Financial Education Services operates in the financial services MLM niche. The company provides a PO Box address in the US state of Michigan on their website.
Heading up Financial Education Services are co-founders Parimal Naik (CEO) and Mike Toloff (President).
According to Naik’s LinkedIn profile, Financial Education Services was initially launched as VR Tech back in 2004.
To the best of my knowledge, Financial Education Services is the first MLM venture Parimal Naik and Mike Toloff have operated.
Read on for a full review of the Financial Education Services MLM opportunity.
Financial Education Services Products
Financial Education Services’ flagship product is their Protection Plan, of which credit repair is the primary advertised service.
The FES Protection Plan is a powerful program which encompasses many of our unique financial products.
Unlike any other financial service on the market, the FES Protection Plan is designed to cover all aspects of your financial portfolio.
Services advertised as part of 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 appears to be provided by Symetra Insurance Company. No specific information on any of the other services offered is provided.
Financial Education Services charge $188 and then $89 a month for the Protection Plan.
Note however that the Financial Education Services compensation plan states the plan costs $499 (as of April 2018).
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
To the best of my knowledge all of Financial Education Services’ offered services are provided by third-party companies.
The Financial Education Services Compensation Plan
The Financial Education Services compensation plan pays commissions on the sale of advertised third-party services.
Financial Education Services Affiliate Ranks
There are nine affiliate ranks within the Financial Education Services compensation plan.
Along with their respective qualification criteria, they are as follows:
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 $500
🤖 Quick Answer
What is Financial Education Services' main business model?Financial Education Services operates as a multi-level marketing company in the financial services sector, headquartered in Michigan. The company offers credit repair and financial protection services through its flagship Protection Plan product, generating revenue through both direct product sales and recruitment-based commission structures typical of MLM operations.
Who are the founders of Financial Education Services?
Financial Education Services was co-founded by Parimal Naik, serving as CEO, and Mike Toloff, who serves as President. The company originated in 2004 under the name VR Tech before being rebranded. This represents the first MLM venture for both founders.
What commission structure does Financial Education Services use?
Financial Education Services offers a commission-based compensation model where distributors earn substantial commissions on product sales. The compensation structure reportedly allows for significant earnings, such as $715 commissions on $499 sales
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