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World Financial Group
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World Financial Group (WFG) is a financial services organization based in Duluth, Georgia that markets investment, insurance and mortgage products through a network of associates in the United States and Canada, a system also known as Multi-level Marketing (MLM). WFG is a wholly owned subsidiary of AEGON.
s insurance and mortgage lines of business are managed directly by WFG in the United States, while its investment lines of business are managed by its affiliate broker-dealer World Group Securities, Inc.
In Canada, WFG's insurance lines of business are managed by its provincially regulated subsidiary managing general agent World Financial Group Insurance Agency of Canada Inc.; while its investment lines of business are managed by its subsidiary WFG Securities of Canada, Inc., which is a member of the Investment Funds Institute of Canada and the Mutual Fund Dealers Association of Canada.
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Encyclopedia
World Financial Group (WFG) is a financial services organization based in Duluth, Georgia that markets investment, insurance and mortgage products through a network of associates in the United States and Canada, a system also known as Multi-level Marketing (MLM). WFG is a wholly owned subsidiary of AEGON.
Activity
WFG's insurance and mortgage lines of business are managed directly by WFG in the United States, while its investment lines of business are managed by its affiliate broker-dealer World Group Securities, Inc.
In Canada, WFG's insurance lines of business are managed by its provincially regulated subsidiary managing general agent World Financial Group Insurance Agency of Canada Inc.; while its investment lines of business are managed by its subsidiary WFG Securities of Canada, Inc., which is a member of the Investment Funds Institute of Canada and the Mutual Fund Dealers Association of Canada. WFG's Canadian head office is located in Vaughan, Ontario.
World Financial Group created and partnered up with Investment Advisors International (IAI), a co-owned investment advisory firm to give clients fee-based actively managed accounts by third-party money managers. IAI has agreements with some of the nation's top investment advisory firms such as Hanlon Investments, Foxhall Capital Management, Curian Capital, CLS Investment Firm, LLC, Flexible Plan Investments, Ltd. and The Institute for Wealth Management.
History
In 1991, the organization was founded by Hubert Humphrey as Alexander Inc..
In November 1998, WMA was fined $100,000 "for not properly supervising its sales agents" after their clients lost nearly $2 million in unregistered investments. In 2000, WMA was fined $125,000 "for failing to report nearly 900 customer complaints".
In June 2001, select assets of WMA were purchased by AEGON and renamed World Financial Group. Alexander Wynaendts, chief executive of AEGON, was quoted saying about WMA that "When we took the company over, we put in place very strict regulatory and compliance procedures".
Ratings
The Toronto-based WFG was named Canada's best MGA and top firm overall in 2006, 2007, 2008 surveys conducted by Investment Executive, a newspaper for Canadian financial advisors
Sponsorships
In NASCAR, World Financial Group is a major sponsor of Roush Fenway Racing, sponsoring Carl Edwards's ride part-time on the #60 Ford in the Busch Series. Previously, WFG had sponsored Roush Racing on Edwards' #99 Ford in the NEXTEL Cup Series and the #50 Ford in the Craftsman Truck Series.
In 2007 WFG signed a two-year sponsorship agreement with Fox Sports Network and the Pacific Ten Conference (Pac-10). The Pac-10 - known as the "Conference of Champions" - is a NCAA Division 1 college athletic conference that includes 10 of the biggest schools on the West Coast.
On Wednesday, Oct. 3, 2007, WFG agreed to a three-year sponsorship of USA Luge. With the sponsorship WFG will support the athletes and programs of USA Luge as they take part in major competitions around the globe.
Lawsuits
WFG's stated mission goal is to "serve the financial needs of individuals and families typically overlooked by the financial services industry". It is yet unclear how successfully the company has managed to distance itself from its more controversial predecessor, associated with fraud, misrepresentation and false statements, and the subject of class action lawsuits, and NASD disciplinary action.
External links
- , an affiliate investment advisor firm of World Financial Group.
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