Is Symmetry Financial Group an MLM or Pyramid Scheme? [Review]

Are you considering a career in insurance and wondering if Symmetry Financial Group is the right choice for you? In this review, we’ll break down the details to help you decide whether to join or steer clear of this company.

What is Symmetry Financial Group?

Symmetry Financial Group, based in Swannanoa, North Carolina, is not your typical insurance company; it’s an insurance marketing company. Founded in 2009 by Brandon Ellison, Brian Pope, and Casey Watkins, its mission is to help insurance agents achieve balance in their professional and personal lives.

What makes Symmetry Financial Group stand out is its role as an intermediary. Instead of offering its own insurance, it sells insurance packages from other companies, including industry leaders like Transamerica and Foresters. This distinctive approach sets it apart from traditional insurance providers.

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Is Symmetry Financial Group an MLM or Pyramid Scheme?

Symmetry Financial Group operates as a hybrid entity that combines elements of both a traditional MLM (multi-level marketing) company and an insurance marketing firm. It’s crucial to differentiate between these two models:

  1. MLM (Multi-Level Marketing): MLM companies encourage their agents not only to sell products or services but also to recruit others into the organization. Agents earn commissions not only on their sales but also on the sales made by their recruits and their recruits’ recruits, creating a multi-level structure.

  2. Pyramid Scheme: Pyramid schemes, on the other hand, focus primarily on recruitment, often with little or no emphasis on selling actual products or services. Participants are urged to invest money and recruit others, promising high returns without genuine product value.

In the case of Symmetry Financial Group, it primarily generates revenue through selling insurance products for reputable companies, making it an MLM due to the emphasis on product sales. While recruitment is also part of its strategy, it’s not the core focus. This distinguishes it from pyramid schemes, which prioritize recruitment over product sales.

However, the MLM component within Symmetry Financial Group does raise concerns for some people, as MLMs can be associated with recruitment-heavy practices.

Read more: Pyramid Scheme vs. MLM

Are Symmetry Financial Group Products Any Good?

Symmetry Financial Group partners with several well-established insurance companies, offering a wide range of insurance products to potential clients. These products include:

  1. Mortgage Protection
  2. Final Expense
  3. Term Life Insurance
  4. Universal Life Insurance
  5. Disability Insurance
  6. Critical Illness Insurance
  7. Retirement Protection
  8. SmartStart Insurance

Moreover, Symmetry Financial Group promotes premium products like Debt-Free Life, which claims to eliminate debt in nine years or less without requiring additional spending.

The quality and suitability of these products largely depend on individual needs and preferences. It’s crucial for potential agents to thoroughly understand the intricacies of the insurance offerings before promoting them to clients.

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Compensation Plan: How to Make Money With Symmetry Financial Group?

Understanding how you can earn money with Symmetry Financial Group is important if you’re thinking about joining them. Here’s a simplified breakdown of their compensation plan:

  1. Commission for New Agents: Symmetry Financial Group offers new insurance agents a generous 60% commission rate. This is a great incentive for those starting their insurance careers.

  2. Recruitment Commissions: The company encourages agents to bring in new recruits. When a recruited agent makes a sale, the person who recruited them earns a 15% commission on that sale. This means you can earn extra income by actively bringing in new agents.

It’s important to know that Symmetry Financial Group doesn’t provide a base salary. Your earnings depend entirely on your sales and recruitment efforts. This means that the initial months with the company can be challenging, especially if you’re not making many sales right away.

How Much Does It Cost to Join Symmetry Financial Group?

When thinking about joining Symmetry Financial Group, it’s important to understand the costs involved. Here’s a clear breakdown of the fees:

  1. Symmetry Marketing Fee: To access Symmetry Financial Group’s marketing materials, training, support, and the ability to sell their products under the company’s license, agents need to pay a Symmetry marketing fee of $299 per agent or broker.

  2. Symmetry Enrollment Fee: On top of the marketing fee, there’s a Symmetry enrollment fee of $149 per Symmetry agent. This fee provides the same benefits as the marketing fee but also allows agents to enroll new agents under their license for Symmetry Financial Group’s programs.

These fees are upfront expenses when joining the company, so it’s important for agents to include them in their financial planning.

Symmetry Financial Group Success Rate

Success rates within MLM companies can vary widely and depend on individual effort, experience, and the specific company’s structure. Symmetry Financial Group, like many MLMs, poses both opportunities and challenges.

Prospective agents should consider the following factors when evaluating their potential success:

  • Experience: Experienced insurance professionals may find it easier to make sales due to their industry knowledge and existing networks.

  • Training: Symmetry Financial Group’s training may be limited, particularly for newcomers to the insurance field. This could impact an agent’s ability to sell effectively.

  • Commission Structure: The company’s competitive commission structure provides strong incentives for successful sales, but agents should be prepared to work without a guaranteed base salary.

  • Market Conditions: The current economic climate, including the effects of the COVID-19 pandemic, has influenced the insurance industry. Agents should adapt their strategies accordingly.

  • Sales Skills: Selling insurance products requires specific skills, including effective communication and persuasion. Agents must assess their own abilities in this regard.

  • Recruitment Efforts: Success within Symmetry Financial Group may also hinge on an agent’s ability to recruit and mentor new agents.

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Pros of Symmetry Financial Group MLM

While Symmetry Financial Group comes with its challenges, it also offers several advantages:

  1. Competitive Commissions: The company’s 60% commission rate for new agents is attractive and provides significant income potential.

  2. Access to Quality Insurance Products: Symmetry Financial Group partners with reputable insurance providers, offering a variety of insurance products to clients.

  3. Flexible Work Environment: MLMs generally offer flexibility in terms of work hours and locations, allowing agents to create a work-life balance.

  4. Potential for Passive Income: Through recruitment commissions, agents have the potential to earn passive income as their recruited agents make sales.

Cons of Symmetry Financial Group MLM

Despite its advantages, Symmetry Financial Group also presents certain challenges:

  1. Limited Training: New agents may find the training provided by the company insufficient to excel in the insurance industry.

  2. Highly Commission-Based: The absence of a base salary means agents are entirely reliant on commissions, which can be challenging in the initial stages.

  3. Competitive Market: The insurance industry is highly competitive, and agents must differentiate themselves to succeed.

  4. Recruitment Emphasis: The MLM aspect of Symmetry Financial Group places a significant focus on recruitment, which may not align with everyone’s comfort level.

  5. Upfront Costs: The marketing and enrollment fees can be a financial barrier for some individuals interested in joining.

Is Symmetry Financial Group a Scam or Legit?

The ultimate question on many minds is whether Symmetry Financial Group is a legitimate opportunity or a potential scam. Based on our analysis, it is safe to assert that Symmetry Financial Group is not a scam.

Several factors contribute to its legitimacy:

  1. Reputable Founders: The founders of Symmetry Financial Group are known entrepreneurs with no history of scamming individuals.

  2. Inc. Magazine Rankings: The company has consistently ranked among Inc. Magazine’s top 5000 companies for the past five years, showcasing its growth and success.

  3. Industry Partnerships: Symmetry Financial Group partners with major insurance companies, underscoring its credibility and standing in the industry.

While success within Symmetry Financial Group is not guaranteed and depends on individual effort and circumstances, the company itself operates legitimately.

Symmetry Financial Group Review: Should You Join This MLM Opportunity?

In a nutshell, Symmetry Financial Group is a legitimate insurance marketing company that allows independent agents to start a business from home. It has an overall rating of 3.9 out of 5, based on over 1,097 reviews left by employees on Glassdoor. 

However, the decision to join Symmetry Financial Group should be made carefully, taking into account your goals, skills, and circumstances.

Here are some considerations to help you decide:

  • Experience: If you have experience in the insurance industry and the ability to make sales, Symmetry Financial Group may offer a lucrative opportunity.

  • Training Needs: If you’re new to insurance, assess your training needs. The limited training provided may require you to seek additional education and resources independently.

  • Financial Preparedness: Consider the upfront marketing and enrollment fees and prepare your finances accordingly. Be aware that initial earnings may be slow to materialize.

  • Recruitment Comfort: Assess your comfort level with the recruitment aspect of the business. Are you willing and able to build and lead a team?

  • Market Conditions: Be aware of the current economic climate and its impact on insurance sales.

  • Long-Term Perspective: Understand that building a successful insurance business, whether with Symmetry Financial Group or elsewhere, typically takes time and dedication.

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