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In Reply to: My Primerica story posted by Clint on February 08, 2001 at 14:16:54:
Clint,
Who is it that you are working for/with now?
Some things have changed since you have left. You no longer give up 3 legs to the RVP. It is now 2.
Dependant on where you live is Primericas term rates higher than others. In Canada the rates are amongst the lowest.Which means fewer chargebacks.
The commissions on insurance start at 50% for District and 60% for Division.The two starting positions in Primerica.
most people understand that in order to build a business you need people.That is why the recruiting aspect in my opinion is great.If you have a team of great people working with you...you WILL succeed and make money. Let me ask you this Clint, What would you rather have...a 75-80% commission rate for yourself or a team of 4-8 people working with you and a commission rate of 60% for yourself?
Jim
Let me start by saying I enjoyed the motivation and the sales training seminars. Although I had to pay for them myself I needed them. Besides, without someone riding my butt I probably wouldnt've gone. They helped me learn a great deal about selling. PFS has great leaders in the field who are inspirational. Even though I'm no longer with the company, I miss business meetings with great leaders.
: With that said - here's my story - I hope it will help you make a good decision regarding your future:
: I was recruited to PFS in June of 1995. I had no experience in the financial industry but I loved the idea of helping people financially.
: I was promoted to Regional Manager (now Regional Leader) in January of 1996 (within 6 months). While part-time I probably averaged about $1500 to $2000 per month in commissions. At that point, I decided to resign from my day-job and went full time. I was promoted to RVP the 18th month I was with the company. That promotion nearly destroyed me. I had to give up replacement legs which of course were the top 3 producing teams I recruited and personally trained. I went to work and recruited more PFA's and got back on my feet. I worked full time with the company for 3 more years as an RVP and did very well. My wife and I made a life decision to move back to our homestate. With that decision made I felt that since I'd have to rebuild an office from the ground up it was a good time to evaluate where I was with my career. I made a personal decision to leave PFS. It was difficult. This, in a nutshell, is why I did it:
: 1. The buy term and invest the difference concept is 100% accurate. It will ALWAYS beat cash value life insurance when compared apples to apples. The problem is that Primerica Life's term insurance is about 50 to 70% more expensive than other companies term insurance. I found more and more of my (and my base-shops) business charging back (client cancels) after we worked hard to get the business. Even though we did a professional job, the high cost of the insurance was still an issue. When I left PFS I converted my families custom term Primerica Life policy to a 30 year term with Zurich (there are many companies with inexpensive guaranteed level/renewable as term insurance). My premium dropped from $111/month to $59 per month. The addage that 'cost is only an issue in the absence of value' is only good up to a point.
: 2. Low commissions. My securities payout contract as an RVP was at 57% of dealer allowance. That's terrible. I'm at 75% now - I know some people in the securities industry who are on an 85% contract. Also, I hated starting new people out at a 25% or 30% contract for life insurance. I always felt it was unfair for them.
: 3. Over-recruiting. I still have the opportunity to build a business as an indpendent within my current company, it's just not my primary focus. I help people financially; if I find someone I'd like to partner with in business I approach them. I like recruiting the right people, I just never liked recruiting as a means of selling. Realize there are many companies out there that will allow multi-tiered commissions for recruiting and training professionals. They just don't do it as a means of selling. With that said, they won't have the tremendous support network PFS has. But, if you're willing to do the work necessary to learn, you can earn much higher commission %'s than PFS pays.
: I'm not a PFS basher. I learned a lot while with the company - mainly from the field leaders. If I didn't have the PFS experience I'd probably be making half what I'm making now. If you are new to the financial services industry - they are a great place to start. Once you get experience however, you can build an organization and earn much higher commissions elsewhere.
: Clint