Former WFG Agent - Should I retire?

[toolbelt]

Today it's the same with the MLM concept. Its use will probably still be here many years from now as with these debates.

Even a parachuteless sky-diving company can remain in business for decades.....provided they don't run out of a supply of jumpers.

 

[toolbelt]

The average WFG agent makes about $2500 a year.

Averages aren't medians. And typically, MLMs arrive at "averages" by dividing the total payout by the number of reps on their force at year end, leaving off the 30+% who left during the year. Also, the figure represents gross, pre-expense commissions, not income. And finally, the averages may include sources of revenue available to only a small fraction of the force.

 

[Cornelius]

To the OP. I say if it's just an issue with the company don't retire. Just move on and find another company that may be a better fit for you.

Just consider this. Know your rights going in and coming out. If you leave what can you take with you. You build a team and that team has value..Rah, rah, but there's always bitness to consider..

I wish you the best..

 

[IHire_At_110_Comp]

Averages aren't medians. And typically, MLMs arrive at "averages" by dividing the total payout by the number of reps on their force at year end, leaving off the 30+% who left during the year. Also, the figure represents gross, pre-expense commissions, not income. And finally, the averages may include sources of revenue available to only a small fraction of the force.

Give me a break. I know the little secrets of wfg. You know full well most people do NOT make a living wage thru wfg. They start you out at 30 % doing splits to “pay your trainer,” and then keep most of your renewals. Greedy culture. And people who thought they’d make $12k on 401k rollover ended up making about $750, only to have WFG commission Dept tell them- “You knew what your comp would be.” Two people on a team I was on both got 90% less on annuities than they were told by their smd. You can squabble all day long about terminology and data, but their hoorah rooms are filled with people who never pay half their months bills on wfg comps.
The smd comp is 80! “Get 100 recruits paying their $100 to end up with 10-12 agents who can help you earn $100k.” Hilarious. If wfg wasn’t so greedy, they’d start people out at a decent comp to start with, but they don’t have to because they get people who aren’t licensed and don’t know any better about what IMO’s are out there that actuallyyyy care about seeing people earn a great living and give more product training that “10 ways to sells the dream.” Making money with wfg IS a dream.

 

[toolbelt]

And people who thought they’d make $12k on 401k rollover ended up making about $750, only to have WFG commission Dept tell them- “You knew what your comp would be.”

And if you have a problem with how you are treated in a MLM and decide to go the legal route to correct it, you will find your hands tied by the "mediation only" clause in your contract. MLMs have all the exits covered.

 

[toolbelt]

What business is 100% free.

Ummmmmm......just about every business outside of MLM. Being a commission only rep does not make one a business owner or even an entrepreneur (which is derived from the French definition of "First to take"). How can one be the first if they are merely replacing the 100's or 1000's that came before them? How can one be the first in a business model that preaches the word "Duplication", which in itself means to repeat?

 

[MustangGT2000]

Question: Do SMD's receive a kick back for their team attending conventions and regional meetings? They sure push very hard to have their team attend these meetings. My buddy right now is being told to attend the extra meetings at the Las Vegas convention later this year. They are telling him these meetings will change his life (again).

 

[DHK]

It's the MLM culture.

 

[toolbelt]

Question: Do SMD's receive a kick back for their team attending conventions and regional meetings? They sure push very hard to have their team attend these meetings. My buddy right now is being told to attend the extra meetings at the Las Vegas convention later this year. They are telling him these meetings will change his life (again).

Events are the money makers. Its a source of high-profit margin revenues. Interesting to note that China recently banned all MLM events during the first quarter and industry revenues dropped across the board in that market. That is proof that events, not product selling, is the basis of the MLM industry.

At the local level, an upline can purchase a block of tickets for an upcoming even (with his Amex card), then sell them to downlines, who typically pay him in cash. Few young naive downlines would think to get a receipt to be able to claim it at tax time. The upline, meanwhile, writes the full amount off and pockets undeclared cash. There is skimming at every level.

 

[toolbelt]

It's the MLM culture.

Eric Worre promoting MLM is the same as having the sugar industry promote chocolate bars.