A friend at PRIMAMERICA

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Jan 22, 2006 6:42 am

A recently heard of a friend that graduated highschool with me.  He said that he can sell all the financial planning aspects that I sell with my  indy firm and that he is planning on retiring at 35.  Granted this guy's previous employment was HOllywood video working with my younger brother whose still in highschool.  I don't even think he even graduated highschool.  He is really excited about his "New" job and is pumped on how much money is he going to be making.  How much smoke did PRIMAMERICA put up his A**. Also how bad is Primamerica and what should I tell him.

Jan 22, 2006 6:45 am

One more thing.  He says they are expanding really fast and he is really lucky to get in early.  What does Primamerica really do.  It seems like there more of a scam then a FA.

Jan 22, 2006 9:02 am

the amway of financial services.

Jan 22, 2006 12:24 pm
younggunz:

One more thing.  He says they are expanding really fast and he is really lucky to get in early.  What does Primamerica really do.  It seems like there more of a scam then a FA.


He's a fool.  Your friend has no clue whatsoever as to what he's gotten into. 

Jan 22, 2006 1:25 pm

Tell your friend not to burn bridges with the folks at Hollywood Video because he'll be back working there soon.

Jan 22, 2006 4:14 pm
younggunz:

One more thing.  He says they are expanding really fast and he is really lucky to get in early.  What does Primamerica really do.  It seems like there more of a scam then a FA.


You're right.  He's not in early and it is not expanding fast...I just wonder what your friend has been smoking...

Jan 22, 2006 6:39 pm

I think its just more of what there telling him.  They are telling him they are opening 50 more primamerica's in southern california every year.  Why exactly are they so bad?  what do they do that makes them so different then the wirehouse's for example.  I don't really know much about them other then they try to recruit anybody they can get there hands on.  Anybody actually work for them and have experience with this?

Jan 22, 2006 6:45 pm

Youngunz,


The company is Primerica.  It is the third evolution of the old AL Williams company of the 80's.  Bottom line...they are the "Amway of Financial Services."


They are owned by Citigroup...the same company that owns SmithBarney.


Primerica uses minimally trained, part time, mainly blue collar folks...sells they "the dream" and unleashes them on their friends & family to make an average of 2-3 term life insurance sales...before they quit.  They have life licenses and most get Series 6 & 63 licensed as well.


They exist primarily because there are no top tier companies serving the markets they target.  The closest "real" financial services company serving the same markets would be Edward Jones...and if you have spent any time on these Boards, you know how most ferl about Jones here.


Your friend is going to be disappointed and it won't take more than 2-3 months...if he is average.  I hope he manages to at least get his up front, out of pocket monies back. Tell him to get into school, get some education, maybe even some sales experience...and look for a real company next time.

Jan 22, 2006 6:53 pm

That's a big part of the problem...quality of advisor and what it does to their reputation.  Not to mention some of the really crappy VA products I've seen Primerica reps push at people.


Also, they are telling your friend how many offices are opening...did they tell him how many offices failed/closed last year?

Jan 23, 2006 12:55 pm

Primerica is the bottom of the barrel.  Your friend has major beer goggles and is telling you how great the ugliest, fattest, greasiest chick in the room looks.  If you have ever sat in on a network marketing (Amway) meeting you will understand exactly what your friend has been suckered into. 


I wouldn't waste time trying to convince your friend that he's been duped, they usually have to find out on their own.


Just don't go to one of the meetings when he invites you. 


If you have ever been approached by someone pitching network marketing you'll recognize the verbage and attitude.  I can smell these guys from a mile away.  "You seem like a smart guy, you should think about going into business for yourself.  I'm in with a fast growing company that is going to revolutionize the world"  I can usually pick up on them before they even open their mouths, since I've been approached so many times; at malls, the bookstore, when I sold electronics years ago.


Jan 23, 2006 12:57 pm

By the way Primerica is the one company I will unabashedly sh*t on.  With the way we're being regulated recently, I'm suprised that they haven't put out of business.

Jan 24, 2006 10:32 am

Ever heard about World Financial Group ? (http://www.wfg-online.com) and then try http://www.wfg-offline.com
A friend of mine was approached by someone in west coast and he tried to convince me to join their "branch office" in the east coast. Lucky for me, I researched the company and well...that's what I found, a new breed of Amway. I think they're scamming people on life insurance (not really sure). The offline page was interesting to read...

Jan 24, 2006 2:45 pm

Now there's 2 companies I will blatantly sh*t on.  Thanks w1ngman.