IFA Business Opportunity

[Dave A]

Well that's kinda the point I'm trying to make.

Perhaps I'm not putting this very well, but essentially it seems to be a problem meeting the requirements of both FAIS and CPA in an MLM setup - because the only role the typical IFA can play is to introduce the prospect to a qualified financial advisor.

[Nickolai Naydenov]

Didn't think that insurance company would ever employ the pyramid scheme method to sell their product. According to this post you bring people to presentation where they will give their details so they will keep on receiving emails, sms-es and phone calls all the time and get to sign for a Clientele policy. These presentations seem to me like a marketing tool but there is no financial advice, so why would you buy a policy, just because they selling it? I wonder what the FSB has to say about this way of selling a financial product such as that when legislation keeps on changing to clean up all the part time advisers, compolsory RE exams, compolsory education and etc in order to regulate the industry as much as possible. Never mind the fact that the client will make an UNinformed decision but because of the way you market the products people that recruit people for the presentations will obviously say anything to sell itso they can make money which is not in the interest of the other person. The way I see it you are contravening the CPA and FAIS acts as well as other pieces of legislation. Please correct me if I'm wrong. I'd love to hear what the FSB has to say about this matter.

[Lion0404]

This is the best business opportunity in SA, laziness and ignorance holds back most of the people from opportunities of success. IFA is registered with DASA, FSB and SARS - and every year I submit IFA IRP5 with my return.

Below is the link for presentation venues:

http://www.ifa.co.za/page/events

E. MAdlanga - IFA NO: AA142511

[College Ins]

Hi Andre

Maybe your assistance will be valuable, I have joined IFA about 5yrs ago only to find out the person I have joined from is no more, due to to my commitments I don't have much time to make a follow up but deductions are made from the policy in monthly basis. The policy name is IFA Saver and protector , please assist if you can as I am in need of my savings.

Regards,

Mike

[Blurock]

I have joined IFA about 5yrs ago only to find out the person I have joined from is no more, due to to my commitments I don't have much time to make a follow up but deductions are made from the policy in monthly basis.

Not much difference between MLM and a pyramid scheme as proven by those who have been caught out.