Primerica a division of citigroup is a ripoff If it sounds too good to be true, it is St. Louis Missouri
I have a job but am always looking for new opportunities. I got a call from a man who works for Primerica, a division of citigroup. I was excited when I got the voicemail and for about a week and a half we played phone tag. I thought that was a bit odd, if they were really interested wouldn't they try a little harder to get ahold of me than me having to call them every day for a week before they got back to me?
I finally spoke with the man who asked for my backround and I explained I was recently out of college and didn't really have much experience in anything. He told me that would be no problem. Again, pretty strange. Then after about two minutes of conversation the man told me that I seemed like a very intelligent person (of course I am, but you can't tell that from two minutes on the phone) and that he was willing to let me skip the first formal interview and move onto the second which started at 8:05 on saturday morning. I can't tell you how many red flags that raised in my mind. 8:05? Saturday? You can tell how smart I am and how good I would be for your company after just moments? Plus the whole thing sounded so scripted. I was definitely skeptical.
I called a few friends to tell them about the job interview and told them it sounded fishy, like they were going to try to get me to sell Amway. The all told me not to be so skeptical, that Citigroup was a fortune 500 company and they aren't recruiting people to sell avon. I told my skeptical side to shut up and went to this interveiw.
The interview turned out to be a meeting of several other people in my same situation who were "invited" by members of the company. As soon as I walked in I again felt like something was off. The employees looked like they were starving and fresh meat was just walking through the door. Before the meeting began the man who invited me came over and introduced himself and had me fill out a form with my name, address, phone number, 6 references, and questioned if I had any licenses for any insurance or trading activites. 6 references? Not only that, but 6 LOCAL references. That again was very odd.
I filled out this form and the meeting began. There was supposed to be a slide show but somebody accidently locked it in a room, but luckily they had pamphlets that had all the information on it. The man doing the presentation claimed to be working there for 8 months and went on for about 15 minutes about how wonderful primerica was and how they were out to help people. (Cause we all know big business want nothing more to help people.) At this point my skepticism was waning. I was wanting to believe that the people who worked here helped people and as they did they made a LOT of money. The guy speaking was pretty convincing.
The meeting ended and I wanted to talk to the man who invited me with a few questions that I had. I kept hearing my dad say "if it sounds too good to be true, it is". There were only two questions I had and if they answered them wrong I wasn't coming back but if they answered them right I was ready to sign on the dotted line. Before I could ask my questions the guy asked me if I wanted to come back for a more formal interview on monday. I figured I would ask my questions then.
As I was walking to my car I started getting the bad feeling again. During the meeting they were telling us that we would be paid commission for certain services we provided for customers and that the people who trained us (aka recruited us) would make an even larger percentage of what we brought in by doing nothing. Hmmm... can we say pyramid scheme? I got so angry that they were able to make me think for even a minute that it might be a legit deal. I still decided that I was going to go to the interview on monday to make sure that I wasn't overreacting.
I talked to my dad the next day, sunday, and told him about my skepticism. That it sounded too perfect and I was waiting for the catch. My father is the ultimate skeptic. To believe anything he needs twelve sources and then to see it with his own eyes. Before I even finished telling him about everything that went on he sighed and shook his head and I knew he thought the same thing I did. He walked over to the computer and put Primerica into google and pointed this site, as well as many many others, out to me. I read them and knew that I was right. The company, while technically not illegal, was still a scam. I can't thank ripoffreport.com enough for confirming my suspicions.
My dad always told me that if any job EVER makes you pay to join then it is a scam so I know that if they had asked me to give up $199 for various fees and junk then I would have walked out the door, but the wonderful world wide web saved me from a potentially costly mistake.
I promptly called everyone on my reference list and told them to hang up on anybody from primerica who called. Then I called my recruiter and told him that I was smart enought to do my homework and wanted nothing to do with his company and to not bother calling my references because they wouldn't hang up on him.
Beware of anyone from Primerica, whether they are recruiting you to work, or if they are trying to sell you something. Do your homework!
Shannon
st. peters, Missouri
U.S.A.
11 Updates & Rebuttals
Tyler
KENTWOOD,Michigan,
U.S.A.
PRIMERICA IS FOR REJECTS AND IS A SCAM
#12UPDATE EX-employee responds
Mon, November 21, 2005
I WENT TO ONE OF THOSE RIDICULOUS MEETINGS AFTER BEING APPROACHED BY A MAN AT WENDY'S.
AFTER SITTING IN A MEETING FULL OF PEOPLE IN CHEAP SUITS AND HEARING PEOPLE CLAPPING AND CHEERING FOR THIS SUPPOSED RVP, IT WAS QUITE COMICAL.
I WAS ONLY 20 AT THE TIME AND WAS NOT YET DONE WITH COLLEGE AND WAS ON MY WAY TO BEING A REAL FINANCIAL ADVISOR I NEVER GAVE MY $199 BUT WENT TO ANOTHER MEETING. THIS TIME I STARTED TO NOTICE THESE GUYS ARE NOT PROFESSIONALS AT ALL.
IF THEY WERE AS SOLID OF A COMPANY AS THEY CLAIM, WHY DONT THEY PAY FOR THIER EMPLOYEES LICENSING? I CURRENTLY AM A REAL FINANCIAL ADVISOR AND HEARING PEOPLE WHO TOOK ONE TEST STATE THEY ARE IN THE FINANCIAL INDUSTRY MAKES ME SICK.
IT IS A SLAP IN THE FACE TO US WHO REALLY DO STRIVE IN THIS BUSINESS AND DO IT FOR A LIVING. PRIMERICA IS A GROUP OF HILO DRIVERS, LUMBERJACKS, GARBAGEMEN AND OTHER JOBS THAT HAVE NOTHING TO DO WITH THIS INDUSTRY. THEY DONT OFFER OFFICES, THEY DONT OFFER LEADS. OF COURSE WE HAVE PEOPLE REBUTTAL HERE WHO SO CALLED "WORK" FOR PRIMERICA, BECAUSE THEY ARENT SMART ENOUGH AND CANT MAKE IT IN THE REAL WORLD OF FINANCIAL SERVICES.
SO IF ANYONE REBUTTLES TO THIS I DONT CARE I'M IN THE BUSINESS YOUR NOT,NOTHING YOU CAN SAY CAN PROVE OTHERWISE. CERTIFIED PLANNERS TAKE A 500 QUESTION TEST WHICH YOU HAVE TO GET AN 80% ON TO PASS, NONE OF THESE JOKES HAVE DONE THAT. THEY HAVE THIER LIFE INSURANCE LICENSE.
AN EASY 75 QUESTION TEST A RETARD CAN PASS. I'D LOVE TO SEE THE SO CALLED "FINANCIAL PLANNERS" EVEN GET A 50% ON THE SERIES 7.
I HAD TO VENT BECAUSE THEY ARE A SLAP IN THE FACE TO OUR BUSINESS.
Timothy
Valparaiso,Indiana,
U.S.A.
come back in six months and tell us how things are going with you and Primerica.
#12Consumer Comment
Sun, November 20, 2005
Here's the bottom line, Clint: come back in six months and tell us how things are going with you and Primerica.
Or, better yet, rifle through the existing Primerica posts and see just how many times this invitation has been extended to people just like you.
Then try to find a SINGLE Primerican who took us up on that invitation.
In my three years as a daily RoR reader, I have yet to see it happen.
Take this information and draw some rational inferences for yourself.
Stop believing unsubstantiated hype before it's too late.
Stuart
North Brunswick,New Jersey,
U.S.A.
Responding to Tom from Cleves (Cleveland?) Sounds like a sugar-coated way of describing the fat cats
#12UPDATE EX-employee responds
Sun, November 20, 2005
"In the end, PFS, Inc. is an excellent business model for executive profits and large revenue streams for a select few that relies on the many lower employees buying into the "spin" of helping people, all the while fleecing them to join programs...." Sounds like a sugar-coated way of describing the fat cats.
Stuart
North Brunswick,New Jersey,
U.S.A.
Responding to Tom from Cleves (Cleveland?) Sounds like a sugar-coated way of describing the fat cats
#12UPDATE EX-employee responds
Sun, November 20, 2005
"In the end, PFS, Inc. is an excellent business model for executive profits and large revenue streams for a select few that relies on the many lower employees buying into the "spin" of helping people, all the while fleecing them to join programs...." Sounds like a sugar-coated way of describing the fat cats.
Stuart
North Brunswick,New Jersey,
U.S.A.
Responding to Tom from Cleves (Cleveland?) Sounds like a sugar-coated way of describing the fat cats
#12UPDATE EX-employee responds
Sun, November 20, 2005
"In the end, PFS, Inc. is an excellent business model for executive profits and large revenue streams for a select few that relies on the many lower employees buying into the "spin" of helping people, all the while fleecing them to join programs...." Sounds like a sugar-coated way of describing the fat cats.
Clint
Fayetteville,Arkansas,
U.S.A.
It's ok guys....vent on me!!
#12UPDATE Employee
Sat, November 19, 2005
It's ok, since Primerica or Crimerica...some would say...didn't work out for you, you can vent on me! Just because you might have tried Primerica and it didn't work out because you didn't work hard you call it a scam and say negative things about it. I love people like you guys!! Your more incentive to go out and work harder just to piss guys like you off!! I appreciate it! Keep up with the good work!!
Anthony
Beltsville,Maryland,
U.S.A.
Brainwashed spin
#12UPDATE EX-employee responds
Fri, November 18, 2005
To Clint of Fayetteville, Arkansas:
It's just more Fast Start School or Builder's School Brainwashed spin. I recommend you read all the rip-off reports on this site destroying your Corporation vs. PFS argument. It's not worth re-demolishing it again here. (Hint: Search under pyramid or MLM)
It's you that needs to wake up and see what's going on. Residual income?? Give me a break. The correct term is override and yes we can say MLM. Like most PFS apologist you miss the boat. PFS is legal for sure, however its practices are deceptive plain and simple. The deception is systematic and encourage throughout the leadership. If you have an hour or two read the posts. I'm really trying to restrain my self because it's so obvious. But if you're in that PFS malaise you won't recognize it. Continue on buddy, don't let logic stand in your way. You'll trash opposite opinions and give them no merit while spewing the PFS line.
I don't know how many times it's been said on this site and elsewhere but Clint you own nothing. PFS corporate owns the clients you bring in and the recruits. Read your IBA. This is another one of those deceptions, that don't get spelled out at your brain-washin..excuse me, pump up rallies. Did somebody say Checkup from the Neck up?
BTW you can still have your dreams and goals etc there are just more honorable ways to achieve it.
Tom
CLEVES,Ohio,
U.S.A.
Primerica Research: A Comany To Steer Clear Of
#12Consumer Comment
Fri, November 18, 2005
Hello,
My hope hear is to avoid the flame wars and personal attacks that seem to take over these boards when discussing Primerica. I'll start with showing a little of the research I unearthed when looking into the company and then expand on my interview experience with the company.
Earlier this week, I had my first interview with this company. It was what I expected it to be--30 minutes or less with a brief overview of the company and a few of your standard management interview questions (ex: What do you think makes you a good candidate? What is one of weakness you've identified that needs work?) After leaving the interview, I was excited about the opportunity presented before. In fact, the emphasis on helping the community and the salaries presented were all very appealing.
Still, my background in news doesn't let me take anything at face value. And a short investigation raised many red flags. Again, in hoping to avoid the flamings, I went in search of unbiased information, or at the very least, info from both sides of the aisle. The best information I found was at the link below at Answers.com:
http://www.answers.com/main/ntquery?method=4&dsid=2222&dekey=Primerica+Financial+Services&gwp=8&curtab=2222_1&linktext=Primerica
Digging a little further, I found some 1998 litigation involivng PFSI representatives taking part in a Ponzi scheme. You can read more about this here:
http://www.sec.gov/litigation/admin/ 3440269.txt
Please note: The litigation example is not posted so as to imply that all PFSI representatives are criminal and/or unethical. Indeed, it could have been a case of a few "bad apples." However, this case does undermine the credibility of the organization and I welcome you to investigate Traveler's and Citigroup for other easy-to-find examples of unethical business models.
Now, back to may interview experience. It all began with an unsolicited phone call from out of the blue. I had recently updated my Monster resume, so that didn't seem all that odd. And, all in all, it was very polished. There was absolutely no discussion of fees or money changing hands, in fact there was very little talk of what the positions they were looking to fill would actually do. Rather, the representative just laid out a massive expansion plan for 50+ offices in the Greater Cincinnati area with another 11 in Northern Kentucky. The positions they were looking to fill were research/analyst and middle management. Higher postitions would be promoted from within.
I was invited back for a second "group interview" with other candidates and representatives at 7pm as it was explained to me, with select candidates being chosen for a third interview after that. After conducting my own investigation, this is not an "interview" that I will be attending. In fact, this "interview" is without a doubt the recruitment meeting mentioned in other posts.
Please be wary of this company. If it sounds too good to be true, it probably is. Your financial future is worth the time you need to spend on your own investigations and planning. Don't let your fear of the unknown push you into a bad situation. Primerica may be an opportunity some wish to persue and even fewer acheive at, but I have many, many, serious doubts about the ethics of Citigroup and PFS after looking into their history and current practices. I believe that PFS, INC. is operating inside an ethical but legal loophole that only ends up costing the middle income consumers that they're supposedly 'helping' more in the long run than if these people would have done some research and comparisons themselves. And I firmly believe that if you do your homework, you'll come to the same conclusion.
Summary Editorial:
In the end, PFS, Inc. is an excellent business model for executive profits and large revenue streams for a select few that relies on the many lower employees buying into the "spin" of helping people, all the while fleecing them to join programs that may save them some money, but not nearly what they may have been able to save had they researched and compared their own finances and more reputable services available more dilligently.
Jay
Cleveland,Ohio,
U.S.A.
Especially to Clint! please stop using the 'same ol excuse'
#12UPDATE EX-employee responds
Thu, November 17, 2005
Clint:
I have nothing to say other than you may need to take some time and read my messages posted on this site as it relates to Primerica. Also, please stop using the 'same ol excuse' that "people are not using the facts...the only reason people don't succeed is because they are lazy". After you read my comments, here is some information you may want to know:
1. Everything I stated was based on facts, actual accounts of everything that happened to me as a direct result of my experience with Primerica.
2. Primerica unethical in its approach because I just recently found out (11/14/2005 to be exact) the following information:
**Dave Derbin the alleged "District Manager" in my area told me to bring a copy of my resume and 5 references to the alleged "interview". I did and he kept material. Do you realize this guy took my references, gave them to a woman by the name of Pat McGreevy at (216) 289-6736 and she called my references telling them that she heard they were interested in a career opportunity with the company. Yet, YOU ARE TRYING TO CONVINCE US THAT PRIMERICA IS LEGITIMATE IN ITS BUSINESS PRACTICES!**
Are you telling me it is a legitimate, ethical practice to tell someone that you need references for employment and character recommendations--take those references; give them to another representative; and that representative, in turn, calls YOUR REFERENCES (without your knowledge) saying they got their resume off of monster.com or never disclosing where they got their name from--all in a feeble attempt to recruit them for Primerica?
Try Again, buddy!
Stuart
North Brunswick,New Jersey,
U.S.A.
Rebutting Clint (Fayetteville)
#12UPDATE EX-employee responds
Thu, November 17, 2005
Quoting:
"First off, any Job or Career that you work in is a Pyramid." First, what if you're self employed? Second, what distinguishes Crimerica in part is that over 95% of the agents can't make a living let alone make a "six-figure income" that Crimerica loves to dangle in front of newbies (of course Crimericans can't have their company take the responsibility preferring to blame those who leave the company as being lazy or losers).
"You say that Primerica is a scam and a pyramid scheme, but at least with Primerica you get a chance to work your way up to the CEO spot" What are the odds against this happening?
"Primerica doesn't sell anything for the record,..." Last I heard they do sell term insurance along with securities. Aside from that there must be a sale of a product, otherwise Crimerica would be in violation of the law for running an illegal pyramid scheme (check with Crimerica corporate about this).
"...they offer a service, which is help middle class families get out of debt and manage their money." This has yet to be proven on Ripoff Report
through documentation.
Clint
Fayetteville,Arkansas,
U.S.A.
Primerica NOT a ripoff NOT a Scam
#12UPDATE Employee
Wed, November 16, 2005
First off, any Job or Career that you work in is a Pyramid. You have the CEO who makes the most money. Then the President who makes less than the CEO. Next you have the Vice President who makes less than the first two. Then you have Managers who make less than the CEO, President, and Vice President, but more than employees. Then you have the employees, which most of you are, that make less than all the people above them. The CEO's, President's, and Vice President's are creating wealth on the work that YOU do! Do you understand that?
You say that Primerica is a scam and a pyramid scheme, but at least with Primerica you get a chance to work your way up to the CEO spot. Everyone has the same chance of making it to the top. It just takes you getting off your butt and working a little bit. People are comfortable these days with just sitting in their chairs behind a computer doing the same thing everyday and creating wealth for someone else. You'll never work your way up to CEO, being an employee for some corporation. People need to wake up and understand that if you want to be financial free you have to own your own business and not be an employee trading dollars for hours. You'll never get ahead!
You stated..."During the meeting they were telling us that we would be paid commission for certain services we provided for customers and that the people who trained us (aka recruited us) would make an even larger percentage of what we brought in by doing nothing. Hmmm... can we say pyramid scheme?"......It's called Residual Income!! Something you should learn about.
You also said..."My dad always told me that if any job EVER makes you pay to join then it is a scam so I know that if they had asked me to give up $199 for various fees and junk then I would have walked out the door, but the wonderful world wide web saved me from a potentially costly mistake."......Did you even ask what the fees were for? It's for you to get Life Licensed. How is something a scam if you are required to get a state license for it.
The reason that I'm writing this is so people can become more educated about Primerica and not just make assumptions from some website that they found on the internet. Primerica doesn't sell anything for the record, they offer a service, which is help middle class families get out of debt and manage their money. Next time do some research before you make assumptions about something you really don't know about.