Primerica

[Doctormad]

A few days ago, I got a call from a company that wanted to recruit me. That company of course was primerica. Now at the time I did not know what kind of company it was about, nor have I ever heard of it at all. So I decided to make the drive out there to attend one of the seminars to see what it was about. All looked promising until they mentioned the $199 application fee. I knew something was up when heard that, but afterward I told the rep who invited me that I would be doing some research. She looked like a deer caught in headlights.

After I got home I did do the research and the results confirmed what I felt all along...that Primerica is nothing more than an elaborate pyramid scheme, and the contract that they bind you to is just not worth it. Needless to say I felt pissed, not just because I took time out my day to go see them, but I ended up wasting a bunch of gas as well. I am thinking of contacting Monster.ca (the place where they found my resume) and registering a complaint against primerica. I have my resume posted there in hopes of getting a REAL job, not some get-rich-quick scheme.

I am posting this because thankfully I trusted my gut and didnt go any furthur than the seminar. If any of you are contacted by a rep from Primerica, do yourself a favor and run far away

 

[Francisco d'Anconia]

A link to an interesting post about Primerica.

http://www.ripoffreport.com/reports/ripoff136894.htm

 

[undesputable]

im glad you didnt fall for it.

 

[ER!C L!VE]

I was just asked to join that group two days ago. I gave the girl an earfull and lost all respect for her. Any kind of MLM, pyramid or other similar business that talks about an 'opportunity', shows you their paychecks and has one "golden boy" who makes 200k a month is bad news. Oh, don't forget about the cult-like atmosphere.

 

[A-Unit]

My Experiences.

I've been recruited, as well as had some "incidents" occur with my family.

First my dad...Primerica for those not in the know is a financial service multi level marketing company. They're a sales arm for Citigroup, and will often use that as substance to back up their "strength and integrity." MOST, not all, people who get involved with Primerica don't have a financial background. Instead, they want big bucks, and that's the pitch that hitches MOST new people on board.

For my father, a friend had convinced him to DUMP his permanent life insurance and take up this guys TERM insurance. You might not have a background in insurance or financial planning, but for my father who now has smoked for some 35 years, drinks a few drinks a week, and has had open heart surgery with a family chock full of bad genetics, KNOWS that permanent insurance in this case is a BETTER deal since he'd have a fixed premium for the WHOLE of his life and leave my mother something in the event of his demise. AND, for middle class families and lower, permanent insurance is a GOOD thing because it's those exact families who need to pay funeral expenses, probably don't have retirement funds, and will suffer dramatically without 2 incomes funneling into the household. I could go on and on, but suffice it to say, there BIGGEST selling points are to sell TERM while REPLACING permanent insurance (huge mistake in many cases), and to sell mutual funds.

Primerica is behind the ball, and anyone desiring to get into financial services will be suffering mightily since the industry evolves so rapidly, and Primerica would rather force their own financial opinions of what is good, rather than let the market determine what is useful and what is not.

In the other case, I was recruited by a COMPUTER ENGINEERING major w/little personality, yet I had a degree in Economics/Finance/Accounting, and experience working at major brokerage firms...is there something screwy there??

The idea of EASY riches always entices the most unlikely of characters.

My opinion of them is not favorable, I haven't met any Primerica reps personally, but all in all, if you're in finance, there's DEFINATELY better places to go, and if you're not in finance, GO TO A PLACE THAT will train you to be a professional, and not prety on middle and low class America. There's a market for serving those families who don't require much planning, but that's why Primerica reps make the most money atop the pyramid...because to make money in financial planning requires the following options.

1. Few clients, Big Money
2. Many Clients, Average Money
3. Making More Sales to the Same Clients (sometimes it is churning)

Which means you'd need 500 clients to make any money in the low class market, because Primerica isn't positioned to go after the higher net worth folk. Even if they're linked to Citigroup, Citigroup has its own distribution arm that it actually advertises...Salomon Smith Barney.


A-Unit

 

[Dimebag_Darrell]

Yes! I went to a seminar during the summer and they really sounded good BUT as with any person with logic, you've got the question whatever sounds good. Like getting rich quick. The recruiter had a really nice house and all this crap but there was something fishy about it. and what made it fishy was their urge to get spanish speaking people to join because here in Northwest Arkansas, the hispanic population is growing exponentially and these are lower class people trying to make a better living and so basically tricking honorable hard working people into investing their greatly needed money on some insurance just wouldn't make me feel good inside.

If you're smart as heck, have a real lust for money and have little or no moral values, Primerica is for you.

Whats funny is that they told me that Primerica was the only company in the U.S. with the most millionares. And they had some magazine called Success with them being featured in the issue as proof..

 

[organizedconfusion]

i really hate those MLM scams... scamway,quixsand...

 

[Fly]

A-Unit: So what ever happened to your Dad and his insurance with Primerica? Does he still have it? Did he cancel? What's the status on that?

I'm asking because a close family friend of mine tried to do the same thing to my mother and I found out about it after they had left the house. I'm now telling her to cancel anything she had going on with Primerica.

 

[I'm Joe Dirt]

I'm glad people aren't falling for this. I had a friend who too a few years ago thought he could make some decent money on Primerica.

Anytime a "job" requires that you put down money to start working, and does not guarantee you a paycheck, you need to stop and think.

With primerica not only must you pay money (they say its for certifications and what not, but in reality companies that require that usually pay for their employees to get it), but you are also not guaranteed a paycheck. You only make money when you sell, and you have no salary to fall back on.

Even sales jobs where most of the salary is commission based pay some sort of minimum salary, even if its really crappy, so that the sales people can live in case the worst happens and they make no sales.

One of the biggest red flags about Primerica is the fact that they don't let you advertise your services. So if you do become a consultant or whatever your title with them is, you are not allowed to go out and place news paper ads, flyers, etc. to offer your services and bring in clients.

How crazy is that?! They call you an independent contractor and "business owner" because you are technically self-employed, and then they slap you with a restriction saying you can't advertise! So how exactly are you supposed to sell? You're not. They take your initial fee and a few other fees along the way for "training materials" and other stuff, and then you are left out in the cold.

Your only option for selling is pretty much either being a telemarketer and cold calling, going door to door, or selling to your friends and family (which is a very limited market, and they won't be your friends for long if you present them with a rip off product).

Those who make it are the ones who figure out that the only way to make money is to bring in others as you get a huge commission on that, and go out there and start recruiting, continuing the cycle.

But most, who aren't so evil as to bring in more people into a scam by which they've just been duped simply go away and find something else to do, of course by now they are at least a few hundred dollars lighter.

 

[A-Unit]

Reply.

I had my father keep his insurance, because he's 52 (almost 53), one open surgery, still a smoker, and drinker, and can't afford term, even if he could qualify. When I discovered the error back about 6 years, he'd already been opened up and smoked for many years. Initially, he'd bought his WHOLE life insurance when it en vogue and chic to do so. Those were the OLD guys, in their 40's and 50's telling younger generations how to save and prosper for the future; the days of "values", when fathers and mothers WANTED to leave the family as GOOD or BETTER off than when they were alive. Not anymore.

I'd get quotes before cancelling. Their term isn't trash, close to it, though, but the coverage is more important to have. That was just 1 example of their tactics, and very, very personal. Evidently my father's "friend" (who wasn't by the way, nor is he anymore), had no clue of the future. Such financial planners (which they're not because FEW Primerica reps have actual designations issued by accredited schools) don't realize the long-term implications of such decisions.

Because Primerica coaches RICHES now (which is to me completely opposite of what financial planning is), MANY, MANY reps leave the business, doing FAR more damage than if they had never helped those people to begin with. You can't recruit on THAT basis, but it's precisely HOW all MLM's do it.

-FREE time
-SELF employed
-NO sales
-BIG checks
-BIG boats
-BIG cars
-BIG houses

I've seen that Success magazine @ Barnes and Noble, and most of them are fully funded by MlM's as "good" press. Thing is, most MlM's, unless they're selling QUALITY, COMMERCIAL, CONSUMABLE products, are useless. Prepaid legal is legit; it's actually traded on the Stock Exchange, been around forever, and has a good product that I know is personally sold by AFLAC agents to supplement AFLAC. However, ask yourself WOULD YOU BUY THIS PRODUCT??? If you find value, others will, too. But if the ONLY reason you're doing it is because of they HYPE and HOPE, then you're doomed to fail. It's sad, but true. Because then there's no substance behind the product.

GOOD money in investments, insurance, and financial planning requires expertise at the level of Doctors. Basic financial planning makes no money to stay in business and provide good service. The Primerica market, which is 25-40 (mostly insurance and mutual funds), is very little dollars per client, and much more service per client. The profit/client isn't there. So there's no incentive to stay in touch. And those that do, try to CHURN products, which means, to constantly reissue and resell the same thing over and over again, which is also illegal.

Moreover, Primerica's products aren't built for the higher networth clients, and without proper education and licensing, you can't help them, or make good money. The real money is made atop the Pyramid. Again, sad but true.

If you're serious about being in financial planning, fine. Do it. The best route is ultimately being totally independent, but that's the most risky, too. The next best route is a major firm, like Edward Jones, AG Edwards, Salomon Smith, Merrill Lynch, etc. But these firms don't just take anyone. They require industry experience (reputable experience, not Primerica), normally licenses, and the historical production that makes it worth their while to subsidize your career until you're a big producer. I know, I worked for Salomon and found out all I could about their programs. Most guys during the bull markets were in their 40's, some in their 50's, managing upwards of $50 million dollars, some less, some more. To get in the door and get space, you had to be accomplished in sales and driven. They pay a base salary WHILE you train and get more licenses to produce/sell. You're fairly captive, though the industry is loosening up.

THOSE are the routes that lead to money. However, as you can also find out, some F-planners don't even take their own advice. They barely invest in the market, let alone Real Estate, and sometimes can only say proprietary product. Alot of them can be shady and shifty, do drugs, or are eons behind in taxes. That's just humanity as a whole, but I know of alot of damage and ignorance.

I would advise everyone to stay away.


A-Unit

 

[Dust 2 Dust]

I just noticed that Primerica has opened an office in my home town. Now, when a financial type institution calls you out of the blue, in a very tight job market, offering some sort of management job in a career field 180 degrees apart from yours that typically requires an MBA, how can you even consider it a legitimate opportunity?

No legit company would ever charge you a 200 dollars training fee. When Primerica says "oh it gives young kids with no educations the chance to make more then college grads yatta yatta" thats bull****. Primerica is forced to recruit people outside the finance industry because no one with a finance degree would be stupid enough to work for them.

Who the hell in their right mind is going to put their life insurance in the hands of an 18 year old? Anyway they also get you to try and **** over your family , start with people you know so that they trust you and so on, they pretty much make things sound so simple but its a very sly scam.

Primerica will hire anyone. Reps get recognition from recruiting numbers, and many bonuses and promotion requirements are tied to recruiting. They will hire anyone they can to get their recruiting numbers up. This is how they make their money. You make your money out of scamming others to pay the 200 dollar sign up fee and then you get a commission.

 

[Cruise]

From what I'm aware of, the company doesn't get paid to recruit. And the $199 fee is for background fees, and state fees for licensing classes (including textbbook(s)).

Just an objective thought though:

It's said that in Corporate America, less than 1% of the elite hold more than 90% of the wealth. Majority of the majority (99%ers) are just living pay check to pay check. Sound familiar?

I guess, compared to a company like Primerica, where it's only the elite 2-3% of people who join really succeed, you couldn't really complain, could you?

Bottom line, from what I'm getting is... we like to blame systems, organizations, people, government, authorities, etc. as the "Big Bad Wolf". But don't get it twisted... IT COMES DOWN TO YOU, AND HOW HARD YOU'RE WILLING TO DO IT.

There have been people I've seen joining Primerica, (as with any other organization) and have just ran with it, and have found the fruits of their labor. Sadly, there are just MORE of these types of people who don't win. Could it really be the system? Hmmmm... these guys are backed by Citigroup... it'd be naive to deny a company of that calibre their credibility.

 

[A-Unit]

Re:

Not all systems are "correct". Not all systems work. Pyramid schemes, MLMs, etc, don't necessarily work well. If you see independence, you're looking in the wrong place. Unless income flows passively, you're still reaping rewards from the sweat of your per hour benefits. Many people GO Self Employed purely, but end creating a bigger nightmare in a stronger job than they previously had.

Primerica MIGHT be an upgrade for people with no job, selling cheap products, and I have the luxury of working in the same industry offering insights from a customer's perspective (father) and competitive position as well.

Their reputation as a company is tarnished. What they sell or offer as products to consumers are behind the curve, and the large % of money is made by being at the top and recruiting, or the SPREAD in contracting patterns. Money is not some SALES job, it is an industry that requires HIGHLY educated individuals. This wasn't so decades ago when any schmoe could hop in sell insurance, and make a good living. Long gone are those days. NOW anyone sells life insurance.

Realistically, from a business perspective it does not work. Not because 95% of the population is lethargic as so many capitalists and paradoxically "positive thinkers", but because there's better opportunities out there.

> Pre Paid Legal
> AFLAC
> Nutritional Programs

We have a woman who is in mlm as a client. She frequents the office with her food stuffs and must walk away with several hundred dollars per month in sales. She's fantastic at offering the products, and at enabling non believers to see the value. I was coaxed into a few AMWAY/QUIXTAR meetings myself.

How?

"I have a computer business, and you have persona skills. I'm looking to expand, gimme a call."

That was while I worked @ GNC during college. What I didn't know is that it was QUIXTAR. The dvd was flashy, but he didn't live in a fantastic house. All I saw was that these products were AWESOME, the future, people would pay the premium for the bulk concentrated goods. Fine. But women do most of the household shopping, and largely do so based on emotion, so as logical as the products you offer MAY see, they're not trading that away to ordering online or by catalog anytime soon.

Not to mention he wanted me to recruit my COLLEGE friends FIRST and build THAT line. If you make MORE money on recruiting and BUILDING your DOWNLINE, than you do in ACTUALLY serving the consumer, then it's a PYRAMID scam!

And MOST reps who get into Primerica are told to find a list of people to sell to and ALSO recruit into the "business opportunity." Well, if you had a GREAT business opportunity, you wouldn't make ANY stranger your partner. You'd find someone who COMPLEMENTS your business model and philosophies, someone dedicated, someone like minded. Even on these boards, which are somewhat independent and progressive, you still can't PAIR people together and expect perfect profitable harmony.

As far as the expenses go, MOST financial planning companies that see value in bringing you on board will pay those insurance fees. ONCE you have your licenses, FUTURE upgrades like the CFP, CLU, AEP, LUTC, etc are on YOUR back. Your dime. But having interned with several companies, that don't require much but all out effort on your part. Later on, while you're self employed, it's your dime for marketing efforts, designations, business expenses. Why not? A TRUE business opportunity is 100% independence, NOT just the affiliation.

Even Fedex is going through this right now, as I know a few drivers. Fedex drivers, some of them, want to go union, because they REQUIRE uniforms and trucks with special writing, just like Abercrombie had workers wear THEIR clothes. How can it be a business opportunity? They say, you're "contracted" but the only opportunity for contracting is with THEM, so it's more or less what is known as CAPTIVE sales. You sign on with 1 company.

If you sign on with Primerica, Primerica is 1 of the few companies charging you for your licenses. If you don't believe me, check out Northwestern Mutual, Salomon Smith barney, or AIG. If you open your OWN financial planning shop, it's on your own dime, but you likely won't be able to do that without some industry experience.


A-Unit

 

[SELF-MASTERY]

Every 40 yr old black woman in atlanta is selling this shyt.

 

[LowPlainsDrifter]

As a business owner...

I've been reluctant to take on even a part time employee, let alone make other people "partners" or give away opportunities in any other fashion.
So keep in mind that any legit company brings on new employees with reluctance, and offers "opportunities" to share their wealth even more reluctantly.
There are legit companies that do bring in lots of people to work "straight commission" - with their high churn rate of employees, they're constantly offering "opportunities" to people. I'm not repudiating my advice to Self-Mastery on a different thread, btw. His caution was warranted; like anything else, if you keep your eyes and ears wide open, and get any promises in writing, you should be fine.

 

[bbestar]

From what I'm aware of, the company doesn't get paid to recruit. And the $199 fee is for background fees, and state fees for licensing classes (including textbbook(s)).

Just an objective thought though:

It's said that in Corporate America, less than 1% of the elite hold more than 90% of the wealth. Majority of the majority (99%ers) are just living pay check to pay check. Sound familiar?

I guess, compared to a company like Primerica, where it's only the elite 2-3% of people who join really succeed, you couldn't really complain, could you?

Bottom line, from what I'm getting is... we like to blame systems, organizations, people, government, authorities, etc. as the "Big Bad Wolf". But don't get it twisted... IT COMES DOWN TO YOU, AND HOW HARD YOU'RE WILLING TO DO IT.

There have been people I've seen joining Primerica, (as with any other organization) and have just ran with it, and have found the fruits of their labor. Sadly, there are just MORE of these types of people who don't win. Could it really be the system? Hmmmm... these guys are backed by Citigroup... it'd be naive to deny a company of that calibre their credibility.

I have a good friend is now working with Primamerica and he says he's loving it. Thats exactly what he said th $199 dollars was just for, state fees, licensing, textbook, classes