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John Galt?

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#15 : May 08, 2010, 01:58:20 PM

Check the Better Business Bureau website and look up that company. Any complaints will be listed on there.

The BBB is a bigger scam and a joke than Primerica. If you are a member of the BBB, the number of complaints and your rating are proportional to the cost of your membership (they have different levels) Members almost NEVER have complaints posted but non-members have everything posted with little chance for rebuttal. Hell, that is even part of their sales pitch to get a business to join.


John Galt?

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#16 : May 08, 2010, 03:03:30 PM

I ran into a guy that I went to school with who I haven't seen in like 6 years. He was telling me that he and many of his fellow employees are pretty much rolling in the dough, selling products such as insurance, loans, adjusted mortgages for low to middle class families, Etc. The company is Primerica Financial Services, which use to be a part of CITI Group. He was telling me that he made like $300 the other day in like a hour and a half, and that a friend of his made like $6000 last month.

He was telling me that they have weekly meetings on Thursdays, so I went last night. Some of the speakers were pretty reputable people such as a retired Airforce Colonel who flew planes for the Airforce, the Regional VP was on the NYPD force for 12 years in the Drugs unit, stuff like that. The whole time I was their I kind of had a bad vibes about it, usually when I have a bad feeling about something im usually right, with a 78.65% success rate. It just sounded all too good to be true the whole time I was there. There were some red flags for me though such as, they wanted you to throw down a $100 to sign up for the training course to get your Financial Sales Licence, a monthly $25 fee for the online service, the guy wouldn't let me take the application home, he wanted me to fill it out right then in there pretty much.

I was surprised to see that about 80% of the people who were employed there that were at the orientation, and also career seekers, were of Hispanic origin(not trying to be stereotypical, Ive just never seen that before). The Regional VP took me into his office and he was really trying to sell this to me to join this company, Ive never experienced anything like this before, especially when I have zilch experience in Finance, he didn't care if I had experience. In a room of about 30 people. he and another speaker, called out my name like 15 times, asking stuff like"Wouldn't you want to do this", or"wouldn't you like to do that"  yes/no type questions. I thought that was kind of weird. It was almost kind of like being in class and your teacher calls you out in class and ask you a question, to make sure were paying attention. But I noticeably was paying attention.

I don't know if they had a hard on for me or what. I know one of the head guys at that office had to of because he saw that I had a Ron Paul bumper sticker on my truck and he said to me, "Ron Paul, he is one smart guy, its a shame many think he's a nut though, turns out he was right after all". O.K. I'm kind of ranting, but anyways. I just have some concerns that this is a job scam, but why would it be when family members are recruiting other family members to join the company.

If it is a scam do they not know its a scam because they're are not deep enough in it? My main question is this, Is their anyone on this Board who has joined Primerica and know its legit, or do you know someone who does. Their were allot of bad stuff I read online calling it a scam, but who knows out of all those people, if they are disgruntled employees.

It is not a scam (technically) but beware. These guys are notorious for exaggerating what you'll make and what it takes to make it.

It is a MLM based Financial Services referral company. Note "referral". that means for every customer you acquire, you get a referral fee, which is far less than the commission on a financial product. But you are doing all the grunt work, actually finding the interested prospects. A true Financial Rep. has to make about 150-200 calls just to find 10 decent prospects out of which might come one sale. 300 calls a day=2 sales if you're good. (and sure anyone can sell family and friends, but how long before that well runs dry?) A true FinRep/insurance agent will get ~$200 on a life insurance policy with $500/year in premiums (more for whole or Uni life, straight term pays the least) after assorted "expenses" are deducted (that's where some issuers get ya). But at Primerica if you refer someone who purchases the same policy, expect $10-$20 until you are fully licensed then maybe $30-$50.

200 phone calls to make $200 is hard work. 200 calls to make $40 is getting screwed.

Also beware of that $100 for their training to get licensed. First, it should be licenses plural. I don't know what state you are in, but in Florida you will need 2-15 Life, Health and Variable Annuity to sell Life and Health Ins. To sell variable annuities and Mutual funds you will also need minimum Series 6 from FINRA and the Series 63. That $100 doesn't start to cover the licensing costs. Just for the 2-15 you need $50 App Fee, $58 for Fingerprinting, $56 for the state exam, and $5 for the ID if you pass plus all textbooks are extra. The cost to register for the Series 6 is $105 and the S-63 is $96 NOT INCLUDING BOOKS. You need separate fingerprints for both FINRA exams and the State 2-12 exam (ain't that a freakin scam!!! You have to be fingerprinted EACH time you apply for an exam, it used to be just $5 now it is $58.25!!!) And DON'T FAIL ANY OF THOSE EXAMS or you'll have to repay most of those fees and it'll take at least 60 days to reapply. (FINRA makes you wait 30 days between failed exams on the first 2, then 60 days for a 3rd retake, then 90 days)

IMO any MLM system is inherently flawed because they pay you to hire your own competition. If you get a commission to sell a product, then the fewer people selling that product, the easier your job. But if you get an override on others you bring in, then everyone is spending more time recruiting their competition than they are selling actual products.

I'd say if you really want to sell Financial Products, go get a job with Prudential or Allstate or State Farm, etc. But the money for investments has been Walmarted down to nothing and who knows how this new HC law is going to affect insurance agents. I think the online E-surance types are going to do to them what online brokerage has done to Full Service Stock Brokers.

Me, I'm on strike waiting for the whole thing to collapse.


Biggs3535

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#17 : May 08, 2010, 03:16:05 PM

It is not a scam (technically) but beware. These guys are notorious for exaggerating what you'll make and what it takes to make it.

That's definitely true.  I went to a few of their meetings years ago, and they make it sound easy.  The folks that I know who are still involved have had some success, but make no mistake - it's not easy.

I never got involved on that side of the business, but I do have a pretty good life insurance policy for me and my wife from Citi/Primerica.


John Galt?

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#18 : May 08, 2010, 03:19:46 PM

Moral of the story: If it was that easy, everyone would do it.


FortMyersDave

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#19 : May 08, 2010, 03:59:36 PM

I know you don't like me Biggs, but are you trying to trick me into joining, or are you serious?

I have no problem with you, and I'm very serious.

It's not a get-rich-quick scam.  You have to work for it.  You have to be outgoing with people - a lot.  You have to talk to everybody, and I mean everybody, you know or meet about it.  If you like doing that, then it's a career that can be lucrative.
So is it like a financial "Amway"?  I know a few people in it and they are always recruiting, getting intrusive about one's finances etc.  You have to be a type of person who would like door to door sales.  Back in the late '80s at USF there was a group who put an ad in the Oracle for sales that involved college students traveling to other towns in the SE and selling educational aids.  All based on commision, man they got their hooks into my sister and would not let go.  Almost harrassment.  I wish I could recall the name of that company.  But I am sure whoever excelled in that company went on to excel in high pressure time ownerships, used car sales, real estate scams, ripping off the poor and elderly etc.  People that most wish to stay clear off....

Snook

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#20 : May 09, 2010, 11:32:51 AM

If you enjoy bothering all of your family and friends by always trying to sell them something, then this is a GREAT career for you.



John Galt?

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#21 : May 09, 2010, 11:43:05 AM

If you enjoy bothering all of your family and friends by always trying to sell them something, then this is a GREAT career for you.




that's what they want you to think. But the truth is you can't make a living off of just family and friends. Nope, to actually make a living you'll need to find lots and lots of other people.


samsdad

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#22 : May 10, 2010, 10:17:21 PM

yeah they tried to suck me in....went to one of their meetings....took the insurance test....(although I got them to pay for it)
once i passed they wanted me to pay them 100 bucks for an initial list of clients...... at that point i said see ya.

Actually learned alot about insurance but it was pretty obvious it was fishy



lyronmewis

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#23 : May 10, 2010, 11:23:48 PM

All MLM companies are the same, only a small portion of people actually do make big money and the rest either lose their money because of the price of the initial investment (they'll always make you pay for something), or they get what works out to be less than minimum wage for their time. I have no problem with these kinds of companies, the problem is how they market it and prey on the desperate. You'll see the same kinds of people at these meetings, students, immigrants, and the unemployed and in debt. The best example I always resort to is Cutco, that stupid knife company.

John Galt?

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#24 : May 11, 2010, 12:02:52 PM

The best example I always resort to is Cutco, that stupid knife company.


I got suckered into that. Wasn't so bad, had to pay $120.00 for a set of knives and a "demo kit" but the knives lasted me 12 years and were damn good knives. They actually have a good product if they'd just market it traditionally.




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#25 : May 11, 2010, 02:52:12 PM

They recognized that you could likely be pressured by the hard sell and the extra attention.  You were marked. If you like having friends I would stay out of MLMs.

Scholty

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#26 : May 11, 2010, 06:21:01 PM

If anyone is actually seriously interested in making money with a legitimate product let me know.  A friend of mine is looking for distributors for his products with exclusive territories. 

www.freebirdshears.com 

He's been in the business for a lifetime but has now started his own line of custom shears.  NOTHING like this has EVER been done.  Show them to your local hair stylist and watch them freak.

They sell themselves.  However, since he is small and busy with production etc. he doesn't have time for full time marketing.  So right now, it's word of mouth but he is desperately looking for distributors.

Again, let me know if you are interested.... 

*******************************Luck happens when hard work meets opportunity.

Scholty

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#27 : May 12, 2010, 12:25:24 AM

OMG, those are pricey.

Actually, they are in-expensive compared to the competition!  His $300-$400 pairs run about $700 without the designs which nobody else is able to do so far.

He actually invented that technique.

*******************************Luck happens when hard work meets opportunity.
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