Financial Education Services Review – Legit MLM or Pyramid Scheme?

Welcome to our Financial Education Services Review!

So, you’re wanting to know if joining Financial Education Services is a good way of making money working from home, or is Financial Education Services a scam that you should be worried about?

First off, it’s great to see that you’re doing your research before buying into any “seemingly good” product.

That is how you avoid scams and find only legitimate ways to make money online!

To be completely transparent with you, we’re not associated with Financial Education Services in any form.  We’re not here to pitch or sell you anything.

Instead, our in-depth review will provide you all the details you need, including pros and cons, so that you can make an informed decision about whether this business opportunity is right for you.

99% of MLM members lose money, mainly down to them not getting all of the facts they need to make that decision before joining, so let’s get you the details you need…

Financial Education Services Review Summary

Product Name: Financial Education Services

Founder: Mike Toloff, Parimal Naik

Product Type: Financial Services MLM company

Price: $199 to $249 + $89/monthly

Best For: Those good at networking and recruiting



  • Positive Product Reviews
  • Multiple Offerings


  • Class Action Lawsuit
  • Expensive Subscription
  • Hidden Monthly Expenses
  • Pyramid Scheme in Disguise?
  • Really Low Success Rate

Summary: Financial Education Services is an MLM company that provides multiple financial services, like credit cards, discount packages, and life insurance.

They also offer an affiliate program where members can earn money from selling these services, or by recruiting other people into the business opportunity.

Their products do get positive reviews, but it is still an expensive subscription.  As for their business opportunity, the success rate is really low, and there are signs it could be operating like a pyramid scheme disguise  Then there is the class action lawsuit against FES in 2019.

Rating: 30/100

Recommended? No

Table of Contents

What is Financial Education Services?

Financial Education Services or FES is an MLM or Multi-Level Marketing company that provides financial services.  These come in the form of credit cards, discount packages, and life insurance policies to name a few.

They also offer a range of financial education services to help their clients manage their finances.  They primary focus is on financial literacy, and helping their customers have it…

The company was founded in 2004, by Mike Toloff and Parimal Naik.  Although, when the company was originally founded, they sold a range of VR products.

You can learn a little more about Financial Education Services in this 4-minute video…

The company went through a rebrand in 2014, and that is when they started focusing on selling financial education services, with the goal of helping their clients to achieve financial success through following professional tips. 

These tips have the aim of helping them save money in the long term, whilst also securing assets in wise investment decisions.

Is Financial Education Services a Pyramid Scheme?

As Financial Education Services operates as an MLM, a common question comes up…

Is Financial Education Services a pyramid scheme?  No, It’s not a pyramid scheme.

FES members are able to make money from selling their products, without a need to actually recruit anyone.

But as most people agree that the money in MLM, is with recruitment, a more prudent question is… Is Financial Education Services a pyramid scheme in disguise?

What’s A Pyramid Scheme?

It’s a company that promises payment for recruiting new people into the company, instead of rewarding you for selling any products or services.

Many governments around the world have made them illegal, as it is impossible for everyone to make money in a system where the only option is recruitment.

They are unsustainable, as this diagram from Wikipedia describes…

pyramid scheme

Now, Financial Education Services does have a legitimate line of products, but some MLMs hide behind these products as to what their real motive is.

If an MLM is more focused on recruitment, rather than selling their products or services, it could be considered to be a pyramid scheme in disguise…  We’ll explore this a little later in our review.

But for now, you might find this 5-minute video below useful in learning how to spot these pyramid schemes in disguise…

Success is Rare at Financial Education Services

Success is rare at any MLM, and the same can be said for the business opportunity at Financial Education Services.

Did you know that 74.47% of Financial Education Services members are losing money?

And when you consider the wide MLM world, between 72.5% and 99% of all MLM members are losing money too…

Why does this happen?  Well, most MLMs have a monthly sales quota that their members have to achieve to remain active, and therefore eligible for commissions.

But if you’re unable to sell the number of products that trigger the quota, then you have to buy the products yourself.

This is the main reason as to why so many MLM members are losing money every month, and are losing thousands of dollars before they are able to recruit anyone.

We’ll get into these details later on in our review…

How Does Financial Education Services Work?

Financial Education Services sells financial services such as credit builder programs, asset investment seminars, travel plans, life insurance, and discount cards.

They also offer everyday people the opportunity to work from home and make some money by selling these products to friends and family, in return for commissions.

It sounds like a great deal for both parties, but the company is the one getting the bigger benefit.  As, they don’t need to spend millions of dollars on expensive marketing campaigns to promote these products.

Before we get into their business opportunity, let’s first take a look at their product line.

Financial Education Services Product Line

Before you decide to join a company, you should always take a look at the products they are offering.  As, you will be expected to get to know them really well, so that you can promote them more effectively.

It’s always advisable to give them a go too, so that you know what you are getting into…

Like we said earlier, FES provides finance related products and services.  This come in the form of credit cards, investment guides, discount packages, and life insurance.


Here’s some of their most popular products…

  • My HealthCare2Go ($29 setup fee + $24.95/month)– A health life insurance that covers up to 6 immediate family members.
  • Secure Card ($40/year)– A Mastercard credit card which is designed to help you manage shopping expenses. Its cost-efficient fees also help you improve your credit rating.
  • MyCare Plan ($499)– A last will and trust plan package to safeguard your financial and physical assets.
  • Rent Reporting ($25 to $145 depending on package + $6.95/month)– A report tool that manages your financial expenditure payment. It keeps track of your expenses and helps improve credit rating.

Whilst, these products look great, you should know that there are many other MLMs in the Financial Services niche which are all offering very similar services too.

Examples include:

  • Primerica
  • Usborne Books
  • Southwestern Advantage
  • Cutco
  • Credit Star Funding
  • Online Team Builders

You can learn more about their offerings, with the 14-minute video below…

Haven't Made Your First $1 Yet?

Studies have shown that more than 70% of the people who want to make money online have not made their first dollar yet. So, you’re not alone!

Can You Make Money with Financial Education Services?

It’s is possible, but it is going to be really hard to find success with Financial Education Services.

They will be a select few who are earning decent money here, but they will be working like full-time sales managers to do it, all for something that will typically be less than the minimum wage.

But their income disclosure statement speaks for itself, not many people are making money here.

How To Make Money with Financial Education Services?

Financial Education Services is an MLM, and that means there are two ways for you to make money from their compensation plan.  These are:

  1. Sell their financial services
  2. Recruit new members into your downline team

To be clear, you don’t actually earn money for recruiting these new members, that would make them an outright pyramid scheme.  Instead, you are rewarded commissions and bonuses based on the sales that your downline team are able to make.

But as most MLMs, and their income disclosures show that recruitment is the best way of earning a decent income, they could be considered pyramid schemes in disguise, hiding behind their products.

Getting Started with Financial Education Services

There are two options for getting started with Financial Education Services:

  • Pay $199 for their basic Financial Bliss package
  • Pay $249 for their advanced Financial Bliss package

But to be eligible for commissions, you will also have to sign up to a protection plan, which will cost you $89/month.

So, the annual costs you will need to factor into your decision are:

  • $199 – $249
  • $89 x 12 ($1,068)

Minimum Expenses for Year 1 = $1,267 – $1,317

And that is before you considering any other costs that go with a business opportunity like this one, like training, marketing, gas, travel, food, and any other costs that come up too.

P.S. This program enabled us to Create a 4-Figure Monthly Passive Income Stream.  It’s Free to get started and costs only $49/month to go full-time!

Financial Education Services Compensation Plan

MLM’s compensation plans are always very difficult to understand because they’re filled with jargon and complicated terms, and Financial Education Services is no different.

Don’t worry, though.  We’ll do our best to keep our explanation as simple as we can.

Financial Education Services offers 3 main ways for you to earn money as a FES member:

  1. Direct Commissions – Earn $6 to $100 for every $49 and $188 worth of products sold respectively. You can also earn $40 to $150 for every $149 and $499 worth of product solid respectively.
  2. Customer Acquisition Bonus – Earn 25% to 50% commission for every sold product or service, depending on your rank
  • Generation Bonus – Earn 0.5% to 2.75% for every sale made based from your generational downlines

I know, that probably doesn’t clear it up much. 

Financial Education Services is just like all of the other MLMs, and that means that they love using fancy words to make it look like there are tons of ways of making money with their compensation plan.

But the reality is that there are only two ways for you to make money here:

  1. Sell Financial Education Services products
  2. Recruit people into Financial Education Services 

If you want to get a better look at the Financial Education Services compensation plan, then this 14-minute video will help you out…

Or, you can check out their full compensation plan here.

Is Financial Education Services a Scam?

No, Financial Education Services isn’t a scam.  They sell a range of legitimate products and services, and they also pay their members on time like they say they do.

So, why do so many MLMs get labelled as a scam?  Well, that is down to these people not getting all of the facts before joining.  

Often, the people recruiting them sell the dream of a great passive income from them, when the reality is that they are just using sales tactics to get you to hand over your money.

Once they are in the MLM, and then realise all of the associated costs, and that they will probably be losing money.  They start to leave, calling it all  a scam.

The remainder of our Financial Education Services review will help you get all of the other information that you need, so that you can make an informed decision.

Just to be completely transparent with you, I’m not a distributor of Financial Education Services, nor do I endorse Financial Education Services in any way.  I have researched the website, testimonials, and information available on the internet to get the details about what this program genuinely does.    I do this, as I have been caught out by a scam in the past, and am trying to help others avoid a similar fate…

Tired of MLMs? Check How We Make Money Online Here!

What We Liked About Financial Education Services

Here’s what we liked about Financial Education Services:

#1 Positive Product Reviews

They do have a number of positive product reviews online, that can be found and with the number of them, it does look like normal people are posting them…


The reviews post that the products are useful in one way or another.  You can find more at their Better Business Bureau (BBB) page.

#2 Multiple Offerings

Another advantage of Financial Education Services is the number of products they have to offer.

Are you having a hard time managing your expenses? If so, then they’ve got a money savings tutorial. Or maybe you want to improve your bad credit rating? They’ve also got something for that.

But if they’ve got pros, they sure also have a load of cons…

What We Didn't Like About Financial Education Services

Here’s what we didn’t like about Financial Education Services:

#1 Government Action – Lawsuit

The US government has taken significant actions against Financial Education Services regarding marketplace conduct.  Here’s a screenshot of the details…


The main concerns are around unlawful and deceptive practices, misleading consumers and circumventing laws.

Financial Education Services agreed to pay $1m in a penalty.  This isn’t great, and I worry that they haven’t made any significant changes to help their members.  Here’s a link, if you want to see more detail…

#2 Expensive Subscription

One thing to look for, when checking out an MLM, is to see how much the products or, in this case the subscription is.

FES has you paying between $199 to $249 to become an official member.  Then you have to pay $89/month.

Paying $1,267 to $1,317 annually to be a member, is a really high figure.

What doesn’t make sense, is having to pay that for a work-from-home opportunity…

#3 Hidden Monthly Expenses

Yep, there are hidden monthly costs that you’ll have to factor in.

Selling $89 a month is just to be an active member.

That is a huge turnoff for me because instead of reaping the many financial benefits you should gain from the company; you have to deal with the burden of having to sell these “financial help” products to as many people as you can.


Maintaining 89 PV monthly means you must sell $89 worth of Financial Education Services every single month. If you can’t, then you must buy them yourself.  That is just to remain active.

What most MLMS don’t want you to know is that their biggest customer base is their own members.  Members are having to buy these products each month in the hope of becoming their own boss.

#4 Is Financial Education Services a Pyramid Scheme in Disguise?

When you consider the expensive products, the class action lawsuit, and the need to keep on spending $89 a month to remain active.  Then something is starting to not look right, and it  makes the company start looking like this…


There’s only one way you can start avoiding having to keep on spending money each month, and that is by recruiting loads of people into your downline, and passing on that burden to them.

You then motivate them to sell the company’s products to as many people as they can so that they can earn, and for you to benefit from their sales in the form of downline commissions.

#5 Really Low Success Rate

If you’re going to check the Financial Education Services income disclosure, you can clearly see that 93.93% of all members are earning just $3,736 in a year.

There is no way, this is a profitable business opportunity.

It also means that only 1 in 588 members earn more than $30,000 annually.

Meanwhile, members have an average annual expense of $1,593.5 annually. 

Haven't Made Your First $1 Yet?

Studies have shown that more than 70% of the people who want to make money online have not made their first dollar yet. So, you’re not alone!

My Financial Education Services Review - Final Conclusion

Financial Education Services appears to have an interesting product line, with plenty of positive reviews, showing people are benefiting from these services.

But, as for their business opportunity, there are several concerns that stop us recommending it to you.  First, there is the class action lawsuit in 2019, that showed the company was misleading consumers.  Then there is the expensive subscriptions, hidden costs, and the fact that their success rate is really low.

The only real way you have to making money here is to recruit loads of people, and that makes the MLM starting looking like  potential pyramid scheme in disguise…

How We Make Money Online

I’m not a fan of MLM, not because it’s illegal or not profitable, but because of all the restrictions and expensive costs involved.

Instead, Affiliate Marketing is our top recommended business model for anyone looking to make money online

The reasons are simple…

  • You can promote anything you want and aren’t restricted to only promote products from one MLM company
  • You don’t have to recruit anyone to make money
  • You never need to sell to your friends and family
  • It’s free to get started

In fact, with affiliate marketing we’ve been able to Create a 4-Figure Monthly Passive Income Stream.  If you want to learn more, click here.

Thanks for checking out our Financial Education Services Review!  If you have any questions or comments to add, then please write them in the comments section below.  😉

Sharing is Caring…

Financial Education Services

$199 - $249 + $89/month

Overall Rating



  • Positive Product Reviews
  • Multiple Offerings


  • Expensive Subscriptions
  • Hidden Monthly Costs
  • Pyramid Scheme in Disguise?
  • Really Low Success Rate
  • Class Action Lawsuit

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