Complaint Review: Primerica

The problem Christine is that this is a deception. This is the kind of PFS alternate reality double talk that prevails throughout the company, but specifically for the sales force. PFS agents talk about ownership but in reality, the clients and recruits belong to PFS corporate. Ownership is an illusion because everything you build belongs to PFS. How can you sell something to PFS when they already own it? The bottom line is its misleading at best, the misleading philosophy of this company and the fact that it's deliberate and systematic throughout the leadership is one of the main reasons I got out. This misleading philosophy is also the source of complaints on this company throughout the internet. On the one hand you can sell it on the other hand PFS will determine what they'll pay, and can terminate the program at any time, at their discretion. So let's say after years of work and you're about ready to sell, PFS says we've decided to stop offering that option, do you have it in writing that they can't? Or suppose they change the guidelines? Do you decide if you own it or can sell it? Is this really ownership? You're screwed if you don't like it too bad, you cant sell it to NY Life.

That not all Christine, PFS can stop your ability to market any product at anytime and you have no recourse if you stay. PFS (for example) used to market Car Insurance through Travelers, one day they said we're not going to do this anymore. So all your clients who have the product can now fall prey to replacement by the competition and while he's there he might replace the life and other products as well and there's not a thing you can do about it. All the extra income you made and future potential is now gone, not by your decision as an owner but by PFS corporate. Some ownership huh? When PFS and Citigroup decided to partner with Met. Life, one of the biggest sellers of cash value life insurance did they ask for your input? Shouldn't you as an owner have a say? My answer's gotten a little wordy but the bottom line is that selling your business in PFS is an alternate reality perpetuated on trusting individuals.

Regards,

Isn't the bottom line of selling a business, selling the business? Does it matter if it can be sold to NY Life? Or does it just count that it can be sold?

Ok,

I see it has to be said everytime a PFS terrorist comes on-line. They drop their brainwashed bombs and disappear never to be heard from again. This ones for Peter. You own nothing. PFS corporate, those guys with the 9-5 that process all your business etc..that you bad-mouth. They own your your clients and recruits. There will be nothing to pass on to your family. Stop the lies and read your IBA. Now if you're talking about jumping through hoops and having the ability to "sell" your business to someone within PFS, this is not ownership. You are an idependent contractor, nothing more. Ownership is when you can sell "your business" to anyone. Try selling it to NY Life, and see what happens. But I don't expect you to respond, you'll be like most PFS apolgist who come to this site. They drop their little bombs, and when confronted with facts, head for the hills. See ya.

Regards,

"Here is the simple truth. J.O.B.= Just Over Broke You are "busting a*s" to build someone elses' dream not yours." Sounds like the fat cats at Crimerica at this pyramid-schemed company.

By the way you're still going door to door at Crimerica (if you're not trying to hustle at shopping malls). Working off a referral means you still have to go into people's homes (what happened to selling across the kitchen table, Peter?).

"Here is the simple truth. J.O.B.= Just Over Broke You are "busting a*s" to build someone elses' dream not yours." Sounds like the fat cats at Crimerica at this pyramid-schemed company.

By the way you're still going door to door at Crimerica (if you're not trying to hustle at shopping malls). Working off a referral means you still have to go into people's homes (what happened to selling across the kitchen table, Peter?).

"Here is the simple truth. J.O.B.= Just Over Broke You are "busting a*s" to build someone elses' dream not yours." Sounds like the fat cats at Crimerica at this pyramid-schemed company.

By the way you're still going door to door at Crimerica (if you're not trying to hustle at shopping malls). Working off a referral means you still have to go into people's homes (what happened to selling across the kitchen table, Peter?).

"Here is the simple truth. J.O.B.= Just Over Broke You are "busting a*s" to build someone elses' dream not yours." Sounds like the fat cats at Crimerica at this pyramid-schemed company.

By the way you're still going door to door at Crimerica (if you're not trying to hustle at shopping malls). Working off a referral means you still have to go into people's homes (what happened to selling across the kitchen table, Peter?).

While I won't say that PFS rips people off, I will say that they intentionally mislead both customers and recruits.

For example, you say you own your business and can sell it. The fact is that you have no ownership rights to your clients or sales team. If you left PFS today, you are bound under penalty of law by a contract that states, you cannot contact your sales team or clients for a period of two years. You cannot sell your business without home office approval. And the price is to be determined by the company and not you. Usually it is structured as a percentage of the income production of the team you have paid out over your lifetime and not as a one time lump sum of 7-10 times the annual income.

I don't think the $199 is a big deal; you have to be licensed and depending on the state you're in it may be more or less than $199 to get licensed.

You make a big deal about writing off expenses, but if you haven't realized, PFS passes much of its operating expenses on to its agents. For example, you have to pay a monthly subscription fee to Call Atlanta in order to use the web site to track your business and use the FNA software. An RVP pays about $1000 a year for this. You have to pay for all your marketing material as well. Now don't think PFS doesn't make a profit on all these charges. I own my own agency and I use the web sites of the insurance companies I represent for free to track my business. I get financial analysis and illustration software for free and all of my marketing brochures are given to me by the insurance companies I work with at no cost.

And did you know that PFS is one of the only companies that charges it's rep a sale fee on mutual funds? I buy mutual funds at NAV with no sales charges for purchases for me or any of my family members because I am a rep. PFS has no problem charging you to buy mutual funds. And at PFS you are not allowed to write your own insurance policy. I wrote my own policies and effectively get my personal insurance at a discount.

I don't understand how you say recruiting is not required. The last time I talked to a PFS agent the promotion schedule was this. Get licensed and earn a 25% commission. Recruit 3 and get 35%. Have one of your recruits recruit 3 do $2500 in business and you get 50%. And so on. So if this system is still in place, tell me how you don't have to recruit to get promoted. And are you saying that those guys making 400K are only doing it at a 25% commission?

I've talked about the products and strategies many times and I will add some of that after I read your response to this thread

In your report dated 2/14/2003 11:25:55 PM (low blood sugar perhaps?) You stated that...

"they rip people off constanly and yet still you support it."

Yet you didn't mention exactly how this ripping off occured.

If(and its a big if)you are inferring that because a business that asks for a $199 start up fee (used to conduct a criminal backgrgound check and pay for pre-licensing class materials and the time of an instructor who teaches you how to pass the test) is "ripping people off" then shame on you for not listening fully.

We do not profit from or in any way keep the $199 used to start your own business. How much would it cost to start any other kind of business? McDonalds? Landscaping? Computer Company?

We even offer a way for you to earn the $199 as a form of tuition for individuals who cannot afford the $199(because they have a so called "Real Job")

"I asked him exactly what the job would consist of, specifically if this was some door to door job where i would be hocking something. He told me no."

And he didn't lie to you. We don't go door to door. We specifically work by referrals. I say to my clients...

"If I can provide you with a plan that is significantly better than what you are currently doing AND you understand the plan and how to implement it, is there any reason you wouldn't share me with 10 or 15 of your friends who need my help just like you?"

I clicked employee but that is in fact untrue. I am an owner of my own Primerica business. That's whats great about it. I can have ownership and offer ownership to as many qualified people I can find. I cannot be fired or laid off, and I can deduct my business expenses from my taxes. Those with J.O.B's cannot.

As far as managing your own mutual funds...What you do is go through a broker who is licensed to market funds, you paid a fee for his services(whether it was stated or not it's true)and They maintain you account. You make decisions on what to buy and sell and when to do so...and everytime you change something you generate a commission for that broker or create a taxable event.

What makes you think you are qualified to make those dedcisions? Do you know about the "Rule of 72" or "Dollar cost averaging?"

We always tell people if they want to AVOID getting ripped off then why not get licensed and trained, buy from yourself and get paid for it? This is true of not only Mutual Funds but also Mortgages, and Life Insurance.

I am not sure what you were getting at when you mentioned "Team of Destiny" however, let me spell it out for you.

It is not required to recruit anyone for you to earn money with Primerica. As a matter of fact we have several individuals who make a significant income (in the range of $400K) and have never recruited anyone. It's just a more effcient way of building a business since you can't possibly see all the people who need our help by your lonesome.

In regard to the next quote "rather bust my a*s at a real honest job then play puppet to that slimey joint"

Here is the simple truth. J.O.B.= Just Over Broke You are "busting a*s" to build someone elses' dream not yours. Jobs never pay a person what they are worth, they pay for what a position is worth. So no matter how hard you work or early you come in or how late you stay the pay is the same. Unless you are paid by a form of commission and even then you dont OWN anything. Ask yourself a question Mike (and anyone else)

How much is your JOB worth if you offered it up on ebay. If you could sell your JOB what would someone pay you to have it?

My business has a value and if I want to sell it in years to come then I can ask 7-10 times of what it pays me in annual income and there will be hundreds of people interested in buying it.

But lets say I don't sell it and instead I will my business and all its proceeds to my children, and they to their children, and so on. What I am building today will benefit my future generations. I am forging the destiny of my family's future with every person I meet and help.

What is you do again Mike?