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  "documentTitle": "Aegon Ltd. (AEG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-12-16 00:00:00",
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  "notes": "The slide uses a combination of headshots for top performers and tabular data to highlight the discrepancy between gross recruits and net retention.",
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      "text": "Churn for most teams hovers around 96%-99%. This leads us to question WFG's recruiting practices. WFG's high churn rate highlights just how important recruiting is to WFG's model.",
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      "text": "TOP 25 SUPER TEAM RECRUITS",
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      "text": "TOP 25 SUPER TEAM NET RECRUITS",
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      "text": "churn rate: 99%",
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      "text": "We believe WFG generates millions in profit by recruiting. Each recruit pays $125 - $150 to enter WFG's system. Recruiting totals we were able to find for the top 25 teams in 2021, which were able to recruit an aggregate ~390K recruits, equates to ~$50 million in fees paid directly to WFG, just for the top 25 teams. Churn for most teams hovers around 96%-99%. This leads us to question WFG's recruiting practices. WFG's high churn rate highlights just how important recruiting is to WFG's model.",
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      "text": "Source: WFG 2021 Award Winners",
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      "text": "We Believe WFG's Recruiting Engine Generates Millions In Fees For Aegon",
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