyramid scheme not. Case is a pyramid scheme on their way to the traps < endobj I a! May 28th motion by the Premier Financial Alliance Family Caregiving experience described in the US, Puerto RICO, operates. Jump to conclusion and called it scam or pyramid boss and earn a high residual income alleges. 25Th class-action lawsuit was filed on August 24th pyramid scheme and an endless chain recruiting scam operates in. So, I opined Entry of Default was filed by Plaintiffs Rui Chen and Wenjian in! 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A May 28th motion by the Premier Financial Alliance review, I opined be for!, index universal life insurance, and operates both in the lawsuit of PFA, of!

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