Quote:
Originally Posted by simmer2
The entire market came out from under people. It wouldn't just be isolated to a single case. And to blame this on Primerica is a bit of a stretch. Yes, the kid was selling them a product, but ultimately the portfolio is managed by large Mutual Funds which people were directly investing into, so your argument seems a bit like a Red Herring.
If someone already has life insurance, they'll find out what theirs is and compare to Primerica's. If it isn't better, they won't sell theirs.
That's one of the most ignorant, pompous-ass statements I've seen in a while. And to think it comes from another financial advisor. My girlfriend works for Primerica and I fully support what she does. She goes through her material carefully with everyone and makes sure it is the best thing for them. She went into the business to help people, and that's what she is doing. Her clients are doing well and likes what she provides them.
To automatically paint the entire Primerica Staff as how you just did is completely ignorant.
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When I started reading the first couple of sentences in your misinformed post, I immediately thought, "Okay, here's a former Primerica rep or someone who is with them or knows someone who is." Later, I see that is the case.
You've drunk the Kool-Aid, too.
I don't blame the "planner" for the market tanking on the elderly couple. What I object to was the fact that an inexperienced advisor looking for a commission sold his elderly parents on an inappropriate leverage strategy. If it had been my parents it on the advice of some "planner," I'd have them sue his sorry butt. Those poor folks lost tens of thousands of dollars they could not afford to lose.
I know details about this case because I know the advisor who was called in to try to clean up the mess. We were all hit by the market downturn (my clients included), but to have a retired couple with limited incomes and modest risk tolerance borrow a quarter million to invest aggressively at a high point in the market, give me a break.
As for painting every Primerica "planner" (I have a more derogatory description I like to use but don't want to offend you more than I have) with the same brush, I stand by my view that most (probably at least nine out of 10) don't have nearly enough knowledge to operate in this very sophisticated business. Tax strategies, estate planning concepts, helping a client through the difficult financial decisions related to a severance package, portfolio theory and design -- the vast majority have little idea about these things. If you'd seen some of the things I have, you might be singing a different tune.
Selling the best insurance product? Sorry, but you don't know what you're talking about. They don't, plain and simple. Not just insurance, but also going hog wild into their proprietary investments sometimes to the virtual exclusion of all others.
Hey, you don't have to believe some anonymous website poster. Walk into any non-Primerica office and their opinion about these "planners." If you asked several advisors and didn't get general agreement with me, I'll eat a pile of stock certificates.
There are many very, very good planners who are well intentioned, have great credentials and genuinely act in their clients' best interest. At Primerica, they're very rare. Sorry to offend you, but that's the way it is. You just haven't found this out yet.
Notice I put the word planner in quotation marks when referring to Primerica reps. Why do you suppose that is?