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Just so you can understand the breadth and extent of this scam, let me tell you about Bankers, and more importantly, a company called First LA Media, which is the company that calls people up trying to set up interviews for Bankers. HOW do I know about this? Until yesterday, I was working for FLAM. I was a manager.
So here is what I've gathered about Bankers. Go ahead and read the review right below me. Yes, it's true, they've been in business for over 135 years, have over 250 nationwide branches, over $14 billion dollars in assets. BUT. Here's their business model:
You'll get to the interview. It'll be a group interview, and boy do they love numbers. For good reason too, because from the research I've conducted on Bankers, you'll be so surprised to find out that, the ONLY position they're hiring for is for SALES people. Yeah they'll call you up (as I've done so so many times), and they'll tell you they're hiring for Managers, Management trainees, and Sales reps. That's simply not the case. They just happen to be looking for SALES people, and more specifically, sales people that have Management experience.
The "interview process", not the Hiring process because there is not really much difference, WILL TAKE TWO HOURS.
But here is Bankers business model that has made them so successful. You'll get hired on, just like any sales job, they'll give anyone a chance. But, here's where YOU get screwed. The position is a COMMISSION ONLY job. So in addition to having to pay $800 bucks out of pocket to go get schooled and licensed to sell insurance, you better expect to "deliver results" for 2-3 months without any kind of pay coming in. BUT here's there business model: They're hoping you can't make it that long, so that Bankers can confiscate all those new accounts you've gone out and sold, so they can put them (and the commissions you'd be entitled to otherwise) underneath the Bankers general ledger.
Oh, and by the way, the hiring manager gets kick-backs off the salespeople that he hires. THAT is why there are such large numbers of people being interviewed and hired. His name, for the Chatsworth and North Hollywood locations is Saeid Khadivian. His name for the Palmdale and Pasadena locations is Derek Serrano. His name for the Bakersfield and Pismo Beach locations is Jeff Hood.
This is a very lucrative hustle for these hiring managers. And for Bankers, for that matter. OBVIOUSLY.
But now let me tell you a little something about First LA Media, which is the company I was working for up until yesterday, which, by the way, lied to me all the way from when I applied to the job.
They hired me on oDesk.com, promising that "Over $10/hr is possible for the person who can deliver results". That's a lie. Upon hiring, I was forced to sign a contract that stated I needed to get at least 8 show-ups a week to receive $10 per show-up, and anything less would be $5 a showup. And upon fire or quit, there's a clause in there where he won't pay anything.
By the end of the first month, I was their #2 agent, with 30 showups for that week in question, but I had a total of 80 showups for the MONTH.
Now let me tell you, I was about to quit after the second week, which, by that point, I only had less than 10 showups. But I think they knew, so they announced some Project 200, which is a project to get their agents making at least 200 dollars a week. And at the end of the project, we were told we'd be hired on as managers, get payed salary + $3 commissions off the salespeople underneath us for each of their showups. That was not the case either. Upon making it as their #2 agent, yes I was promoted to manager, but salary? NO. $3 commissions/agent's showups? NO. $1 commission/showup/agent. AND I still had to somehow find time to make my own calls. SO essentially, they wanted someone who would make sure the agents underneath them had new leads to call on, do conference calls and coaching three times a day with, manage all their backend administrative work, BUT they didn't want to pay anything for it. Those job functions required about 80-85% of my time.
Where is the humanity in this world? I don't think you'll find any @Bankers, and I know for FACT that you won't find it @FLAM.
amicable settlement has been offered. letter of agreement was provided and signed by attorney and notarized. videos thru youtube has been deleted and no info should be shared after this was settled.
![Enterprise Financial Group [EFG]](/images/business/48-48/131863/enterprise-financial-group-efg-companies.xx%26oh%3Decc263d7fab796af458d35c4ad77a2c7%26oe%3D5db403fd){kind=small}
Bankers got me, I'm in and now I want out but I don't know how to tell my parents after we spent this money already. I don't even know how to deal with being scammed like this, I feel sick to my stomach.
Sorry, dude. I went on their "interview" two days ago, I got called back saying I qualified. I was supposed to start learning for the insurance exam from 8 am - 5 pm each day. I didn't even dress up for the interview, since I knew what I was in for.
The fact that I would have to pay my own fees and spend at least two weeks in there full time without pay, while still collecting my unemployment benefit, was a no no to me. The article is a big eye opener and confirms my suspicion. Just goes to show you that with the Internet age, it does not harm to look around and read some about the managers and companies. Don't sweat it too hard- consider it a lesson. You can still go and sell insurance with your license, but I take it that's not really what you want to do professionally. The only people who don't make mistakes are the ones who don't do anything. So long as you don't make the same mistake twice. Tell your parents and start searching for a real job.
I'm sorry, but you were not scammed. You just didn't do your homework on what it takes to be an insurance agent. Regards of what insurance company you work for as an insurance agent, there will always being a financial investment up front, and then you are paid on commissions. Insurance agent jobs are always independent contracting positions, they are not salaried. The same goes for Managing Agents.
One - you have to pay for insurance classes that are required by your state's department of insurance by law. Similar to being a real estate agent, you have to take classes and pass a test first. You have to pay for those classes and the test usually out of your own pocket. Some companies will offer you a reimbursement for the classes or tests. However, if you leave the company under a year, you probably signed a contract agreeing to reimbursement for the costs. Again, this is the industry standard for ALL insurance companies.
Next, your company has to appoint you to sell on their behalf in each state you want to sell in. Most insurance companies will have the agent's pay the appointment fee for non-resident states, but will often cover the cost for their resident states.
Second, just like any other sales job, real estate, insurance, cars, candles, tupperware...you are paid a commission, not a salary. You receive a set percentage based usually on the annual premium of the products you sell. Again, industry standard, not just this particular insurance company. It is not a scam. If you read the contract you signed, it would have been explained in there. Insurance companies are highly regulated by each state's Department of Insurance. This includes the agent licensing/contracting rules. They have to disclose in the contract that you sign how much commissions you'll received for the initial and renewal policies. Sorry, but if someone doesn't read the contract, it doesn't make it a scam. It's just exactly how being an insurance agent works regardless of which company you sell for.
Selling is not for everyone. If you are looking for a regular set paycheck coming in every 2 weeks, selling is not for you. You have to have the passion and desire to sell. You have to be willing to accept that not everyone will buy from you and you will have good months and bad months. But just because you put in lots of hours one week and aren't able to sell anything, it doesn't make it a scam. It's just the nature of being a salesperson.
So before going back to your parents, maybe talk to others in your office and ask for help. If not, and selling really isn't for you, then just tell your folks you're just not a salesperson. Because it will be the same no matter where you go, regardless of being another insurance company, selling cars, houses or candles... Good luck
Bankers does not care about their agents. They are so much fodder that is to be used up. They lie about the earning potential. They lie about the number of available prospects. They make you feel as if you are a failure when you were set up by Bankers to fail. Saeid Khadivian tells you that the average agent makes $5000 to $6000 per year and the lazy ones $3000. The August Sales figures show that 146 agents made $207, 000 or an average of $1467 per month and this was according to Saeid a record sales month. This is not a business opportunity it is a trap set by very talented individuals who could not tell the truth if their lives depended on it. Saeid makes fun of the agents who have bills to pay at the morning meetings but $1467.00 a month in earnings is not a living wage. Saeid said that $3000 a month was not a living wage when he gave us our presentation. He keeps the agents from earning any thing close to that by having too many agents for the marketplace he is serving.
HI IM ABOUT TO SIGN THE CONTRACT IN FIRST LA MEDIA CAN SOMEONE ADVISE ME WHAT IS THE REAL STATUS OF THIS COMPANY
@aranzanso do not do it.. It is exactly like the author described.. STAY AWAY FROM FLAM and BANKERS
Sounds to me like you are a cry baby pussy fu... like everyone else in your generation who does not want to work for a living just immediate gratifications and success. Hogwash! Wake up and go to work you little baby.
My Name is Chris Mistak SVP with United Solutions and anyone wiho wants to work for a living can go online and find a similar but better position with us.
Chris Mistak
Yes you are in danger if you will risk it. Doing that job when you gain NOTHING! Really NOTHING!
Did the author really post this because he thought that the company was a scam?(which I doubt it is) Or is it because he just wasn't earning enough to do the so-called scamming? So which one is it?
I have been with FLAM for 6 months now and all I have are good experiences... Why? It is because my expectations were already set even before I started here and I knew what i was getting myself into. Nobody gave me any assurance or how much I was gonna be earning potentially and even if they did, I for sure did not take note of that, because I know that I can't know for sure until I tried it myself. I am very happy with the company back when I was still an agent and now that I am a Team Leader, I must say it was definitely a good decision to sign up with FLAM. And NO... They didn't promote me because they thought I was about to quit.
IN MY 6 MONTHS STAY WITH FLAM I DID NOT SEE ANY ACTIVITIES THAT WOULD INDICATE THIS COMPANY AS A SCAM.
In terms of compensation, Everybody in the world of Sales has their good days and Bad days. And in my experience, whoever stops trying, loses in this game. Mine are mostly good days, because I know, that maintaining a positive attitude is also key to success in this line of work.
Upon reading this article I have observed that the author has been very successful as an agent and the only time he perhaps failed was when they promoted him as manager, a position which I guess he wasn't prepared for. But not everyone is cut-out for these things so I understand... It wasn't his fault. The mistake was FLAM's for promoting the wrong person.
I am very grateful to FLAM and the managers for being very supportive and understanding, especially when I was still recovering from medical condition. Now that I'm 90% healthy, all they can expect from me is hard work and best results!
Any entrepreneur or business owner would agree that this is not a scam. Only naive and uneducated people would post something as ridiculous as this.
They must be getting very desperate. I am an I.T. Professional and employed, yet they still called me asking for me to come in for an interview. Why they called me is unknown. Its a shame that companies (or should I say, groups of a**holes) prey upon people especially people that need a job and promise the world to give them nothing but more debt and stress. They really don't understand the gravity of what this could do to a person or family. Unfortunately for most, there are more scams out there than actual jobs.
Sales jobs are not difficult to get, I used to do them, but found it hard to take money from people that didn't need what I was selling. To be fair, there are plenty of sales jobs that are legitimate and you can make a lot of money at them, but, I feel, there are more that are scams and a waste of time and effort. Just remember, If it sounds to good to be true, it is!
On second thought, I'm going to go to this interview and see how much trouble I can get into.
good luck out there!
did you get into trouble?
I didnt spend a dime to join, and I have no clue what these "showups" are.