How to leave Primerica Ethically and Legally

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Nov 3, 2016 4:56 pm

Hi Everyone,

Looking for some advice. I originally joined Primerica and the office I was at had some good people so I stayed. I don't think they are the devil like some people but I would like to move to another firm because I feel that their products are somewhat limited and I feel uncomfortable as a captive agent for a company while being a fidicuiary for taxation issues. I am an enrolled agent and through continuing education I've learned more about what is out there and I've realized that they really aren't the only game in town and their pay if you aren't willing to recruit people or focus on life insurance isn't the best.

I know I can also provide better investments from a taxation point of view if I move because I'll have more options and have greater access to a wider range of municipals, etfs and other investments with potentially significant tax alpha. I also find the two year noncompete clause particularly onerous considering I see myself as being nice enough to introduce them to MY clients. I also admit that being treated like my tax business is a compliance issue rather than a gain for them because I am more competent than atleast 99% of their agents rubs me the wrong way. Lastly, frankly they don't have the best reputation online and I'd like to affiliate with someone who doesn't have as many negative reviews. Long story short I don't want to onboard any of more of my clients with them.

I have located a firm I'd like to work with (HD Vest) but they are requiring I sign a notarized affadvit saying that should Primerica ask I must submit to the protocol and let them image my electronic media. I can't do this though without breaking other ethical and legal coventants. I am on the board of a local nonprofit, I have confidential emails for church related things, I have emails and communications others would consider confidential, and I have tax clients that aren't PRI clients. I don't see a good way to handle this. Some have told me to just sign the affadavit and give them the big middle finder if they try to enforce it but I am worried about signing a notarized document in which I provide materialy false informtion.

I am engaging a lawyer next week but any suggestions would be greatly appreciated as I'm trying my best to figure out a creative solution.

Does anyone have any suggestions?