Hello and welcome to my Financial Education Services (FES) Protection Plan review.
Is FES Protection Plan a scam?
This is one of the questions that we are going to look into today about Financial Education Services.
We are also going to look into the company and who owns it, the compensation plan and the products that this opportunity has to offer.
I have seen a few publications about this program and noticed some promotions on some social media sites that I am also engaged in that piqued my interest.
I decided to take a look into this program and see why people are promoting FES Protection Plan and to check if the company is actually legitimate and what it is all about.
By the end of my review, you will know everything you will need to know to make an educated decision on whether or not the FES opportunity is a good program to get involved with.
So let’s dive in and get started.
FES Protection Plan Review
Financial Education Services (FES) Protection Plan is an MLM program designed to help improve your taxes and finances.
It is also designed to make money or commissions from home through the members that join the program and promote the opportunity.
What Is Financial Education Services (FES)?
FES is a multi-level marketing company and the product that they offer is credit repair services.
The 3 things that FES offers is:
- The opportunity to make money in the MLM industry
- The opportunity to fix your credit
- The opportunity to help others fix their credit
FES offers the ability to create wills, trusts, the power of attorneys with over 900 attorneys that are available and staffed by the company to provide the legal help to get these services completed for their customers and members.
As mentioned before, the company has been operating for many years providing these services to it members and customers with little issues.
They have legitimate headquarters with legitimate staff.
But what I see is that many people still ask if FES is legitimate or a scam.
I am going to answer this question later on in this review, but before I do I want to cover everything that this company has to offer, both good and bad.
Credit repair is nothing new, and there are other companies in the industry that offer credit repair services in the MLM industry like MyEcon for example, but how does FES differ?
With the owners being mentioned, having actual headquarters, and a company that offers legitimate services that actually are real, could this be a legitimate company?
I’ve included a video overview in my review of what FES is all about that includes a great overview, but it is still a type of sales video so just use the video for information.
How Does The FES Credit Repair Service Work?
From what I am gathering, the attorneys that Financial Education Services – (FES) protection plan has to offer every member is they will contact the credit bureaus to dispute claims that negatively impact your credit score.
The credit bureaus have 30 days to respond to the letters, and if they fail to respond to the disputed claims that are being inquired about are supposed to be removed.
With the negative items removed will impact your score in a positive action that will increase your overall score giving you better credit.
So what happens when the credit bureaus do respond?
Well, the negative items will stay but the attorneys will continue to contact them in hopes that they don’t respond later down the road until those items drop off.
This is what I understand how the credit repair part of the program works as far as what I have uncovered through my research.
Financial Education Services (FES) Company Overview
Mike Toloff and Parimail Naik founded Financial Education Services (FES) in 2004.
The company is based and operates in Farmington Hills, Michigan.
One of the highlighted points that I like about Financial Education Services (FES) is the fact that they have been in business for many years.
As a matter of fact, they actually have over 10 years of experience in the credit repair industry.
The main service that FES offers is, of course, the credit repair service which is a great value when compared to other credit repair service companies that are on the market right now.
In fact, FES has many of them beat for the cost and services as a whole that FES offers with the digging I’ve done.
In comparison to one of the biggest and top-rated firms being Lexington Law which offers their baseline service for $89.95 per month.
The highlighted bullet points that stand out to me about the FES are:
- Several program options
- Strong focus on credit repair and management
- Money back guarantee
- Credit Dispute Service included with the monthly fee.
I see good points so far with the FES opportunity, and it gets a good score in the “not a scam” department when it comes to the company details.
Financial Education Services (FES) Products Assessment
What products does Financial Education Services (FES) offer?
FES is in the Credit Repair business that offers credit repair service along with services that complement each other in improving your credit which is the main goal, along with additional services that I will get into later on in this section.
Of course, FES does offer the opportunity to earn money through its MLM program that it offers, but that is not the product of the company, that is the opportunity which I will get into in the next section of my review.
With the right training that shows you how to get traffic, leads and sales this would be a great industry to get involved with even if you don’t decide to become a member of the FES opportunity.
Here is a list of the products that Financial Education Services (FES) offers:
- FES Protection Plan – This protection plan offers an entire suite of training and services that I will list below the additional products that FES offers under the bullet points. This plan includes credit education, credit builder, credit attorney, discounts on travel and prescription drugs just to name a few. This is the main product that FES offers and is what you start out with. Each additional product is an extra cost.
- My Care Plan – Service that includes your last Will, Living Healthcare Power of Attorney and Financial Power of Attorney. (additional cost plus 1 customer sale triggers your CAB bonus qualifier)
- LifeLock – This is a powerful service that is also an app and it monitors your credit score and activity and will alert you with any suspicious activity along with regular updates. (additional monthly cost)
- Secure Card – This is a secured credit card that you will have to deposit money on and will help improve your credit score along with the services and training FES has to offer.
- Smart Credit – This is basically a “smart credit report” that will give you a total view of what items are on your credit and what is affecting your score in both a positive and negative way. It also has the ability to alert you to any changes. (additional monthly cost)
- Ultra Score – A full library with an included calculator that provides training on how to improve your credit, with included live customer service.
- Rent Reporting – This is a smart service that is provided to “renters” of homes and apartments that will report your on-time payments to the credit agencies to help improve your credit since on-time payments are not registered for renters only homeowners. This service fixes that problem for renters.
Here is an included image that highlights all of the services that the FES Protection Plan offers.
As you can see if you have ever looked into a credit repair agency online, Financial Protection Services (FES) offers a ton of value for the monthly cost that customers and members are required to pay to gain access.
The products that FES offers is another positive contributor for it NOT being a scam with the things that I look for in a company that you can actually take a look at in my how to tell if a Multi-Level Marketing Company is a bad one review.
So far, FES is turning out to be a good and legitimate opportunity with what I covered so far in my review.
Financial Education Services (FES) Compensation Plan Overview
In this section, we are going to break down how the Financial Education Services (FES) Protection Plan compensation pay plan works.
The pay structure is designed in a unilevel MLM compensation structure.
This means that all of your personal members fall on your first level.
The way that you build depth or additional levels is when your personal members share the opportunity of FES with others and those people upgrade into a member.
When this happens you levels deep will grow.
This is what is called duplication in the MLM industry.
Before I go deeper, here is a video overview of how the Financial Education Services (FES) compensation plan works.
Fast Start – Immediate Earned Commissions
For every person that joins you in FES as a member you will earn $100.
You can opt out of receiving the fast start of $100 by placing your personal member under another member that you referred so that they receive the $100 fast start.
You will only want to start doing this when you are able to receive a CAB bonus.
You can read more below about how this works, the video I’ve included also explains some of this process.
The Fast Start commissions will be paid out the following week on Thursday.
Customer Aquisition Chart
For every person that joins you as a member in FES will earn you a residual income of $12 per person unless you place them, then it that case your residuals will start on month 4 for that person.
When you increase your rank, your personal upfront earnings or “fast-start” earnings increase.
They have several paid bonuses like monthly car bonuses and cash bonuses.
This is all explained in the video that I’ve included above.
The main training that the company leads with is through recruiting new people.
When you refer to the compensation plan you can see that the commissions that are made upfront can be substantial.
The bigger upfront money comes in through the recruiting efforts.
The residual income comes in through the monthly subscriptions that your personal referrals and team have.
This is broken down by level.
Remember that all your personal members will be on level 1.
You can also “place” your members under current members that you enrolled but when you do this your residual income will start on month 4 for that person.
Here how it is broken down by level:
- Level 1 – You earn $12 residual income for every active member on this level.
- Level 2 – You will earn $3 for every active member on this level.
- Level 3 – You will earn $3 for every active member on this level.
- Level 4 – You will earn $3 for every active member on this level.
- Level 5 – You will earn $2.50 for everyone that is on an active subscription on this level.
- Level 6 – You will earn $2.25 for every active member on this level.
R & R Club – The Bonuses
Financial Education Services (FES) also provides bonuses when you qualify, here is an image of the bonuses:
The compensation plan is quite good.
The fact that one of the most needed services in the US is the product helps when sharing the service with people.
It not the typical lotion, potion, or drink type of product that is pushing the pay plan of FES.
With the acquisition of either customers or affiliate members that join, you earn the same commissions both in residuals and cab bonuses.
Customer purchases also contribute toward the bonuses that are mentioned above.
Some Good and Bad Points about FES
Here is my review on the good and bad points that Financial Education Services (FES) has to offer you and anyone that wants to get involved.
Financial Education Services (FES) Pros
24/7 Member Portal
One of the pros that FES has to offer is a member online portal that you can access 7 days a week at any time of day even if it is at 3 in the morning.
The portal will include access to all your training and services that the company has to offer and instructions on how to access them all.
It also provides personal and customer transaction information that you can access.
The portal will give you access to your downline and personal members and give you additional reports on the status on how good you’re doing with the money making opportunity that Financial Education Services (FES) Protection Plan provides to you as well.
It is well designed and user-friendly.
When comparing FES to other non-MLM credit agencies that you can find online, the price to get started is very competitive, and in most cases has them beat when listing out the number of additional services that come with the cost which is a big pro.
Several Program Options
The fact that the FES Protection Plan program offers several programs that are listed in my product section above.
For the monthly price that is offered to become a customer and even as a commission qualified representative, the value is immense.
I know that these 2 companies are completely different in product and service but almost all of the products that the majority of MLM companies provide has the same products within retail stores that you can find for a cheaper price. (quality might not be the same but most people don’t understand or care about the difference, just as long as it works)
Financial Education Services (FES) does have a money back guarantee which is a pro but is a bit different than most other MLM companies on the market.
The difference is that FES provides only a 10-day money back guarantee on both the enrollment fee and monthly membership fee.
Other MLM companies usually have a 30-day money back guarantee.
It’s always a pro to have a money back guarantee, but just wish it was for 30 days, but 10 days should be sufficient for most.
Financial Education Services (FES) Cons
No Licensed Attorneys on Staff
Although they have a team of certified employees on credit, they lack on having any licensed credit attorneys on staff.
The agency that takes care of the credit repair inquires for you is outsourced to Michigan Consumer Credit Lawyers who take care of contacting the credit bureaus for you.
Not necessarily a bad thing to do, maybe for cost, but it would be nice to have some on staff directly with FES.
Lack of Information
FES does provide plenty of information overall about the company and owners, the products, and compensation plan, but it lacks in verified reports on credit repair success rates.
There is no information on credit score improvement success rates.
There does also seem to have additional cost for using certain service upgrades that the company provides as well.
Only In The United States
FES only does business in the US.
There is no mention of this opportunity expanding into other countries but I don’t see this happening anytime soon.
The reasoning behind why I don’t see it expanding is because the company has been in business since 2004, and specializes in services only US families can use.
Financial Education Services (FES) FAQ
Here is my review section of some of the questions that one would have if they are thinking about joining Financial Education Services (FES) Protection Plan.
What Is The Cost To Join Financial Education Services (FES)?
The cost to join as a customer for the FES Protection Plan service is a 1-time cost of $99 plus $89 for the first month.
The cost to join as a commission qualified member with the FES Protection Plan is a 1-time cost of $199 plus $89 for the first month.
To maintain the as a commission qualified member or a customer that includes the FES Protection Plan will be $89 per month.
With that said, the this includes the main cost for the credit repair service, and in some cases cheaper than many of the top credit repair services that are out on the market currently.
Additionally referring to the cost, there will be an additional cost to use the extra services that FES has within its product listing.
Financial Education Services (FES) BBB Accredited?
Yes, Financial Education Services (FES) is accredited with the Better Business Bureau with an A+ rating.
Some of the stats I found on the BBB about FES are:
- 48 total customer reviews
- 35 positive
- 13 negative
- 10 of the negative reviews were resolved by the company
The majority of complaints deal with the product/service.
The majority of the positive reviews highlight the increase in the customer’s credit score.
All of this information can be found and verified on the BBB website.
Financial Education Services (FES) Alternatives
These alternatives are based completely on comparing other MLM companies that offer similar products or service.
The only that comes to mind that has the most similarities to FES Protection Plan is the MyEcon opportunity that you can find on my site with a review that I did a few weeks ago.
Many of the same services, but not as robust with what they offer in comparison.
Financial Education Services (FES) A Scam?
No, in my opinion, the Financial Education Service (FES) is not a scam.
FES is probably one of the most legitimate MLM companies that are out on the market today.
Think about it, they have been in business since 2004 and actually thrived in this area of service and product that they offer which is credit repair.
The only scam reports that I have found on this company are from people that joined the opportunity thinking that they can make a ton of money quickly and failed to do so.
So after they failed to earn any money they get mad and make claims that it is a scam which it is not.
If there are any members that promote FES with guarantees and claims that one can make X amount of money then in that case that is up to the company to get rid of those promoters.
But through my research, I haven’t found these types of promotions that directly lead back to FES at this time.
Much of it has to do with the cost associated with the opportunity and constantly finding new people to present the opportunity to.
My Final Financial Education Services (FES) Review and Thoughts
Without a doubt, Financial Education Services (FES) Protection Plan is not a scam.
This is a great opportunity that relates to a lot of people that live in the US.
Like I said before, Financial Education Services (FES) Protection Plan is not a scam.
You can see that the BBB has rated it with an A+ rating from FES customers, this gives a good indication that the services itself work and people are happy with it.
The company is transparent, we know who the owners are and where they operate from.
The compensation can be very lucrative, but you are going to have to find a lot of people to refer to the program to earn a substantial income, but that is how every company works.
Unless you own the company…
My thoughts on whether or not you should join FES is this…
You have all the information about how the FES opportunity works with within my review.
It is now up to you to make that decision.
I wish you the best in whatever you do to help increase your bank account.
I hope you enjoyed my Financial Education Plan (FES) Protection Plan Review.
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