Anyone Heard of Vipco Advisors

Private Eyes

New Member
4
Vipco Advisors ,a new organization, looking for agents to find Companies to put in cost reduction strategies using insurance that will save the Company $500 per employee using employees pre-tax dollars.
They are advertising for agents heavily online and claiming big money right away. New agents are said to be signing up Companies with up to 50 to 100 employees, or more ASAP and then Vipco will fly in to do the enrollment and there are 3 other programs the Company can enroll in making the referring agent even more money. They make it sound so easy to be making a six-figure, or multiple six-figure income right away!
Has anyone had any experience with Vipco yet?
 
YES! I'm a Vipco Business Advisor. I searched the forum and was surprised no one has heard/mentioned of it. I had absolutely NOTHING to lose. Only just getting started. Have you made a decision to get on board "private eyes"?
 
Hi Allison...are you still with vipco? I was gone for a while but the person who signed me up says things aren't good anymore with them. your thoughts?
 
Actually, its funny that you asked! I just had a conference call tonight sharing some very critical information. Apparently, people are not getting their commission checks, enrollment has been very hard and ACL Wellness marketed with Vipco have not been paying claims. One of the top hierarchies strategically sent an email to certain groups to warn us on this conference call. She made it known that she will not be doing anymore with Vipco. From what I heard Vipco tried to mimic another wellness co but did it ALL wrong. National Life is pulling their contract with Vipco also. Several attorneys found that Vipco have been gray lining -- basically illegal.

You may want to transfer your contracts with them, especially if you are writing through National Life ASAP. If you have any leads in the back office be sure to pull that info. I'm going to switch to Sundance Benefits & work with Healthy Transformations, LLC to cut out the middle man & get paid direct from carriers. If you want more information about the upcoming changes and opportunities send me a message.
 
Thanks so much for your response! wow...what a mess! is Sundance like Vipco? I am not writing up insurance...don't have my license at this time. was going to just market the payroll savings feature for starters then get my license. it's too bad to hear about this but I'm glad I didn't spend any money on leads.:err:
 
rrubio - Sorry to take so long to respond. Yes, Sundance is similar. Also, ACL pays 1/3rd of what Healthy Transformations pays. Send me a PM if you would like more info or to contract with Sundance Benefits.
 
Last edited:
rrubio - Sorry to take so long to respond. Yes, Sundance is similar. Also, ACL pays 1/3rd of what Healthy Transformations pays. Send me a PM if you would like more info or to contract with Sundance Benefits.


Are Sundance and VIPCO's services real? Has anyone actually signed a company and been compensated? Have the companies and employees received the benefits they were promised?

----------

Hi Allison. I was recently introduced to the VIPCO/Sundance concept. Did you ever sign an employer to the program? If so, did you get paid? I'm trying to discern if this is a real benefit or another hoax. Thanks in advance.
 
Are Sundance and VIPCO's services real? Has anyone actually signed a company and been compensated? Have the companies and employees received the benefits they were promised?

----------

Hi Allison. I was recently introduced to the VIPCO/Sundance concept. Did you ever sign an employer to the program? If so, did you get paid? I'm trying to discern if this is a real benefit or another hoax. Thanks in advance.

I can confirm that the pre-tax benefits + wellness program is a real benefit but I strongly advise you to do your legal and compliance due diligence before making this recommendation to a client. There are a myriad of E&O situations that loom over your head if you are selling these programs. Also, ask Sundance/Vipco if they have requested an opinion letter from the IRS regarding their program. The answer is no.

Our National Director of Compliance (an attorney) along with the rest of her legal team and 3 different accounting firms vetted both of these and about a dozen other similar programs. While not specifically operating illegally, they operate within a very gray area of the tax code. Clients also need to be absolutely sure that implementing these programs will not cause salary based non-discrimination issues, which they typically will, which negates the pre-tax benefit nature of this program.

We partnered with Aflac/Inspired and offered a few in some very good situations against our attorneys advice. They are still in force and operating as they should. Aflac has since prohibited their salary and 1099 agents from discussing the inspired program with clients and prospects.

We don't talk about it much anymore except to inform clients of its existence and our recommendation against its utilization so that if another broker/agent tries to come in talking about it, our clients are informed.
 
Last edited:
I have no any experience with Vipco. But, I know about it. Vipco Advisors is a privately held company in management consulting with 201-500 employees. Vipco Advisor's reputation score is 94%, which is excellent.
 

Latest posts

Back
Top