The Rich Dad self-help empire is the brainchild of Robert Kiyoaski, spun-off from his 1997 best-selling book “Rich Dad Poor Dad.” There are currently 26 books in the Rich Dad series.
Kiyosaki is an author, a motivational speaker, investor, and businessman. The Rich Dad corporate offices are based in Scottsdale, Arizona.
Based on the Kiyosaki brand name and his high profile success, Rich Dad investment seminars are held all over North America, and consumers who are familiar with his investment advice and knowledge flock to these events.
How Rich Dad seminars work
In 2006, Kiyosaki and his company teamed up with Cape Coral, Florida-based Whitney Information Network to deliver “Rich Dad Education Seminars”. In 2007, Whitney expanded the Rich Dad branded real estate investment seminars into Canada.
The usual structure for these seminars is first a “free” two-hour event where participants are encouraged to sign up for a second three-day event for $500. Then, at that event participants are further encouraged to sign up for individual advanced classes which are approximately $5,000 each. A consumer who signs up for the advanced course will typically spend from $12,000 to upwards of $45,000.
Complaints about Whitney Information Network
In January 2008, following an investigation by the Florida Attorney General office, Whitney agreed to pay out more than $1 million dollars as a consumer settlement based on their business practices.
"More than 250 consumers complained that Whitney and its related companies engaged in deceptive advertising and misleading business practices, whether through the use of "testimonials" from individuals claiming to have achieved success using Whitney's educational products or through other inaccurate statements in the infomercials about what would be taught at the seminars. Consumers complained that the introductory programs and seminars, touted as training that would change careers and lifestyles and give persons financial freedom and independence, covered only very rudimentary information and were used mainly to entice consumers to purchase "more advanced" and significantly more expensive training programs costing thousands of dollars.”
Under their agreement with the AG, the company must “strictly refrain from making false statements or implications in its advertising or at its seminars that financial opportunities, results or claims will occur as a result of the use of its products and services unless the company can substantiate the claims as feasible for a significant number of consumers or unless a disclaimer is provided specifically stating that the purported results are not typically obtained by the majority of consumers.”
In the Fall of 2009, Whitney changed its name to Tigrent.
As of Jan. 29, 2010, according to the Better Business Bureau of Florida, Tigrent has an F rating on a scale from A+ to F. The rating is based on 122 complaints, 8 of which were resolved, 4 were considered serious, and also based on the aforementioned government action against the business.
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