Primerica- Citigroup ?????

Anyone familiar w/ this company, a division of Citigroup ? They help people w/ finances (debt solutions, Mortgage, life insurance). I've been offered a job w/ them and was wondering if it's worth my time.Anybody know what it's like to work for them ? Any info at all about the company would be appreciated, Thanks !


Any other info ?

lol

Well, how are their services better than any others ? Basically the 1st thing you do is start off selling insurance. How does their likfe insurance compare to others. I want an outside point of view.

It's sort of strange, but they're kind of vague. They do a presentation explaining the company and their services. They show how you can help them w/ their mortgage, debts, future financial planning, and life insurance. They then say that you will go to school for a test. A Florida state exam costing over $500 of which they pay $300 leaving you to pay only $199. It took me 2 days to get them to finally explain that the test was ONLY for license to sell Life Insurance. A mortgage license, and a D-6 ( I believe) are completely seperate licenses that they offer through their school. They claim that they keep none of the money, it all goes to the state of Florida. They claim that they're willing to pick up the extra $300 or more to train you if they feel you're eligable after a background test.I got the impression anybody is welcomed to give it a shot for $199.



Anyway you begin as a Life Insurance saleman, and I guess work towards the mortgage and D-6 licenses, while always trying to recruit people to work under you (the more people you have under you, the higher percentages you get to keep from sold life insurance policies. Always trying to find new leads and get at least 10 names from EVERY single person you pitch to always have continuous leads. It seems bizarre, yet I know a couple of people personally that are making good money at it. Still, there was a cult-like vibe and something did seem off about it all. Maybe I need to be more open minded, but my insticts say otherwise.

take a look at axa corp if you want a reputable finance company.

I worked as an investment advisor with AXA before I moved to Northwestern Mutual.

The problem with AXA, aside from an outdated business model and the fact that they are a publicly-owned French corporation, is that they push Equitable products for risk management.

PriMerica is the Amway of the finance industry. Very low on the ethics scale. The sales focus is on the uneducated population, basically charging high fees for standardized products like whole life insurance etc. Garbage. If you don't have a soul you might want to work with them.

I agree with TriGuy. It's very similar to Amway. They suck people in with free seminars and training. The whole point is that you're in a system where you bring more suckers in and unless you're a sales person working on commission and have health insurance, etc. then what is the point working for them?

I've read all the anti-Primerica bashing on the web when approached by them. Listened to their seminar too. And THEN I used by own judgment.

Yes, they have a MLM structure, but unlike Amway and the likes, the greater greater greater bulk of the sales and business are to clients OUTSIDE of Primerica, not just products sold inward to members like Amway and that crap.

The formation you get varies a lot. It depends on the quality and structure of the team that recruits you and of its teachers. I have been very lucky.

The way they apply their version of MLM is simply great IMO. In other words, your "upline" (your recruiter) has a direct financial interest in you. He wants you to succeed as much as possible. He or she is not your boss, you are not an employee. You can surpass him if you outperform him etc

"The sales focus is on the uneducated population, basically charging high fees for standardized products like whole life insurance etc. Garbage."

Get your facts straight. The core philosophy of the company can be resumed to "buy TERM life insurance and invest the difference in mutual funds". Coupled with great financial plans, a focus on EDUCATING the clients, I find it hard to find any truth to your claim.

My suggestion: check it out, what have you got to lose, really? Just dont sign or pay anything. Just hang around with them, get more info before you make up your mind one way or another. In my informed opinion it is one hell of a company. An honest one in a sea of sharks.

The problem with their "Buy Term and invest the difference" philosophy is that Citigroup's CEO owns quite a lot of Whole-life.

...can you trust a risk management philosophy that their own management team does not truly believe in?

Primerica is the joke of the industry.

primerica as i know of it, doesnt interview or offer jobs, basically you just join, there really isnt discrimination on who they take, the more the merrier.
cuz you dont get a salary, or depending on the branch, you might not get any benefits either, so they lose no real money having you on the team, and if you sell something for them, then you make money for them. I been offered by three different branches to join and they dont know anything about me, so its kind of insulting to me, cuz i have all this education and this company doesnt even care about it.

so don't consider it a real job offer or a real job, if anything find a paying job and do this on the side and try to make money off of it if you can.

the thing with this company is, with the unethical stuff, it varies from branch to branch. so there has been investigations on primerica, and there is one going on now, but u cant take the whole thing down, only office by office.

my friends are doing it, but i hope your not in their situation of no college education, no real experience, and primerica was their best chance at making money. for them, i say give it a shot if thats all you got right now, but on top of that they were looking for real jobs as well. anyways their branch seems to be good, and they push term life not whole. so it does depend on your branch, but on the whole yes, they are the bad egg in the industry.

Lancifer, i was considering going with Axa and i noticed you said you had worked for them. what made you leave and how does their benefits package compare to other companies? It is pure commission based which i didnt like, but their profit sharing and investment plans and employer match programs seemed appealing. Is pure commission salary the standard in finance or is it possible to do better than that? or is commission better than salary plus commission or bonus in the long run because of ownership of the clients and the large commission percentage and residuals?

"The problem with their "Buy Term and invest the difference" philosophy is that Citigroup's CEO owns quite a lot of Whole-life.
...can you trust a risk management philosophy that their own management team does not truly believe in?

Primerica is the joke of the industry."

The black sheep yes. The joke? Hmm. Let see. How many companies went from zero to one of the top dogs in ten years doing businees ethically? And they are still going strong in their 27th year.

And you mislead Citigroup and Primerica's philosophies. With corporate mergers and all, Primerica has become a subsidiary of Citygroup, but it is a rival of sorts of Travallers, Citybank and others. Why would Citygroup care as long as the money stays inside its immense empire? If you didnt know, Citigroup is by far THE biggest financial company worldwide.

Survey after survey (from outside sources) shows how satisfied the Primerica workforce is with the company, way more than the workers of other financial services companies. That tells me something. Yet they dont retain much like most companies with such structure.

Gordon, I just read the one archive thread and I found your take on MLM pretty much dead on. Are the sucessful people you know how of that company?

"Primerica is a legitamate company that has a bad name with some because they are a network marketing company. In many people's eyes, ANY company in MLM is worthless."

I couldnt agree more. I read the anti-Primerica sites and forums, the anti-Primerica reports, listened to the Primerica people's views, and then stuck around and made up my mind first hand. It's like some people think they are the devil and will corrupt you and blind you if you are around them. Come on now.

I've seen first hand the immensily positive difference they do to people's financial situations. People kept in the dark and abused by insurance agents and financial planners. They look to me to be the opposite of what most people think of them. Hey, I'm sure unethical bad apples can be found in their ranks as well, but the structure itself actually promotes good behavior - unlike other, non-MLM structured financial companies I went to, who actually pay you more to sell total crap that robs the clients.

Bottomline, I really have disdain for companies such as Amway and their ilk, but Primerica actually uses an MLM structure that has immense benefits to both the workforce and the clients.

"Lancifer, i was considering going with Axa and i noticed you said you had worked for them. what made you leave and how does their benefits package compare to other companies? It is pure commission based which i didnt like, but their profit sharing and investment plans and employer match programs seemed appealing. Is pure commission salary the standard in finance or is it possible to do better than that? or is commission better than salary plus commission or bonus in the long run because of ownership of the clients and the large commission percentage and residuals?"

I left because they push inferior risk management products and are transaction rather than relationship driven. Additionally, they have very little brand equity here in the states.

...and to answer your most important question - any entry-level position in finance that has a salary will only serve to limit your potential.

Don't fear being a producer; It is liberating to run your own business while simultaneously having support and infrastructure which does not demand the investment of your capital to develop.

Three weeks ago I had an endodontist with a $2 million practice tell me she wishes she had my career.

That says alot.





"Primerica is the joke of the industry."

Perhaps I was being a little harsh; still, I won't edit this comment from my above post.

Northwestern Mutual Life, Mass, New York Life, Guardian, etc...

THOSE are the names to look for in risk management.

"I've seen first hand the immensily positive difference they do to people's financial situations. People kept in the dark and abused by insurance agents and financial planners. They look to me to be the opposite of what most people think of them. Hey, I'm sure unethical bad apples can be found in their ranks as well, but the structure itself actually promotes good behavior - unlike other, non-MLM structured financial companies I went to, who actually pay you more to sell total crap that robs the clients."

You mutherfucker, you.

Fortune magazine's "The Most Admired Companies - Life Insurance"

1. Northwestern Mutual

2. Mass

3. New York Life

etc...

NOWHERE on Fortune's list will you find Primerica...not even an honorable mention.

Until it does, don't talk shit.




Thanks for the advice Lancifer. Yeah, I see what you mean about limiting potential because of salary.

I noticed all the companies that offered commission give you a lot of freedom and ownership.

The Axa job was going to be in LA, under the VP of the branch who made a deal with Nara bank to broker all their customers life insurance and financial planning needs. So being under him in his team, i would get a lot of those clients because he can't take them all onto himself. Which he promised me would equal = $$$.

But in the end the decision came down to me not having enough money to even pay for my licensing books and tests so I ended up going with Wells Fargo who will pay for all my books, courses, and tests and start me out from day 1 with salary (and money is something I really need right now). I made a conservative choice, but i question myself still if I made the right one? if I shouldnt have just borrowed the money somehow? What does everyone think? Its still not too late for me to go with Axa.

I guess another reason too is, i felt if i went with Axa or another commision based company, i would have no time to train grappling and muay thai (what a sacrifice for financial independence). BTW Lancifer you train with Janjira? My Kru is good friends with your Kru I think, his name is Kru Puk from MTA.

I found one interesting tid bit online, Bill Porter who is a door to door salesman with cerebral palsey does motivational speaches for Amway and Primerica. The company he works for, Watkins, is an MLM as well.

Shut your fucking hole Lancifer, or stick to debating, not stupid insults.


Frankly, why would the abusing Life Insurance companies rank high their number one nemesis, or who cares if a consumer robbing company is higher on Fortunes' list? Does it make it better for the consumer?

Most clients I go to have shit for Life Insurance, that's right, overpriced whole life products with super crappy savings plans. I see it first hand.

Anyhow, my advice to people reading this thread is to go fing out first hand themselves the bottomline on Primerica or any other company, not just the pro and the cons from naysayers or earsay. It's sooooooo easy to talk shit on the net.

My father just started doing Primerica recently, he went to a meeting and a guy there sold a million dollar life insurance policy and made a nice chunk of change on it. As long as you are knowledgable and know the right people, you can make a killing.