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Primerica


Chavez
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Have an opportunity with these guys, just seeing if anyone has some personal experience with them; have heard good and bad from anonymous 3rd sources or those with vested interests, figured I'd see what you schlubs knew.

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This from the disclosures page:

 

The Business Opportunity

The Primerica business opportunity involves the sale of term life insurance and other financial services products such as mutual funds, variable annuities and debt consolidation loans. Primerica representatives are independent contractors, not employees of Primerica or its parent company Citigroup.

 

Personal Income

Primerica has more than 100,000 Representatives. The cash flows stated are not intended to demonstrate earnings of typical RVPs/Representatives. Rather, the cash flows that have been cited reflect the potential that comes with building your business, and there is no guarantee that you will achieve any specific cash flow level. Most RVPs/Representatives do not achieve the levels illustrated. Of course, actual gross cash flow is, among other factors, dependent upon actual organization size, the number of sales and the override spread on each sale, and the ability and efforts of you and your downlines. Commissions are subject to deferred compensation account withholding and applicable taxes. RVPs are responsible for their own business expenses and pay for all office expenses for their base shop representatives. The Company may from time to time modify, supplement or terminate any compensation program in any manner. Further details are available from Primerica Financial Services, Inc.

 

So, it's Amway for financial planning then.

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I went to one of their recruiting meetings and didn’t like what I heard. For the most part there are two ways to generate money working for them:

 

1. Selling financial services

2. Recruiting others to come work for the company

 

To me it sounded as if a big part of your income will be generated by the commission you earn off others that you are able to recruit into the company. This is what was being emphasized at the meeting I went to. They didn’t really get into the financial services part. Looks like another MLM (Multi-Level Marketing) company to me. MLM marketing is not all that bad if the company you are working for has its major emphasis on the product you are selling as opposed to recruiting others into the company. When recruiting others is the main focus of the company, MLM starts to look more and more like a pyramid scheme.

 

Whatever you do, don’t be conned into paying for any training. To me that’s always a sure sign that something is fishy. Another red flag are companies that are willing to accept everyone that comes to the meeting. Good jobs just don’t come that easy.

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There are a lot of different things you could sell and make more money with the time you need to invest to be succesful with Primerica.

 

I do agree that the overall philosophy of the company is good. They believe in being debt free and do not push whole life insurance which is a waste of money.

 

They do teach something that every young person needs to know. If you invest $100 a month into a retirement fund from the time you turn 19 until you reach age 27, you will end up with a million dollars in the bank when you retire. If you start at age 27 and go until 62, you won't get there....to me every young person would have their retirement secure by just sacrificing a little during those early years. This is a good example of how we could get rid of social security if it was invested properly.

 

The products are good but it will take a lot of work to get a lot of compensation.

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I went to one of their recruiting meetings and didn’t like what I heard.  For the most part there are two ways to generate money working for them:

 

1. Selling financial services

2. Recruiting others to come work for the company

 

To me it sounded as if a big part of your income will be generated by the commission you earn off others that you are able to recruit into the company. 

That was NOT brought up at the meeting I was at, but I'm assuming it'll be broached soon enough.

Looks like another MLM (Multi-Level Marketing) company to me.  MLM marketing is not all that bad if the company you are working for has its major emphasis on the product you are selling as opposed to recruiting others into the company.  When recruiting others is the main focus of the company, MLM starts to look more and more like a pyramid scheme. 

Exactly; the speaker even assured is that it wasn't an Amway sort of thing.

Whatever you do, don’t be conned into paying for any training.  To me that’s always a sure sign that something is fishy.  Another red flag are companies that are willing to accept everyone that comes to the meeting.  Good jobs just don’t come that easy.

 

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I dunno, it seems that the $200 you pay in is essentially reimbursed to you as you get your needed certifications.

 

I hit a few websites that REALLY tear into Primerica; then again, since the business plan is essentially attacking the current way things are done in the financial services industry, I don't think it's too naive to wonder how much of the protestations are due to sour grapes on the parts of those insurance and mortgage professionals who are losing business to Primerica.

 

My main concerns right now are less with the structure and more with the apparent facts that their services are overpriced and their financial planning approach is a bit one-size-fits-all. Plus, apparently, your "trainer" goes with you to your first 10 or so clients, who are most likely friends/relatives, and he gets ALL the commission - sort of a "thanks for cleaning up my best market for me."

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I do agree that the overall philosophy of the company is good. They believe in being debt free and do not push whole life insurance which is a waste of money.

 

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The company's philosophy was in the "too good to be true" file for me - wait, a financial services company that is going not for short-term money-grubbing but long-term customer security and good will? Call me a black-hearted cynic, but I was finding that hard to believe.

 

I'll probably go a little further into the process - at worst it should be an interesting learning experience on a few levels. Plus I get some nominal experience in the field and licensed in a few areas. Best case is that what they say is true.

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It is my impression that the vast majority of Primerica's clients are $20-50k/yr types who will be dollar cost averaging $15/mo into mutual funds, buying an occasional term insurance policy and refinancing their home every once a decade as they will not have the finances to make major jumps every couple of years.

 

Your clients will be the "average joe's" of America ... and, frankly, most of them need help with their money.

 

So, while the services may be a bit over priced (or not, don't really know), they are accessible. Most $28k/yr guys w/ no money today will not get ANYTHING at Merrill Lynch (or similar) ... so, they're better off getting something going w/ Primerica than to get nothing going at all.

 

...if that makes sense...

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So, while the services may be a bit over priced (or not, don't really know), they are accessible.  Most $28k/yr guys w/ no money today will not get ANYTHING at Merrill Lynch (or similar) ... so, they're better off getting something going w/ Primerica than to get nothing going at all.

 

...if that makes sense...

 

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Makes perfect sense to me.

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A good buddy of mine tried it out about 5 years ago, his mentor was a girl from high schools husband. Anyways, my buddy said that this guy badgered him at the cold calls they did and made him feel real uncomfortable and they were supposedly fairly close at least my buddy and this girl were. Her husband was a pretty low key guy from what I recall and was surprised to hear this.

 

My buddy bailed after a month or so.

 

I have been getting calls from Primerica for years, ironically it happens everytime I update my resume on MONSTER, :D Seriously, that's when they call me though.

 

That's all, I can ask my buddy's opinion if you want if you don't get the information you need directly or from puddys relative.

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I had a buddy who tried Primerica for a while. He didnt like it at all. He jumped ship after a month or so. If you really want to get into financial services, why dont you apply at Scwab, Merrill Lynch, etc. They are always looking for sales folks and you wont be splitting commissions in some pyramid scheme. Just my 2 cents...

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I had a buddy who tried Primerica for a while.  He didnt like it at all.  He jumped ship after a month or so.  If you really want to get into financial services, why dont you apply at Scwab, Merrill Lynch, etc.  They are always looking for sales folks and you wont be splitting commissions in some pyramid scheme.  Just my 2 cents...

 

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American Express too, I actually sat in on there presentation a few years ago. If you are serious about it then I would look at that route, I wasn't serious so they asked me to leave after I took their personality test or whatever it was to gauge your desire to make this as your career.

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I had a buddy who tried Primerica for a while.  He didnt like it at all.  He jumped ship after a month or so.  If you really want to get into financial services, why dont you apply at Scwab, Merrill Lynch, etc.  They are always looking for sales folks and you wont be splitting commissions in some pyramid scheme.  Just my 2 cents...

 

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I bet you those places won't make you pay to get trained, or "certified", like Primerica does.

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To me this seems to be the key phrase:

 

"The Company may from time to time modify, supplement or terminate any compensation program in any manner."

 

Now maybe I am reading it wrong... but what I take from this is that you can build up a really nice base, have money coming in... and they can terminate without so much as a thanks have a nice day.

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"Pyramid Scheme" is an overused phrase that really doesn't apply to home-based businessed like this. The phrase "Pyramid Scheme" implies that the person over you, your sponsor or boss, will earn more $ than you. This is not true of businesses like this, people get paid for the business they generate (directly & indirectly).

 

It's actually more likely at a normal place of business that the worker cannot earn more $ than their boss.

 

Primerica has been around quite a while and has a track record, they are not going to make any major changes to their payment plan.

 

Primerica's product is term life insurance. It is overpriced, especially in today's world where a quick internet search will get you the lowest priced term insurance. But if you couple it with the financial education that is provided by the Primerica rep, it can be a good value to some people.

 

If you put the time and effort into it and treat it as a business, you have a fair chance to do well. If you treat it as a hobby, you're probably wasting your time.

 

I have never been involved with Primerica, although I did see a presentation and buy insurance from a Primerica rep for a while. I do have significant experience with another multi-level marketing plan.

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To me this seems to be the key phrase:

 

"The Company may from time to time modify, supplement or terminate any compensation program in any manner."

 

Now maybe I am reading it wrong... but what I take from this is that you can build up a really nice base, have money coming in... and they can terminate without so much as a thanks have a nice day.

 

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Generally true (assuming an "at will" relationship). They only have to give you unequivocal notice that the program has chaged ...

Edited by Beaumont
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I was in Primerica P/T for about 1 1/2 years and full time a year. The one thing about this company is what I learned financially was well worth the $199. You get the money back once you have done 6 appts. The target market are the people that live paycheck to paycheck which is what I was doing working in a Frito Lay factory as a machine operator. I forgot in your first post if your looking for PT income or FT. PT I would say give it a shot. I found it really easy making an extra 1000-1500 a month. FT is real tough to make right off the bat, mainly because going through the process of getting your life and securities licenses. Mortgage license just had to watch of video in Az, other states different. The key to the business though is to hire(recruit) good people that will do the same as you. It takes a hundred people to find that one RVP. We I left th business I was actually gettting ready to open my own office(bought equipment and everything) but had an accident that required surgery(that is a story in itself) was out of action for 6 weeks. In this time my team went from 33 to 4. Like starting from scratch and did not want ruin my credit so got a job a local car dealership(Dbaxx hired me). I continued PT for about 4 months but lost my drive for it because the car business was my main concern and not Primerica. Im now the Finance Mgr with Dbaxx still my sales mgr so it worked out. I hope this helped some from a person that was in the business, had a positive spin on me.

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I will save you the long answer, its a scam...

 

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Curious - which end did you get scammed on?

 

I'm moving along, it certainly appears to be a legit business model, it's just not quite the "traditional" model a company would use.

 

And, yeah, it's VERY good for those above you; then again, who DOESN'T have a boss who makes more than him?

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If they ask you to drop a very large rubber ball filled with oil out the window of a 5th floor office building, just walk away.

 

Or is that Kramerica?

 

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I thought it was Kramerica, but my RVP had me putting up chicken wire this evening.... :D

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If they ask you to drop a very large rubber ball filled with oil out the window of a 5th floor office building, just walk away.

 

Or is that Kramerica?

 

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hey, hey, hey ... i made the kramerica joke eons ago in this thread!

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Chavez- Primerica must be going full bore into the Milwaukee market. About 2 weeks ago they tried to recruit my wife as a 'manager' of some sort. Last week they tried the same with my brother in law. Neither was actively searching for a job, Primerica approached them out of the blue. That kind of raises red flags, doesn't it?

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