World Financial Group

World Marketing Alliance (WMA) was founded by Steeley Hubert Humphrey Jr. after he left Primerica in 1991. The original name was Alexander, Inc. but shortly thereafter was renamed World Marketing Alliance. The original idea was that the baby boomers needed a solution for wealth creation and tax protection, and that the "buy term and invest the difference" philosophy of Primerica (formerly A.L. Williams & Associates) could be better addressed with variable universal life insurance.

While in A.L. Williams & Associates, Humphrey created and introduced the Business Format System (BFS), a business sales and recruiting methodology. Humphrey continued to develop the methodology in WMA.[http://www.huberthumphrey.com/flash/timeline.swf] {{Webarchive|url=https://web.archive.org/web/20150924031712/http://www.huberthumphrey.com/flash/timeline.swf|date=2015-09-24}} MD TV, the company's private satellite television network, was also introduced during this period. The company expanded its operations to Canada, Taiwan, Mexico, Puerto Rico, Guam and the Philippines. The company held its first convention in Las Vegas in 1992. It was attended by about 2,000 associates.

On March 23, 1998, WMA Executive World Headquarters opened in Duluth, Georgia. The {{convert|100000|sqft|m2|adj=on}} building housed 500+ employees.

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.{{cite press release |title=Arizona Corporation Commission Orders Securities Firm to Pay $2,000,000 for Not Properly Supervising Their Sales Agents |date=November 25, 1998 |publisher=Arizona Corporation Commission |url=http://www.cc.state.az.us/divisions/securities/news_releases/1998/nov25-98.pdf |archive-url=https://web.archive.org/web/20140323113251/http://www.cc.state.az.us/divisions/securities/news_releases/1998/nov25-98.pdf |archive-date=March 23, 2014}}{{cite press release |title=Arizona Corporation Commission Cracking down on Unauthorized Sale of Securities Products |url=http://www.azcc.gov/divisions/utilities/news/PR01-16.htm|publisher=Arizona Corporations Commission |date=16 January 1998 |access-date=15 October 2014}} In 2000, WMA was fined $125,000 "for failing to report nearly 900 customer complaints".{{cite web|url=http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20010305/SUB/103050717/-1/INIssueAlert04 |title=Brokers pointing finger at WMA |publisher=Investmentnews.com |date=2001-03-05 |access-date=2015-07-31}} {{subscription required|date=July 2015}}

In June 2001, select assets of WMA were purchased by Aegon and renamed World Financial Group, Inc.{{cite web |title=World Financial Group |publisher=Work From Home Directory |url=http://world-financial-group.wfhdirectory.com/info/world-financial-group/ |archive-url=https://web.archive.org/web/20120623163334/http://world-financial-group.wfhdirectory.com/info/world-financial-group |archive-date=June 23, 2012}} Humphrey retained WMA Mortgage Services, Inc. and the original logo, which was used in his subsequent companies World Leadership Group (WLG) and Hegemon Group International (HGI). As part of the conditions of sale, Humphrey was placed on a noncompete agreement and could not compete in the insurance industry until 2013. Following the sale of WMA to Aegon, Alexander Wynaendts, chief executive of Aegon, was quoted as saying, "When we took the company over, we put in place very strict regulatory and compliance procedures".{{cite news |author=Seth Lubove |date=May 28, 2008 |title=Dutch insurer's U.S. unit draws scrutiny from regulators |agency=Bloomberg News |newspaper=International Herald Tribune |url=http://www.iht.com/articles/2008/05/28/business/regs.php |archive-url=https://web.archive.org/web/20080531211002/http://www.iht.com/articles/2008/05/28/business/regs.php |archive-date=May 31, 2008}}

In 2008, the company was criticized by customers who claimed to have lost significant sums due to WFG agents selling them "inappropriate investments".

In 2015, John Hancock Financial, a Boston-based insurance company, acquired 1,100 advisors from Transamerica World Financial Group.{{cite web|url=https://www.bizjournals.com/tampabay/news/2015/11/05/john-hancock-strikes-a-deal-with-one-of-st.html|title=John Hancock strikes a deal with one of St. Petersburg's biggest investment firms |publisher=Tampa Bay Business Journal }}

World Financial Group has over 3,500 offices in the United States.{{cite web|url=https://virtualglobetrotting.com/map/guillermo-haros-house/view/google/|title=World Financial Group |date=16 November 2011 |publisher=VGT }} The World Financial Group Canadian division, World Financial Group Insurance Agency of Canada Inc., moved to Toronto, Ontario in February 2012.{{cite press release |title=World Financial Group's Canadian Headquarters Relocating To North Toronto's Financial District |url=http://www.accesswire.com/viewarticle.aspx?id=396380|publisher=World Financial Group of Canada |date=27 February 2012 |access-date=16 October 2014}} In 2008, World Financial Group had over 80 Canadian offices and over 1,500 agents.{{cite news|last=Tayti|first=Mark|title=Making sound financial decisions|url=http://www.wellandtribune.ca/ArticleDisplay.aspx?e=1335354|archive-url=https://archive.today/20130115161623/http://www.wellandtribune.ca/ArticleDisplay.aspx?e=1335354|url-status=dead|archive-date=January 15, 2013|newspaper=Welland Tribune|date=December 8, 2008|access-date=May 4, 2012}} On July 1, 2013, WFG Securities of Canada, Inc. changed its name to Transamerica Securities, Inc.{{cite web |url=http://www.mfda.ca/regulation/bulletins13/Bulletin0572-M.pdf |title=Change of Name |publisher=Mutual Fund Dealers Association of Canada |date=July 2, 2013 |access-date=2015-07-31}}

As of 2022, there are approximately 53,200 independent life insurance agents associated with WFGIA in the United States and its affiliated insurance agency operating in Canada.{{cite web|url=https://www.aegon.com/SysSiteAssets/aegon-annual-report-2021-on-form-20-f.pdf|title=organizational structure and Overview of sales and distribution channels (pp. 301-302)|publisher=Aegon Annual Report 2021 }}

In September 2022, the World Financial Group Agency of Canada (WFGIAC) renewed its sponsorship of the 2022 Pinty’s Grand Slam of Curling.{{cite web|url=https://www.sportsnet.ca/curling/article/grand-slam-of-curling-announces-teams-for-2022-wfg-masters/ |title=Grand Slam of Curling announces teams for 2022 WFG Masters |date=2022-11-11|last= Staff|first=Sportsnet|publisher= SportsNet}}

In November 2022, Transamerica appointed Todd Buchanan President of World Financial Group Insurance Agency, LLC (WFG), Senior Vice President at Transamerica, and head of Transamerica Financial Advisors, Inc. (TFA).{{cite web|url=https://www.bizjournals.com/tampabay/news/2022/11/30/transamerica-buchanan-appointment.html |title=Transamerica appoints Tampa Bay financial services veteran to key positions |date=2022-11-30|last= Georgacopoulos |first=Christina|publisher=Tampa Bay Business Journal }}

• In December 2006, WGS and one of its brokers were fined $150,000 by Missouri's commissioner of securities for "making unsuitable sales of variable annuities".{{cite news| url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8N_74GdteOg |archive-url=https://web.archive.org/web/20111201181601/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8N_74GdteOg|archive-date= December 1, 2011| work=Bloomberg | title=Aegon in Missouri Provokes Regulators Finding Sales Deceptions | date=May 28, 2008}}
• In April 2007, WGS was fined $50,000 for failing to supervise its representatives in the State of Utah, who were misrepresenting their credentials and services rendered during free lunch seminars targeting seniors.{{cite web |url=http://www.securities.utah.gov/dockets/06007801.pdf |title=Petition to Revoke License |publisher=Securities.utah.gov |access-date=2015-07-31 |archive-url=https://web.archive.org/web/20160305044949/http://www.securities.utah.gov/dockets/06007801.pdf |archive-date=2016-03-05 |url-status=dead }}[http://www.securities.state.ut.us/press/worldgroup.pdf] {{webarchive|url=https://web.archive.org/web/20110727135712/http://www.securities.state.ut.us/press/worldgroup.pdf|date=July 27, 2011}}{{cite web|url=http://securities.utah.gov/dockets/06008002.pdf |title=Stipulation and Consent Order : World Group Securities |publisher=securities.utah.gov |access-date=2015-07-31 |archive-url=https://web.archive.org/web/20101113215854/http://securities.utah.gov/dockets/06008002.pdf |archive-date=2010-11-13}}{{cite web |url=http://www.securities.utah.gov/dockets/06007802.pdf |title=Stipulation and Consent Order as to Andrew J. Moleff |publisher=Securities.utah.gov |access-date=2015-07-31 |archive-url=https://web.archive.org/web/20150924095946/http://www.securities.utah.gov/dockets/06007802.pdf |archive-date=2015-09-24 |url-status=dead }}
• In May 2016, Mutual Fund Dealers Association (MFDA) accepted a settlement agreement of $60,000 with WFG Securities for contraventions of the By-Laws, Rules, or Policies of the MFDA.{{Cite web|url=http://mfda.ca/settlement-agreement/SA201626/|title=Sa 201626 | Mfda}}
• In January 2018, 12 life insurance agents who worked together at the same WFG brokerage in British Columbia, Canada had lost their licences because they all conspired to cheat on their qualification tests, according to the provincial regulator. In response, the company suspended the agents and noted that the agency would be "taking all necessary steps regarding the matter.{{cite news|last1=Schmunk|first1=Rhianna|title=12 life-insurance agents from same B.C. agency lose licences for cheating on qualification test: council|url=https://www.cbc.ca/news/canada/british-columbia/insurance-brokers-cheating-surrey-bc-world-financial-group-1.4508772|access-date=February 1, 2018|work=CBC News|date=January 30, 2018|language=en}} In December 2018, 12 former Mississauga WFG agents were fined $865,000 for falsifying KYC (know your client) information of a total of 95 documents, and committing other offences to facilitate leveraging investments. They also failed to cooperate with MFDA summons for interviews.{{cite news |last1=Langton |first1=James |title=MFDA fines 12 former WFG Securities reps |url=https://www.investmentexecutive.com/news/from-the-regulators/mfda-fines-12-former-wfg-securities-reps/ |access-date=June 16, 2020 |publisher=Investment Executive |date=November 30, 2018}}

{{Reflist|30em}}

• {{official website}}

{{Multi-level marketing}}

{{authority control}}

Category:2001 establishments in Georgia (U.S. state)

Category:Companies based in Fulton County, Georgia

Category:Financial services companies established in 2001

Category:Financial services companies of the United States

Category:Multi-level marketing companies