Who is Primerica? Legit?

[return to the red]

My manager's wife, and a family friend works for Primerica and does extremely well. They do make the majority of their money based on the people that they bring into the fold under them. Personally not my cup of tea but she absolutly loves it

[CaptainCrunch]

Originally Posted by alltherage

I am learning... hahaha. I guess thats the one thing I can take away from this. My brother put it best for me:

Usually if a company needs to advertise positions in the paper or online, they are not good to work for.

However, that advice is a little out of date now that EVERYONE needs people.

Thats a untrue statement. A good HR person will scan through resume's daily looking for hits based on certain skill sets.

When I was with Drake, that was part of my recruiters job.

[MolsonInBothHands]

I know that the so-called "religious zealots" exist in many MLM schemes. Don't get me started on some of the Amway kooks I have met. In Primerica though, I think it depends a lot on which office the "recruiter" is working out of. One has a pretty bad reputation for going through people like crazy, and tossing them once their warm markets of family and friends has been exhausted. The one I worked in... (this is going back to 92 and 93, when work was a little hard to find, before I returned to University) treated me very well, and I have no hard feelings. I left because I realized I am not a salesman, cold calls gave me ulcers, and I was ahead of my time with regards to my warm market. I was the only one of my friends married, with kids, and even concerned about my estate planning. My friends were only concerned with where the next happy hour was. The tips I received about some of the more nasty investment traps out there such as whole life insurance, I am sure I would have fell for, if I had not been introduced to them.

As far as inferior products goes, I would have to disagree to an extent. Their insurance, I still carry because it fits into the timeline I have planned for myself. Recently their prices have been beat by some larger banks who are now starting to offer term, which IMO is a direct result of companies such as Primerica in the first place. The mutual funds are the same funds any other broker offers, excluding the more elite private funds. Where they are lacking is in the expertise to manage an individual's portfolio. They would tell you that they are educating you to make those decisions for yourself. That may be true, but having someone make informed recommendations would be nice.

They get paid the same as any other sales person. If they sell you an insurance policy, they will get paid a one time commission up to about 100% of the annual cost of the insurance, depending on their "position". If you are at the 70% level, and someone you have hired is at %50 sells a policy, they get 50%, you get 20%, and there is most likely somebody above you getting the remaining 30%. They may also get a small bonus in that policy remains in effect for at least 5 years. They receive commision from the mutual funds companies for rolling outside investments into them, and a very small one for setting up monthly investment installments. The residual income is a result of the total worth of all the funds you have sold, and still remain in those investment vehicles. It is approximately $5000/year for every $1,000,000 that has been invested through you.

[return to the red]

Originally Posted by alltherage

You know, I put my resume on Monster and all I've gotten called back for is this BS so far. Mind you i dont graduate for a month, so I haven't actually pursued anything, but I've only gotten calls from scams or crap jobs. This really pisses me off. How can people morally waste other people's valuable time like this!? I missed a day at school to go do some training for this M1 Synergy Marketing company, who presented door to door selling as "direct marketing." It was flipping rediculous.

lol, I went for an interview with a company like this and spent a day "on the job". I knew it wasn't for me when we got into a parking lot, popped the trunk and started peddling crap right there! All this after telling me some of their biggest clients are Marvel comics, Disney, etc. what a load of bull

[tripin_billie]

Originally Posted by alltherage

You know, I put my resume on Monster and all I've gotten called back for is this BS so far.

Same thing happened to me. All I say is save yourself the time and don't bother with them. I went because I was desperate. All I wish is that I had that Saturday morning back. Something will eventually open up that is a real job. But I know what you mean. It seams like 75% of jobs advertised are bogus. You should try indeed.com for job searches. It meta searches and I think it searches company websites too. That is where the best job listings online are, on the company's own website.

[Cowboy89]

AllTheRage: My advice for you in your job hunt would be to Clusterbomb every major company in Calgary's websites with your resume and cover letter. Even if there isn't something specific for you on the opportunities page apply to their 'future considerations' database. Sooner or later you'll start getting interview requests. Never turn down an interview (unless its a scam like Primerica) because even if it's not something you're interested in it's good practice. Good Luck!

[alltherage]

Originally Posted by fotze

If a company uses the word "synergy" anywhere in their company literature, run away. If they have it in the company name, start stabbing feverishly.

Did this company also try to achieve success in the field of excellence?

I know, I had a bad feeling about those idiots, but i was just being naive.

[CaptainCrunch]

Once you've got a rounded out resume and some good experience, then posting your resume on line works really well.

Since I've started my new job, two weeks ago, I've received 10 enquiries from high end legitimate companies for management roles. So it does work. If your resume has holes in it, or you don't have experience you'll get email enquiries from Prince Ikano Baballa's personal secretary in Nigeria who has a once in a lifetime job position for you processing checks for his highness for a thousand bucks a week.

Research the companies that you want to work for, and submit your resume's to them, or better yet, call thier recruiter instead of sending in a resume blindly.

[RougeUnderoos]

Originally Posted by CaptainCrunch

But to be honest, your primary initial market is going to be your friends and your family. If you feel comfortable selling financial services to them, you'll be ok,

Ugh.

Anyone considering this kind of thing has to properly visualize how much fun it would be to try and sell life insurance to your brother-in-law.

[Hack&Lube]

Originally Posted by 604flames

Are they an affilate of Kramerica?

I hear they have great internships!

[Burninator]

I got invited (suckered) into meeting with these two guys for a "business opportunity of a life time." I think it lasted about an hour and a half. But after about the first 5 minutes I wanted out of there. The first half an hour was telling me about wealth. It was completely useless. Basically they were telling me how wonderful lots of money is. After that waste of time another guy came and started telling me about the business that will make me, him, my friend very wealthy for little work. Over the next hour I got lots of filler talk about money, testimonials from other people who had success and lots of "hype up" talk about the actual business.

They were tip toeing around the whole time about the actual business works. It was very frustrating as I kept asking "ok yah I like money, but what will I be doing?" Eventually they did talk about it and basically I think it was getting people (like my friends and family) to start buying things (such as groceries) on the internet. I wasn't interested at all and once they started mentioning a start up fee that I would have to pay to start "making my fortune" I was out of there.

[CaptainCrunch]

Some great lines from Boiler Room

Jim Young: You Want details? Fine. I drive a Ferrari, 355 Cabriolet, What's up? I have a ridiculous house in the South Fork. I have every toy you could possibly imagine. And best of all kids, I am liquid.


Jim Young: You become an employee of this firm, you will make your first million within three years. I'm gonna repeat that - you will make a million dollars.

Seth Davis: I read this article a while back, that said that Microsoft employs more millionaire secretary's that any other company in the world. They took stock options over Christmas bonuses. It was a good move. I remember there was this picture, of one of the groundskeepers next to his Ferrari. Blew my mind. you see like that, and it just plants seeds, makes you think its possible, even easy. And then you turn on the TV, and there's just more of it. The $87 Million lottery winner, that kid actor that just made 20 million o his last movie, that internet stock that shot through the roof, you could have made millions if you had just gotten in early, and that's exactly what I wanted to do: get in. I didn't want to be an innovator any more, i just wanted to make the quick and easy buck, i just wanted in. The Notorious BIG said it best: "Either you're slingin' crack-rock, or you've got a wicked jump-shot." Nobody wants to work for it anymore. There's no honor in taking that after school job at Mickey Dee's, honor's in the dollar, kid. So I went the white boy way of slinging crack-rock: I became a stock broker.


Seth Davis: What do you mean, you're gonna pass. Alan, the only people making money passing are NFL quarterbacks and I don't see a number on your back.

[Slava]

Seth Davis: What do you mean, you're gonna pass. Alan, the only people making money passing are NFL quarterbacks and I don't see a number on your back.

That is hilarious! I really need to see that movie!

[SeeGeeWhy]

Originally Posted by MolsonInBothHands

I know that the so-called "religious zealots" exist in many MLM schemes. Don't get me started on some of the Amway kooks I have met. In Primerica though, I think it depends a lot on which office the "recruiter" is working out of. One has a pretty bad reputation for going through people like crazy, and tossing them once their warm markets of family and friends has been exhausted. The one I worked in... (this is going back to 92 and 93, when work was a little hard to find, before I returned to University) treated me very well, and I have no hard feelings. I left because I realized I am not a salesman, cold calls gave me ulcers, and I was ahead of my time with regards to my warm market. I was the only one of my friends married, with kids, and even concerned about my estate planning. My friends were only concerned with where the next happy hour was. The tips I received about some of the more nasty investment traps out there such as whole life insurance, I am sure I would have fell for, if I had not been introduced to them.

As far as inferior products goes, I would have to disagree to an extent. Their insurance, I still carry because it fits into the timeline I have planned for myself. Recently their prices have been beat by some larger banks who are now starting to offer term, which IMO is a direct result of companies such as Primerica in the first place. The mutual funds are the same funds any other broker offers, excluding the more elite private funds. Where they are lacking is in the expertise to manage an individual's portfolio. They would tell you that they are educating you to make those decisions for yourself. That may be true, but having someone make informed recommendations would be nice.

They get paid the same as any other sales person. If they sell you an insurance policy, they will get paid a one time commission up to about 100% of the annual cost of the insurance, depending on their "position". If you are at the 70% level, and someone you have hired is at %50 sells a policy, they get 50%, you get 20%, and there is most likely somebody above you getting the remaining 30%. They may also get a small bonus in that policy remains in effect for at least 5 years. They receive commision from the mutual funds companies for rolling outside investments into them, and a very small one for setting up monthly investment installments. The residual income is a result of the total worth of all the funds you have sold, and still remain in those investment vehicles. It is approximately $5000/year for every $1,000,000 that has been invested through you.

What has been the average rate of return on your portfolio since Primerica has been advising you?

[return to the red]

Originally Posted by SeeGeeWhy

What has been the average rate of return on your portfolio since Primerica has been advising you?

a co-worker investing with Primerica says his return this year was 14.5%

[Sylvanfan]

Originally Posted by return to the red

a co-worker investing with Primerica says his return this year was 14.5%

Yeah, but what is it historically over like a 5 year term? My portfolio returned 20% for me last year with a professional manager, but again that was one year and more of a representation that the market as a whole did well. I Probably lost a good chunk of that on the 27th of Feb. this year though.

[SeeGeeWhy]

Originally Posted by return to the red

a co-worker investing with Primerica says his return this year was 14.5%

Do you mean for 2006 or for the last 3 months? I assume for 2006.

How consistent has that performance been? How did they do when the markets were crap a few years ago?

Also, what are the fees involved... i.e. what do you actually take home at the end of the day. A great return means nothing if they take half the pie.

PS - Syl beat me to the punch.

[MolsonInBothHands]

Originally Posted by SeeGeeWhy

What has been the average rate of return on your portfolio since Primerica has been advising you?

Well like I said, they won't come out and recommend particular funds to invest in. They will hand you a number of prospectus (prospecti?) based on what you identify as goals, and what you identify as your risk tolerance. You make the final decision, it is a self directed RRSP. When I briefly worked there, I was able to attend presentations put on by the fund companies, which also influenced decisions. Really, as far as guiding goes from them directly, I learned not to trust any financial institution, whether it is a bank, insurance company, whatever, have control of my money.

As far as rates of return goes, I have had single years where I lost, especially in the mid 90's, I have had years where there was 30% growth, but on average I have had 14 - 18% over 15 years.

[SeeGeeWhy]

Originally Posted by MolsonInBothHands

As far as rates of return goes, I have had single years where I lost, especially in the mid 90's, I have had years where there was 30% growth, but on average I have had 14 - 18% over 15 years.

As impressive as your returns sound, quite frankly it appears that you did this yourself. A person can educate themselves on basic financial matters and still do self directed investing and get the same returns as you mentioned above.

So what exactly do they provide to you, that you couldn't do for yourself, and how much do they charge to do that?

If they don't manage funds that they sell to you, they need to be making a profit somewhere or else they wouldn't do what they do.

So what does Primerica charge you to invest with them?

[MolsonInBothHands]

Originally Posted by SeeGeeWhy

Do you mean for 2006 or for the last 3 months? I assume for 2006.

How consistent has that performance been? How did they do when the markets were crap a few years ago?

Also, what are the fees involved... i.e. what do you actually take home at the end of the day. A great return means nothing if they take half the pie.

PS - Syl beat me to the punch.

They would most likely tell you, once you start contributing to a fund, meant as a retirement fund, to stay in it for a minimum of five years. Their idea is that typically, historically, the economy works in 5 year cycles: 3.5 years of growth, 1.5 years of decline. Riding through these cycles, and contributing in regular intervals (dollar cost averaging) is a reliable means to achieve moderate growth. It isn't certainly get rich quick.

As far as fees go, when I was there, we were only allowed to sell funds which had deferred sales charges. Meaning there is no up front cost to the investor, and the fee is based on how long you keep your money with that fund company. After 5-7 years, (which fits the plan they propose) there is no fee left. You can sell the shares with no penalty. Say if you sold after a year, I think it was around 3-5%. There are funds with front end, and rear end sales charges as well, but we did not work with those.