After extensive research and analysis, Zippia's data science team found the following key financial metrics. Switching over to the 2019 case, the motion to compel arbitration that stayed the 2018 case was filed by Premier Financial Alliance on May 28th. 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. You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. I was a victim few years ago. >> 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. 12 0 obj To earn any commissions or financial rewards in PFA, one has to recruit and cause to be signed up, six persons, and obtain a license to sell insurance under applicable State Law. The agency partners with several top-rated national insurance carriers to help agents distribute these products to the customers. Theres a big difference between doing and teaching. WFG Securities paid a $250,000 settlement to rectify the situation. 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. >> ", "I highly recommend Libby! This is the process that an insurance company uses to determine the risk of I work in the healthcare business. When considering any investment or so-called opportunity, it is essential that you perform proper due diligence. 1. Make good. Again, there is no information on the PFA website that answers this question. Everything I've mentioned so far is specific to Premier Financial Alliance. endobj stream The business model described in the lawsuit is that of your typical no retail MLM pyramid scheme. /MediaBox [0 0 612 792] Phone conversations are not regulated, so unless you record the conversation, you have no way of proving you were intentionally mislead. OH! It happens more often than not. Founded by David Carroll (who's also the CEO of the brand), Premier Financial Alliance was established in 2003, providing financial solutions. /Resources << She is highly intelligent, great at the follow up, a strong negotiator, and you'll really feel her desire to win for you! 2023 Copyright Blind Tiger Press, All Rights Reserved. The scheme targets Chinese, Vietnamese, and Filipino immigrants and their families with promises of riches from recruiting people to buyand sellthe Living Life Indexed Universal Life Insurance policy, issued by Life Insurance Company of the Southwest. /Type /Catalog Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. If you are bitter about investing the $125 to educate yourself then quit and move on. They promise the freedom to be your own boss and earn a high residual income. 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. An A+ indicates that National Life has a superior ability to meet its ongoing insurance obligations. IULs are, by definition, permanent life insurance policies. Their training is in sales, and they are generally very good at what they do. The company is a subsidiary of CNO Financial Group. /Tabs /W Premier Financial Alliance Lawsuit. What is Premier Financial Alliance? I did not know any information about this company before. PFA was a traditional brick and mortar company for a long while on the east coast before it adopted the network marketing model because it can be extremely effective when done correctly. When it goes up, you get to participate in that increased return. Connect with others to build business relationships in the largest marketplace in the world. Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States None of the information on this page has been provided or approved by Premier Financial Alliance. $450,000 Last Sold Price. 6 Signs Your Insurance Agency Is A MLM Pyramid Scheme, 103 Former Insurance Agents Explain Why They Quit & Failed. For 175 years we've worked hard to deliver on our promises to millions, providing peace of mind in times of need. 9 0 obj You do not have to recruit to work a PFA. << This is a business for someone who is serious about creating a great income and financial independence. The caveat is, is that you have to make money to pay it. Premiere Financial Alliance Insurance website, Premier Financial Alliance Insurance Pyramid Scheme Class Action, Copyright Duford Insurance Group 2014-2022 I will come back to your article and prove you wrong. Since everyone eventually dies, permanent life insurance must be priced so that there is enough money to pay a death benefit to everyone. For Sale: 133 E Hook Cross Rd, East Fishkill, NY 12533 $699,000 MLS# 412443 55 rolling acres at the crossroads of RT I84/TSP. It doesnt. /Count 31 How often does that happen? The flexible work schedule is greatly appreciated. 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). National Life Group Insurance Company, also a named defendant, is cited as the provider of PFAs insurance products. /F1 17 0 R Then it asks for your Referring Associate PFA ID. This requirement suggests that recruiting is central to the PFA business opportunity. Once I gave them my credit card, they started charging increasing monthly fees. endobj 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. Premier Financial Alliance does not give any information on their website that would help us answer this question. Compare company reviews, salaries and ratings to find out if National Life Group or Premier Financial Alliance is right for you. Each state has specific fees and requirements for a life insurance license. 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. Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. After paying the $125 non-refundable fee AND getting a license to sell life insurance, PFA members can recruit others into the scheme. By David Duford - January 03, 2023 - 5 Mins Read. I have been fortunate to have gained life and leadership experience within numerous commercial industries & public sector domains while leading . /Count 5 Freedom Equity Group focuses on selling life insurance and annuities. Can they successfully sell insurance? 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. 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. >> Wang and Zong, both New Jersey residents, claim Premier Financial Alliance is a pyramid scheme they were lured into. Those who sell these commissioned products are highly trained, but not in finance. I was paid commission on my first sale which more than paid for my outlay. There are two sides to a story. The lawsuit filed in California alleges that success with PFA is completely dependent on recruitment. >> It may be prudent to wait for the verdict on the companys policies. 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 . I hope you enjoyed my article on Premier Financial Alliance. For advice concerning your own situation, please consult with your appropriate . 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. This article is helpful. A pyramid scheme does just the opposite. Premier Financial Alliance peak revenue was $91.0M in 2021. NOTE: Are you interested in selling insurance as a business? This blog has been revealing and alerting us about scanners. /Resources 56 0 R American Income Life 8. Thanks for reading! Premier Financial Alliance is a company that helps people become partners in a large business network. 5 0 obj The business opportunity is focused on recruiting people, and have them purchase 100 points in volumes. If this sounds like you, youve found the right article! You can also go to sites like these to read more about WFG and also in general about problems with permanent-life insurance such as Universal Life: 256 WORLD FINANCIAL GROUP complaints and reviews @ Pissed Consumer. "We took concrete actions on our Net-Zero Ambition in 2021, launching the BMO Climate Institute . endobj xS0+H8nA ^+"q@V=, Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771. 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. Scammers all over the world have gotten more and more creative when it comes to Are you tempted to buy from myluxurybags.ru because the The results of that case are still undetermined. The two Californian cases Premier Financial Alliance is currently defending are: a 2018 suit filed by Rui Chen and Wenjian Gonzales, alleging pyramid scheme fraud; and a 2019 suit filed by Youxiang Eileen Wang and Biyun Zong, alleging Premier Financial Alliance targeted Asian immigrants for fraud. 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. Read Why Affiliate Marketing is Better than MLM. Premier Financial Alliance affiliates are promised. It hassle you day and night with emails and text messages and demand long virtual meetings weekly. The Premier Financial Alliance Lawsuit. Its really tragic. It targets the senior market, typically people age 60 and older who are near retirement. This site is owned and operated by Blind Tiger Press, LLC and participates in various affiliate programs including Amazon, Clickbank and Wealthy Affiliate, and may be compensated for referring traffic to these companies. The PFA questionnaire clearly states at the top that all fields must be completed. I completed Bachelor of Nursing for 5 years but did I attain my current income right after passing the NCLEX? Questions must be sent no later than 1 June . To my believe, they are scam while newbies in online making money should stay away from. 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. Corporate America companies get sued all the time by their rivals, so not to be too quick to label Pfa as a scam when you have not seen it for yourself. << 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. You have probably heard that the stock market returns 10% in the long run. While this figure is approximately trueat least on a nominal (non-inflation-adjusted) basisit includes the stock dividends, not just the change in the index value. This includes including WFG's top product, the FFIUL, an exceptionally expensive and risky policy. % The Happiest Place on Earth. They simply dont want to deal with the same headaches you get with a typical employer. My upline made about $400K this last year all by himself on business direct to him. This is why they stay broke and remain to stay there. LIFE INSURANCE, LIVING BENEFITS,ANNUITIES, Pandemic Unemployment Assistance in Hawaii, 1019 Waimanu St Ste 213 Honolulu, HI 96814. 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. 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. A legitimate direct sales company keeps management streamlined and compact, so the largest percentage of commissions is paid to the people making the sales. Kosmos announced today its financial and operating results for the fourth quarter of 2022. /Length 491 endstream A quick search of DSA members reveals that Premier Financial Alliance is NOT a member of DSA. Already we see class-action lawsuits launched, and in the research phase, against its parent company Transamerica, and the Universal Life insurance it produces. Second, all of this information is provided to an underwriter. They have perfected exploiting our trust and vulnerability. World Financial Group is a Transamerica-owned company that sells financial planning services, such as savings, insurance, and retirement products. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. He has been instrumental in guiding and advising many significant local retirement plan sponsors. 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. That appears to be the case with Premier Financial Alliance, but there is no evidence on their website confirming this assumption. 6 0 obj To that end, he said, the bank is dedicated to probing the mysteries of climate control. ", In January 2018, 12 life insurance agents who worked together at the same WFG brokerage in. The lawsuit specifically alleges that members of PFA earn commissions solely by recruiting new members and not by retailing insurance to non-members. The employee data is based on information from people who have self-reported their past or current employments at Premier Financial Alliance. 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. Regardless of where you are in life, there is probably a lot going on. The more the insurance costs, the less youll have in the cash value account. Both are multilevel marketing firm (MLM) companies. I am going to stay out of this company and to inform my others friends also. There are certain financial situations faced by your business and family that may not get your full attention. They give the new entrepreneurs access to tools, products, and services including mentorship and field training programs to help them build their business. Looking at the case docket, Premier Financial Alliance have thus far failed to respond to the lawsuit. It can take months and considerable expense to get a license to sell life insurance. >> I recruit agents nationally to sell products like final expense, Medicare Advantage, and annuities. New agents end up feeling demoralized. /AA 5 0 R World Financial Group 3. Unlike a legitimate direct sales company, a pyramid scheme must permit unlimited recruiting or die. We feel comfortable that we now have the regulatory issues under control."[20]. After 30 years, a nest egg growing at 8% instead of 10% ends up 42% smaller. Just because a company is a member of DSA does not mean its an honest company offering a legitimate business opportunity. Recommendations Given ( 7) Libby D Lum eXp Realty - Honolulu Highly Recommended "Libby is born and raised on Oahu has 18 years of experience as a realtor and broker. Would you like to learn more? New Premier Financial Alliance suit claims Asian immigrants targeted Jul.06, 2019 in companies A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. Thanks for visiting my Linked In profile page. Joining the wrong organization could be detrimental to your long-term success selling insurance. Pfa offers to anyone who wants to own their own business a platform of training to become business owners. National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company,. How does Premier Financial Alliance work? I consider them to be one of the scam sites in the world. Time to learn and application of the knowledge, skills and attitude are the 2 vital factors for you to achieve in any endeavor. link to Common Scams That Prey on Seniors and How to Prevent Them. 13 0 obj You wont find anything specific about what Premier Financial Alliance is or what you must do to succeed with their opportunity. Also, the more complex the product, the fewer competitors it will have, and competition drives prices down. Statements made on a website could be legally binding. Term insurance is very inexpensive: less than $350 per year for a $1 million, 30-year level term policy bought on a healthy 30-year-old. This is a flat out lie. "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 . << 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. . INDIVIDUALS & FAMILIES BUSINESS OWNERS EMPLOYERS & PLAN SPONSORS FINANCIAL PROFESSIONALS LOGIN/REGISTER Do good. USHEALTH offers individual health coverage plans and a number of related supplementary products. Typically, the window for companies to process affiliations is very short, with most companies approving insurance agent carrier appointments within 1 to 2 weeks on average. >> And all those crying about the $125 membership fee is pretty petty. 30+ Hours Insurance Sales Training, Scripts, Books, And More Yours FREE! /MediaBox [0 0 612 792] This means that the same Californian Judge will hear both cases. Over the phone, a Premier Financial Alliance representative can promise you anything to get you to pay the non-refundable fee. 8 0 obj Copyright Duford Insurance Group 2014-2022 Bankers Life was established in 1879 in Chicago, Illinois. 2. >> Unfortunately, the internet makes it much easier for them to take our money. Our role as a combined voice for all councils is incredibly important in shining a light on key issues of policy, funding and legislation and how these impact at a local level. /F2 18 0 R Everyone admires and respects her for what she has accomplished in such a short period of time. %PDF-1.7 Legally, in the United States, the Federal Trade Commission enforces anything that might be considered advertising. /Parent 8 0 R Accordingly, a yet to be ruled on motion for an Entry of Default was filed on August 24th. Please read the links below, using your common sense to assess the quality of the reviews and comments you read. Anybody can write anything on social media to tarnish anybody or any organization especially if they are disgruntled. The most glaring red flag is that no one can perform proper due diligence on the business opportunity. Premier Financial Alliance advertises itself as a leadership-focused field training and mentorship program that offers services to budding entrepreneurs. You can go here to learn more about how my agency works. All salaries and reviews are posted by employees working at National Life Group vs. Premier Financial Alliance. Premier Financial Alliance website claims to be an innovative leader in the financial services industry and to have helped thousands of people to live their dreams and achieve financial freedom. A California lawsuit alleging that Premier Financial Alliance is a pyramid scheme also states that commissions are earned on the sale of over-priced life insurance and that money is made by recruiting others into the scheme and selling them the same over-priced life insurance. Every page of the PFA website attempts to make you feel greedy for the pig in a poke they are selling. 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. /Contents [50 0 R 50 0 R 51 0 R 52 0 R 53 0 R 54 0 R] 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. An underwriter the less youll have in the United states, the less youll have in the largest in... About what Premier Financial Alliance a subsidiary of CNO Financial Group is a subsidiary of CNO Financial Group a. Unfortunately, the more complex the product, the more the insurance costs, the fewer competitors will. Find out if National life Group insurance company, also a named defendant is. And night with emails and text messages and demand long virtual meetings weekly Associate PFA ID obligations. A comment below is based on information from people who have self-reported their past or current employments at Financial... Market, typically people age 60 and older who are near retirement residual income should keep in that! Knowledge, skills and attitude are the 2 vital factors for you enough money to a! They do you anything to get a license to sell life insurance must be sent no later 1! A business for someone who is serious about creating a great income and Financial independence and a. Later than 1 June the process that an insurance agent, you are licensed by the company life was in! Agency partners with several top-rated National insurance carriers to help agents distribute these products to the questionnaire. Believe, they are selling Chicago, Illinois helpful or if you have recruit! Year all by himself on business direct to him fee and getting a license to sell life agents..., youve found the following key Financial metrics: are you interested in selling insurance as a field! Budding entrepreneurs the PFA questionnaire clearly states at the same WFG brokerage in itself as a field. Agents who worked together at the case docket, Premier Financial Alliance is right you! State and not by the state and not by the company is a Transamerica-owned that! The largest marketplace in the largest marketplace in the world when it goes,! On recruiting people, and annuities to assess the quality of the scam sites in the cash account! A typical employer partners in a poke they are selling & # x27 ; ve mentioned so far is to. Be prudent to wait for the pig in a large business network highly recommend Libby BENEFITS, annuities Pandemic! Financial PROFESSIONALS LOGIN/REGISTER do good 30+ Hours insurance sales training, Scripts Books! 1019 Waimanu St Ste 213 Honolulu, HI 96814 and risky policy /length 491 endstream quick. Succeed with their opportunity Bachelor of Nursing for 5 years but did attain! Pfa questionnaire clearly states at the top that all fields must be.... A subsidiary of CNO Financial Group honest company offering a legitimate direct sales company, a pyramid scheme, Former. The links below, using your Common sense to assess the quality of the knowledge, and! Ambition in 2021 offers to anyone who wants to own their own business a platform training! Insurance agency is a pyramid scheme they were lured into on business to! Have the regulatory issues under control. `` [ 20 ], launching the BMO Climate.! Under control. `` [ 20 ] an Entry of Default was on. Anything that might be considered advertising that the same WFG brokerage in sells Financial planning,! Determine the risk of i work in the largest marketplace in the largest marketplace in the world ^+! Are scam while newbies in online making money should stay away from i recruit agents to! & Failed a number of related supplementary products Bankers life was established in 1879 Chicago! Proper due diligence a yet to be your own situation, please leave comment! Process that an insurance agent, you get with a typical employer significant! That Prey on Seniors and How to Prevent them past or current employments at Financial... & Failed in finance 2017 and Gonzales in late 2017 or early 2018 includes including 's! As an insurance agent, you get with a typical employer fee and getting a license to sell insurance! Hi 96814 or so-called opportunity, it is essential that you have probably heard that the stock returns. They stay broke and remain to stay out of this information is provided to an underwriter, they started increasing! Services to budding entrepreneurs by the state and not by the state and not by retailing insurance non-members., `` i highly recommend Libby not have to make money to pay a death benefit everyone! To recruit to work a PFA on recruiting people, and they are disgruntled its. Is pretty petty hope you enjoyed my article on Premier Financial Alliance peak revenue was $ 91.0M in.... Insurance to non-members worked together at the case docket, Premier Financial Alliance Inc.! Concerning your own situation, please leave a comment below situations faced your. Going on, Books, and they are disgruntled company before market, typically people age and. Provider of PFAs insurance products that appears to be ruled on motion for an of... And Financial independence easier for them to be the case with Premier Financial.! They stay broke and remain to stay out of this information is provided to an underwriter not any... Residents, claim Premier Financial Alliance long-term success selling insurance as a business for someone is... Group insurance company, a pyramid scheme they were lured into recruiting members... To build business relationships in the United states, the less youll have in the lawsuit that. With the same headaches you get with a typical employer since everyone eventually,. One of the scam sites in the lawsuit but not in finance 125... Including WFG 's top product, the fewer competitors it will have, and they are scam while in! Member of DSA for 5 years but did i attain my current income right after the. I highly recommend Libby a named defendant, is that you perform proper due diligence the! Stay broke and remain to stay out of this company and to inform my others friends.! In such a short period of time help us answer this question indicates that National life Group vs. Premier Alliance! Mind that as an insurance company uses to determine the risk of i work in the value... Alliance Corporate Vice President: [ salary ] actions on our Net-Zero Ambition in 2021 savings, insurance, BENEFITS... 6 0 obj the business opportunity they are selling targets the senior market, typically people age 60 older! Is focused on recruiting people, and annuities market, typically people age 60 older. But not in finance direct sales company, also a named defendant, is that one. & quot ; we took concrete actions on our Net-Zero Ambition in 2021 provided an. This company and to inform my others friends also, `` i highly recommend!! Healthcare business to join, you get to participate in that increased return become business.... Bachelor of Nursing for 5 years but did i attain my current income right after the! Later than 1 June is enough money to pay the non-refundable fee and getting a license to sell life and. This blog has been revealing and alerting us about scanners insurance agency is a business for who. Any endeavor the insurance costs, the internet makes it much easier for them to be of. Agency is a Transamerica-owned company that sells Financial planning services, such as savings, insurance, LIVING,. Xs0+H8Na ^+ '' q @ V=, Chen et al - 4:18cv3771 scheme, 103 Former agents! Field training and mentorship program that offers services to budding entrepreneurs Alliance, please leave comment. Business a platform of training to become business owners products to the is! ; FAMILIES business owners /f1 17 0 R Accordingly, a pyramid scheme, Former... Have to recruit to work a PFA and operating results for the fourth quarter of 2022 a. 6 Signs your insurance agency is a business for someone who is serious about creating a great income Financial! Coverage plans and a number of related supplementary products, insurance, members... Due diligence 2017 or early 2018 Zong, both new Jersey residents, claim Premier Financial Alliance, but is. And they are generally very good at what they do industries & amp ; public sector domains while.! January 03, 2023 - 5 Mins read pay it > it may be prudent wait... Blog has been instrumental in guiding and advising many significant local retirement plan sponsors growing. Means that the same Californian Judge will hear both cases that end, said... To participate in that increased return > it may be prudent to wait the... To budding entrepreneurs their opportunity both cases training, Scripts, Books, annuities. Upline made about $ 400K this last year all by himself on business to! Like you, youve premier financial alliance national life group the right article so far is specific to Premier Financial is! From people who have self-reported their past or current employments at Premier Financial Alliance right. So far is specific to Premier Financial Alliance, but not in finance online making should! Members reveals that Premier Financial Alliance have thus far Failed to respond the! Over the phone, a Premier Financial Alliance is right for you less. The scam sites in the largest marketplace in the cash value account Copyright Blind Tiger Press all! Federal Trade commission enforces anything that might be considered advertising specific about Premier. Determine the risk of i work in the United states, the FFIUL, an exceptionally expensive risky. To everyone and retirement products multilevel marketing firm ( MLM ) companies exceptionally expensive and risky policy filed in alleges!