Complaint Review: Primerica Financial Services - Member Of Citigroup - Bronx New York

One must feel terribly bad for those working for Primerica. They work FOR Primerica, not WITH Primerica.

Why must one feel bad? These people are out on the streets giving out little papers or sometimes waste their money printing actual business card to hand out to those looking for part time/full time work. They are not paid to do this; this is done in order to attract people to go to a so called interview, which in Primerica terms is referred to as a Business Briefing.

We must feel bad for these people too because they are brain washed into thinking they are working for a financial services company. These people are brain washed to believe they are financial advisors, when in reality most have no college education at all; some have no high school education or a GED. Primerica holds trainings about three times a week; one may refer to these as a brain washing session. It is true, some important aspects of the financial services industry are learned at these trainings, yet most of the time is spent trying to convince people not to quit and giving them false hope of a possible pay, the work is based on commission.

These people are also made to travel to see their clients, the company does not look for clients, and they depend on the recruits bringing in their own clients. The recruits are then forced to pull family, friends, anyone they know into this terrible lie called a business. People are told that the more people they bring in the more promotions they will earn and the sooner they will get their very own office. People are told that once they become a Regional Vice President with Primerica that Citigroup will give them their own office anywhere they choose. Let us keep in mind that Primerica has over 100,000 brain washed people, of those only about 400 are regional vice presidents (RVPs).

Is there truly a chance many will make it to RVP? We must also keep in mind that one must submit an IBA, Independent Business Application. This means that you are an independent agent for Primerica. The company trains you, they brain wash you with lies, they prepare you to go out into the real world to do business. These people are poorly trained to do business, a college freshmen majoring in finance is far wiser than these people. They are told that their clients will receive an average of 12% on investments? What is the reality of any financial institute giving out a 12% on investments, not true unless you invest in a very risky fund.

These people are mortgage certified, they know nothing on mortgages, simply how to fill out the paper work. The interest rates given by Primerica to those looking to buy a home are truly outrages. The reason they give is, "We gotta make money too, not just Citimortgage." Going back to the people going out to see their clients, they are also forced to drive to where their client is located, at times over 40 miles away. Primerica will NOT return any gas money nor will they repair your car if something goes wrong, they'll simply laugh and tell you should have taken the train. They will not return the toll for the train either, and it is not a good idea to take the train to begin with, you are carrying loads of documents and paper work.

Most of us (I say us because I am still in Primerica for my own reasons to try to learn more on the ways they scam people so that I could later do something to prevent people from getting sucked into this terrible scam and also for reasons I'll explain further down) drive to the clients and are forced to pay many tolls and much gas money and worst of all add much mileage to our cars. Another important aspect one must keep in mind before joining the company is the part about you probably getting sued. The IBA they make you submit (also known as the work application or Independent Business Application) in order to make you an independent client; chances are they will not train you well and that you will go out there and make a small mistake with a client. They refer to mistakes as a way of learning, let's just say that those mistakes will get you in much trouble with authorities. Chances are you will not get into trouble with the authorities but also get a law suit from the client. They will not go after Primerica, you are solely responsible, and you are an independent agent. That means that the law suit will not affect Primerica, it will only affect you and your family. They will provide an attorney with costs up to $10,000. That attorney will most likely charge $10,000 in a day or two, meaning that after that you are on your own.

Is there any good in joining Primerica? Sure there is, if you're retired or just plain bored and have nothing to do simply attend the business briefing and the trainings. It's actually fun listening to them brain wash people, just don't let them get to you. Other benefits include getting a Life Incurrence License, and Securities License, Series 6 and 63. They charge nothing for these classes. The life insurance is $200.00, which you are forced to pay after the interview if you wish to join. The charge for Securities is a mere $90.00, as compared to over $300.00 in other places. My advice to you is that if you wish to use Primerica (as I am doing, as I mentioned above) only attain the Life Incurrence License from them. Do not go for the Series 63 with Primerica, get it on your own.

Don't get 63, it's best to go for the Series 66, which covers Series 63 and 65. In order to get the series 66 you do need to get the series 7 before. After you attain these licenses you may move on to any corporation, not a rip-off one, a good corporation in which you will get an actual salary. Primerica also hosts some events which will allow you to learn some stuff too. The negatives of the company truly do out weigh the positives of it.

At the business briefing you are told you need not to spend any money because CitiGroup pays for everything. Keep in mind you must buy suits, spend gas money, tolls, parking, printing (flyers so you could give out like an idiot street corners), you must spend much. Primerica tells you that you it's all tax deductible. This is not true, it's tax deductible if you make enough money that year. Chances are you will not make the $100,000 they promise you (sort of promise you), rather you will only make a mere $3,000 your first year. You will also be told by the company that CitiGroup would like you to join but don't care if you do or don't since they are making no money from you. You are told that the trillion dollar asset company doesn't care about your money because it won't make them richer.

Let's just say that each office gets about 100 IBAs every month (meaning each IBA is accompanied by a $200.00 check) and then you are forced to attend a few events (costing between ($10.00 to $500.00) after all this GitiGroup does make a lot of money from brain washing the people they recruit. They will also try to convince you are exploited at your current job, Primerica will not exploit you. It's true, they won't exploit you, just use you so that the founders could get rich. Primerica is a pyramid system, they have no benefits and do not know how to train their people. If you have a family to support just stay with your current job. If you stay at your current job and start investing you will make much more money than joining Primerica. They tell you that the benefits your job provides are worthless because if you are fired or asked to leave they will no longer cover you. This is true, but what happens if you can't travel to see your clients for a few days? You won't make any money and your family will likely suffer.

Please keep in mind, I did mention CitiGroup, CitiMortgage and a few other red umbrella companies above. I am not saying these are bad, deal with these companies directly, not through Primerica.

I have experienced Primerica, believe me on the above statements.

AC

New York, New York
U.S.A.

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