Worthwhile Direct Sales Venture Or Not: Wealth Masters International
Wealth Masters International is a direct sales business venture that signs up members
and consultants to sell their exclusive financial products such as wealth coaching seminars with world renowned experts. It was started by two men, Kip Herriage and Karl Bessey. Herriage is a former broker with 15 years of experience with a top Wall Street investment firm and Bessey is a former coal miner from Utah who switched careers to become one of the leading salesmen in the direct sales industry.
The stated company vision was to create an educational system and a business model, which makes wealth accessible to anyone willing to invest in themselves and apply the wealth management principles of WMI. These principles are not revealed on the company website, only presumably after the potential member is willing to make a direct purchase of the products.
WMI does offer what appears to be a unique, holistic approach to riches, health and wisdom. Both Herriage and Bessey have assembled what they claim to be the best minds in the world in every area of finance, fitness, nutrition and personal development. The names of these experts are never revealed on the company website, only to be revealed after an initial investment in the products of WMI.
What exactly are the products offered by Wealth Masters International? There are 3 levels or tiers of seminars, coaching, meeting with experts and one on one access. M1 members, who represent the first tier, are initially given access to the Academy which gives seminars on better financial health through restoration of poor credit ratings, reducing personal debt, tax shelters and asset acquisition.
The m1 program is actually the cornerstone of Wealth Masters International and it offers a multi CD foundation education course with wealth management experts from around the world. The next level is m2 Wealth Management Conference that promises its members access to the most successful personal and financial development experts in the world. WMI does not say who these world renowned experts are nor show any videos of speakers at past conferences on its website. The final step in the multi product offerings of WMI is the m3 Private Wealth Group that promises members a life of luxury, happiness and fulfillment. So what does an entry into this elite group actually cost?
Thankfully, an online watchdog organization called Citizencorps has gathered data on Wealth Masters International. In recent years, the organization has downgraded WMI to two stars out of five for its excessive start up fees. The m1 course costs $1995 plus an initiation cost of $99. For the m2 conference, it will set you back $8995. The aptly named Lifestyle Experience is only $12,995. WMI now charges for entry to their corporate websites and the compensation plan has be reshuffled to take way more earnings from newer members and into the hands of established sponsors.
Its compensation plan is a combination of multi level marketing and direct sales. The direct sales consultant gets to keep all of the profits. In a MLM business, the consultant and the sponsor splits the profits of each sale. That means, $400 of every $1400 goes to the sponsor at the m1 tier. At the m2 level, if the consultant makes $6000 for ten sales, he gets to keep $3000 with the other $3000 going to the sponsor. At the m3 level, for the first ten sales, $9000 will be split $5000 for the consultant and $4000 for the sponsor.
The main weakness of Wealth Masters International, according to Citizencorps, is this two level compensation plan. It is promoted as a direct sales model, but the compensation plan consists of only two levels. Since consultants are required to meet quotas of recruiting new members to continually receive that second level profit sharing, there is a lack of residual income should the supply of new blood disappear.
Secondly the product line has limited appeal since it is only available in the US and also because it is aimed at individuals with enough disposable income to buy its products but who already have financial advisers and asset management consultants, making it redundant.
In conclusion, Wealth Masters International does offer a perfectly valid and above board service of financial advice. It has successfully blanketed the Internet with glowing testimonials and its abilities to create wealth opportunities, but be advised: do not pay thousands of dollars for something which is less expensive simply by making an appointment with an investment firm.
by: Ryne Nielson.
"stop Managing The Pipeline, And Start Managing Your Sales Team." Advantages Of CRM To The Sales team Three Ways For Entrepreneurs To Build Sales From Criticism Why A Reseller Suffers Inadequate Earnings From Call Accounting Streaming Video Can Boost Ecommerce Sales Boost Sales With Ecommerce Ebay Integration The Sign Of A True Sales Pro - Admitting Were Never Too Good For Coaching Long Island Toyota Dealership Huntington Toyota Gives Away iPad During Labor Day Sales Event So I'm Launching A Pr Campaign - How Many Sales Will I Make? Understanding The Real Roi Of Pr Why Entrepreneurs Should Consider Wholesale Products Crwe Surpasses One Million In Sales For 2010, Stock Update On Wcrx, And Dtpi Merger Maruti's total sales stood at 104,791 units in Aug 2010 Toyota registers 26% sales growth in Aug 2010