Cover - An Insurance Agent’s Review Of Five Rings Financial

An Insurance Agent’s Review Of Five Rings Financial

By David Duford - January 03, 2023 - 5 Mins Read

Most likely you’re here today to learn more about starting a career selling life insurance with Five Rings Financial.

If you want to know if working with Five Rings Financial as an insurance agent is a good idea, you’ve found the right article.

Let’s jump right in!

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About Five Rings Financial

Five Rings Financial was founded in 2004 by Mike Wilk with the goal to educate Middle Americans on how money works.

The company believes in order to reach their financial goals, people have to understand the fundamentals of personal finance.

Five Rings Financial focuses on teaching their clients about the three main obstacles on the path to achieving financial goals—inflation, debt, and taxes.

Five Rings Financial is among the largest and fastest-growing insurance and savings agencies in the United States. The company is headquartered in Littleton, Colorado, and has agents throughout the country.

As a financial services firm, Five Rings Financial offers both education, financial counseling, and investment products.

It specializes in:

    • financial education,

    • life insurance,

    • annuities,

    • individual and group health,

    • disability insurance,

    • 401(k) plans,

    • business insurance,

    • individual dental insurance,

    • Medicare supplement,

    • short-term medical,

    • tax-free retirement,

    • long-term care, and

    • living benefits.

The company offers free workshops such as Money 101 and Wine and Women and Wealth where anyone can learn the basics of personal finances and apply that knowledge to their personal circumstances.

How selling with Five Rings Financial works

Five Rings Financial provides all the necessary education, resources, and training systems for its insurance agents.

They have over 700 hours of recorded training, in addition to monthly classes led by the founder Mike Wilk.

Although the company is team-oriented, team members are independent and agents are allowed to choose the right product for a particular situation instead of being forced to promote a specific product to meet company goals.

Furthermore, agents can choose to either focus exclusively on sales and marketing, building agencies through recruiting and training, or both.

Five Rings Financial offers career opportunities for both new and licensed, experienced agents. An apprenticeship program is specifically designed to introduce qualified individuals to a career in the financial services industry.

Five Rings Financial offers plenty of development and growth opportunities.

Agents can spend as much time on their personal development as they do on their development of specific job knowledge.

Five Rings Financial has an outstanding track record of success in both individual sales, group sales, and agency development.

Five Rings Financial leads

The company does not explicitly say how the agents find prospects.

As with many insurance companies, agents may be required to start by cold calling for prospects and working with friends and family for sales opportunities.

Five Rings Financial commissions

Five Rings Financial is a 100% commission based company, meaning that you only get paid if and when you sell its products.

Is Five Rings Financial a scam, MLM, or pyramid scheme?


Five Rings Financial is not a scam. It is a legitimate company with an excellent A+ rating with BBB and outstanding employee reviews.

This is not a multi-level marketing (MLM) business opportunity or pyramid scheme.

The company doesn’t have multiple layers of agents, mentors, and trainers and is, therefore, not suitable for insurance agents who are primarily looking to recruit.

My Thoughts

I’ve been an independent final expense agent since 2011, and now you understand a bit more about how Five Rings Financial works, I’d like to share my thoughts with you.

The Optimum Marketing Strategy

A common practice in the insurance business is insurance agencies that teach you to work your existing book of business, also known as your “warm market.”

Instead of teaching cold prospecting, the strategy involves reusing purchased lead systems to drive interest in your product.

Many organizations push the idea of working people you already have relationships with to sell them insurance coverage.

Don’t get me wrong. The strategy does work. However, a lot of people complain about selling to their friends and family.

Personally, I never liked the idea of selling insurance to my network of friends, family, and business associates. I didn’t want to risk ruining a good relationship by soliciting a friend.

However, looking back, I may have been wrong.

My products genuinely help people. And, if it weren’t for my support, some of my family members who honestly needed insurance probably wouldn’t have bought it.

The Prevalence of Multi-level Marketing

Another aspect of the insurance sales business that catches many by surprise is the prevalence of a multi-level marketing culture in many agencies.

I say “culture” because this is what drives a lot of the disdain against multi-leveling marketing schemes.

Recruiting new agents usually occurs via very materialistic promotional campaigns. Cars, stacks of cash, and designer watches are all used to inspire recruits.

In fact, many organizations had their originators and CEOs start-off in companies like Amway and other multi-level marketing backgrounds.

Therefore, it’s no surprise that the culture has bled over into the insurance sales business.

It’s The “Culture” That Matters

Also, keep this in mind. There’s nothing inherently wrong about any multi-level marketing operation.

Most insurance agencies offer rates in a hierarchical structure similar to a multi-level marketing direct sales organization.

The key difference is in how the culture permeates. In some insurance sales organizations, the culture feels very much like Amway, where it’s all about recruiting and not learning the craft of selling insurance.

Likewise, other organizations are passionate about training their agents to become top producers like my company. And, I deliberately don’t put too much emphasis on recruiting right out the gate.

Figuring out where you fit in will affect how you decide to proceed with any organization, whether that’s Five Rings Financial or any other.


I hope you enjoy this article and understand a little more about how an insurance sales career with Five Rings Financial works.

I train new and experienced agents to become top producing agents in final expense, Medicare Advantage, and annuity sales.

If you’d like more information about how my organization works, click the link here.

Make sure to also check out my agent success stories as well as my best selling insurance sales books.

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