The location: It was situated in a plaza that I had a difficult time finding. That also held my suspicion red flag one sketchy place to hold a company. When I entered I see a very poorly furnished area. No furnishing, some posters on the wall for WFG their own 'goals' in posters. No visible large furnishing. The only thing I saw was the printing room where there was a printer and many fold up chairs. I thought to myself ok...kind of sketchy cause it looks like a company that can pick up and leave anytime. It's so hidden it's like they're not even proud of their company name.
Trainer/Presenter: I was then invited in a room by Peter's trainer name Terrance. Terrance was a friendly guy initially and told me a lot of background info on himself. As I was sitting in his room, I saw no credentials hanging up. His bare wall, it could be me where if I walked into a doctor's room I would see their credentials. He said his name was Terrance, how can I be sure of that? Just a name plate doesn't help me. At one point he told me about his life as an engineer then changing to this stream. Dude if I was an engineer do you think I would be here recruiting people? I would BE an engineer. He told me an engineer job was way too mundane and BS like that. He calls it the "new business". I asked him questions on ETFs and RRSP and he asked me what I knew about it. Obviously I won't tell you EVERYTHING I know if I am testing out my waters. So I gave him he briefing then he no longer explained more to me. I was pretty disappointed because I knew more than he did. He didn't give me any news on ETFs. The reason why I joined their 'presentation'. NOTHING. One thing I have to admit was that he was a pretty good manipulator or at least I have to give him props for trying. He would ask me about my background and tries to 'connect' to me but he doesn't do it in a way I want him to like challenging me. So when I ended the conversation to be with the presenter name Tommy. I threw in a quickie about CDIC, protection. I deliberately said 60K but something along the lines of 100K. I have to admit, was slightly more impressed then, I thought to myself if you're going to scam me you better know the basics. When I asked him things he didn't know, he threw me back to reading it on the CRA website. BS, if I can read it on CRA you think I will ask you about it? Red flag 2 he proceeded to ask me about what I am interested on this survey. I did it but when he pursued to ask me why I was interested in the RRSP, I made up some bogus lie with a straight face. "One day my coworker handed me a piece of paper and because we were both not looking he dropped on the ground and when I went to get, my back cracked so that's why I want to learn about RRSP. It was nature's sign to tell me you're old."
Terrance leads me to this very small sketchy printing room. His printer looks old like one of those that is built 23 years ago ones and the 'company' wall distribution he has in the mail slots or his 'products' are not sketchy but made me question about their credibility. He told me he was part of Transamerica=Primeamerica SCAM Red Flag 3. Ok not really scam if you believe in their "Pyramid" but because it's my opinion and my blog it's SCAM. To support my believe please google them on ripoffreport.com
I was then led out by Terrance to a guy name Tommy the presenter tells me he used to own a spa with his wife, again another friendly guy. He spends a good 20 min talking about his life. These people LOVE to talk about themselves, thanks but you're wasting my time can we get to a topic that I want like investments? Ok whatever he then tells a story about how great he use to be 11 years ago...um that's over a decade, stock exchange methods might have mutated. Don't tell me old news I want new news. BS wasted another 47 min on this notion on a new business. Red flag 3 he kept spelling the word "soon" as "soo" I cannot trust a guy that doesn't even know how to spell with my money. Money to me and perhaps many others as well is something that I make with my effort, I cannot buy or trade effort unless my moss ups my salary. But till then it makes ends meet. How can I trust some dude who cannot spell or speak properly. Omg I understand he is an immigrant but watching him speak was so painful to me because he said he was here for 11 years and doing investments and such but language is something you improve over a course of practicing I had so much trouble trying to understand what he was saying not of his accent but what he was trying to explain. Plus he also mentioned that at one point of his life he was on the verge of dying and he has some sort of contagious virus that is now dormant "DUCK DUCK DUCK DUCK QUACK" I was talking to him early on too. That's my straw because I smell smoke on his breath, to think he was almost in a near death situation and he was still smoking after telling me that sad sob story about his children? You don't' cherish life, you don't cherish your family meaning you won't cherish my investments. That's it too, someone who doesn't cherish life and got a second wack at it trying to convince me to join 'his company'?
Conclusion and what I got out of the presentation:
From my understanding, the purpose of "hiring" into the WFG's "pyramid scheme"(=Transamerica/Primeamerica model of hire) is so that that person signs up all of his or her 'networks'. Now depending on his or her productivity, he or she can then develop their own sale leads or distributions to to others--essentially like a spiderweb or a virus.
I'd picture that after getting that many network members to join, he or she might just quit and while all of their friends and family--'networks' gets stuck in mutual funds and seg funds with WFG. Might I inform on which WFG already made the (POOP LOADS) of possible revenues on in the sale. I read on that DSC funds pay more up front and is less in the form of trailing commission. In conclusion your friends and family including you will become THEIR FINANCIAL SLAVES at this point. Good luck on your RRSP and INSURANCE. Thus, whether or not they keep your business long term means little to those WFG goons. Because they already trapped you out when you bought their products.
