5 WMI policies you should be be familiar with
As a new distributor of Wealth Masters International, or any MLM company for that matter, there’s a whole bunch of material you need to familiarize yourself with.
Amongst the profit potentials, marketing materials, the product itself, backoffice, compensation plan and beginning to build your business, it’s easy to over look the policies and procedures of the opportunity you’re joining. Infact more often than not you’ve probably never even read them, rather they were an afterthought or something you hastily agreed to when completing the enrolment process.
In this article I wanted to focus on Wealth Masters International’s ‘Statement of Policies and Procedures’. It’s quite a lengthy document and one that I believe all new members should read in detail. Not just for WMI but for any opportunity you’re considering.
The WMI policies and procedures are well written and quite easy to get your head around so there’s really no excuse not to read them. And after going over them myself, here’s 5 standout policies I believe are the most important points to consider when considering joining WMI.
1. Policy 2.3 Changes to the Agreement
Because federal, state, provincial, territorial and local laws, as well as the business environment, periodically change, WMI reserves the right to amend the Agreement and its prices at its sole and absolute discretion.
By signing the Consultant Agreement, a Consultant agrees to abide by all amendments or modifications that WMI elects to make.
Although it’s relatively common for companies to include a policy like this, the reasoning WMI give is rather interesting. Almost as if they’re conceding that eventually the law will catch up with them, but they’ll attempt to keep their procedures and policies one step ahead of it.
Oh and whatever changes WMI do make, you’ve automatically agreed to them. That again is standard but it’s a bit of a worry if there’s a possibility that compliance with the law might override the best interests of your personal business.
Clauses like this in MLM also invariably highlight the fact that control wise, you don’t really have all that much say in how your business is run. WMI set an extensive list of guidelines, policies and procedures and you have to work around them.
At any given time you’re at the mercy of their procedures and policies and WMI are at any time able to change them at their sole discretion. If you don’t agree or like a change, tough.
So much for ‘owning your own business‘.
2. Policy 2.6 Waivers
The inclusion of a waiver clause in WMI’s policies and procedures is almost a concession that said policies and procedures will be broken. Whilst WMI stress that all of their distributors are bound to their policy agreement, the inclusion of a waiver clause seems to be there to pardon those who are bringing in the money.
It’s not good PR for an MLM company to terminate it’s top producers so by having a waiver clause, WMI legally allow themselves to offer concessions to whoever it deems fit.
If you’re not making them bucketloads of money then from the company’s standpoint it’s much easier to let you go. If you’re a company cash cow on the other hand… well, just write WMI a letter and all will be forgiven.
Of course this isn’t explicitly implied in the clause but it’s easy to read between the lines and see why it exists. Different rules for different people’s kind of goes the whole ‘level playing field’ thing WMI promote but the good news is that, if anyone does receive any special treatment, you’re unlikely to hear about it.
Not so good for your personal business but good for the harmony of the company.
3. Policy 4.2 Advertising
With WMI controlling the product line, commission structure and compensation plan, you’d think marketing and advertising would be left up to the individual consultants of WMI.
WMI have quite an exhaustive list of advertising rules and regulations which all members must abide by. Probably the most prominent one is that when advertising WMI, as a consultant you’re not allowed to mention the company or its products anywhere in your marketing efforts.
Not exactly confidence inspiring.
There are eight primary policies in regards to advertising the WMI opportunity, for a more in-depth analysis of them you can refer to ‘WMI’s advertising standards: Why the iron grip?‘
4. Policy 4.2.5 Consultant Websites
No Consultant may independently design a website that uses the names, logos, or product or service descriptions of WMI or otherwise promotes (directly or indirectly) WMI products, services or the WMI opportunity.
Although included in the advertising section, this particular clause was something I didn’t go over in my analysis. In effect WMI prohibit you from marketing Wealth Masters International by name, ‘directly or indirectly‘.
Not only that but you’re also prohibited from creating your own website, instead being forced to rely on a syndicated website from WMI. One of the things I’ve never understood is why MLM companies claim to foster entrepreneurial creativity and initiative, yet then require everyone else to market in the exact same way.
In MLM these days your online presence is more important than ever. By limiting yourself to the same facilities and image everyone else has, you’re really selling yourself short if you’ve got the potential to market yourself effectively.
5. Policy 5.3 Non-disparagement
Consultants must not disparage WMI, other WMI Consultants, WMI’s products or services, the Compensation Plan, or WMI’s directors, officers, or employees.
Anyone who’s worked in MLM (or any job) knows that inevitably someone somewhere is going to complain about something. It’s human nature.
WMI do accept complaints and criticism but they ask that you keep all correspondence between the company and yourself. The reason for this is that they believe ‘negative comments and remarks made in the field by Consultants about the Company, its products, services, or Compensation Plan serve no purpose other than to sour the enthusiasm of other WMI Consultants‘.
I disagree. If you run into a problem or have valid criticism then chances are others have too! Encouraging members to keep their criticism to themselves just fosters an environment of false positivity.
Perhaps good for WMI’s public image, but wouldn’t it be better to get responses and feedback directly from others who might be in the same position as you?
The entire Wealth Masters Procedures and Policies document comes in at a hefty 34 pages but as I mentioned earlier is relatively easy to get your head around. Above I’ve highlighted what I believe to be the general key points of interest for anyone looking to join WMI but it’s worth your time to go over the document in full to see if anything specifically applies to your particular circumstances.
Like any business opportunity it pays to thoroughly investigate it inside out and Wealth Masters International is no different. Good luck!