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. I only had to pay the $125 non-refundable fee and I paid expenses for my insurance licensing like everyone else. /Kids [11 0 R 12 0 R 13 0 R 14 0 R] If you decide to get licensed , you will become independent licensed agent. Premier Financial Alliance peak revenue was $91.0M in 2021. Premier Financial Alliance is a company that helps people become partners in a large business network. Unlike a legitimate direct sales company, a pyramid scheme must permit unlimited recruiting or die. Premier Financial Alliance revenue is $91.0M annually. 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. You may have noticed that the best products in life generally sell themselves. Thru this company I can bless our church, my family, relatives and friends more than I was an RN. This, the lawsuit states, comes at the expense of selling insurance policies to retail customers. << 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. They make money by recruiting downstream associates. 9 0 obj ), but they NEVER ONCE responded to any of my phone calls (endless phone system then hung up on me) or my emails or the contact form on their agent support website. 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. Digital Neuro Marketing crypto,NFTs, Metaverse,iGaming Detective ><br>Unlocking Growth with Neuro Marketing, Neuro Design and Psychology in NFTs, Metaverse, crypto, Sports Betting, Casino & iGaming. I am glad the way youve exposed all the atrocities of these fraudulent companies by listing all the taletell signs. TC84457(0415)P The motion requests permission to seek reconsideration of the earlier arbitration denial decision, or in the alternative a transfer of the case to Georgia. I contacted them repeatedly (as an associate! This is called financial independence. voyage financial group inc. tuolumne yolo broomfield otero greeley seaford miramar dover williston parrish strock &tanner mortgage corp asj financial group, inc. marathon west palm beach jupiter port orange bibb locust grove shenandoah bonneville mchenry vermilion mooresville ashland pointe coupee new bedford cambridge exit mortgage llc elkton . 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. The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. ", "Libby leads by example. Weve added the lawsuit to our list of cases were following, so stay tuned for further updates as the case progresses. Thank you! Marc Marquez: Human side. Primerica 2. Click to DISCOVER a Proven Path to Financial Independence! The company also offers final expense insurance, a type of whole life insurance designed to cover medical bills and funeral expenses after the policyholders passing. 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. Second, all of this information is provided to an underwriter. I just started selling after I was trained (for free) on the PFA system. endobj Without it, we cannot perform proper due diligence on the business opportunity. /Filter /FlateDecode SMH. How much does that matter? That is not the way to start a business. I believe that many people will find the real truth about this company. Once you reach this point, you generally no longer have a need for life insurance. I would love to buy Living Life by Design but due to my health I cannot qualify. They focus on recruits, tell you time and again you can work part time. Since everyone eventually dies, permanent life insurance must be priced so that there is enough money to pay a death benefit to everyone. 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. It is the world's largest regional organization in terms of geographic scope and population, covering approximately 60% of the area of Eurasia, 40% of the world population, and more than 30% of global GDP.. Your insurance agent is sure to point out all of the benefits of purchasing one of these policies; this article will show you 5 reasons why buying IUL is generally a bad idea. Generally speaking, people dont make money here by selling legitimate products. That appears to be the case with Premier Financial Alliance, but there is no evidence on their website confirming this assumption. /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] endobj 3 0 obj >> Thanks for sharing this informative review with us. /Kids [29 0 R 30 0 R 31 0 R 32 0 R 33 0 R 34 0 R 35 0 R 36 0 R] 15 0 obj Ask yourself, is the agency owner or agents above you at Premier Financial Alliance or the World Financial Group experienced? Thanks for reading! Your article is helpful. /Count 29 That amount is utilized to maintain our individual agent portal. Already we see class-action lawsuits launched, and in the research phase, against its parent company Transamerica, and the Universal Life insurance it produces. Why Affiliate Marketing is Better than MLM. Pyramid schemes are dependent on recruiting. Also, the more complex the product, the fewer competitors it will have, and competition drives prices down. The companies of National Life Group and their representatives do not offer tax or legal advice. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. The PFA questionnaire clearly states at the top that all fields must be completed. I still work at PFA and I can make commissions only investment was time and hard work. whether Defendants are operating an endless chain; whether Defendants omitted to inform the Plaintiff and the plaintiff class that they were entering into an illegal scheme where an overwhelming number of participants lose money; whether PFAs statements of income during the Class Period were deceptive and misleading; whether PFAs conduct constitutes an unlawful, unfair and/or deceptive trade practice under California state law; whether PFAs conduct constitutes unfair competition under California state law; whether PFAs conduct constitutes false advertising under California state law and; whether the Defendants violated the Department of Insurance Guidelines in representing the benefits under a policy and/or underwriting. Learn More LIFE INSURANCE ANNUITIES TALK TO AN AGENT LIFECHANGER OF THE YEAR The Mission Watch Video The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. /Parent 3 0 R link to Common Scams That Prey on Seniors and How to Prevent Them. According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. Once you find a new agency or carrier to join, you can go ahead and switch your affiliations. 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. Its really tragic. By keeping so many secrets, PFA has full control. He was also able to make a great deal of additional money on spread commissions from his downline. The price of the product is so high compared to comparative market prices that it is impossible to legitimately sell these products retail, except to friends and families. In December 2006, WGS and one of its brokers were fined $150,000 by Missouri's commissioner of securities for selling unsuitable products to elderly people. 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. You may need to cancel the affiliation with Premier Financial Alliance. No clue. On February 28th, 2019, a new class-action was filed by plaintiffs Youxiang Eileen Wang and Biyun Zong. As per a July 1st order however, the hearing was continued till August 20th. There is always a lawsuit. California is the land of frivolous lawsuits. They dont. Defendant Premier Financial Alliance, Inc. ("PFA") is a suspended California Corporation, Entity No. Premiere Financial Alliance Insurance website, Premier Financial Alliance Insurance Pyramid Scheme Class Action, Copyright Duford Insurance Group 2014-2022 They fail to realize that had they had a harder look at the organization they joined beforehand, their experience starting out in the insurance business could have been very different. What does that mean?? /Pages 3 0 R New York Life, established in 1845, is the largest mutual life insurance company in the country. You went right straight to the jugular and made claims of you OPINION. The business opportunity is focused on recruiting people, and have them purchase 100 points in volumes. 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. 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. And all those crying about the $125 membership fee is pretty petty. In performing due diligence on an MLM company, DSA is a good place to start. 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). It creates several levels, so money is gathered across a wide base and funneled to a few people at the top who had nothing to do with the sale. 2023 Copyright Blind Tiger Press, All Rights Reserved. 1. Both claim to have been deceived into believing PFA was a legitimate way to make money. Members are forced to buy extremely expensive life insurance and then recruit others to do the same. A new class-action pyramid lawsuit was filed against Premier Financial Alliance earlier this year. Other sources online report that PFA has ten affiliate ranks. This product is not available in Montana and New York. Yes, absolutely WFG is a scam. National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme with Premier Financial Group selling universal life insurance policies issued by National Life Group. So if an index mutual fund goes up 10% (including a 2% dividend), an IUL may only credit you 8%. Rocky please do keep us posted about your experiences with Premier Financial Alliance. Why can this be an issue? And then, because you have a life insurance license you are required to have Errors and Omissions insurance to the tune of 40.00 a month. Even Disneyland gets sued. 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. C2820332, that currently does business at 8000 Marina Blvd., Ste. xS0+H8nA ^+"q@V=, Chen et al v. Premier Financial Alliance, Inc. et al - 4:18cv3771. Following the filing of an amended complaint, a second motion to dismiss and compel arbitration was filed later that same month. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. Your OPINION are NOT FACTS. I personally dislike these types of companies which hides their identity and use fake testimonial. /Parent 8 0 R Their training is in sales, and they are generally very good at what they do. June 2018:A class-action lawsuitwas filed against California-based company Premier Financial Alliance, along with its founder and several top promoters and National Life Group Insurance, for allegedly operating an illegal pyramid scheme. << Without a thorough analysis of the opportunity, it would be foolish to get involved with Premier Financial Alliance. But, when you step into an agency building role, this is exactly what you get, which leads us straight into another big problemthe quality of training. Sorry to hear you lost money to Premier Financial Alliance. I was told to get five dowlines and it goes on and on . Why Affiliate Marketing is Better than MLM. Some states require license applicants to complete 40 hours or more of classroom training. The plaintiffs also claim that the cost of the insurance is so expensive it cannot compete as a retail product and only members of PFA purchase it as a requirement to qualify for commissions and overrides. The difference lies in how the cash value account grows. Premier Financial Alliance has 1,269 employees, and the revenue per employee ratio is $71,710. SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. There are two sides to a story. My advice: Dont drink the kool-aid and run away fast! Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. /Annots [19 0 R 20 0 R] Its main product is indexed universal life insurance, a form of permanent coverage that provides a cash value in addition to life insurance. What matters, if you are considering the business opportunity, is whether you have a reasonable chance at success. >> Assigning and protecting territories is something a legitimate direct selling company will do to protect the income of its salespeople. 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