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09-30-2014, 10:56 AM
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#1 | | I contribute to threads in the offtopic forum
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| Transamerica life insurance?
Anyone heard of this transameraica life insurance/retirement plan where you save money and invest and its all tax free?
I had a client who tries to sign me up for such thing. Is this a scam? or something real? He tells me that he does this money coaching thing to get poeple to sign up and he gets a commission each time people signs up under him. (kinda like a piramid marketing) He did show how the investment return is greater than bank savings account blah blah blah..
He also showed me a book called " what revenue canada doesnt want you to know.."
I told the guy I am not interested in investing.
Any insights or experience with such scheme?
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09-30-2014, 11:05 AM
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#2 | | I contribute to threads in the offtopic forum
Join Date: Nov 2006 Location: surrey
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I think he is part of the WFG? world financial group? I checked with wikipedia and there is a page about them.
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09-30-2014, 11:22 AM
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#3 | | I contribute to threads in the offtopic forum
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You can invest your money into registered accounts like an RRSP or TFSA and have your money grow tax free. It's a little more complicated than that but you can google both of those and there would be a huge amount of information out there for you.
Transamerica is a life insurance company that operates in North America. They currently offer insurance products and used to offer investment products through individual channels.
WFG is a managing general agent but operates in a different way than most. Transamerica bought WFG a while back and I can only assume that because of their relation they still offer investments through WFG. I would steer clear from WFG. Like you said it doesn't seem like they're looking after your best interests.
If these are products you are looking for I would advise looking for an individual financial advisor not someone tied to a company.
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09-30-2014, 12:36 PM
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#4 | | linguistic ninja
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TransAmerica are the fine folks who brought you this San Francisco Landmark 
In hindsight, kind of a dubious situation where a financial institution is associated with a pyramid
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09-30-2014, 05:48 PM
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#5 | | RS Veteran
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The Return Of CivicBlues?! 
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09-30-2014, 07:55 PM
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#6 | | Revscene.net has a homepage?!
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all money making schemes legal or illegal are structured as a pyramid (the top guy makes the most $$$)
even countries are structured that way
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09-30-2014, 10:40 PM
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#7 | | Even when im right, revscene.net is still right!
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to get tax free is not just from TFSA, you can borrow from the Bank and the money is tax free. Capital Gains are currently taxed at 1/2, assign your Life insurance beneficiary to the lender.
i think that's how it works, pls correct if im not
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10-01-2014, 03:07 AM
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#8 | | I Will not Admit my Addiction to RS
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its legit, they are financial advisors and have the same licenses the guys at the banks do
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10-09-2014, 02:13 PM
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#9 | | Revscene.net has a homepage?!
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Originally Posted by elwell its legit, they are financial advisors and have the same licenses the guys at the banks do |
Legit financial planners typically don't recruit their clients to join them under a MLM system.
I class these guys in the same level as the Primerica guys.
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10-09-2014, 02:50 PM
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#10 | | To me, there is the Internet and there is RS
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A friend of mine got involved in that WFG crap and tried to get us into it, even the most basic research into those guys should tell you to run like hell.
According to the spiel they gave us ~1.5 years ago, he should be making 100k+ a year by now, yet he still works part time at a grocery store... Quote:
Originally Posted by elwell its legit, they are financial advisors and have the same licenses the guys at the banks do | No it isn't and no they don't, they have *one* of the licenses a financial advisor has. Would you really want someone who took a 4 month course being your financial advisor over someone who went to university for 4 years?
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