Is Premier Financial Alliance A Scam? Lawsuit After Lawsuit Calling It A Pyramid Scheme

Welcome to My Premier Financial Alliance Review!

Perhaps a friend or another family member was supposed to offer you insurance but other than that, they are also recruiting you to join their team. Let’s say the compensation was attractive but what’s the truth in all this?

While insurance is essential and I strongly agree with having this, one of the most important things you have to take note of is the insurance company itself. More or less, it follows a multi-level marketing (MLM) structure that lets people earn by selling their policies and at the same time, growing their team.

Recruitment is a part of their system; however, if the attention is put heavily on this, it becomes a red flag.

In this post, we’ll talk about an insurance organization called Premier Financial Alliance and why it’s making noise online. 

What is it about?

Will it really provide a good source of income?

Is Premier Financial Alliance legit or a scam to watch out for?

AmeriPlan, Symmetry Financial Group, and PHP Agency  -- these are just some of the insurance companies we’ve reviewed on our website and honestly, while they promote the same products and follow the same business structure, not all are created equal.

Some are legit with good opportunity while some are a downright scam.

You can check more insurance companies here.

That being said, it’s important to do a background check before joining a program; let alone buying a product or service to avoid being scammed.

Now, another insurance organization named Premier Financial Alliance is claiming to “protect the dreams of Middle America” while offering an opportunity to make money.

Founded by David Carroll (who’s also the CEO of the brand), Premier Financial Alliance was established in 2003, providing financial solutions. 

Premier Financial Alliance Product Line

Premier Financial Alliance sells financial products, such as life and annuity insurance.

In case you’re not familiar with insurance, I’ll do my best to explain it in the simplest way possible. I know most people are confused about how it really works and that’s okay. As long as you are willing to learn about it, I don’t see any problem at all.

Anyway, insurance, from the word itself, means guaranteed or assurance. It protects from death, accident, critical illness, or even theft. 

Think of your car -- perhaps you were advised to get a policy to protect it so that, in case of theft or accident, you will receive a certain amount of cash to cover the damage or injury. 

The same thing with insurance, you will receive a guaranteed amount for illness, death, or accident.

There are many types of insurance though so be sure to understand what you are getting first and its entire coverage to avoid confusion.

As for Premier Financial Alliance, what they offer are the following:

Life Insurance

In case the policyholder dies, its beneficiaries (such as their parents, spouse, and/or child) will receive a sum of money they can use to cover expenses after death, such as hospital bills, pay for loans and other debts, or simply to purchase essentials.

Annuity Insurance

Death is not required to gain protection from this type of insurance. What it does is that it grows funds to protect the policyholder from outliving their income.

Other than MLMs, one of the most questionable products or services is insurance, and perhaps that’s one reason why there are people who don’t have it yet.

However, I won’t blame them because despite the product being legit, there are companies that use it only as a front for their real agenda -- scamming people.

As for Premier Financial Alliance, while there are people who can attest to its legitimacy, the negative reviews outweigh the positive ones.

Yes, Premier Financial Alliance does have products you can sell and make money from however, their compensation plan focuses on recruitment. Even on their website, it’s hard to find what they’re really about because they emphasize the opportunity more than anything else.

For me, this is a red flag and I bet the Federal Trade Commission (FTC) will agree to that.

According to the FTC, if the source of your income heavily relies on the number of your recruits and not on the sales you get for selling their products, it’s a telltale of a pyramid scheme.

Other drawbacks are more than enough to tell you to ditch this company and look for a better option instead.

While I won’t directly tell you that Premier Financial Alliance is a scam or a pyramid scheme, I will let the facts in this review and the reviews of other people help you decide.

Is Premier Financial Alliance a pyramid scheme?

Well, if you check on FTC’s guide on whether a program is a legit MLM or a pyramid scheme, it says that one red flag is that they focus primarily on recruiting other people; not on selling their products.

If you check Premier Financial Alliance websites, you can’t simply find the products or the type of insurance they offer; rather, they focus on promoting the opportunity.

There’s even a lawsuit filed against them by prosecuting attorneys in June 2018, claiming that the brand has never sold any of their products, in this case, insurance. The lack of retail sales clearly suggests that it’s a pyramid scheme.

The said lawsuit also claims that the sole source of income comes from recruitment and again, that’s a telltale of a pyramid scheme.

Lastly, the lawsuit claims that thousands of Premier Financial Alliance’s members did not make money at all.

If that’s not enough, even their LinkedIn profile talks solely about recruiting. 

Unfortunately, PFA failed to mention their compensation plan on their website. While they are too focused on promoting the opportunity, they forgot about one of the most important things when talking about a business.

I can’t stress enough the importance of knowing the details about their compensation plan before going into the opportunity. Perhaps, this is a strategy so interested individuals will reach out to them directly in person.

That could be problematic because more or less, they will do their best to persuade you in joining the program.

To join PFA, you have to pay a non-refundable amount of $125.

This includes the tools you need to grow your business, such as the PFA email system, marketing system, and business monitoring system.

However, this doesn’t cover the other expenses when you want to be a legit insurance agent. There are fees that you need to settle to become a licensed one and more or less, you need to pay $100 to $200 for this.

PROS

Honestly, I don’t see anything to like about Premier Financial Alliance. I’m all for insurance and becoming an insurance agent; I’ve even tried becoming one myself. However, if I were to choose an insurance company that I’ll become an affiliate with, PFA will not be on my list. 

CONS

Too Many Red Flags

Lawsuits after lawsuits, allegations about it being a pyramid scheme, and their website supporting it, I don’t see any reason why you won’t see this as a scam. 

While there really is money in becoming an insurance agent, and by that I mean massive commissions, the legit IC I’ve seen compensates their members for selling their products. However, this is not the case with Premier Financial Alliance. 

Focused On Recruitment

Recruitment is wrong for many reasons. For one, if it’s the sole source of income, it is unstable. If recruitment stops, so does your profit.

Another reason is that it’s challenging. Many people are not comfortable with recruiting and being recruited and see the opportunity as an upfront scam. Worse, if it’s proven to be a fraud, your name might be dragged in it, too.

So, it’s your choice.

Lack Of Transparency

No compensation plan. The founder’s LinkedIn account is barely updated. Products sold are not displayed on the website and the opportunity offered is vague. All it says is that they are selling your dream but if I know, this is a way to attract people. 

Don’t get fooled!

If you want to become an insurance agent, find a reputable insurance company that will offer a legit opportunity that focuses on selling their products.

Otherwise, check out our top-recommended program if you don’t want the hassle of selling and recruiting.

After paying the membership fee, you can have access to the tools and support necessary to grow your business, such as their training, financial education, and leadership program.

I hope you enjoyed my Premier Financial Alliance review.

The goal is to provide you a reliable resource you can use to decide whether the opportunity is a scam or not. In this case, Premier Financial Alliance clearly comes with tons of red flags that can’t be simply ignored.

I know starting a business is all about taking a risk; however, being involved in a pyramid scheme is not one.

Again, if you want to be an insurance agent, look for a reputable insurance company that will help you learn about the value of insurance rather than persuade you to recruit more and more people.

So, you’re looking for a source of income that won’t put your name and money at risk? If yes, then you should join our top-recommended program.

It has access to the following tools and support, such as:

• One-on-one coaching
• Comprehensive guide
• The best business tools and support you need
• Webinars and training resources
• And many more! 
• Plus, no recruitment is required!

Thank you for reading our Premier Financial Alliance review.

If you have questions or comments, please feel free to share them below.