Wealthwave is a financial service marketing system that individuals can register and become partners. There has been serious buzz generated about this company since its inception, and many believe it is a pyramid scheme in disguise. The company’s slogan is to disrupt the financial industry and eradicate financial illiteracy while setting them free from financial misery. It is a business where members can pursue their business and entire future with peace of mind. The company was launched in 2001 with its headquarters located in Georgia, United States of America.
So, Is Wealthwave Pyramid Scheme?
No, Wealthwave is not a pyramid scheme but a multi-level marketing system that sells financial products and reward its representatives.
A Brief History of Wealthwave
Wealthwave was established in 2001 by Hubert Humphrey, who happens to be a former distributor of Transamerica Primerica, another multi-level marketing system. Though the business was conceived in 1991, it was not until a decade later that it began accepting membership from the public. Wealthwave is a holding company that offers life insurance and financial investment services.
Wealthwave’s products and services
The following are the primary products and services offered by Wealthwave
- Wealthwave provides the same products and services;
- Financial protection
- Financial strategies
- Retirement strategies
- College funding plans
- Business strategies
- Estate management and preservation
What Are The Membership Ranks In Wealthwave?
There are eight affiliate ranks within the Wealthwave membership program, these are ;
- Marketing director
- Senior marketing director
- Executive marketing director
- CEO marketing director
- Executive vice-chairman
- Chairman’s circle
- President’s circle
1. Associate Membership
You will probably start as an affiliate under an associate. This means you will probably be referred by an associate. To become an associate, you must have recruited three affiliates over a thirty-day rolling period. You must have also attended three field training or generate 20,000 PV minimum over three months rolling period.
2. Marketing Director
From associate membership, you can become a marketing director. You will become a marketing director under Wealthwave when you maintain three personally recruited affiliates under you. You should also have at least five life-licensed affiliates in your downline and must have generated 40,000GV over a roll-over period of three months.
3. Senior Marketing Director
To become a senior marketing director, you must maintain a minimum of three personally recruited affiliates, including one marketing director. You must also have ten licensed affiliates recruited in your downline and generate up to 75000 GV over a rolling period of three months or 225,000 GV throughout a 12-month roll-over.
4. Executive Marketing Director
To become an executive marketing director, you must have recruited affiliates, and at least three of them become senior marketing directors. You must also have generated at least 500,000 GV over a roll-over period of six months, or you must have developed at least 750,000 GV over a roll-over period of twelve months.
5. CEO Marketing Director
To become a CEO Marketing Director, you must have recruited and maintain at least six senior marketing directors and generated at least 1,000,000 GV over a roll-over period of six months, or you must have generated up to 1,500,000 GV over a roll-over period of twelve months.
6. Executive Vice Chairman
Nine of your recruited affiliates must have attained the senior marketing director levels to become an executive chairman. You must also have generated up to 1,500,000 GV over a roll-over period of six months. Alternatively, you must have generated 2,250,000 GV over a roll-over period of twelve months.
The requirements to attain the chairman’s circle and the President’s circle have not been disclosed, but they are typically based on performance. The GV mentioned above represents Group volume which is the PV that has been generated by an affiliate in your downline.
The Chairman and President’s cycles are not defined by the organization.
Commissions And Bonuses In Wealthwave
The following are ways you can earn commissions on your product sales;
1. Direct Commission
Affiliates in Wealthwave earn direct commission from their product sales. A training associate, for instance, will earn between 25 and 30% commission on each product they sell. Associates will earn between 35 and 45% on each product they sell. Marketing directors will earn between 50 and 62%, while Senior marketing directors earn between 65 and 80% commission from each product they sell.
From these commissions, one can see that Wealthwave pays more commissions than most of its competitors.
2. Residual Commissions
Residual commissions are ways of increasing your earnings on this platform. The company operates a uni-level reward system where you earn commission on all personally recruited affiliates under you.
If a level-1 affiliate under you recruits someone, you will be placed on level-2 of your affiliate’s uni-level team. If you, as a level-2, recruits a new affiliate, you will be automatically placed on level 3 and so on. There can be an infinite number of levels on this system. The more affiliates recruited under you, the higher your commission goes.
Residual commissions are paid in percentages across six levels. For level one, you earn between 10 and 17% commission on each affiliate. For level two, you can earn between 5 and 8%, and for level three, you will earn between 3 and 5% commission on each affiliate under you. For level four, you will earn between 2 and 5%. For Level five, you will earn between 1 and 2%, and for level six, you will earn between 0.5 and 1%.
3. The Business Supervision Commissions
The business supervision commissions are paid to the first-line ranked affiliates on sustained downline sales. There are three tiers to earning business supervision commissions, these are;
- The branch office supervisor
- The branch office managers, and
- OSI managers.
The branch officer supervisors earn a business supervision commission of 1.25%, while the branch office managers earn a commission of 5.5%. The OSI managers earn a commission of 1%.
The Bonus Pools On Wealthwave
Bonus pools can compound your earnings in Wealthwave. You can earn an additional 5.75 to 9% of the generated company-wide sales volume across three bonus pools. These are;
1. 40% of Generated Volume
The 40% of the generated volume is positioned inside a base shop bonus pool, and it is paid to senior marketing directors and those higher on the ranks. This bonus is capped for the top 300 qualifiers.
2. 30% Level One Uni-level Team Volume
30% of level One uni-level team volume is placed inside a dedicated superbase bonus pool, and it is paid to the executive marketing directors and those higher in the ranks.
3. 30% of Generated Levels One to six Uni-level Team Volume
30% of generated levels one to six uni-level team volume will be placed inside a super team bonus pool. This bonus is paid to the executive marketing directors and those in higher ranks.
Other Bonuses You May Qualify For
The following bonuses you may qualify for include the following;
1. Base Shop Bonus Pool
The main requirement to meet this bonus is to generate as much as 10,000 PV, and you must maintain a minimum of three personally recruited affiliates. This bonus is capped at the first three downlines or with up to 15,000 PV with less than three of your downlines.
2. Super Base Bonus Pool
To earn this bonus, you must generate up to 15000PV and 100000GV- this is only counted for across level 1 of the uni-level team. Keep in mind that this criterion is normally waived for the chairman’s circle and President’s circle ranks.
3. Super Team Bonus Pool
You have to generate up to 100000GV across the first level of your uni-level team and 500000GV across the first six levels.
Keep in mind that all these three pools will require a minimum of 60% tracked blocks.
What Is The Cost Of Joining Wealthwave?
Wealthwave, a subsidiary of World Financial Group affiliate will cost may not be disclosed on the company’s website. Independent research on the company indicates that membership to become a representative of the company starts at $100.
There may also be multiple licenses that can be obtained in the course of becoming an active member. The additional cost of licensing must also be considered.
The Verdict On Wealthwave
Wealthwave claimed it is not a pyramid scheme, but the recruitment drive for more representatives in your downline makes it seem like one. The non-disclosure on many aspects of the business also raises some objections to the credibility of the company. To move through the rankings on this system can be a difficult task for its members, as convincing people to buy the company’s products is also difficult.
Wealthwave provides an honest income-making opportunity for everyone who is willing to learn the principles of marketing and sales. It would be best if you kept in mind that the bonuses and commissions will end when you and your downline recruited members stop becoming active, and money is no longer coming in.
If you can generate sales by yourself, perhaps you can make enough money on this system, but this company lays emphasis on downline membership recruitment as the basis for promotion. It is even more difficult to convince people to give away their money when there are lots of other companies offering the same service.