What Is Transamerica?
Everyone needs insurance and financial security; turns out, it’s possible to make money selling insurance and financial plans.
Why not recruit people, have them sell plans, and collect a percentage of their earnings?
That’s what Transamerica is all about, it’s an insurance company that also has a money making opportunity for anyone who is interested.
Anyone can join the team and earn commissions on sales or new recruits.
Before we dive into the details, it’s important to understand how this company came into existence, so as to give you a little insight into the companies founder.
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Unlawful Marketing Practices
Hubert Humphrey founded a company named World Marketing Alliance in 1991 which was dedicated to providing investment options with minimal taxes.
This company was a complete multi-level marketing scheme.
Hubert admitted to using motivational marketing techniques to gain more recruits and build an army of passionate salesmen.
But it didn’t work out as he planned, the company was routinely fined for various reasons, such as failing to report complaints, and unlawful marketing practices.
Still, he managed to sell it in 2001 competing firm Aegon.
The new company adopted similar but less controversial marketing techniques and the firm’s name was change from World Marketing Alliance to Transamerica.
However, both companies are a part of World Financial Group Subsidiary but the company also uses several other names, such as: Global Equity Lending, Global Realty Marketing, and Hegemon Group International.
Interesting fact: Hubert Humphrey saw massive success with these companies and invested most of it into building a massive 47,000ft mansion.
The mansion boasted 7 bedrooms, a home theater that cost $1 million to build, 82 rooms, 62 televisions, a diner, a bowling alley, and a private lake.
The total price for this mansion came to $50 million!
But, the mansion was seized by the bank, and eventually sold for $11.5 million to an anonymous couple in 2005.
One of the reasons World Marketing Alliance’s name was changed was because the company had built itself a bad reputation based on fraud.
Hubert Humphrey basically created a multi-level marketing company that had very little structure which meant people would use unlawful marketing strategies to gather new recruits.
When the company was bought the new owners did their best to clean up the mess and implement strict guidelines.
But some of the same techniques are used today but on a much smaller scale.
So if you’re confused, here’s the rundown: Hubert Humphrey founded World Marketing Alliance, scammed a bunch of people, collected a bunch of cash, and sold the company to Aegon. Aegon then changed the company’s name to Transamerica.
How Do You Make Money With Transamerica?
Transamerica is still built on the same multi-level marketing system but with a few more regulations.
The company uses similar recruitment practices as other multi-level marketing systems such as home presentations and ridiculous claims of wealth.
To start promoting new recruits will need to pay $100 as a processing fee and then pay an additional $300 to start recruiting new members.
Then, like a classic multi-level marketing scheme, the new recruits recruit more recruits, and the money flows up to the top.
The idea is to focus on recruiting new recruits because that’s the most profitable way to make money with this firm.
You can also make money on commissions, and your recruit’s commissions.
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Are There Any Issues With Transamerica?
One former Transamerica worker mentioned that the training basically consists of motivational speeches and testimonials from people at the top of the pyramid who claim that their lives have been changed with this new opportunity.
It seems like you will also have to buy tickets to various conferences to give speeches and try to recruit high profile people.
This, of course, will be paid from your own pocket.
You will also be told to recruit family and friends.
That might sound like a good idea but most people’s family and friends are not the target audience for these plans.
Not to mention that you only have a limited amount of family and friends.
What happens when you run out? Here’s what happens: most people leave the company after a few weeks.
People don’t stick around forever, they’ll leave, and that means you will lose recruits, and you will have to find new recruits, and then those recruits will leave too.
It’s a constant struggle to find more recruits than you lose.
It’s really not worth it.
Also, friends don’t like it when you always try to sell them things. They won’t be friends for much longer.
You should also know that anyone who has no experience can join this party.
That might sound good for people who want to make money but for people who want to purchase financial services, not so good.
Would you hire a “financial adviser” who has no experience and training to invest your money wisely?
I know I wouldn’t but that is what’s happening with Transamerica and the people who fall for the schemes.
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In a nutshell, Transamerica does have some decent financial services, but the affiliate program really needs some work. If you’re looking for a way to earn a decent income then check this program out.
If you have experience in this industry it would be much more profitable for you to invest your time into setting up a real business.
With Transamerica, even though it does have some good services, it will take a long time for you to make good money and it takes a lot of money to get started as well.
It’s practically the same as starting a new business from scratch but without the profit margin room.
So keep your distance from people who promise all the riches in the world for recruiting new people.
Also, don’t fall for home presentations and other tricky marketing strategies.
Most importantly, don’t invest your money into a company unless you know without a shadow of a doubt that it’s legitimate.
In this case, Transamerica is a legitimate company, but and even though there is a lot of shady marketing involved, it’s not completely illegal.
Is it worth your time?
Not really; there are much better things you can do with your time.
Have you had experience with Transamerica or any of the firms mentioned in this article? Leave a comment below.