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layperson
September 2, 2007, 11:06 AM
I wanted to find out how many members know about this company and what their views are on it. Please no BS. I was told that it is one of the fastest growing companies in North America so people in this continent who are in touch with current financial affairs and economics would have heard about it. I just want to know the members' views on it especially the people who have done business with them. Thanks in advance for sharing.

shaad
September 2, 2007, 12:28 PM
I would be wary of this company. If I recall correctly, AEGON bought the assets of WMA and simply renamed it WFG. WMA had rather a bad reputation (see this article (http://www.amyfeldman.com/articles/00may_money_hubertthegreat.html)), and if I'm not mistaken, WFG is still paying NASD-imposed penalties and fines.

Frankly, if you're looking for a brokerage firm, I believe there are better ones around.

layperson
September 2, 2007, 07:41 PM
Thank you shaad bhai. The information you provided just reinforced what I heard and know about them. They target the middle and lower middle income group and help them in better utilize their limited resources. The only problem that I got from skimming through the article is that some of their agents are not the most honest and the structure is not that well regulated. But that is understandable given the kind of pyramid structure they have in their organization where it is more like having your own business for each agents than working for WFG as an employee. I wanted to know of people's perception and more about the company because I might be joining them part time as a licensed broker.

layperson
September 2, 2007, 09:25 PM
I hope I get more feedback on this company.The more I know the eaaier it will be for me to decide.

Zobair
September 3, 2007, 07:51 AM
Shahriar...is this in addition to IESO? Are you moonlighting?

I hope I get more feedback on this company.The more I know the eaaier it will be for me to decide.

layperson
September 3, 2007, 12:51 PM
Shahriar...is this in addition to IESO? Are you moonlighting?


IESO never got back to me after the background check. I guess my 9 in the SIN did not go well with them. I have not been having the best of times recently where my work is concerned. The WFG thing came up several times to me through different sources and it looks like an interesting prospect since I can work on this on a part time basis and if I can successfully develop a clientele then I can go for it fulltime. If not then a little side income never hurts. So far my 9 has been a hindrance in getting into places I have wanted to mainly banking.

Zobair
September 3, 2007, 04:41 PM
hmm! don't lose heart, and, as they say, do what you need to do!

IESO never got back to me after the background check. I guess my 9 in the SIN did not go well with them. I have not been having the best of times recently where my work is concerned. The WFG thing came up several times to me through different sources and it looks like an interesting prospect since I can work on this on a part time basis and if I can successfully develop a clientele then I can go for it fulltime. If not then a little side income never hurts. So far my 9 has been a hindrance in getting into places I have wanted to mainly banking.

djuice
September 4, 2007, 12:28 AM
I wanted to know of people's perception and more about the company because I might be joining them part time as a licensed broker.

I am sure you are aware of what you will be doing. Basically you will have to bring in clients to sell their products ( mutual funds, insurance etc ). I am sure you already had the orientation where they verse you abou all the success you can make if you are with them. There are companies like these by the dozen.

Pros: If you are successful you really can get the mullah but the chances of succeeding are verrrrrrrrry slim.
Cons: These type of commision/sales jobs are really a wast of a lot of time given the fierce competition unless you have the natural nag ofbeing a seller.

If you already had the interview you can pretty much get the job just by showing the interest. They usually WILL hire anynoe with a college, even a aa/as degree if you show interest. Usually the better ones pay for the exam fees, or reimburse it if you are with them for sometime, so if you have a lot of time on your hands it might not be bad to get the series 7,63 etc. But I ABSOLUTELY discourage it as a profession

Given that you will be doing it as a part time work is definitely the better option and you can therefore figure out how it turns out.

( by the way this is one of the first things that I had thought of doing , with ameriprise in my case, right out of college, but it beacame very clear that its a total wast of time atleast in my case)