Looking for an extensive site that helps you get your life organized? Maybe you need help getting your credit score higher than what it is today. Or perhaps you could use a bit of advice establishing a will. There are so many companies out there to pick from that the task of finding one place for all your needs seems a bit daunting.
If you are looking for a website that can help with identity theft, life insurance, and so much more, then look no further than Financial Education Services.
Financial Education Services or FES will show you where to go to handle these sensitive matters. They take care of the important stuff so that you don't have to. Plus, they offer affiliates compensation for spreading the word about FES.
If you are wondering if FES is right for you, then continue reading to find out more about this company and all their features.
What Is Financial Education Services?
FES is led by Parimal Naik. According to the website, Mr. Naik is listed as the Co-Founder and CEO of FES. The second in command is Mike Toloff. Mr. Toloff is listed on the site as the Co-Founder and President.
When looking into the background of FES, it is stated on Mr. Naik's LinkedIn profile that the company FES launched in 2004 under VR Tech. According to their website, the company doesn't offer a physical address but instead lists a P.O box number in Michigan.
There is no further information about Mr. Naik or Mr. Toloff as far as other business ventures they have participated in.
Financial Education Services Product
As stated above, Financial Education Services offers a wide range of third-party services. Their primary service in which is advertised on the site is the “Protection Plan.”
The Protection Plan covers everything from building up your credit score to identity protection from online predators, life insurance, to discount shopping, prescription discount card, and even travel.
The cost of the “Protection Plan” is an upfront payment of $188 with an additional $89 a month.
The site also offers other services such as “MyCare Plan” which is a trust and will planning package with a price tag of $499. LifeLock is also listed on the website, but no price is given. Then there is “Secure Card” which offers customers a line of credit based off of the security deposit one sets up instead of a credit score. The cost for the “Secure Card” is priced at $49 for the year.
For those looking to repair their credit score by rent payments, FES offers “Rent Reporting.” This program allows one to build up their credit by showing their rent payments have been paid on time, every time. To get this service, one must pay anywhere from $25 to $145 plus $6.95 a month.
If you are looking for a guide to help you, FES offers “Smart Credit” which is a money manager that gives you a credit report. This is a monthly service that will cost $14.95 a month and goes hand-in-hand with “Ultra Score” that runs $149.
Financial Education Services Opportunity
FES offers the ability to earn money through an affiliate program. The compensation plan pays out commissions based on the sale of the services advertised by third-parties.
According to the site, there are nine levels within FES that one can sign up for or try to build up to. The affiliate levels start with the “Agent” and require the affiliate to maintain the FES “Personal Protection Plan” to start earning commissions.
The next level is “Field Trainer.” To qualify for this level, your team must bring in $1,600 Group Volume during a single month. If you and your downline bring in $5,000 Group Volume in a month, then you can reach the level of “Senior Field Trainer.”
Next, there is the “Sales Director” with a Group Volume of $10,000. The other five levels are “Regional Sales Director,” “Executive Sales Director,” “Ambassador,” “Regional Ambassador,” and “Executive Ambassador.” These qualifications for these five levels are not listed on the site. But from just looking at the “Sales Director” that must bring in $10,000, the chances of getting into the higher levels require skills and determination to reach the massive group volume that is necessary.
It is important to note that each affiliate that signs up and wants to earn commissions needs to have a “Protection Plan” from FES. That is the single qualification for all associates. Another thing is that a sale must be made within the first 30 days of signing up as an affiliate to keep your rank and earn commissions.
So how much can you make? According to the website, affiliates earn $165 per $499 that is sold. The company offers bonuses for associates that earn $399 within the first 70-days after signing up. These bonuses are known as “Customer Acquisition Bonus” and is paid out according to the level that the associate is in.
The “Agent” will earn $100, while the “Field Trainer” gets $160. The “Senior Field Trainer” will earn $240 bonus, while the “Sales Director” will get $380. The “Regional Sales Director” will earn the “Customer Acquisition Bonus” of $430 while the “Executive Sales Director” will make $480. As for the Ambassador's, they will earn $510, $530, $550 depending on if they are Ambassador, Regional Ambassador, or Executive Ambassador.
The amount of recruits a single affiliate can accumulate is nearly endless. Each new recruit that an affiliate brings in is placed under them. The first level of the team consists of three individual recruits. Those on the first level then find three more to be put under them and so on for as long as the affiliates keep finding recruits.
For the affiliates that continue to outshine and recruit at least 500 people into the program that maintain the “Protection Plan” qualification will be considered for the R&R Club. The perks of the R&R Club include a monthly car payment for Audi, cash bonuses, as well as get house payments, retirement bonuses, and other cash bonuses that are not listed on the site.
If you are looking for more details about the R&R Club, the site does not offer any insights.
So, how much does it cost to sign up to become an affiliate? There are two payment options, one is a one-time payment of $249 plus the $89 monthly fee for the “Protection Plan.” The other is for a one-time payment of $199 with the $89 monthly fee that is required for the “Protection Plan.” No matter which way you look at it, if you sign up, you have to get the “Protection Plan” to get commissions.
Financial Education Services Verdict
All in all, Financial Education Services is the middleman that connects customers to third-party services. When it comes to earning money and growing a business to make the higher payouts, the outlook is slim. According to the Income Disclosure Statement that was released in 2017, 95.6% of all members are listed as “Agents” with only 26.6% who are qualified to make money with the program.
While the thought of making serious money is alluring, the chances of it happening are slim with those statistics. It could be due to the knowledge of affiliates knowing that if they buy into the program, their money is going into the pockets of their upline.
Another issue that comes up is that FES calls themselves an educational service, yet they don't really offer any viable help or education. All the site is geared for is bringing in new affiliates.
