Complaint Review: Primerica

This is in response to the post that PFS has over 45,000 reps earning $80,000 and another 40,000 earning over $100,000. That would imply a minimum annual payout to reps of over $7.6 billion. Since that statement would be is comissions paid, not corporate revenue, it would imply coporate revenue in the area of $10-11 billion, at a minimum. This does not consider the other 35,000 reps that are claimed, some of which must be earning something.



Perhaps in a moment of corporate patriotism this poster made an error in judgement and spouted out some ridiculous figures, or was quoting inaccurate informationthat was fed to him. The payout levels at PFS would require another 200,000 reps to be registered and active for that type of payout level to be achieved.



Let'sd face it if a guy is some $10,00 in credit card debt, having trouble making car payments or buried ina mortgage he can't cover -- he's in a dire situation. SO evenif that person made a move to PFS worked hard and made only $40,000 in year 3, he's probably ahead of where he was going. Like any MLM the guy at top makes the most money. They live off the recruits it is an annuity of sorts.



How do they adequately supervise subordinates to NASD and regulatory standards--most appear to fail at some point. Go to www.nasd.com and check thebackground of your PFS broker andhis supervisors to see if they have disciplinary histories and request a background check before buying. This is a free service of the National Association of Securities Dealers.

Its sad that just because some people can't make it in a business like the one Primerica offers they have to go around stomping on other's dreams. Notice how all the people speaking negatively about the company are people who have very little involvement in the company or people who quit. But you know what they say quitters never win, and winners never quit. Its good to form your own personal opinion about Primerica and Citigroup, but its seems like some people have a personal vendetta against the company and I would bet that if you spent as much time working the business system we have in place as you do trying to find something wrong with it, maybe you would have made a little more money. If you are the type of person who likes to sit at work all day and do nothing, but still get a check then please stay away from any Primerica office. If you like answering to someone at a job and don't wish to be in control of your life, STAY AWAY!!! Stop discouraging others and let everyone form they're own opinion of Primerica. We change lives, its happening everyday here so you can just keep "working hard" and most of all keep HOPING for that promotion buddy. I love when people say "oh, well if its so great then everyone would do it."



Listen Primerica is like everything else in life, many people consider that being a Doctor is achieving something great but not everyone does that. Why? Because not everyone has the determination and perseverance to do so. But I just want to say thank you to all the losers who waste their time crying about how "They got ripped off!!" You're ripping yourselves off! But thank you I'm glad not everyone does it, just means there's money to be made out there!!

Its sad that just because some people can't make it in a business like the one Primerica offers they have to go around stomping on other's dreams. Notice how all the people speaking negatively about the company are people who have very little involvement in the company or people who quit. But you know what they say quitters never win, and winners never quit. Its good to form your own personal opinion about Primerica and Citigroup, but its seems like some people have a personal vendetta against the company and I would bet that if you spent as much time working the business system we have in place as you do trying to find something wrong with it, maybe you would have made a little more money. If you are the type of person who likes to sit at work all day and do nothing, but still get a check then please stay away from any Primerica office. If you like answering to someone at a job and don't wish to be in control of your life, STAY AWAY!!! Stop discouraging others and let everyone form they're own opinion of Primerica. We change lives, its happening everyday here so you can just keep "working hard" and most of all keep HOPING for that promotion buddy.



I love when people say "oh, well if its so great then everyone would do it." Listen Primerica is like everything else in life, many people consider that being a Doctor is achieving something great but not everyone does that. Why? Because not everyone has the determination and perseverance to do so. But I just want to say thank you to all the losers who waste their time crying about how "They got ripped off!!" You're ripping yourselves off! But thank you I'm glad not everyone does it, just means there's money to be made out there!!

What's most disturbing about Primerica, is that those who succeed can only do it by feasting off the commission for application fees or a terrible product at best, and fraudulent product at worst.



Folks, there is a reason Primerica has been fined multiple times:

http://www.ins.state.pa.us/ins/cwp/view.asp?A=11&QUESTION_ID=525563

http://www.southernstudies.org/reports/bankingonmisery.pdf (find the paragraph about NY fining Primerica for $500,000)



They've been sued by the SEC:

http://www.sec.gov/litigation/admin/ 3440269.txt



Or how about Primerica itself? Do the sales people not tout this system as a break from financial burden? Do they push themselves are experts on finances? Yes they do, but Primerica doesn't think so:

http://ww3.primerica.com/public/home/disclosures.html (Look for the Financial Needs Analysis paragraph)



How about the Soloman Smith Barny Mutual Funds? Is Worldcom and Enron how they make their "magical" 12% returns?

http://www.securitiesfraudfyi.com/salomon_smith_barney.html

http://www.worldcomclassaction.com/smithbarney.htm



Stand there in all your glory about beating the system and making 100k this year but NEVER forget what pays your bills. You manipulate family and friends into given their $200, and you sell fraudulent products. You are thieves, snakes and vultures.



Go watch Walstreet, Glengary Glen Ross or Boiler Room. You'll feel right at home...

I had an insurance policy with Prudential and was contacted by a representative of Primerica. He showed me how to get more coverage and better savings than I had with my old policy. He showed me how to pay down my credit cards and to get better interest rates.



When people try to sell me insurance, or if I hear the word insurance, I am skeptical, but as I listened to what this guy had to say, it made sense. I changed my insurance and savings program.



When I was diagnosed with breast cancer and was glad that someone had helped me. The insurance I had wouldn't have covered my funeral if I had not lived. I have almost half million in life insurance and my mutual fund + savings is over 50k, which is more than 10+ times what I had with Prudential.



Prudential tried to sell me more policies and it was so expensive. For me, I am glad that I had the contact from the Primerica person. My teenagers will not be destitute if I should die. When I was on the gurney waiting for surgery, a mastectomy, my girl's financial future was one less thing to worry about.

It's really a shame of how many lies about Primerica are written here. I'm a wife of a Primerica Representative, we started 2yrs ago part-time. We used to have our own business and due to Sept 11th we lost it. What has Primerican has given us? The oportunity to help ourselves and help other people at the same time, we have been full time now for a year and we are on track to make 100,000 this year, not only that, it has given me the opportunity to stay home with my kids and have the quality of life that most people dream of.



My opinion is that most people that are negative about Primerica is because they don't really know how we help people. For the people that are thinking about joining give yourself the chance to really know Primerica, ask questions and stay away from negative people, that's the best you can do for yourself and your families. By the way we were clients for 10yrs before we joint Primerica. What a great Company!

Juan, we all know that PFS is nothing more than a multi-level plug. I used to work for them and I can tell you that EVERYONE involved is just giving the consumer the "plug". Thats what paramid systems are all about and PFS is a paramid. Its OK. You don't have to lie anymore. But if you want to continue, then we will all know that not only does PFS have problems, but you do as well!

Just so you know, the reason why i was on the verge of financial bankrupt was not because I did not know how to manage my money. It so happens to be that my mother had termianl cancer and I was the one taking care of most of the medical bills. Let me ask you Dave.



Would you turn your back on your mother just so you financial life does not goes down the toilet? Or to avoid that others will make fun of you for your lack of financial knowledge even though they don't really know one minute of your life?.



If you are a human with a heart you will do what ever it takes to help out even if it means going bankrup. The way Primerica helped me out with my debts was not by telling me which credit cards to pay off first. Any dummy would know to pay off the high interest ones first. They way I have rescue my life back is by making an extra 1000 dollars a month, by doing what it takes to succed in Primerica.



If it happens to be that later on i will leave Primerica because is not working out, then I will know that is not the company's fault, it is my own fault for my lack of effort and lack of dicipline. Yes dicipline, because in primerica you are never told what to do, you are shown what to do to succeed. you have no bosses.



I'm sure if you go to your regular job and dont do what you know you are suppossed to, you wont get very far. For some people having a boss to tell them what to do is the only way for them to get something accomplish. In primerica you are your own boss and you own your own business. It is up to you to fail or to succeed. Dave. I suggest you go to Primerica and do you own research on our office, because our offices are opened to anyone. We have nothing to hide. Dont be taking the opportunity away from other people that will believe your stories.



I'm sure if I had visited this website before I got to see for my self the great opportunity that Primerica offers, maybe I would not have kept trying. you might be doing great damage to others by telling them the wrong information. Primerica will not work for everyone,but for the selected few who believe in the dream, it is the best thing that could ever happen to them. Dave. Do your own research, I'm sure you haven't had a clue what Primerica is really all about. Why dont you read The ABC's of making money, you might learn something about financial services and about what they say about Primerica. Maybe you should be writing about how companys like prudential, metlife and new york life are making their billions by ripping people off with whole life insurance. Primerica rescues these people from those money taker.

And, in response to your question, no...there are no guarantees in life. You work hard and hope you succeed. The problem I have with Primerica is that the response is always the same. Even though there are hundreds of messages from complaining or disgruntled customers the message is always ignore the bad apple. Thats like the customer service desk saying that the salesman is a jerk and doesn't represent the company. Maybe that is the problem with the MLM setup. No one really represents the company. World Financial Group has the same problems and the same responses. The other part of the equation is the financial services company as a whole. The glorified "financial planner" is basically a salesman for a securities package from one supplier. For some people, like Juan, who can't manage their money or have never been taught financial planning, then I suppose the companies are successful because they at least teach him to save and invest. But they are getting rich in the process off of his lack of knowledge. Thats why they specifically target financially uneducated people. But that is business....right? Taking advantage of your strengths and minimizing your weaknesses. And the MLM format means you can easily get rid of everybody if the house starts to collapse. Well time will tell the story.

I just have to thank my lord for not allowing me to find this website before I joined Primerica. I would never have given my self the opportunity to set my financial life straight. I was in over 40 thousand dollars debt in credit cards, almost going totally out of my mind. Now thanks to Primerica, I am in control of my debts and I can see them finally going down instead of up. When I was given the opportunity about a year ago, I was very excited until someone at my full time job told me to stay away from Primerica. I called my vice president and told him I would not do the business because I do not want to get my friends and families involved in something that would not be good for them. He told me that would be fine. Asked me not to decide my life based on what other people told me, but to see for my self what Primerica is really about. I listen to him and today my life is completely turning around, If my debts would have kept going up, i dont know how long I would be able to handle it mentally. I will never make a decision based on others opinion. In Primerica you have an opportunity to become somebody, but if you dont work hard at it, then you will end up posting negatives reports just like the rest of them on this website. I am a person that have worked hard all my life. Paid my parents rent since I was 15, graduated high school with no help from my family on where to go next, went intop the U.S Navy for four years, It was a great experience and helped me grow as a person. I got out and started working with a pretty good company. Working on my degree in computer programming and will finish in may 2004. I will not be working in programming, I will be with Primerica helping families and helping others get out of their JOB(just over broke). If you are a negative person you will find negative people where ever you go, if you are a positive person, you will always find positive people where ever you go. Examine your self and think if maybe you need to change your selve before you think of changing others. Thank you

So your sites are set low good luck Glen. Report that guy, to guarantee an investment return in any state is unlawful. I'm sorry you were lied to by one of the One hundred and twenty thousand licensed reps in the USA. Don't get a chip on you shoulder at the rest of us. As far as I can tell we have not hurt you. This guy is a fraud, though mutual funds as a whole have averaged %10.97 since there inception in 1923, past performance is not guarantee of future performance. So good luck with you american dream to be a CFO or CEO of a company. What guarantee do you have that will happen?

For you to say that those who have offered sincere opinions are/will not be successful is completely preposterous. I am the accounting student that replied previously. I have completed a Bachelors in Accounting in two years and will complete a MBA with an emphasis in Finance and Marketing in another two years. Within ten to fifteen years I will be a CFO or CEO of a company and drawing in a salary of $200,000-400,000 a year (and that is a conservative estimate). Now measure that against the out-of-work IT professional who approached me with a promise that Primerica will pay back a guaranteed return of 8% or greater. He said that Priamerica will pay the actual market ROI unless it drops below at which point they would pay 8%. Personally, that sounds like fraud to me.

I have read these statements a Primerica, and I would like to say that most critics either dealt with a corrupt representative, did not stick around long enough to finish what they started, or were just plain ignorant to the facts. First and foremost this is a reputable buisness if it was not it would have fallen like the rest have in the past few years. Second starting your own buisness contains many variables and most of those variables have a great deal to do with the idividual starting the buisiness. Lazy people don't suceed with Primerica(thankfully). As far as education goes Primerica reps are fully licensed so whomever you eventually move your money with has the same licenses that we possess. I don't need a masters degree to know that 12% is better than 1% the numbers speak for themselves.We don't push products on people if it doesn't suit your needs we leave it alone.If you examine the contents of these negative articles you would see that the are all individual isolated incidents. We have over 100,000 reps. In any situation there will always be some bad apples. For the open minded and thos willing to dream Primerica is the place to bring them to a reality. If you feel that it may be a cult like atmosphere it is because people have found something that trully make them happy, provides for their familes, and helps others. The people who write this crap will never acheive this, so they try to discredit those who have.

You don't get that money back. Don't give me that. I went to that seminar and make people true believers. Some people are cool with it and others aren't.



Second thing is if I call the BBB then I want to know. As far as I know the company could be around because of their reputation and if it was that great everyone would be doing it.

I was approached by a Primerica representitive in Staples yesterday. He was looking at a HP 12C financial calculator. I struck up a conversation with him about it. After a minute or two of conversation he asked me if I would be interested in becoming a Primerica representative. I am graduating this spring in Accounting and looking for a summer internship before my MBA program so I began questioning him about it. Turns out he is a out of work computer programmer with little if any financial knowledge other than the basic stuff they have on their website. He tried to pressure me into a meeting today and tomorrow. I declined to ensure a little research time before I gave up some of my valuable time. Plus, I've been hit up on campus several times in the last couple of months by MLM Financial Services gimmicks. What fascinates me the most, is that they pretend to be financial advisors with little if any real knowledge. Plus, how do you present a clear unbiased professional opinion when you are a sales goon trying to sell a securities package from only one company. But that represents most of the "financial planners" out there. Piss poor in my opinion.

To John of Quakertown,



John, you mean to tell us there are 45,000 reps in PFS that are presently earning over $80,000? And 40,000 earning over $100,000? You are either ultra brain-washed or an out right liar. You know the old saying that figures don't lie but liars figure. I would like you to prove to all the people on this site those figures,and not with PFS double talk. If you meant to say that in the entire history of PFS these figures apply then you need to stop with the lies. I'm talking about people for the Fiscal year of 2003. Prove it! And by the way just where do you fall in relation to those figures? Show us a website, an annual report, anything? Put an end to all the doubting Thomas's once and for all. We all await with baited breath.



Regards,

stated above some one mentions "all the people who complain can't be wrong" no they might be lazy or not of an busines owner mind set. Most people are programed as employees and can't make that change. Thats too bad for them, some reps use trickery and all you need to do to report them is go to www.primerica.com, we are a member of citigroup the largest financial comapany in the world. That is true! We are also the largest financial services campany, meaning we are most regulated company in the world. NOT THE US THE WORLD. So it would not be easy for a us to conduct a pyramid scam with a 110,000 people without a regulator catching it. And if you consider there are over 45,000 licensed reps making over $80,000 a year and over 40,000 making $100,000 or more. Them your %1 crap is completly wrong. Primerica works for ones willing to work, and doesn't for those they aren't

stated above some one mentions "all the people who complain can't be wrong" no they might be lazy or not of an busines owner mind set. Most people are programed as employees and can't make that change. Thats too bad for them, some reps use trickery and all you need to do to report them is go to www.primerica.com, we are a member of citigroup the largest financial comapany in the world. That is true! We are also the largest financial services campany, meaning we are most regulated company in the world. NOT THE US THE WORLD. So it would not be easy for a us to conduct a pyramid scam with a 110,000 people without a regulator catching it. And if you consider there are over 45,000 licensed reps making over $80,000 a year and over 40,000 making $100,000 or more. Them your %1 crap is completly wrong. Primerica works for ones willing to work, and doesn't for those they aren't

stated above some one mentions "all the people who complain can't be wrong" no they might be lazy or not of an busines owner mind set. Most people are programed as employees and can't make that change. Thats too bad for them, some reps use trickery and all you need to do to report them is go to www.primerica.com, we are a member of citigroup the largest financial comapany in the world. That is true! We are also the largest financial services campany, meaning we are most regulated company in the world. NOT THE US THE WORLD. So it would not be easy for a us to conduct a pyramid scam with a 110,000 people without a regulator catching it. And if you consider there are over 45,000 licensed reps making over $80,000 a year and over 40,000 making $100,000 or more. Them your %1 crap is completly wrong. Primerica works for ones willing to work, and doesn't for those they aren't

stated above some one mentions "all the people who complain can't be wrong" no they might be lazy or not of an busines owner mind set. Most people are programed as employees and can't make that change. Thats too bad for them, some reps use trickery and all you need to do to report them is go to www.primerica.com, we are a member of citigroup the largest financial comapany in the world. That is true! We are also the largest financial services campany, meaning we are most regulated company in the world. NOT THE US THE WORLD. So it would not be easy for a us to conduct a pyramid scam with a 110,000 people without a regulator catching it. And if you consider there are over 45,000 licensed reps making over $80,000 a year and over 40,000 making $100,000 or more. Them your %1 crap is completly wrong. Primerica works for ones willing to work, and doesn't for those they aren't

I've been with Primerica Financial Services for about 6 months. During this time I have never been lead to believe that I can make six figures over night or any of that nonsense others claim to have been told. I have seen the results that my peers have accomplished. I have seen families that these people have helped. Believe me I have done my research, I have spoken with many people about the company and have read many books that speak about the company and it just so happens they are all positive and say great things about the company.



Wave4 by Richard Pope

ABC's of Making Money by Dr. Denis Cauvier and Alan Lysaght

What All Stock & Mutual Fund Investors Should Know by Bruce Sankin



Just to name a few.........



Most people writing there complaints on here don't seem to understand that you are self-employed when you enter this business, don't expect people to hold your hand and carry you to the top, you need to have initiative and drive to learn and develop yourself and YOUR business. For the amount of time and effort I have put in I have EARNED more than what I could from a job. There is huge potential with Primerica and most people don't have the drive and will to run and succeed owning there own business, if it was that easy everyone would be a business owner.

Check-out WWW.MLMREVIEW.COM/MLMREVIEW/PFS2036.HTML

I am at the present with primerica. I must say that I did my research ahead of time to find faults with the company. I found many. The reputation of the company is bad. The reason behind this is that the reps are given freedom to go about their business how ever they see fit within the LAW. Many reps have taken advantage of that fact. But just as you would not judge a son for his fathers actions. I dont believe it reasonable to judge a company based on an individual. Think of the last time you went to Mcdonalds or another franchise. If you were to recieve bad fries and service from one do you say all are the same and go out picketting. NO you just realize that the manager there does not keep it up to your standards and you go to the one down the street. Look beyond the reputation and look at the principles behind the company. We ask people to get out of debt, save money, and invest money. If you feel you shouldnt do any of those and that is bad values to have then so be it. As you can see im not trying to attack anyones opinion of the company. We are all adults and for the most part set in our ways. However im asking to have an open mind and go with the person you feel is right. My experiences have been good thus far and the way I run my business is strictly for the benefit of my clients. So if your ever in the new york area and want to see a good representation of the company I would be more then happy to show you.

Nikki there is not page after page after page of complaints on PFS for no reason. The truth is, MOSt PFS agents make little or no money. The recruiting practices are laughable-recruiting any low life, inexperienced, clueless adult by bothering people off of job sites, shopping malls, garbage truck drivers picking up your trash asking who you invest with (no joke). The list of family and friends the recruiter is pressures to give, but gets no credit for. The brainwashing at these stupid out of town meetings the PFS rep gets to pay for, where they are told they'll make 100k a year when really, less than 1% of all PFS agents really make that. It's lies your company tells, and that's all PFs is-lies, deceipt, brainwashing, etc. Go get a real job.

I find it disgusting that a few people have had a bad experience with THEIR recruiter and now feel its fair to make an entire company seem dishonest. This is simply not the truth!



I am an independent representative for Primerica who is doing extremely well in my business. As with any business, your character and practices are determining factors of the success of your business. This is not a scam! (How dare you!) Primerica offers products that ARE making a difference in the lives of families. If anything, companies like Household Financial should be investigated. Whole life insurance should be investigated. Companies that are ripping off consumers and advertising otherwise should be investigated.



If you have been presented with the business opportunity offered by Primerica and you submitted an IBA with $199.00, you obviously realized the value in the products and services this company offers. Don't blame your inability to be an organized, honest, dedicated business owner on the company. Primerica Financial Solutions is helping improve the lives of our clients as well as the representatives. It's working for me and my base shop is amazing!



If you had a less than favorable experience with your recruiter or base shop, I'm sorry for you. If this business is for you and you recognize the true value and potential for you to succeed, maybe you need to research another base shop or organization. Or better yet, with an attitude like that (calling the company dishonest), maybe PFS as a whole is better without you.



Good luck to you all on your journey to realizing success and the American Dream. With Primerica, it can happen to you!

Most of the agents here seem to be honestly trying to help the new recruits and have helped them earn considerable income. The company branched out into auto and homeowners insurance as well as life insurance. They paid for my Insurance License exam . There were no classed when I took the exam, but I was given ample materials to study. Unfortunately, I didn't have a group of acquaintances who were interested in what I had to offer and I am not a good recruiter, so I quit. I wish I had stayed with it.

I went to the seminar and my friend who was with me stated that if it was that easy everyone would do it.



They say $199 but if you fail do you get the money back. I spoke to a Paul Gaston who claimed to see my resume through Employment Weekly and asked me about the opportunity.



Now that I see all these complaints glad I didn't go for it. Just received a call the other night. Have no insurance background so I know how everyone else feels. That $199 fee won't be seen.

I now make my six figure income, and never gave out the names of any one, didn't sell my friends, family or rob the blind and pilage the poor as descibed above.



I simply filled a need in society. Primerica is not a get rich quick but a real company. You must work to see results, and look past the s**t to the real purpose and function of the business.



We are a sales force and apparently by nature evil, some reps are not honest,and I hope those reps fail.



Don't blame primerica or citigroup. We are all independent contractors. Blame the person who screwed you. Look at Prudential or John Hancock or State Farm, we are truly a lesser evil.

I have a couple of friends that were almost ripped off by Primerica and I am so thankful that I stumbled onto this site.



This report in particular was the clencher for my friends' final decision. They are a young couple here in Phoenix and are struggling terribly financially.



After they told the Primerica representative that they could not afford the $200.00, he said they could start the class and pay him over the next couple of weeks.



I had a gut feeling about the company (My husband and I had been approached in the past) but what my friends wanted was something substantial. Thank you for providing the evidence.



It simply makes me sick to think that these "representatives" can leech onto the poor without even blinking. It is disgusting and unconscionable. A million times thank you.

Rhonda

Primerica returned all my money thanks to the message I posted on ripoffreports.com and they sent me a letter. They referenced the message that I posted on this website but tried to make the whole thing out as a misunderstanding.



Now, seven months later they made good.

I've been were you've been. I was unfortunately an agent for Primerica years back. I probally would have moved on to another company given the chance. At the time I stopped working for them, I had gone into the office to find it chained up with government posted "No Trespassing" signs. Amazing isn't it. The government had actually shut them down, and the owrst part is that PFS had to of known that they were being investigated by the Attorney General, but they never let on, none of us had any idea.



It was definately for the best, though. I can't see myself continuing to work for a company that I know, from personal experience, was deliberately misleading and falsifing information it passed on to future clients and future employees.



Everyone has speculated that Citigroup was not as legitimate as they make themselves out to be. It was made public today, after their stock went below a 3 point lose, that they themselves are involved in an investigation. Appearently, they helped Enron in their financial cover ups and the govenment now has the opportunity to do something about them. All the resent hype from other reports saying how Citigroup and PFS have helped the economy, clients, employees, and how much of a well respected company they are, are probally sitting back right now wondering how they could have been so stupid. They people were told that sooner or later the truth about Citigroup and PFS would come out. Now it has.