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| *Ostroff, Fair and Company>>>Financial Services |
Why does everyone think primerica is a scam? |
just curious? im researching and getting mixed results 1) People don't take the time to understand it. 2) People are ignorant to information. 3) Agents from other companies make up lies to prevent people doing business with the company or even consider joining it. By having less Primerica agents to deal with, the more families these other agents can screw with. 4) Its unique and different, so some people don't want to get involved. 5) People listen to what others say about the company. That can be good if you get the information directly from the company. Bad if you listen to other people who only speculates about what they think. 6) People don't understand how business works. 7) People who did take a look at the company and tried to explain it to their friends and family usually don't come back. Why? They are trying explain 2 hours worth of information in just a few minutes. If you explain something about Primerica to your friends and family in couple minutes, this is what they are likely going to remember, "Recruit.... $199... money...." They going to think you're nuts and telling you not to get involved. If people knew and understand what Primerica is, they would join and try it out. The best case scenario is they learn and earn money. The worst case scenario is they leave with a tremendous amount of financial education. But if everyone joined, there would be no opportunity. There are many people who don't want to do the work to be financially free. So they should stick with a job instead and hope for the best. Because it is a multi-level marketing system and the products are horribly overpriced. http://homepropertysolutions.com... In reputable firms across the continent (USA and Canada), financial advisors have to have securities/financial planning education and licensing. With Primerica, they don't need it. Any time they purchase mutual funds, GICs, etc on behalf of the client, it goes to head office for registration because they have very poor skills. Many don't even understand how these financial products work. Primerica will get its GIC from a third party. These people operate a call center. Many Primerica reps will call them to ask how these GICs work because they have no training at all. With their incomplete knowledge they then sell products to clients. Some will even fill out a form for a non-registered pension account and then ask why it cannot be used for a registered account. The person at the call center has to explain to them that in Canada it is government regulation to do so because certain signatures are required for registration. (U.S. has certain regulations too). A person with industry training would know this. But, as it is many are hired "uneducatedly" off the street. I used to work for a sister company Do yourself a favor and interview with mutiple firms. Financial planning is not a part time gig. The reputation is what it is because of the used car salesman like approach. The products are average at best and horribly overpriced. I left that sister company when it was mandated I had to sell their products. I quit shortly thereafter as I coulnd't sleep at night knowing I was giving clients a raw deal. IT is a pyramid marketing program. They just want bodies in the door. I'm not saying theis is the only firm that operates this way, but I do have experience with it. Don't drink the kool-aid. |
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