Is this a scam? Please help.
09-16-2009, 10:42 PM
#1
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Is this a scam? Please help.
My wife's cousin just graduated from college in June with a double major in philosophy and classics, and got a job within a month of graduation.
The company is called "first investors" and she is a "financial representative." Since getting the job she's been studying day and night for her certification. She was interviewed twice in less than a week before being told she got the job.
My wife and I first became concerned when she started saying how she can earn six figures/year within a year.
She's not being paid a base pay since starting (it's comission), and had to pay for her own certification test which she just completed last Thursday ($600).
As soon as she became certified, she began calling everyone in the family for a "consultation appointment," which will be monitored by her supervisor.
My wife is concerned that this might be a pyramid-type scheme, but doesn't know how to break it to her cousin. Have you guys heard anything about this? My wife looked up some articles online where people were giving negative reviews, saying it was a scam, but we're not positive.
The company is called "first investors" and she is a "financial representative." Since getting the job she's been studying day and night for her certification. She was interviewed twice in less than a week before being told she got the job.
My wife and I first became concerned when she started saying how she can earn six figures/year within a year.
She's not being paid a base pay since starting (it's comission), and had to pay for her own certification test which she just completed last Thursday ($600).
As soon as she became certified, she began calling everyone in the family for a "consultation appointment," which will be monitored by her supervisor.
My wife is concerned that this might be a pyramid-type scheme, but doesn't know how to break it to her cousin. Have you guys heard anything about this? My wife looked up some articles online where people were giving negative reviews, saying it was a scam, but we're not positive.
09-16-2009, 10:47 PM
#2
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its a scam. There are tons of these pyramid schemes since ignorant people, not trying to be a jackass, keep them going. Also, her consultation will consisit of her trying to get you to be a representative as well.
09-16-2009, 10:49 PM
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sounds like it... usually you would get the job first then after a few months the employer will decide if its worth keeping you or not and sends you to school... i never heard of someone being required to be certified before getting a certain job.
09-16-2009, 10:51 PM
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looks like a scam
http://www.glassdoor.com/Reviews/Fir...ews-E18272.htm
http://www.glassdoor.com/Reviews/Fir...ews-E18272.htm
09-16-2009, 10:51 PM
#6
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lmgtfy
http://www.time.com/time/magazine/ar...971822,00.html
and
http://www.ripoffreport.com/First-In...n-To-7CEC9.htm
Sounds like a MLM (sorta pyramid...), I had a coworker get fired after she started working "part time" for a group like this. She started trying to get customers and other employees to buy life insurance through her.
I'd suggest that she bail asap, find a real sales job if that's what she's after.
http://www.time.com/time/magazine/ar...971822,00.html
and
http://www.ripoffreport.com/First-In...n-To-7CEC9.htm
Sounds like a MLM (sorta pyramid...), I had a coworker get fired after she started working "part time" for a group like this. She started trying to get customers and other employees to buy life insurance through her.
I'd suggest that she bail asap, find a real sales job if that's what she's after.
09-16-2009, 11:23 PM
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do you know what kind of tests she had to take? i can tell you if they were industry standard certifications.
there are some "legit" companies that operate this way. when i say "legit" i mean these are big blue chip companies that we have all heard of. take a liberal arts major and make them hit the street trying to sell financial projects. the way it's set up it pretty much only benefits the company in the end as they take their annual cut on whatever business can be drummed up.
the financial services industry is full of this ****. these companies should be ashamed of their so-called investments. last time i checked trailing the s&p by 500 basis points year after year didn't put you in a good position for retiring faster.
on the flip side, if your wife's cousin got sponsored to take some legit certs than maybe there's the chance she at least got SOMETHING out of it and those can be a resume booster. as it is, i'd tell her not to go with this job.
there are some "legit" companies that operate this way. when i say "legit" i mean these are big blue chip companies that we have all heard of. take a liberal arts major and make them hit the street trying to sell financial projects. the way it's set up it pretty much only benefits the company in the end as they take their annual cut on whatever business can be drummed up.
the financial services industry is full of this ****. these companies should be ashamed of their so-called investments. last time i checked trailing the s&p by 500 basis points year after year didn't put you in a good position for retiring faster.
on the flip side, if your wife's cousin got sponsored to take some legit certs than maybe there's the chance she at least got SOMETHING out of it and those can be a resume booster. as it is, i'd tell her not to go with this job.
09-16-2009, 11:32 PM
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i was curious so i took a peek at the first investors website.
she'd pretty much be hawking front-end and/or back-end loaded mutual funds and insurance products. this company seems to only have load mutual funds that then turn around and have above average expense ratios. they should really be ashamed of themselves. companies like these are what give the mutual fund industry a bad rep.
she'd pretty much be hawking front-end and/or back-end loaded mutual funds and insurance products. this company seems to only have load mutual funds that then turn around and have above average expense ratios. they should really be ashamed of themselves. companies like these are what give the mutual fund industry a bad rep.
