Wealth Management & Education
About Wealth Masters
Wealth Masters International (WMI) is a network marketing company based in Sugarland, TX, which sells a multi-tiered financial information product line. WMI’s business program is considered a top tier MLM opportunity that combines highly effective and relevant financial self-help products with a lucrative compensation plan and extensive marketing support.
The company was founded in 2005 by Kip Herriage and Karl Bessey as a cutting-edge network marketing company dedicated to helping others become wealthy. The Wealth Masters, product line became particularly relevant when the recession of 2007 set in, as millions of people worldwide began searching for ways to bolster sagging or threatened income streams and preserve rapidly disappearing wealth.
The product line combines DVD and workbook-based training products with a socially oriented schedule of exclusive wealth conferences and retreats. The membership ofWealth Masters tends to be closely knit and shares cutting-edge wealth creation and preservation strategies within its closed society.
There is some evidence that the investment advice provided by one of the company’s founders has yielded returns that have outperformed the stock market by well over 100%. Members are encouraged to take responsibility for their own finances—instead of relying on the advice of others—and to make financial freedom and independence a primary goal of their lives.
A significant number of Wealth Masters consultants utilize CarbonCopyPRO to market and sell the WMI products. The two firms are closely related, but it is not essential for WMI consultants to simultaneously sign on with CarbonCopyPRO. Internal reports seem to indicate that Wealth Masters International is in fact attempting to implement its own internal marketing and lead generation strategies apart from the CarbonCopyPRO approach.
WMI: Vision, Mission, and Goals
The company’s vision is to create success and wealth in others—one person at a time—as the world’s premiere wealth creation community. At its top-tier financial events, senior members of the company’s management team, including the founders, openly mingle with WMI members—called consultants—and actively work to implement the vision.
The WMI mission is to provide access to world-class education, tools, experts, experiences, and opportunities that empower individuals to create success on their own terms and achieve true freedom in all areas of their lives. The company seeks to accomplish this while continuously improving and expanding the product base to deliver the finest in wealth, health, and wisdom.
Unlike many startup MLM companies, Wealth Masters appears to have adopted a long-term strategy. Whereas it is quite common to see direct marketing companies identifying and capitalizing on short-term market trends, WMI promotes a lifestyle approach to personal finance and seeks to integrate its consultants into this collective mindset.
Of course, many MLM companies promote a lifestyle approach to their businesses. However, WMI has skillfully blended the lifestyle of the business opportunity itself with the challenges of wealth creation and preservation and the corresponding thirst for cutting-edge information about these topics. These two factors have created a tangible and powerful culture that involves virtually all WMI consultants, regardless of their level of participation.
Wealth Masters Company Management
Herriage was a Wall Street prodigy who made millions in financial services and was a senior executive with a large investment house by age 38. Despite his extensive income and bright future, he decided that the lifestyle no longer suited him and he moved on, first connecting with his future business partner, Bessey, in 1999.
Bessey had a much different background. He worked in the coalmines of Utah for 22 years before several underground tragedies touched him personally and caused him to rethink his career. He began dabbling in MLM and had a good deal of success with it.
They decided to launch WMI in December of 2004 and opened the doors several months later. Herriage brought extensive financial acumen and insight to the table, while Bessey set up the network marketing infrastructure and approach. The combination of skills and talents was effective and the company became profitable very quickly.
According to Dun and Bradstreet, Wealth Masters employs a management staff of 10 in addition to Herriage and Bessey. Mary Dee is the Chief Operating Officer, in addition to her status as a founding member. She holds a degree in Business Administration from Northwood University.
Other corporate executives include Ryan Nelson, Senior VP of Internet Marketing, and Morgan Johnson, Director of Member Services.
In addition to the internal executive management team, WMI also turns to a group of external industry experts and its own top earners for additional guidance. The most notable member of this group is Michael Dillard, whose book Magnetic Sponsoring has become a personal MLM business doctrine of sorts for MLM practitioners everywhere. A relatively simple text by the standards of mainstream business books, hundreds of thousands of copies of Magnetic Sponsoring have been sold—primarily in e-book form—and have made Dillard a multi-millionaire.
The membership of the [Wealth Masters International, WMI, Wealth Masters] executive committee is rounded out by top earners Jeremy Miner, Per Gunnar Hoem, Ryan Nelson and Wayne Allyn Root.
WMI Products and Services
The Wealth Masters International product line combines structured financial education with live educational events. The products scale in cost and represent a significant investment at the high end. But unlike many MLM products, the WMI offerings can become completely self-funded without actively joining the company’s business opportunity.
This is because the products are designed to help people to create and preserve wealth. Kip Herriage, one of the company’s founders, was a Wall Street darling who was massively successful as a money manager. His strategies infuse the WMI product line and historically have yielded exceptional results, far exceeding the performance of the major stock indices.
However, a significant income stream can be generated by marketing the WMI products and creating an organization around the business model.
The WMI products are as follows:
m1 Masters Program
The m1 Masters Program is the cornerstone of the WMI educational system. It combines DVDs and workbooks to achieve what WMI refers to as “The 1% Solution,” based on the assumption that by committing to a 1% improvement each day for 100 days, a person’s life will be 100% better. That statement rings of marketing hype, but it is generally accepted that small incremental changes—such as those in a person’s financial condition—will ultimately result in major improvements.
The m1 is an exclusive 100-day curriculum that provides the consultant with the expertise and tools necessary to begin building true generational wealth. The m1 provides specific, time-tested guidance from the brightest minds in the world to get a person’s financial house completely in order.
Wealth Masters has observed that most people have never received a proper financial education. The m1 Masters Program provides true, tested solutions to this problem and helps establish a solid financial foundation.
The m1 also includes access to expert professionals who have been pre-screened to ensure they have an established track record of success, experts that assist the consultant in identifying and implementing sound financial solutions.
The m1 sells for $1,995.
mPOWER is actually the WMI entry-level product. It is a starter set that provides a cross section of the most critical, basic insights from the m1 curriculum as well as the first 30 days of the 100-day 1% Solution.
The mPower program sells for $295.
m2 Wealth Conference (Platinum Program)
The 4-day m2 Wealth Conference is focused on financial and personal growth. Attendees gain access to successful wealth and personal development experts and hear from Alliance financial professionals as well. The m2 Wealth Conference provides the information, expertise, and tools needed to grow money with strategies that even the most affluent aren’t aware of.
The ticket to the m2 Wealth Conference costs $8,995 and is referred to as the Platinum Program. Consultants who start at this level will save $1,000 over the cost of the m1 and m2 purchased separately. WMI indicates that the m2 is their most popular package.
m3 Private Wealth Group (Platinum Plus Program)
The m3 Private Wealth Group is a luxurious transformational retreat at a gorgeous five-star resort where attendees gain individual access to the most sought-after personal growth coaches and wellness experts from around the globe. Surrounded by breathtaking beauty, it is an existential experience as much as a financial one, the intent being to clarify one’s true purpose. The m3 lifestyle retreat is held annually in a hand-selected, all-inclusive, lavish 5-star resort.
The price of the Platinum Plus Program is a whopping $19,995, clearly a significant investment, particularly for an MLM product. A standalone m3 retails for $12,995. Signing on as an m3 instantly propels a WMI consultant into the elite tier of the company’s hierarchy and opens up a number of exclusive doors. However, most m3 consultants seem to indicate that the cost of the program can be recaptured in a relatively short period of time by employing the cutting-edge WMI investment strategies.
Wealth Masters International: Compensation Plan
The WMI compensation plan is somewhat complex, providing a multi-tiered structure that the company claims will yield 10 separate streams of income. The top earners of the company all operate at the m3 level and use sophisticated Internet marketing systems to generate leads and make sales. These individuals reportedly earn 7-figure annual incomes.
Clearly, based on the price points, selling large numbers of m3 products will require access to a relatively affluent pool of prospects. These are the people who have the best opportunity with the WMI wealth strategies and who are most likely to have the contacts necessary to sell products themselves.
As with most MLM comp plans, Wealth Masters rewards its master consultants more abundantly than entry-level operators. For example, a consultant who sells an m1 for $1,995 earns $1,000 with $400 going to the sponsor who brought them into the business, and the balance going to WMI.
For an $8,995 m2 sale, a consultant would receive $3,000, with $3,000 going to the sponsor and the balance going to WMI. For that same sale, a master consultant would earn $5,000 and the sponsor would get $1,000.
The m3 payout to a basic consultant is $5,000, with $4,000 going to the sponsor. At the master consultant level, $7,500 goes to the consultant and $1,500 goes to the sponsor.
As with any MLM compensation plan, the power of the program is the ability to scale geometrically. Since consultants—especially master consultants—all participate in several levels of downline sales, the residual income generated by this stream of earnings can expand very quickly.
WMI is not a member of the Better Business Bureau (BBB), and as such, has an NR rating (No Rating). As of May, 2010, the company had 9 complaints filed against it with the BBB. Seven of these complaints were refund or service issues; 1 regarded billing and collection; one was a service issue. Of the 9 complaints, 1 remains unresolved.
There was no apparent evidence of any pending lawsuits as of May, 2010.
Wealth Masters International is a unique MLM company. In a bold move away within the industry standard product line of health-enhancing juices or latest-and-greatest potions, the financial education approach seems to be working. The products were doing well when the economy was solid, but the economic downturn, if anything, has sharpened demand for both the products themselves and the business opportunity they provide.
Wealth Masters International: <- White Paper
Wealth Masters International is not for everybody. Anyone who is flat broke and looking for a magical solution should probably look elsewhere. But for anyone with even a modest nest egg and the desire to create and preserve wealth, the WMI offering is probably worth a look.