Legitimate Commercial Company Or Not: Wealth Masters International
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Wealth Masters International is a direct sales business venture that signs up members and consultants to sell their exclusive financial products such as wealth coaching seminars with world renowned experts. It was started by two men, Kip Herriage and Karl Bessey. Herriage is a former broker with 15 years of experience with a top Wall Street investment firm and Bessey is a former coal miner from Utah who switched careers to become one of the leading salesmen in the direct sales industry.
The stated company vision was to create an educational system and a business model, which makes wealth accessible to anyone willing to invest in themselves and apply the wealth management principles of WMI. These principles are not revealed on the company website, only presumably after the potential member is willing to make a direct purchase of the products.
Its approach is unique in the direct sales industry: it focuses not only on the financial well-being but also on the emotional and physical well-being of its members. The founders have claimed to have attracted the best people in the world in finance, personal growth and even nutrition. However, WMI is cagey in revealing who are these experts, information to be shown to those who have shelled out some initial funds.
So what exactly does Wealth Masters International offer as products? There are 3 levels of financial education coaching. There is a free 30 day trial offer to the Academy, which is available only to m1 members. The Academy offers four hour long seminars on better financial fitness through credit restoration, debt reduction, emotional and physical wellness, tax strategies and asset protection.
The m1 program is actually the cornerstone of Wealth Masters International and it offers a multi CD foundation education course with wealth management experts from around the world. The next level is m2 Wealth Management Conference that promises its members access to the most successful personal and financial development experts in the world. WMI does not say who these world renowned experts are nor show any videos of speakers at past conferences on its website. The final step in the multi product offerings of WMI is the m3 Private Wealth Group that promises members a life of luxury, happiness and fulfillment. So what does an entry into this elite group actually cost?
According to Citizencorps, an online watchdog organization that monitors home enterprises, WMI has received two stars out of five for its high start up costs. The price of the m1 course is $1995 plus a join up fee of $99. The m2 course that includes access to experts at a conference is $8995. The m3 resort package costs a mere $12,995. Additional recent additions include charging for monthly access to their corporate websites and changes to the compensation package that is designed to take more money out of the hands of consultants and into the pockets of more established members.
The compensation plan of WMI is a mix of multi level marketing and direct sales. The consultant keeps all the profits in a direct sales enterprise whereas in a MLM business, the consultant splits any profits with his or her sponsor. If $1400 is made at the m1 level, the sponsor gets $400 and the consultant $1000. At the m2 level, if the profits are $6000, then $3000 goes to the consultant and $3000 to the sponsor. At the m3 level, if the profits are $9000 for the first ten sales, then the consultant keeps $5000 and the sponsor $4000. The next sales will split the profits $7500 and $1500. Citizencorps puts Wealth Masters International as having the most expensive start up costs in the direct sales industry.
This two level compensation method is the main flaw of WMI. It calls itself a direct sales enterprise, but the compensation plan forces members to be constantly recruiting new people should the second level income disappear.
Its products have a narrow market since it is only for Americans and also because it aimed at people with enough money to purchase its high priced advice. But this target market already has wealth management advisers and consultants, making WMI unnecessary.
Wealth Masters International is a slick, marketing savvy enterprise that does offer a legitimate service of finance education and advice. The company does run an aggressive and sometimes covert promotional campaign on the Internet through posting on forums for disgruntled ex-members, through supposedly independent bloggers and by posting promotional videos on YouTube. Anyone who is considering investing with this company should do the research about it and its tactics before paying tens of thousands of dollars for something which can be had for much cheaper by simply calling your local financial consultant.
Article Source: Articlelogy.com
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