World Financial Group aka WFG (Aegon), Global Preferred Holding or World Leadership Group (formally World Marketing Alliance or WMA)
Another pyramid scheme seems to be in existance, selling false hope and dreams to people looking for a better job. This is just another Multi-Level Marketing (MLM) company misrepresenting themselves. World Financial Group is similar to Equinox International, Mary Kay, Amway, except this group offers clients financial consulting/planning (but recruiting seems to be the main priority). I just wanted to warn people out there to beware of this group and that it's not all it's hyped up to be.
My story: My unemployed fiance got a call from a former colleague the other month. She claimed that she had a great job opportunity for him (she quit her job to join WFG), meanwhile being quite vague about the company. Being inquisitive and quick on the ball, my fiance figured out that it was MLM, a company similar to the structural workings of Mary Kay and quickly turned down the offer. Again, one month later, she called, this time convincing him to attend one of the meetings. I had a strange feeling about the group, but waited until my fiance went to the meeting to find out more about it. He came back quite excited and told me that this was a financial group that had absolutely nothing to do with Mary Kay, and that this was a real legitimate multimilllion dollar (or perhaps even multi-billion dollar) organization. He told me that this was a real deal and there was absolutely no funny business going on. He seemed convinced that this was legit and a "brillant" idea. I still felt uneasy about it for several reasons:
1. his former coworker's pitch was eerily similar to those of the other MLM schemes (promises of flexible hours, lots of money, etc, etc, and having a goal of one day driving the company sponsored Gold Lexus... hmmm, like the pink Cadillac of Mary Kay? I am not writing to put down Mary Kay; I don't know enough about Mary Kay and I apologize to those who stand by it.)
2. You have to wonder about companies who hire people off the street with absolutely no skills what-so-ever, especially if it's a highly touted (or so it claims) financial group... each member needs to get that "top 25 list of people" to recruit, no matter if it's your grandmother who's 85 years old. They would even want me, who knows absolutely nothing about finance or business (i'm a health professional), but will sell me the dream of what everyone in this world wants... flexibility, financial independence, lots of money.
3. Unity in a company is good, but I got a strange feeling about how my fiance admired the strong unity (mandatory meetings to motivate) and "brilliance" of this group scheme. Pressure to bring one new recuit to every meeting...
I'm writing to bring some awareness about this group, because my very skeptical fiance almost got sucked in by their enticing offers and business operation. In my opinion, they misrepresent themselves and it's a dangerous risk if you have anything at all to lose. The name World Financial Group (Aegon) sounds legit and even professional, but check out the following website that has warnings (!!!) about the group before getting any more involved:
Please check out the website:
(links for years 2002,2003,2004 are at top of page, as well as the link to their home page: [www.xwma.org
If anyone is considering to join WFG/WMA, make sure you have thoroughly checked other websites regarding this group!!!