So you've just taken the leap and became a team member for WFG, or you're thinking about it. Maybe you've been a part of the business for a while and you haven't quite got to where you need to go.
My goal is to do a review of WFG and the opportunity they offer. The good the bad and the ugly if there is an ugly. I come from a financial background and have quite a bit of experience in both MLM and the financial industry.
What is WFG?
WFG is a network marketing financial company with a specialization in insurance. They also offer college planning and investment solutions selling a small variety of mutual funds. They've been established since 2004 but are part of AEGON, their larger parent company. Their primary target is middle aged mid class clientele.
World Financial Group sells mostly term insurance.Term insurance is usually the best type of insurance for your value and cost. The policy is blended with mutual funds to invest at the same time, called a Universal Policy. College planning is something that's more recently been added to their company as the economy has pretty much demanded it.
The MLM
As long as MLM exists it will always be criticized by the general public, which we know, that you can't get around. Even though it's still a proper and legit business to make money from.
The idea is to acquire reps and customers. The reps you can't recruit are usually the people you try to turn into your clients, through term insurance, investments or planning. A good position to get to is Senior Associate. A place that's harder to get to is Marketing Director. At the MD level you're making six figures and you pretty much do WFG full-time.
It can be difficult to produce a lot of Senior Associates or to even get there, mostly because of the nature of network marketing the financial industry. The biggest wall representatives face getting into the finance world is building the trust of clients they have as you're dealing with one of the most prominent things in someone's life, their money.
A rep with no financial background or connections can have a hard time building contacts and clients without prior experience. Having to get your LLQP (insurance license) to practise selling insurance and your IFIC to sell mutual funds can be extremely daunting in the midst of all of that. Generating leads is probably the most important thing you can do to build your business but it's always neglected. When you're not making money in the beginning and you have to pass the examinations plus build your business at the same time, it can be quite stressful.
Having a marketing plan in place before you start anything can be a vital part of your success in World Financial Group. I use the internet myself, and generate all my leads online for free. Check out the links below if you need help becoming the next Marketing Director and want to be the next World Financial Group Super Star.
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