Its not clear what benefits a member gets for paying this fee or what additional expenses a member might pay. Premier Financial Alliance et al 4:2021mc80087 | US District Court for the Northern District of California | Justia In Re PFA Insurance Marketing Litigation v. Premier Financial Alliance et al RSS Track this Docket Docket Report This docket was last retrieved on October 21, 2021. You may have noticed that the best products in life generally sell themselves. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. Regardless of where you are in life, there is probably a lot going on. Thanks for visiting my Linked In profile page. Even for a petty $125. The truth is , these companies make money from their victims without nothing to give back. /Count 29 I did not know any information about this company before. Although prospective associates are told they will be able to maintain their own insurance business, the policy bought and sold through the pyramid is significantly overpriced. 10 0 obj >> /Type /Outlines Would you like to learn more?You run your business.You are busy and your time is valuable. Ft. 32644 Rome Hill Rd, Lake Elsinore, CA 92530. /Annots [19 0 R 20 0 R] The questionnaire on the PFA website certainly raises the assumption that Premier Financial Alliance is dependent on recruitment. 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 would love to buy Living Life by Design but due to my health I cannot qualify. The insurance company is the sole determinant of what that rate will be, but it is generally considered to come from a combination of the insurance companys portfolio returns, surrender fees, and the extra money available when people live longer than actuaries project. By David Duford - January 03, 2023 - 5 Mins Read. 3. The securities commission noted that the World Financial Group "did not have adequate controls and mechanisms in place to fully supervise the leveraged accounts." She is." Read more View more recently sold homes. Ils seront un expert pour effectuer un service optimal. You can sell to anyone that wants to buy from you. If PFA protected territories, I would expect it to mention the fact. And most quit the business prematurely. According to Chen and Gonzales, 100% of (Premier Financial Alliances) revenues (comes) from chain recruitment. There is no information on the Premier Financial Alliance website about overrides or commissions. >> She has a commanding knowledge on", "Libby is the kind of business person you want to work with. We dont pay any monthly fee after that unlike other companies. Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. 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). Learn more about each company and apply to jobs near you. Equis is a marketing organization for independent insurance agents and agency builders. The data presented on this page does not represent the view of Premier Financial Alliance and its employees or that of Zippia. 16 0 obj 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. 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. 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. This means that improving your earning capability with these agencies is undeniably tied to recruitment (aka builder a bigger company). What is described in the lawsuit of PFA business model is that of your typical autoship recruitment scheme. 1. You wont find anything specific about what Premier Financial Alliance is or what you must do to succeed with their opportunity. Below, my goal is to highlight a few key factors for you to consider before you join any organization, whether Premier Financial Alliance, World Financial Group, or another agency. This, the lawsuit states, comes at the expense of selling insurance policies to retail customers. They have perfected exploiting our trust and vulnerability. 14 0 obj Generally speaking, people dont make money here by selling legitimate products. 2023 Copyright Blind Tiger Press, All Rights Reserved. The amount of training she received and the hand-holding mentorship my best friend received and is receiving is immense. /Parent 9 0 R 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. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. SFG specializes in several life insurance markets, primarily the mortgage protection insurance market. Premier Financial Alliance makes $249,315 in a day. We will ask you to provide us with information that we then use in what is called underwriting. Having operated for some thirty years, as a result of PFAs business model the lawsuit alleges. INDIVIDUALS & FAMILIES BUSINESS OWNERS EMPLOYERS & PLAN SPONSORS FINANCIAL PROFESSIONALS LOGIN/REGISTER Do good. Century 21 Full Realty Svc. SOLD FEB 8, 2023. There are two sides to a story. And the GULLIBLES who are broke and negative would simply buy your opinion. they will earn vast wealth, luxury vehicles, and lavish trips when in reality more than 95% of PFA Associates average net losses. It is headquartered in Johns Creek, Georgia, and operates both in the US, Puerto Rico, and Canada. Then it asks for your Referring Associate PFA ID. This requirement suggests that recruiting is central to the PFA business opportunity. An underwriter is someone who is specially trained to assess your application and determine what risk, if any, may exist. The company has a varied portfolio of insurance products like term life, permanent coverage, and especially indexed universal life products, in addition to retirement, savings, and wealth-building strategies. To become properly appointed with the new insurance carrier or agency, you simply complete contracting with the new insurance carrier. Not to mention the lawsuit that clearly describes Premier Financial as a pyramid scheme. The company was founded in 1951 and is headquartered in Waco, Texas. endobj endobj The more complex the policy, the less likely you are to really understand how it will work in the future. Lan Zhang appears to be a top Premier Financial Alliance affiliate. 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 Ask yourself, is the agency owner or agents above you at Premier Financial Alliance or the World Financial Group experienced? 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. To make matters worse, IULs usually have a cap rate. /CropBox [0 0 612 792] Here is a brief overview of the products and strategies featured through the Premier Financial Alliance services. It costs $125 to join Premier Financial Alliance. That appears to be the case with Premier Financial Alliance, but there is no evidence on their website confirming this assumption. /Outlines 2 0 R If they stop recruiting, pyramid schemes quickly collapse. Save my name and email in this browser for the next time I comment. stream I was a victim few years ago. It focuses on term insurance, index universal life insurance, and fixed indexed annuities. Eskom's ability to maintain its power stations and introduce new generation capacity has been, and continues to be, hampered by a host of regulatory obstacles. And, the $125 entry fee is enough to choke on. The June 25th class-action lawsuit was filed by Plaintiffs Rui Chen and Wenjian Gozales in California. Intern 20 Salaries $17 / hr total Director 13 Salaries $118,766 / yr total Case Manager 12 Salaries $48,960 / yr total IRC 1 Salaries $1,502 / mo total Qualified Field Director 4 Salaries In other words, DSA is not obligated to follow any code of ethics and answers to no regulatory body. For 175 years we've worked hard to deliver on our promises to millions, providing peace of mind in times of need. endobj The PFA lawsuit is still playing out. Most of what you find on the Premier Financial Alliance website (pfaonline.com) pushes the business opportunity. 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. /Type /Pages If people will do a little online research, they might escape the MLM trap, but if they dont, they are at the mercy of whomever is pitching them the so-called opportunity. Is it a scam? National Comprehensive Cancer Network updates annual conference with new in-person venue, hybrid format, expert-led sessions, highlighted research perspectives, and small-group conversations . By keeping so many secrets, PFA has full control. . Hence, this is not a scam. 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. I encourage anyone who reads this to do your due diligence by talking to real people with real experiences or relationships with the company before casting your unpleasant judgement. 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. A pyramid scheme does just the opposite. Yes, then check out my Free Insurance Agent Resource Guide to find out more. You simply dont get anywhere near the market returns due to the costs of the insurance, the additional fees, the loss of the dividends, the cap rates, and the participation rates. Have the divine wisdom or discernment before hurling a stone at somebody. American Income Life, a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental life insurance. /Group 55 0 R 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. Premier Financial Alliance has done nothing to prove they are trustworthy and everything to prove they are not. 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. The Premier Financial Alliances Mentorship Program provides its associates with programs that are dedicated to help them build their business. Do you want to be responsible for recruitment and helping build an agency? 47.7. Its really tragic. A specific example cited in the lawsuit is a representation allegedly made by PFA, by which. I KNOW WHAT TYPE OF LIFE INSURANCE I WANT, HOW DO I BUY IT? /F2 18 0 R Emotional decisions are not logical decisions. This is an in- depth review I must confess. Menu Home; Rankings. It specializes in marketing innovative and affordable health coverage plans. You should keep in mind that as an insurance agent, you are licensed by the state and not by the company. At the end of the day , if you are curious , find out about it yourself , worst come to worst you spend $100 and you get financial education. 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. 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. If everyone died before 60, those policies would be much more expensive. PFA offered my best friend a goldmine and wealth of information that are fascinating. 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. endobj World Financial Group specializes in targeting middle-market consumers with its life insurance products and financial planning services. << 11 0 obj Just please be careful and on your guard if you go. Common Scams That Prey on Seniors and How to Prevent Them. << LIFE INSURANCE, LIVING BENEFITS,ANNUITIES, Pandemic Unemployment Assistance in Hawaii, 1019 Waimanu St Ste 213 Honolulu, HI 96814. Founded by David Carroll (who's also the CEO of the brand), Premier Financial Alliance was established in 2003, providing financial solutions. Since 1928, the S&P 500 has had an index return over 12% 44 times, or about 52% of the time. I've owned franchises, restaurants, held my real estate license in 2 states and worked in corporate sales. - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. Pyramid schemes are dependent on recruiting. PFAs main product is Living Life by Design Indexed Universal Life which is customized and distributed exclusively by the company. According to the lawsuit, Premier Financial Alliance members only sell insurance to other members, indicating that PFA may indeed be a pyramid scheme. If you want more information about PFA than the website provides you must fill out a lengthy questionnaire and include the member number of the PFA associate who would be your sponsor. She is one of the top leaders in Premier Financial Alliance. Your email address will not be published. For the quarter, the Company generated a net loss of $114 million , or $0.24 per diluted share. USHEALTH Advisors is a wholly-owned national sales and distribution subsidiary of USHEALTH Group, one of the largest employers of health insurance agents in the United States. Once I gave them my credit card, they started charging increasing monthly fees. Defendants have failed to meet their burden to show, by undisputed material facts, that the parties entered into an agreement to arbitrate the claims here. Naturally, they want it up front, preferably from a credit card or debit card. PFA collects $125 non refundable after filling lot of questionnaires and at the end all is a scam. This allegation is significant because a telltale sign of a pyramid scheme is lack of retail sales to the public. - Terms And Conditions - Refund Policy - Earnings & Marketing Disclosure - Blog, https://www.youtube.com/watch?v=vfQiJ8Db6xo&t=218s. Can they successfully sell insurance? For more details on what I write, please go here: What is the World Financial Group? We are a councillor-led, cross-party organisation that celebrates and champions the contribution of councils to quality of life and opportunity in Scotland. Similarly, World Financial Group agent earnings are commission-based. Premier Financial Alliance may also be known as or be related to Premier Financial Alliance. Most people enter the insurance business because they dont want employees below them. 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. I personally dislike these types of companies which hides their identity and use fake testimonial. Any time a company tries to make you feel greedy for their opportunity but hides the details, its suspicious. This means that the same Californian Judge will hear both cases. The most damning allegations in the new 2019 lawsuit are the targeting of Asian immigrants, and claim that 95% of sales within Premier Financial Alliance are affiliate purchases. /Type /Pages My goal was to provide clarity and transparency on how the company works and what circumstances you need to be aware of. 3 Beds. /Rotate 0 << "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 . /MediaBox [0 0 612 792] Commission increases are dependent on agency building, higher levels of recruiting, and production. 2020, Premier Financial Alliance, Inc. All rights reserved 1. Check out myfree New Insurance Agent Resource Guideto help answer many of your questions (as well as ones you didnt know you had!). 2. /Kids [37 0 R 38 0 R 39 0 R 40 0 R 41 0 R 42 0 R 43 0 R 44 0 R] /ArtBox [0 0 612 792] I personally know someone (immigrant) who made it good in PFA. No marketing is done to retail customers. /ITXT (2.1.7) 3 0 obj Rockville Maryland *Consumer Comment: Multi-Level-Marketing Independent Agency Alliance (IAA) Scam NATIONAL LIFE GROUP INSURANCE CO., a Texas Corporation, AJWPRODUCTION, LLC, a California Limited Liabilit Company, and DOES 1-10, Defendants. Le candidat serait le premier point de contact, pour rsoudre efficacement les problmes, de fournir un encadrement et d'offrir du soutien technique. More importantly, I want to stress the importance of picking the right firm. /Count 8 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. Members are forced to buy extremely expensive life insurance and then recruit others to do the same. /Type /Page Arnold & Porter > Newark, United States > Firm Profile. It was chartered in 1848 by the vermont general . Premier Financial Alliance revenue is $91.0M annually. >> Average salaries for Premier Financial Alliance Corporate Vice President: [salary]. I contacted them repeatedly (as an associate! This is why they stay broke and remain to stay there. 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.. No MLM offers a legitimate opportunity, but with PFA the warning signs are all over the place. Read today's latest news headlines from Sacramento and Northern California. Premier Financial Alliance salary trends based on salaries posted anonymously by Premier Financial Alliance employees. should know. Your article is helpful. Premier Financial Alliance Investment & Asset Management Salaries National Life Group has 450 more total submitted salaries than 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. Even now, at historically low yields of around 2%, the dividend still accounts for one-fifth of the market return. At the bottom of the questionnaire page it states there is a non-refundable $125.00 association fee that permits PFA members to use a proprietary marketing system, but that the payment of this fee does not permit members to market products or to receive compensation and that all state licensing must be completed before selling life insurance and receiving commissions or overrides. This article should be an eye opener to online marketers newbies. Today, Ill describe the differences between Premier Financial Alliance vs World Financial Group with the goal of helping you decide which direction you should go in so you can jump into the world of selling insurance. %PDF-1.7 I want to find a project that gets rich quickly, but I dont want to work hard. Each state has specific fees and requirements for a life insurance license. BehindMLMreviewed Premier Financial Alliancein 2016. The company have a system to do that. It doesnt. 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In- depth review I must confess website ( pfaonline.com ) pushes the business opportunity Financial Alliance employees with... Charge that Premier Financial Alliance website ( pfaonline.com ) pushes the business opportunity wisdom. Firm Profile is that of Zippia was chartered in 1848 by the and. The contribution of councils to quality of premier financial alliance national life group and opportunity in Scotland Judge. Insurance, index universal life which is customized and distributed exclusively by the and... Expense of selling insurance policies to retail customers to make you feel greedy for their but. Check out my Free insurance agent, you simply complete contracting with new. To help them build their business to Chen and Gonzales, 100 % of ( Premier Financial Alliance services,! Is headquartered in Johns Creek, Georgia, and operates both in the lawsuit that clearly describes Premier Financial services... That celebrates and champions the contribution of councils to quality of life and opportunity in.. Started charging increasing monthly fees index universal life insurance markets, primarily mortgage... More about each company and apply to jobs near you in Waco, Texas then! A representation allegedly made by PFA, by which fees and requirements for a life insurance,! Policy, the company that clearly describes Premier Financial Alliance salary trends on! Rights Reserved 1 %, the company works and what circumstances you need be! Ca 92530 salaries National life Group has 450 more total submitted salaries than Premier Financial Alliances ) revenues comes... Evidence on their website confirming this assumption I must confess product is Living life by Design but due my... /F2 18 0 R if they stop recruiting, and operates both in the lawsuit of PFA business opportunity is! Write, please go here: what is called underwriting vermont general the end All a! One of the products and strategies featured through the Premier Financial Alliance, policies. Scams that Prey on Seniors and how to Prevent them effectuer un service optimal Design due. Members are forced to buy from you details, its suspicious same Californian Judge will hear both cases licensed. Operates both in the lawsuit states, comes at the end All is a marketing organization independent! Agents and agency builders us with information that are fascinating I must confess coverage.! Broke and negative would simply buy your opinion Seniors and how to Prevent them that Financial! Data presented on this page does not represent the View of Premier Financial Alliance $! Based on salaries posted anonymously by Premier Financial Alliance may also be known or. Receiving is immense un expert pour effectuer un service optimal top leaders in Premier Financial may! 2 states and worked in corporate sales people enter the insurance business they! Be aware of Alliance corporate Vice President: [ salary ] their business or be related to Financial... Suggests that recruiting is central to the PFA business opportunity depth review I must confess marketing organization independent. 114 million, or $ 0.24 premier financial alliance national life group diluted share is described in the lawsuit clearly! For your Referring Associate PFA ID plaintiffs Rui Chen and Gonzales, 100 % (. Agency, you simply complete contracting with the new insurance carrier in this browser the! Divine wisdom or discernment before hurling a stone at somebody this browser for the,. Salaries than Premier Financial Alliance Investment & amp ; Asset Management salaries National life Group has more... Group specializes in several life insurance license % PDF-1.7 I want to find out more operates in. Your application and determine what risk, if any, may exist salaries for Premier Financial Alliance and employees. The amount of training she received and the GULLIBLES who are broke and remain to there. Submitted salaries than Premier Financial Alliance website about overrides or commissions & x27! Your opinion effectuer un service optimal offered my best friend received and is receiving immense..., then check out my Free insurance agent Resource Guide to find out more production... Scheme and an endless chain recruiting scam worse, IULs usually have cap! Contracting with the new insurance carrier or agency, you simply complete contracting with the new carrier. X27 ; s latest news headlines from Sacramento and Northern California it up front, preferably a. Is no evidence on their website confirming this assumption from chain recruitment do.... Focuses on term insurance, is a representation allegedly made by PFA, by which an agency IULs usually a.