Symmetry Financial Group

United States
http://www.sfglife.com/

Unethical Business Practices

My intent for sharing real insight in Symmetry (SFG Life) is solely with the heart that if it had ever been revealed to me, it would have saved me the dashed hopes, wasted time, money and preparation for what presented itself as an exciting new opportunity and potential career.

I saw an online ad that would normally make me puke. You know the kind, “MAKE $10,000+ PER MONTH WORKING ONLY A FEW DAYS PER WEEK!” This ad, however, had a hook that appeared different than typical bottom feeders luring for the gullible. This ad provided a link to a company website.

The company appeared to be a solid insurance brokerage firm that was utilizing a multi-level marketing platform. Yes I had to plug my nose at the smell of MLM, but frankly as applied to the insurance industry the opportunity appeared unique and compelling. The entry was no-cost, they offered fresh leads with a close ratio of 50-70%, and paid quick and generous commissions providing viable life insurance products from A-rated insurers - just add hard work!

The general overview of Symmetry is that it offers products from several dozen insurance carriers through agents who help families find what suits them best. What’s not to love?

Typically, brokers who offer products from various insurance carriers have software that cross compares all the rates for a potential client. Symmetry does not. They use an inefficient process of running a client’s information through the proprietary software of each individual insurer. It’s a laborious way to compare rates for the best price. I was alarmed to find such an outmoded system and additionally disturbed that it seemed to be a non issue to everyone else. Until I learned why: they’re not looking for the best price. Agents freely share that approximately 90% of their policies are issued through one insurance carrier.

Symmetry offers “mortgage protection life insurance,” which is no different than simple term life insurance (except you must have a mortgage, AND IT COSTS MORE!) The “mortgage protection” element is purely an effective marketing angle that helps potential clients realize their home (and greatest asset) would be in jeopardy should they die, and life insurance can protect it. “Mortgage protection” is simply a ploy that helps increase life insurance sales. However, beneath the surface lurks a problem never revealed to clients, mortgage protection life insurance is more expensive than term life insurance... for the same product.

When I inquired why Symmetry does not push products with the best rate, the reply was that “you can sell those policies, but they don’t pay near as much commission.” The bottom line is that the mortgage protection angle is effective at closing deals with a higher premium, complete with a higher commission to the agent. In the insurance industry this presents a significant challenge given agents have a fiduciary responsibility to reveal ALL information to their clients so they are able to make an informed decision.

Symmetry agents have access to provide policies with equal death benefits and lower premiums, but whether naïve or cunning, fail to represent this to their clients. They claim to offer the products of several dozen insurance carriers, but generally push only one - which ironically happens to be the carrier that pays the highest commission in a lump up-front sum.

Symmetry agents claim to be brokers researching the best product for their clients, but then take a one-size-fits-all approach to place their interest above the clients. A potential client is left reliant upon trusting the Symmetry agent’s professional advice - when the reality is that one thing is being told to them and another thing is being done.

One might argue that a potential client, like buying anything, should compare a policy offered by a Symmetry agent. Although true, a breach occurs when a Symmetry agent is claiming to provide this “comparative service” for the client, and then they don’t.
Symmetry neither employs agents nor compensates them. Agents are paid directly by insurance carriers. Symmetry positions themselves to the agents as a sales and marketing consultant as well as a corporate-brand identity. Possibly this disconnected structure buffers their liability of deploying naïve (or cunning) agents into people’s homes equipped with scripts that reinforce the dysfunction, without anyone monitoring the ethical wheel.

Multi-level Marketing companies are typically full of good, decent, often faith-based, hard working people simply trying to earn a living. Symmetry seems to be no different. Agents are simply following a system that holds the promise of making lots of money and building a successful business. They blatantly flaunt the moneymakers and encourage that everyone can achieve the same by merely following the system. My sense is that most if not all their agents are oblivious or in denial as to the unethical dysfunction of Symmetry’s business practices.

Legit?

Hello,

I recently responded to a Craigslist ad for Symmetry FG and so far it seems legitimate and I attended the spring forward meetin in LA, they didn't flaunt their money at all, but the curious thing was they are all about recruiting although the guy who recruited me doesn't make money off me, obviously the agency does more business but that's just because they have more agents than before....can someone shed some light please? I'm taking the insurance training course so that I am prepared for the state exam for my license...but I just want to make sure this is legitimate.

Thanks
Scott

TAKE ME OFF YOUR DATABASE LIST

I purchased a home in late March 2016. Since that time I have received thirty-one (31) pieces of crap mail from this company. After some investigation, I will be making a profiling claim with the FTC, as it appears this company targets people between the ages of 50 to 80. Blood sucking asshats that are wasting paper and preying on a segment of the population that should be respected and left alone. I will be filing complaints with the BBB in North Carolina and with the Federal Trade Commission. I will also be contacting AARP to get the word out to their networks that this company is a bunch of blood sucking profilers preying on a target age group that in most cases has a fixed income and doesn't need one more company trying to bilk them out of money.

SHAME on the whole company.

RE: TAKE ME OFF YOUR DATABASE

Actually, SFG solicits business to anyone whom may need insurance (like any insurance company). I am 47 and just purchased a life insurance policy for my son. They contacted me since I had just purchased a house. Perhaps you should do more research before you slander a company on a public forum.

To the first poster

To the gentleman who posted the first review regarding the unethical practices of Symmetry:

This very well may be an issue at your local branch, but from my experience it is not a universal trait. It's a shame that your branch is doing that, but to imply the entire entity as a whole is "unethical" is a bit disingenuous. Every SFG office has its own branch manager and because of the afore mentioned dissasociation, sadly things like this do occur.

However, I and several friends who are looking into working for Symmetry do not see this. It's all about the individual agent and his care for his clients. The old motto trash in, trash out applies here. Every company will have bad agents who care more about the bottom line than the people they're trying to help, likewise every company will have bad branches. It isn't fair to compare the entire company to one branch office. I'm very sorry to hear that this office is treating its clientele so poorly, but rest assured that I and my colleagues will not be among that group. Have a wonderful day sir.

Unethial

To Unethical- Having been in the industry (not with Symmetry) for many years, I commend your comment. The agent should place the consumer with the best match they can find. Sometimes however underwriting is an issue as well. The agents do get into a "groove" of writing business with the same companies over and over. It is easier to manage your pending applications, and you have your contact established at that company. Personally, I always presented the situation that no matter what company (all A rated), having coverage if you die was much better than not. (I've delivered death claims to widows as well. Tough, yet gratifying) The cheapest isn't always the right pick. I as the agent want to service them well also. If the premium was way lower then I would make that recommendation, but most of the time I would present it that I would recommend this certain company, that I do a lot of business with them and we both trust each other. It's rare that they don't go with what I recommend, even if it cost a little more. Also, you HAVE to know your underwriting. Life insurance is a very misunderstood product. It gets a negative stigma, but is the foundation of a financial plan in most cases. For young people with children and an invincible attitude, I have to make sure they understand why they need it and why they must KEEP it before I ever recommend a company anyway. Just another take to think about.

HOLD THE PHONE...

SO, first things first...I always do fairly extensive research on any company, and I have in years past been "had" by some not-so-smart risky business ventures. That being said, this company as well as many others has just as many great reviews as it does negative ones. Also, EVERY company, especially in the insurance business, also does! Who in this world likes to even think about insurance of any kind??? NOBODY! Yet, it is an absolute 'vital need for everyone too. It is a hard job to be on either end of selling or purchasing insurance, and God knows dealing with needing to use the insurance and get a claim approved is red tape nobody on either end likes either. If sales and marketing in the difficult area of life known as Insurance isn't your cup of tea, don't embark on that journey. It does take hard work, resilience to the negativity, and a drive and purpose to help people through an already difficult process. Is the money good? Of course, but if you're in ANYTHING for the money solely, your heart is left out of the equation and you will be disappointed, but not because of the business, simply because of you. I have an interview with this company and spoke with a wonderful single mom named Summer to confirm the interview process, and I have driven hours away in the past week after being hounded to death about why I should join another insurance office ( I was already in the process of coursework to get my insurance license ) and I have found nothing other than bitter reviews from seemingly let-down people, everything else and everyone I have spoke with has been AMAZING! Lastly, I am a woman, now 34, who at 19-22 years old almost died multiple times from complications due to anorexia...I KNOW my way around and through the insurance chaos, and that insurance was my ticket to save my life! It isn't for everyone, but that does not mean it's in anyway supposed to be stigmatized as a collection of selfish greasy salesmen. I digress.