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In Reply to: Primerica: Why it's just anyother Multi-Tier Marketing Scam posted by Sean Levi on January 25, 2002 at 12:36:19:
This is a long message, but I promise you that if you read all the way through that you will be absolutely sure, either way, if Primerica is right for you as a client or for business. Please pay close attention to the story about my family member.
This is my first time writing on this blog, but it isnt my first visit. Please read with an open mind and an open heart because it seems there are a lot of emotions and defenses put up when the Primerica opportunity is challenged. Im not here to convince you either way if being in business with Primerica is right for you. Im here to tell you my story and the rest is up to you to do your investigative due diligence.
A friend whom I respect greatly and still do introduced me to Primerica. He invited me to a meeting and I had to admit that I was a little skeptical about the focus on recruiting. I told him that Ive tried a few MLM companies in the past and, although they were reputable, neither my wife nor myself were interested in another recruiting frenzy. What I wanted, with all of my heart, was to be a business owner where I was truly independent and that my production and promotion within the company would only be limited to the number of hours in a day. That aside, I do believe in the power of leverage and realize that even McDonalds recruits, hires and trains people to grow them into a billion dollar machine. Im not denying that. For me, though, I wanted an opportunity that would really allow me the freedom to decide to hire and train others instead of felling like a failure if I dont build a team as fast as possible without having the proper focus and training on the products that my team is supposed to be proficient at selling. As far as Im concerned, what I was being told was that I could have a team of 100, who had very limited knowledge about products and services, go out into the marketplace and offer those same services! What I was truly looking for is my own business where I could hire and train 10 people (or 100!) to have actual depth and skill in those same products and services so that they will be able to last in an industry where referrals are the lifeline of our business.
I said all that to say that, after joining Primerica, I heard 95% about recruiting and building (which I agree with the concept, by the way) and 5% about the services I was to offer 10 minutes after the meeting across the kitchen table from a client. That ratio wasnt adding up to make me successful. RED FLAG number one.
Regardless, I was excited about this industry and I passed my life license exam in 13 days. While studying to get licensed, people would ask me what I was doing and I would let them know that Im beginning my business in the financial services industry starting with Life Insurance. I was pretty floored when my warm market started telling me to come see them once I was licensed. That drove me even more to succeed because I realized that there was a true need for what we, as professionals, do.
Ill never forget my first appointment. It was a family member and his wife. I wasnt licensed yet and my trainer came with me and did an excellent presentation. Because he was buying me more than the product, my family member and his wife agreed to purchase insurance. After my trainer left, my family member told me that he was excited to give me the commission and also because they truly did need the insurance. He was disappointed when I told him that, because I wasnt licensed, my trainer would get the commission. RED FLAG number two. They needed life insurance and that was the bottom line. I was told to come back and get the sale when I had my license so that I would make the money, not him.
One night I couldnt shake the questions in my mind of Did I make the right choice in Primerica? Did I research other companies like it before I signed on? Did I jump in too quick? So thats when I began my research and came upon this blog.
For anyone looking into the Primerica opportunity, here is a list of the rest of my RED FLAGS from my experience. Again, this is not a recruiting ploy. This is the truth from my own experience. Do what you want with it, but please at least face the issues and be absolutely willing to change. It may just change your life. It did for me. I also encourage those looking into Primerica for their product (not products) to investigate these same questions.
1. Have you researched the Primerica contract to really find out that you have signed a NON-COMPETE clause, meaning that you cant take your clients or your team if you leave Primerica?
2. How many life insurance companies can Primerica quote for your clients? And to add to that, how do you know that they are getting the best deal for them? If they ask you if youve researched all of the options, what will you say? You will have to say that Primerica products, not multiple carriers, are all that you can offer. (By the way, I re-quoted my family member with my new company after leaving Primerica and his policy is $40/month cheaper with better benefits.) This is a man who just bought a home, has a newborn and a wife. Do you think he can use and extra $40/month?
3. How many variable annuity products do you offer? Again, can you offer multiple? (No is the answer.)
4. Can you offer disability insurance, Key Person Insurance, or Executive Bonus Plans for Business Owners? (No.)
5. Can you offer Fee-Based Investments on the securities side and not just have a 6/63 license? What about a Series 65 license or a Series 7? (No.)
6. When you get to RVP, are you going to be able to quit your full time career or job and possibly lose health benefits or pensions? And are you going to be able to give up your strongest leg of your business? Your contract, signed in your name, requires this.
All of these questions were questions that I had to answer myself. I know how it feels to doubt. You owe it to yourself to investigate. If you do and you find that youve made the right choice for you, I wish you all the success on your way to RVP. If you have come to the place where I was, please feel free to contact me at asimon126@yahoo.com to discuss possible other options. There is a way out and there are other companies. Please dont be fooled. Will mine be the one for you? Maybe not. But can you lay your head on your pillow at night knowing that all of your clients who love and trust you as their professional advisor are counting on you to have already faced these questions with the absolute assurance that the products and services they are trusting you for are the 100% best for them? Thank you for your time and for making it through this message.
Adam