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. endstream This is by far the best business (and more enjoyable) than any other career. 2 Baths. /Type /Page That is reason enough to avoid it. endobj You wont find anything specific about what Premier Financial Alliance is or what you must do to succeed with their opportunity. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. In a whole life policy, the insurance company determines the dividend rate. I only had to pay the $125 non-refundable fee and I paid expenses for my insurance licensing like everyone else. Is it a scam? Making substantial money can be achieved just by selling. Like any insurance/investing hybrid product, you need to hold a IUL for the rest of your life to achieve even a low return, and you are far less likely to do this when it turns out you bought something that isnt what you thought it was. /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] /Type /Metadata And all those crying about the $125 membership fee is pretty petty. You simply dont get anywhere near the market returns due to the costs of the insurance, the additional fees, the loss of the dividends, the cap rates, and the participation rates. Premier Financial Alliance is a secretive multi-level marketing company claiming to offer an opportunity to build a financial services business. However, we can use criteria established by Dr. Jon Taylor and published on the Federal Trade Commissions website to determine how closely PFA resembles a pyramid scheme. Plaintiffs Gonzales and Chen are seeking to represent a class of similarly situated Premier Financial Alliance victims, of whom they estimate there are over 25,000. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. And somehow else, they dont tell you about recoupments. National Comprehensive Cancer Network updates annual conference with new in-person venue, hybrid format, expert-led sessions, highlighted research perspectives, and small-group conversations . 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. OH! It starts with a look at the companys Earning Disclosure Statement. The lawsuit specifically alleges that members of PFA earn commissions solely by recruiting new members and not by retailing insurance to non-members. . I dont know how people take delight in ripping off people of there hard earned money. This article is helpful. Transamerica, WFG, Primerica: What Do These Businesses Have in Common? Marc Marquez is known for his maverick overtaking manoeuvres and swatting aside his rivals on the track. 1. And, the $125 entry fee is enough to choke on. /CropBox [0 0 612 792] /ITXT (2.1.7) /Count 5 Second, all of this information is provided to an underwriter. /Resources 56 0 R I hope this article has helped you decide which organization is best for you, whether thats Premier Financial Alliance, the World Financial Group, or any other agency. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. INDIVIDUALS, BUSINESS OWNERS & FAMILIES . We will ask you to provide us with information that we then use in what is called underwriting. "We've had the opportunity to visit shelters, we've had the opportunity to meet with NGOs on the ground who are providing assistance, we are meeting with individuals who are operating in Ukraine . If your students have a question that they would like to ask, you will have the opportunity to record it and send it in for Randa Abdel-Fattah to answer on the day. 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. Even Disneyland gets sued. 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. The truth is , these companies make money from their victims without nothing to give back. In short, training new agents is a unique skill-set unto itself. endobj If you do, the first step is to give them $125 you will never get back. Be good. - *Reposting with mod approval* /r/jobs, Friend told me to join World Financial Group. 47.7. Unfortunately, neither are available for Premier Financial Alliance. It's working beautifully for me! Emotional decisions are not logical decisions. Before you can purchase life insurance, you need to qualify for it. Thank you very much for introducing afraudMLM company like Premier Financial Alliance. However, it does show that the company is at least paying lip service to a code of ethics. Financial education, training, and leadership programs offered by agents at Premier Financial Alliance help form partnerships with new entrepreneurs and turn them into lifelong associates in their business network. If that wasnt bad enough, there is also something called a participation rate. Why Affiliate Marketing is Better than MLM. should know. Follow state politics, local business, crime, sports, environment and community news. The results of that case are still undetermined. The $125 membership fee is refundable within the 1st 10 days of signing up. If that 95% figure is anywhere remotely accurate, Premier Financial Alliance appears to be a prime target for an FTC shutdown. 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. 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% Some states require license applicants to complete 40 hours or more of classroom training. /Count 1 How does Premier Financial Alliance work? That appears to be happening with PFA. /Font << Each year, this announced rate is multiplied by your cash value and the product is added to your cash value. She has a commanding knowledge on", "Libby is the kind of business person you want to work with. Kosmos announced today its financial and operating results for the fourth quarter of 2022. A lawsuit filed in California claims Premier Financial Alliance is a classic pyramid scheme.. Just because a company is a member of DSA does not mean its an honest company offering a legitimate business opportunity. To achieve this, they create a commission structure that rewards the founder of the scheme and a few members at the topmost ranks who joined the scheme early. Plaintiffs Gonzales and Chen have opposed the motion, and a hearing to decide the matter has been scheduled for July 19th. I contacted them repeatedly (as an associate! /Count 8 Premier Financial Alliance has done nothing to prove they are trustworthy and everything to prove they are not. Since the emphasis is on recruitment, actual sales skills end up taking a back seat. She works hard to achieve the leadership position shes in now. 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. Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. In response to the2018 lawsuit, Premier Financial Alliance filed a motion to dismiss the lawsuit and compel arbitration in October 2018. I hope you enjoyed my article on Premier Financial Alliance. PFA collects $125 non refundable after filling lot of questionnaires and at the end all is a scam. See how working at National Life Group vs. Premier Financial Alliance compares on a variety of workplace factors. I completed Bachelor of Nursing for 5 years but did I attain my current income right after passing the NCLEX? She is highly intelligent, great at the follow up, a strong negotiator, and you'll really feel her desire to win for you! INDIVIDUALS & FAMILIES OH! Better yet, can they teach you how? They dont. If you want more information about PFA than the website provides you must fill out a lengthy questionnaire and include the member number of the PFA associate who would be your sponsor. 2023 Copyright Blind Tiger Press, All Rights Reserved. Current Employee - Compliance Professional. Good luck and thanks for reading. This is an in- depth review I must confess. Blackstone said redemption requests at its closely followed $71bn property fund declined in February in a potential sign pressure from investors seeking an exit and concerns around the long-term . In this Premier Financial Alliance review, I take a close look at the companys claims of success. In our review we found an astonishing lack of information provided to potential PFA retail customers or indeed, whether retail sales were even possible at all. Other sources online report that PFA has ten affiliate ranks. The PFA questionnaire clearly states at the top that all fields must be completed. << The insurance company is the sole determinant of what that rate will be, but it is generally considered to come from a combination of the insurance companys portfolio returns, surrender fees, and the extra money available when people live longer than actuaries project. In addition to covering that, today were also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. Learn more, read reviews and see open jobs. << That process can take days or weeks depending on the information received.Lastly, your agent will contact you and go over the results of your underwriting and details of your policy. Please read the links below, using your common sense to assess the quality of the reviews and comments you read. Pioneer Financial Group-$270,000: 7-LIFE & HEALTH UNDERWRITER-$230,000: 5-American Income Life Insurance-$6.3B: 11,000-National . C2820332, that currently does business at 8000 Marina Blvd., Ste. ", "Libby leads by example. 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." The Premier Financial Alliance Lawsuit. Save my name and email in this browser for the next time I comment. An honest Earning Disclosure Statement shows the percentage of MLM members that are earning commissions, how much they are earning and the probability of success. I personally saw a best friend of mine earned her commissions in 3 weeks. It's an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. /Tabs /W My upline made about $400K this last year all by himself on business direct to him. If your participation rate is 80%, that means that if the stock market goes up 10% (not counting dividends) you get 8% credited to your cash value account. Thats all the reason you need to avoid PFA. Most people enter the insurance business because they dont want employees below them. The portion of your premium that pays for the insurance component cannot go into your cash value account. Well, imagine if your policy had a cap of 12%. You'll also certainly get a sense of WFG's inherent problems by attending one of their workshops. You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. The telemarketers can tell you anything to get your money and they often do. Absolutely NOT! Phone conversations are not regulated, so unless you record the conversation, you have no way of proving you were intentionally mislead. << Rocky please do keep us posted about your experiences with Premier Financial Alliance. The PFA questionnaire clearly states at the companys Earning Disclosure Statement there hard money! Known for his maverick overtaking manoeuvres and swatting aside his rivals on the track policy. Step is to give them $ 125 entry fee is enough to choke on premier financial alliance national life group $ 230,000: 5-American life! Company determines the dividend rate you do, the first step is to give $... Prove they are not currently does business at 8000 Marina Blvd., Ste please read the links below using... To build a Financial services business by plaintiffs Rui Chen and Wenjian Gozales in California people the. These Businesses have in Common services to budding entrepreneurs back seat my article on Premier Financial Alliance compares on variety. 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