You can go here to learn more about how my agency works. If you do, the first step is to give them $125 you will never get back. << It doesnt. I personally saw a best friend of mine earned her commissions in 3 weeks. She worked hard for it and she was mentored by a very successful PFA coach. Its really tragic. endobj In a single month, Premier Financial Alliance normally makes close to $7.6M in revenue. This fee is non-refundable. /Count 29 Your article is a FARCE, Gary, Shame on you. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! I have recently been a victim in a so call pyramid scheme, its amazing the way their staff are trained on phone conversation to lure you to joining and making upfront payment, that was exactly what I did and later realised they were complete scammers. Pioneer Financial Group-$270,000: 7-LIFE & HEALTH UNDERWRITER-$230,000: 5-American Income Life Insurance-$6.3B: 11,000-National . Premier Financial Alliance Lawsuit. Its mentorship and field training programs, as well as its numerous business tools, give new entrepreneurs access to products and services that help them build their dream business. They have a brain washing routine that will suck most go-getters in and when you try to quit they hassle and threaten you with paying fees. The promises of MLM to people for financial breakthrough is a mirage. The insurance business is a highly regulated industry and therefore cannot be a scam. This is something to digest and learn from, lots have fallen victim and many more are on their way to the traps. Any time the S&P 500 index returned more than 12%, you just get 12%. >> Premier Financial Alliance peak revenue was $91.0M in 2021. Stated aims of the class-action include establishing. endobj A pyramid scheme does just the opposite. To become properly appointed with the new insurance carrier or agency, you simply complete contracting with the new insurance carrier. Best regards, Now it is a very impetuous world. You can bet they will use this control to maximize THEIR profits at your expense. The devil is in the details, and when you really examine them, it becomes clear that these are products designed to be sold, not bought. I was paid commission on my first sale which more than paid for my outlay. Premier Financial Alliance revenue is $91.0M annually. PFA themselves dont sell the insurance policies, hence the lawsuit claim that Premier Financial Alliance has never marketed or sold insurance policies to any retail customers. I wish you had been more fair in your one-sided article. However, a statement on the PFA website states that no commissions can be earned until a member is licensed to sell life insurance. Learn more, read reviews and see open jobs. "Work life balance" was the most mentioned, "Great leadership" was the most mentioned, "Entrepreneurship" was the most mentioned, Read more National Life Group reviews (349), Read more Premier Financial Alliance reviews (146). Specifically, the person recruiting you, do they boast a good amount of hands-on field experience and expertise? Your article and one-sided. They focus on recruits, tell you time and again you can work part time. Indexed universal life insurance (IUL) is an insurance product that seems to promise you can have your cake and eat it, too. When an MLM is not a member of DSA, it is cause for concern as it reveals they are not the least bit interested in appearing legitimate or abiding by any code of ethics. Clients will work alongside experienced PFA agents to build their strategies and plan for their future. As per a July 1st order however, the hearing was continued till August 20th. Thank you! Both claim to have been deceived into believing PFA was a legitimate way to make money. First, start by doing your due diligence and find another insurance agency to work for. You do your own marketing. I nearly fell into the trap of PFA before a friend who was a victim called me to notice. ", "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. [Exposition] . American Income Life 8. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). /Parent 9 0 R By keeping so many secrets, PFA has full control. 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. Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. My advice: Dont drink the kool-aid and run away fast! I have not heard about this company before. Its taken me years to learn to see the truth about MLMs. 2. It is a one-time lifetime fee. Too often people become so mesmerized by the dream an MLM is selling that they will not listen to friends or family who try to warn them. 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. Living Beneits Advocate (Current Employee) - Remote - September 30, 2022 2 0 obj In other words, although you pay the fee, youre not in business. Hopefully, the lawsuit that alleges they are a pyramid scheme will alert the Federal Trade Commission and shut them down. Premiere Financial Alliance (PFA) sell for National Life Group which doesn't have a good reputation in the Insurance Industry plus Premiere Financial Alliance (PFA) only push one product and one product only from National Life Group which is an (IUL) Indexed Universal Life Insurance Product and Premiere Financial Alliance (PFA) does not represent /Count 8 Before you give them your money, there are a few things you 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. I agree. I contacted them repeatedly (as an associate! If you pursue the PFA business opportunity, you will be going in blind. I hope you enjoyed my article on Premier Financial Alliance. For the quarter, the Company generated a net loss of $114 million , or $0.24 per diluted share. You wrote so many inaccurate claims that are your PERSONAL opinion. 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. After extensive research and analysis, Zippia's data science team found the following key financial metrics. Only few must have heard or even read about companys earning disclosure statement, this indeed is a good taletell sign that a company without one is a scam . The portion of your premium that pays for the insurance component cannot go into your cash value account. Emotional decisions are not logical decisions. 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. Why Affiliate Marketing is Better than MLM. Family First Life Top Pick A Note On MLMs And Insurance Insurance Network Marketing Companies Primerica World Financial Group Symmetry Financial Group Premier Financial Alliance PHP Agency /Rotate 0 I agree, It is not easy. I am astonished to see how they can easily deceive themselves by keeping themselves concealed. Because it involves talking to your friends, relatives and even searching online job boards to persuade people to join and sell insurance with you. In addition to covering that, today we're also revisiting the original 2018 Premier Financial Alliance pyramid lawsuit. You pay one time $100 to join and you have access to their seminars and education workshop (not all office offer - please check) . However, corporate America can also be seen as a pyramid scheme as stockholders & executives also make lots of money for that matter. This is not for the faintest of heart and gut. Both are multilevel marketing firm (MLM) companies. PS. There is an open and direct communication line with the CEO, the Executive Chairman and the other leaders in this company. I just started PFA. As you mentioned, they often have highly motivated professional sales people ready to talk us out of our money. I do respect the people in my industry, and those that have recruited new members from our team are people are NURSES. The company structure is not a traditional one thats why I understand people jump to conclusion and called it SCAM or PYRAMID. A hearing to decide the arbitration matter was scheduled for July 19th. It specializes in marketing innovative and affordable health coverage plans. What does that mean?? The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. Wang and Zong, both New Jersey residents, claim Premier Financial Alliance is a pyramid scheme they were lured into. However, it does show that the company is at least paying lip service to a code of ethics. So how can IULs offer market returns while still guaranteeing you wont lose money, at least on a nominal basis? << /Parent 8 0 R , former Finance at Wells Fargo (2001-2002), , , , , , , . I have a small team of mostly nurses but bulk of my income comes from my personal production. They promise the freedom to be your own boss and earn a high residual income. Premier Financial Alliance specializes in helping people become partners in a large business network in order to build their own financial services business. There are certain financial situations faced by your business and family that may not get your full attention. While it may have the word index in its title, an IUL has much in common with whole life insurance and almost nothing in common with a high-quality index mutual fund. 13 0 obj /Count 31 However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. Hope this helps. According to the lawsuit, Premier Financial Alliance members only sell insurance to other members, indicating that PFA may indeed be a pyramid scheme. /Resources 56 0 R 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 an unfortunate reality that scammers prey on elderly people in order to steal their money and/or identity. Your this comprehensive review will help people to become aware. They dont. 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. /Type /Pages Is it a scam? PFA is broker for Life Insurance Companies. link to Common Scams That Prey on Seniors and How to Prevent Them. Similarly, World Financial Group agent earnings are commission-based. Have a blessed day everyone and enjoy the best give GOD gave us- our LIFE! Theres a big difference between doing and teaching. IUL is similar to the more familiar whole life insurance policy in that it is composed of 2 basic pieces: First, a permanent insurance policy that will pay a death benefit whether you die young or old; and, second, a cash value account from which you can borrow money tax-free (but not interest-free) in order to pay for expensive items, educational expenses, or your retirement. This aggressive side of Marquez is loved and appreciated by . 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. She is very respectable in the community she lives in, ethical and", "I highly recommend Libby! Are they a good fit for you? 10 0 obj TC84457(0415)P Is National Life Group an insurance company? That is not the way to start a business. 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. Pyramid schemes typically require members to Pay to Play. Pay to play means a member must pay for the opportunity to make money for the company. Reviews, Gwinnett County Board of Education Reviews, Gwinnett County Board of Education Careers. They have perfected exploiting our trust and vulnerability. And the GULLIBLES who are broke and negative would simply buy your opinion. She is." Read more Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. The flexible work schedule is greatly appreciated. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. BehindMLMreviewed Premier Financial Alliancein 2016. endobj >> Now, another insurance organization named Premier Financial Alliance is claiming to "protect the dreams of Middle America" while offering an opportunity to make money. <br><br>Digital PR specialist . To become an associate, an individual allegedly has to buy into the scheme for a non-refundable $125. Each year, this announced rate is multiplied by your cash value and the product is added to your cash value. PFAs Certified Field Training Program gives them these opportunities. 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. Premier Financial Alliance has 1,269 employees, and the revenue per employee ratio is $71,710. Phone conversations are not regulated. Century 21 Full Realty Svc. The company is headquartered in Suwanee, Georgia. endobj Connect with others to build business relationships in the largest marketplace in the world. You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. Understand that this career is highly regulated since you are required to pass the government- administered licensing test. Strong Vision with an easy to follow plan. 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.. The most glaring red flag is that no one can perform proper due diligence on the business opportunity. Why Affiliate Marketing is Better than MLM. Once I gave them my credit card, they started charging increasing monthly fees. Our focus is to make sure that you get the information you need to help you protect your business and family. Like every other MLM, the Premier Financial Alliance website sells a dream of financial independence, and thats about all it does. That appears to be the case with Premier Financial Alliance, but there is no evidence on their website confirming this assumption. /Filter /FlateDecode Youll see that most of the time, being promoted requires downline agents to be selling insurance underneath you. Girard Sharp law firm filed the lawsuit. A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a particularly egregious classic pyramid scheme. 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. << 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. 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. If youre stuck and bitter about paying $125 then you gotta move on and do something else. National Life Group is a trade name representing a diversified family of financial services companies offering life insurance, annuity and investment products. How much does that matter? For example: this evening we just learned about how business owners like me can better offer benefits and reward financial benefits to our employees thru IRS tax credits. National Life Group is most highly rated for Work/life balance and Premier Financial Alliance is most highly rated for Culture. How can an insurance company give you most of the upside of investing in stocks while eliminating the downside? Naturally, they want it up front, preferably from a credit card or debit card. If someone wants to be an employee the of course the business owner would pay the expenses and give compensation to the employee. That usually corresponds to four levels of management such as local, state, regional and national. He has been instrumental in guiding and advising many significant local retirement plan sponsors. >> 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. In addition, the PFA agents receive a commission when they recruit a new affiliate. Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. You get set up with a trainer, get a product and compliance education, and learning the turn key system. Save my name and email in this browser for the next time I comment. It's not a get rich overnight scheme. Some states require license applicants to complete 40 hours or more of classroom training. - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. It hassle you day and night with emails and text messages and demand long virtual meetings weekly. Premier Financial Alliance affiliates receive a commission when they recruit a new affiliate. 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. Yes, it is a scam. 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. Freedom Equity Group, based in Arroyo Grande, California, is an independent marketing organization (IMO) that contracts with insurance companies to promote and distribute a range of life insurance products. /CropBox [0 0 612 792] 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. Based on scant information on the Premier Financial Alliance website, it appears the company makes money by charging new members a $125 non-refundable association fee. Just please be careful and on your guard if you go. Privileged to live & work across lands that have supported the oldest civilisation on earth; Darkinjung, Gadigal, Ngunnawal, Noongar, & Wurundjeri. Than 12 %, you just get 12 %, you just get 12 % it is particularly! Paid commission on my first sale which more than paid for my outlay pursue... Business is a FARCE, Gary, Shame on you run away fast member licensed! To be the case with Premier Financial Alliance pyramid lawsuit of Education reviews, Gwinnett Board. On my first sale which more than paid for my outlay most highly rated for Culture see jobs... Insurance carrier usually corresponds to four levels of management such as local, state, and... Not a traditional one thats why i understand people jump to conclusion and called it scam pyramid! 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