Welcome to my Financial Education Services Review!
This company seems to be popping up in more places than I could count recently, so I thought it would be the perfect time to get cracking on another investigation.
Maybe someone already approached you about this company in person or maybe you heard about it on Facebook.
And now you have some unanswered questions and just want to ultimately know if this company will be profitable for you.
Well, you came to the right place because in this review, I am going to walk you through the company, the products and compensation plan so you can make the right decision to join or not…
Let’s take a look at the company first!
Financial Education Services Review- The Company
From the name itself, it becomes pretty obvious that this business operates in the financial niche of MLM, and does so out of Michigan.
But who are the masterminds behind this company? That would be co-founders Parimal Naik (CEO) and Mike Toloff (President).
While this company seems to be quite young, my research revealed that it was in fact initially launched as VR Tech back in 2004.
So, quite the veteran it seems to be.
I don’t know whether this is Naik and Toloff’s first venture in MLM, but there really isn’t much to go off of here so I guess we can just move on now!
Financial Education Services Reviews – The Products
Financial Education Services seems to market their primary product as the FES Protection Plan, of which credit repair is the main service.
They claim that, unlike other financial services in the market, they plan to cover all aspects of your financial portfolio.
Services within the Protection Plan include:
- Credit Education
- Credit Builder
- Credit Attorney
- Smart Credit
- FES Debt Zero
- Lifelock
- Financial Lockbox
- Life Insurance
- FES Travel
- MyCare Plan
- Discount Shopping
- FRL Family Mint
- RX Discount Card
The life insurance seems to be linked to Symetra Insurance Company, but no further information is provided about this.
Now this is where things get kind of fuzzy…
Financial Education Services charge $188 and then $89 a month for the Protection Plan.
HOWEVER, the Financial Education Services compensation plan states the plan costs $499 (as of April 2018).
But more about that in the next section…
Other services advertised on the Financial Education Services website include:
- MyCare Plan – Will and trust planning package, retails at $499
- LifeLock – Identity theft protection, retail cost not provided
- Secure Card – A “Platinum MasterCard with a credit line based on a security deposit rather than on a credit score”, $49 annual fee
- Smart Credit – Credit report with money manager, retails at $14.95 a month
- Merchant Services – Credit and debit card payment services, retail cost not provided
- Ultra Score – Credit potential guide, retails at $149
- Rent Reporting – Offers to build credit score through rent payments, upfront retail costs are $25 to $145 and then $6.95 a month
Most of these services are associated with third-party companies, so it makes Financial Education Services more of a middleman than anything else.
The Financial Education Services Compensation Plan
The Financial Education Services compensation plan provides commissions on the sale of specifically promoted third-party services.
Financial Education Services Affiliate Ranks
There are 9 affiliate ranks within the Financial Education Services compensation plan as outlined below:
- Agent – Sign up as a Financial Education Services affiliate and maintain a personal protection plan subscription
- Field Trainer – Generate $1600 GV a month
- Senior Field Trainer – Generate $5000 GV a month
- Sales Director – Generate $10,000 GV a month
- Regional Sales Director – Qualification criteria not provided
- Executive Sales Director – Qualification criteria not provided
- Ambassador – Qualification criteria not provided
- Regional Ambassador – Qualification criteria not provided
- Executive Ambassador – Qualification criteria not provided
*GV stands for group volume… meaning that it is the sales volume generated by an affiliate’s downline.
Commission Qualification
To qualify for commissions, each Financial Education Services affiliate must purchase a Protection Plan subscription.
Direct Commission
Financial Education Services affiliates are paid a commission of $165 for every $499 service sold.
But there is the catch that the affiliate’s first sale must be made within their first 30 days.
Customer Acquisition Bonus
If a Financial Education Services affiliate sponsors a new affiliate who goes on to generate $399 within their first 70 days, the initial affiliate receives a Customer Acquisition Bonus, which is based on rank:
- Agent – $100
- Field Trainer – $160
- Senior Field Trainer – $240
- Sales Director – $380
- Regional Sales Director – $430
- Executive Sales Director – $480
- Ambassador – $510
- Regional Ambassador – $530
- Executive Ambassador – $550
A residual Customer Acquisition Bonus is paid through a unilevel compensation structure.
The residual component of the Customer Acquisition Bonus is paid through a coded rate.
How does that work, you ask? Glad to tell you…
Well, when an affiliate in the unilevel team makes a sale, they are paid their Customer Acquisition Bonus rate based on their rank like I stated above.
If that affiliate is not an Executive Ambassador, the system will look upline (higher up the unilevel team) for a higher ranked affiliate.
They will then receive the difference paid between their rank and that of the affiliate who made the same.
Of course, if the affiliate that is found is not an Executive Ambassador, the system will continue to search higher.
The difference paid at each rank continues to be paid out until an Executive Ambassador is found and/or the entire $550 per sale is paid out.
An example of that would be when a downline Sales Director makes a sale… they receive their $380, leaving $170 to be paid out….
The system looks up the uplines, finds an Ambassador ($510 rate), pays them $130 ($510 minus $380 already paid out), and continues to search farther up for either a Regional Ambassador or an Executive Ambassador.
If a Regional Ambassador is found first ($530 rate), they are paid $20 ($530 minus the $510 already paid out).
The system then searches higher for an Executive Ambassador, who receives the final $20 of the total $550 Customer Acquisition Bonus.
If an Executive Ambassador is found first ($550 rate), they are paid $40 ($550 minus the $510 already paid out) and the system stops uplining.
So essentially, it’s paying the difference to upper-ranked affiliates.
R&R Club
Financial Education Services affiliates who have sponsored at least 500 affiliates with active protection plans qualify for the R&R Club bonuses as outlined below:
- A monthly Audi car payment
- One-time cash bonuses
- Upgraded monthly Audi car payment
- A monthly house payment
- A monthly retirement bonus
- Additional cash bonuses
Cost to Join Financial Education Services
The cost to join Financial Education Services is either $249 altogether or $199 initially and then $89 a month for the Protection Plan.
Technically, the Protection Plan subscription is required to qualify for commissions, so why there’s a $249 affiliate membership option… I have no clue.
Verdict on Financial Education Services
Well… we sure got a tornado of information, didn’t?
Not gonna lie, there seems to be some sort of disconnect in my opinion between the Financial Education Services compensation plan and offered services.
It’s almost as if two separate people wrote it without conferring with one another.
The compensation plan is focused on the specific $499 service sales, which seems to only be the My Care will and trust planning package.
It also references a credit restoration service, which contradicts the My Financial Education Services’ claim of $188.
And yes, before you guys ask… I did consider maybe credit repair was bundled with My Care but there are not enough details on the website to confirm this to me.
So like I said… Financial Education Services seems to literally be a middleman connecting affiliates to third-party services.
Retail is possible, however with affiliates forced to buy a service subscription to qualify for commissions, I’m pretty sure that is not their main concern.
It’s not like the Financial Education Services’ Income Disclosure Statement for 2017 is super convincing.
According to the IDS, a (not) shocking 95.6% of all affiliates are at the Agent rank… and only 26.6% are qualified to earn commissions.
Why sign up if you aren’t receiving commissions? Or rather where are the commissions?
It probably comes down to pricing.
The compensation plan seems to solely geared towards making $499 sales.
Once they are made, the compensation plan pays $165 upfront and then up to $550 residually.
It seems to be that they might be passing along some of the commission they receive…
Is that why the majority of Financial Education Services affiliates aren’t paying for services?
And if your own affiliates aren’t paying, why would retail customers?
I would not want to buy something if I knew that my money was going directly into someone else’s pocket…
So let me simplify it more… this company does not make any sense from a retail perspective.
And they really don’t do their name any justice when it comes to educating potential affiliates about the finer financial aspects.
Maybe disclosing more details would solve that.
But maybe don’t hold your breath on this one.
Anyway, I hope you enjoyed my Financial Education Services review and if you have any questions, please leave them in the comments below…
My #1 Recommendation
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