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big daddy | I just joined a company called primerica is it a good company to work for? |
I have been told by some people that they are a pyrimid scam is this true because so far i really like the company and feel they are a really good company and there is alot of opportunities but, i am still skeptical? |
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Doing the Right Thing
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People who say its a scam don't understand how a business works. The fact of the matter is that where ever you work, you are in pyramid.
Let's say you work in a corporate company. At the beginning you start out as an employee. There are probably 100's of other employees just like you making about the same amount of money. Above the employee level are several district managers, lets say about 20 of them. Above the district managers level are division or regional managers, lets say about 5-10 of them. Above that are vice presidents, maybe 2-3 of them. And finally you have your CEO. So you got 1 CEO, 2 Vice Presidents, 10 Regional Managers, 20 District Managers, and then 100's of employees. I don't know about you, but that sounds like a pyramid to me. What's the chance of you at the employee level become a Vice President? Almost impossible. For you to move up in the company, someone has to be fired or be replaced. So basically, you are mostly stuck at the bottom.
At Primerica, its an upside down pyramid. You start at the bottom and you can grow to make unlimited amount of income. At the beginning, you make little or no money since you don't understand everything. As you get more experience and get to work, you start making decent amount of money. The company tells you what you need to do to become a Regional Vice President (the highest paying contract in the company). At a job, no one tells you what you need to do to get promoted. You can be the most productive person in the office and no one really cares. At Primerica, if you become productive, you make more money. Eventually, your business will take life of its own since you work so hard on it.
In order for a company to be a scam is that the company pays you commissions everytime you recruit someone. For example, lets say you recruit someone and they paid their $199. Then the company pays you $25 or whatever each time you recruit someone. That is illegal! The $199 does not go to anyone. It goes directly to the state to process your licensing paperwork ($40 of it goes to the FBI for background check).
When your recruit passes the state exam and get his license, you can now override him. I'm going to stick with life insurance product since its simple to calculate the overrides. Lets say you are a District Leader earning 50% commissions on life sales. If your Senior Rep (35%) sold life insurance on his own, he gets paid $350. While he was doing all the work, you were probably at home watching TV and got paid $150 ($500-$350). That is how the overrides work. Of course, don't expect your teammates to do work if you don't get to work. People are going to follow what you do. |
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a1apbc
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My story
In 2001 when I was a recent finance grad first getting into the brokerage business a guy came up to me in my night job at the time (i was waiting tables) and was like "what are you doing this **** for, I got guys going out making 600-800 bucks a night." I should have known-he was dressed sloppily, older than he was acting, was rude to his date, complained about the martini (he didnt know how to order it), then tipped cheaply. Oh, but by the end of dinner he was impressed with me, let me tell you. What a coincidence it was to find out that I too, was lined up to get into the investing business, with internships and a degree I was the "perfect" candidate. (Doubtful!) Well, the food was free but I had to leave Palm Beach county to go out to...Margate I believe it was? OK, so I get there and I start talking to this guy, "Im going to make you a manager, etc. etc. etc." ("But sir, you don't even know me"). It gets better.
So, I go to this class and they start asking for the money right away (they don't waste time-knew it was coming though!) Wait, I feel like Im watching some bizarre get rich quick scheme-we still haven't been told what we will be doing yet! I knew I wasn't going to pay anything or give much more of my time, but the next part is where I wish I had heard a little more about Primerica before and that the compassion would have kicked in too, but it didn't. This license that they issued was not a Series 7, or 63, or 66 or whatever but this was some proprietary license issued by, and only good with, Primerica. (That may have changed-only my experience). "We are trying to increase our presence in the Spanish and French speaking markets." OK, that explains the Cuban and Haitian presence and why you keep taking questions from most of the other individuals that can hardly get the words out but it doesnt explain why you dont speak either language or why you wont take any of my questions as a native English speaker. Hmmm....If I would have known more at the time or put it together quicker, I can't help to think that I would have saved a few hard-working immigrants the money that they came over to this promised land with, but I didn't. But when that curtain opened and I saw about a thousand smiling faces of recent college grads, retired folks, and more individuals who are new to this country (all individuals who had already paid the fee and were taking the class) that sealed the deal. Well, at that time, the sign on bonus was that you had to pay about 1000 upfront. It was time to leave, but the food was OK. Oh man, I wish I would have made a scene-that might be worth going in for another interview sometime! J/J
That all being said, there are people who do it and are successful at it. I'm not sure if it fits into the classic definition of a scam, but its something that is probably a lot harder than it sounds. OK, it just wasn't for me! |
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Jess2424
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I feel it is difficult to concentrate on building your client base and providing the help they need while having to recruit for new financial advisors under you. Its crazy....so basically, you all all things to everybody and can't "really" focus on one thing. If somebody doesn't want to invest are you going to offer them a job?
I think people should pick their niche in life and stick with it and become successfull in knowledgeable in that one area. Either be a human resource personnel and "recruit" new employees for a company or focus on what is important to your business and the clients you serve. You just start that company with No clients and No recruit potentials...wow, you are really swimming an uphill battle. Learn what you can from them, get your licenses and decide.......do you want to be a financial advisor or a human resource manager? |
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No Name
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First off it's not a pyramid scam, they are a ligit firm, although, they don't have the best reputation in the marketplace.
My guess is you are going in as some sort of entry level financial planner (not sure if you are in Canada or US, but it doesn't really matter for my points). You are going to have to build a client base and the easiest way to get started is to sign up your friends and family as clients - they are the easiest and they trust you the most. Now, the reason they do this is because a lot of people don't make it past a year and the company gets to keep your friends and family as clients while you change careers.
I can tell you from experience that this is not the type of firm you want to get into. Becoming a financial planner/advisor is hard work and you should learn the business before you start roping in your family and friends. Nothing worse than having a friend ask you why their life savings just dropped 10%. Go work for a reputable firm with a good training program, who won't pressure you when you're getting started. Some will even give you a salary for the first couple years because they want to invest in you long-term.
I've met a lot of people that worked at Primerica and I can tell you the guy someone above mentioned meeting is very typical for them. They don't have a good reputation and if you have that name on your resume reputable firms will be very hesitant to hire you.
It is a really hard business to make it in and very few are successful quickly, but if it's what you really want to do than look at some more other firms.
Good luck. It can be a very lucrative and rewarding career, but I'm affraid you would be getting off to a bad start by working for Primerica. |
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Pumkin
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Of course they make you feel good, that's their job to make people feel like they are special! My sister joined Primerica a couple of weeks ago, even though she feels like she made the right choice, i am still skeptical. Because you do have to keep recruiting people.....and if you had a regular, full-time, 9-5 job.....you get paid what salary or an hourly wage...atleast there is some security there right!! But as for me, I know this is a really tuff business. I hope you do not fail, but most likely you will run out of people to recruit, and end up being like one of those telemarketers we all "love"!!!! But hey, goodluck man!! |
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Mike
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Hey, I run a financial planning company and used to be a stock broker. If you don't step foot in a main stream investment firm you will be alright with Primerica, they actually help people. But if you ever end up in a group of main stream brokers/investment advisors you will become the joke of the group. I am not kidding you or being spiteful, it is just reality. The reason for this is that your knowledge base will be considered kindergarten level and you will be spoon fed some products to sell. Otherwise, it isn't a bad way to make a buck. But be prepared to be considered on the same level as a Tupperware selling housewife. |
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koun_fhl2001
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i speak from third party point of view here. my friend works for primerica and i truly feel she's doing well. pyramids are illegal anywhere. primerica is regulated by the government, how can they be illegal? many
primerica offices have different training systems. the company itself is not responsible how they are being trained.the opportunity is solid, i am a client and i find that what they do for families are good. look for an office that has alot of recognitions. find out where they rank within the company. if you know they're one of top offices, then obviously you know you're in the right office. good luck and all the best! |
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onelchris
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These pyramid businesses are really tough to get into because there are so many people in them. It's true that if your at the top, you get checks. But those guys were the guys who started the business. I say try it and learn there business strategy and learn what you can. Also there are so many people who are skeptical about it. Give it a try, don't spend much money in it. Good Luck! |
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lithium630
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It is a pyramid scheme. You make money by getting other people to join. If you don't, you won't make anything. |
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Sassyinsanta_ana
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Run don't walk away now. |
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SG Elite
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Its a multi-level-marketing company. Since you like the company and feel that its a good company, stay where you are. |
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Nectarine5
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Well I am a rep and I just got promoted to District Leader. First off to start Pyramids are illegal. Im sure you know that Primerica is a very large finanical institution with great credibilty. What I have seen this company do for families middle class families is amazing. I am a human being and would not like someone to take advantage of me. So I would'nt want to take advantage of any one. Our crusade is to help families become debt free and financially independant. Think about it who are the people who are telling you negative things where are they financially do they have a secure future. I learned that from the begginning that anything you decide to do people will be negative about it. I say do your research find out for yourself that What we do is right. And if you feel comfortable go for it just make sure that is the right decision. I wish you well. Oh yeah to comment on the gentlemen that said you get paid on the $199 as a independant contractor you are obligated to pay your on state fee's no one makes money off of that initial licensing fee so that facts have to be fact not opinion if all you know those people could be with the competitors. |
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ben_of_marlow
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Don't do it.
Edit: I should mention, I had a similar experience with a company called World Financial Group. Technically their organisational set up is MLM, not pyramid, but the two are similar. Both take undue advantage of those at the bottom of the ladder. |
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newyorkgal71
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Scam. |
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