The Company: Wealth Network Solutions
Founder/ CEO: Justin Sloane Rahn
Affiliate Fees: $495 + $24.95 per month
Under the guise of a legitimate debt settlement company, this scheme is ripping people off for a lot of money. The opportunity acts as a clear cut pyramid scheme and people aren't even being paid out what they are owed. I do not recommend this in any way whatsoever.
What Is Wealth Network Solutions (WNS)?
There is no information about who owns this company on their website and the listed address is a virtual office. The website is registered to a "Trinket Clifford" according to the WhoIs database however I was unable to find any information about this person online. Upon further investigation it appears the company is owned by Justin Sloane Rahn who is a known scammer. After digging into Rahn's activities over the years it's easy to see why he has attempted to hide his identity.
The 'Debt Settlement' Products
WNS claims to provide 'solutions for all kinds of debts' but there is no information about these services on their website. They simply provide generic debt related information which is of no unique value whatsoever. The only way to find out more is to provide this company with your contact information at which time you will be contacted by a 'specialist'.
Turns out they plan on sharing your personal information with third party websites (obviously for a profit) which means other marketers will be spamming both customers and affiliates on a continual basis.
Aside from the ways mentioned above, we sometimes use your personally identifiable information in other ways, including sending you promotional materials, and sharing your information with third parties so that these third parties can send you promotional materials.
Once a mob like this gets your info it becomes very difficult to stop spam emails and calls since they are continually sold on to new marketers. Annoying and intrusive is an understatement.
The Business Opportunity & Compensation Plan
One look at the website and it becomes clear that the true focus is on recruiting and affiliate membership first and foremost.
This is a multi level marketing opportunity whereby you earn commissions on your personal sales and those of your team. The company embraces what is known as a 'unilevel' downline model which I've illustrated below to help you understand how it works.
There is nothing wrong with the mlm business model in itself. In this case however, affiliates are being paid directly based on recruiting affiliates under them instead of earning commissions based on genuine product sales. This indicates the company is operating as a recruitment driven pyramid scheme.
The 2 Ways To Earn
Direct Recruiting Commissions: You will earn a $100 commission for recruiting an affiliate under you directly.
Residual Commissions: This pays out 5% on all fees collected on "debt settlement referrals" which appears to be the customers you bring in directly. You also earn 1% on these same fees from levels 2-5 of your downline based on your teams customers.
It costs $495 to get signed up and a further $24.95 per month for "unrestricted access to our marketing development department" and a replicated website.
Is Buying Leads Worth It?
Affiliates are offered a number of lead packages to build their business which is likely coming from the contact form used by potential customers on their site. There is no mention of any kind of training or certification as an affiliate yet you are meant to be contacting these folks about financial products?
You are essentially paying an obscene amount of money for visits to your replicated website along with contact information you can use to spam people with. You have 2 options with these leads:
- Convince people to buy a financial product you probably know very little about and aren't trained for
- Convince people to join the same pyramid scheme you are knee deep in
Cool... where do I sign up!
Either way, paying $10 for 1 lead is absolutely top end pricing which means they'd want to be WAY more than just clicks to your replicated website! After reading many complaints on the BBB website from existing affiliates, it seems those who have purchased these leads are not seeing results and if they are, they aren't even being paid properly!
Despite this, the company continues swindling unknowing affiliates into paying out more and more money to 'help them' get their business started.
Is This a Worthwhile Venture?
The short answer is NO.
In my opinion, not only is this not worth it but it's a total scam. It seems I'm not the only one who thinks this either. The Wyoming Attorney General has taken legal action against the company for allegedly deceiving consumers and breaching the Pyramid Distributorship Act.
The recruitment driven nature of this company guarantees the failure of the majority and is not a sustainable business model.
What I Liked
What I Didn't Like
- Operates as a pyramid scheme
- Swindling people out of $1000's
- Sharing and selling personal information to third party companies
- Do not have a real office and do not respond to affiliate requests
No matter which way you look at this, it's not a good opportunity to get involved with and it will definitely not help you to build a profitable online business. It is possible to create a legitimate and profitable online business but it won't happen by getting involved with rubbish like this. Programs like this are not trying to help you succeed and only care about one thing, your money in their pocket. Avoid this scam at all costs.