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If this is not deceptive, what is? Thanks guys for ur time to let ppl know who primerica is. Thanks for the info. I did the hard work, but realized that I am was more ambitious than most. Do your research people dont fall for pyramid scams. 30+ years. Instead my thoughts were screaming through my mind.. really, what was John doing in there?! Second, it was I who contacted my Primerica agent recently, not the other way around, to inquire on an IRA rollover for my husband. Yikes. Which is why a I didnt go down that path. A huge amount of life insurance agents have their life insurance with Primerica because we sell the best product for the least amount of money and we know how to show you what you are getting so you wont be fooled by a scammer. I called her back a couple days later and she scheduled an interview for this coming Monday. I work with a woman who is always trying to recruit people by taking them almost 2 hours away to hear the presentation. *Money.USNews.com, "How to Find A Financial Advisor if You're . No, I never joined Primerica and walked away. Split between two people working full-time, it really wasnt that impressive. I drove out to the location, got there 15 minutes early, so I sat in my car. Income is limited and since they, were at a point in time, only selling term life, there whole pitch was buy term invest the rest, which is great considering their term to is age 99. This part-time position, in particular, Im thinking might also allow me to train in a new-but-related field at little or no cost (save licensure fees). I also know another person who has been doing it for 10+ years now and he doesnt make much at all. I reminded her I was not there for a financial health check, but rather for a job pertaining to repairing computers NOT a door-to-door 3rd-party insurance salesman. I received a call and was told someone left my name and number on his desk. It occurs to me that if a person would want to try this kind of sales, then it would be just as easy to sign up with a major insurer such as Woodmen or Northwestern Mutual, NY Life, etc. When you get that defensive and that angry, its like you feel the need to justify yourself so you go into defensive mode. I must add that I made the mistake of giving these people my SSN but it for before I figured out it was a scam. I furrowed my brow thinking I thought he was making those calls for ME.. shouldnt I get credit for those names? If they call and set you for an interview, DONT DO IT!!! And they didnt even give me a heads up. Do they mention that you will need to pay $30/month just to be able to access their online program? but that neither here or there.) I asked her who referred me and she said they interview 30 to 40 people a week and that my name was on a list. I googled psfl darmouth (included in the e-mail) and the first link was primerica is a pyramid scheme/scam so that was enough for me. He first asked me about past employment, what im going to school for (Chemistry major), my hobbies, etc. That drives traffic to this page, where potential victims are getting the real story and are able to avoid the company! Third, my agent told us that he much preferred to bring in people to work just part-time, and he had for his first 18 months with the company, because it takes a while to support oneself in this or any commissioned sales position. People do real research before you blow an opportunity and not this Google cap where anyone can post anything on it. You want a cashier to manage your office? I figure its a slip of the tongue and she means AtlantA, but throughout the conversation she keeps excitedly bringing up Atlantis. Nice to know people are exposing this company! For any agent to be paid any comm. A pyramid scheme is a fraudulent system of making money based on recruiting an ever-increasing number of "investors." The initial promoters recruit investors, who in turn recruit more investors, and so on. You are effectively a franchisee paying a franchise fee plus a percentage of your profits to the tier above you. Wondering if it was even actually possible. And a sidenote when I exchanged info with the wife in target her android phone had an app on it where my full name showed up on her phone. Apparently these Primerica folk are misusing LinkedIn profiles for their slimy deeds. But the point is, even then they required a fee to be hired. Apparently she works at the bar we are sitting in, but is not in that day. They are not now and I feel a offended that they would think I was interested in an MLM style business which I didnt find out until later. I was about to have an interview tomorrow but I cancelled it. What Is a Pyramid Scheme? How Does It Work? - Investopedia Destroyed my friendships with this job. He gave lots of the same info and elusive answers reported here. I immediately searched the company and came across this page. Mary clings onto it for dear life. (their 1.5 years, and 1 week old) yes a lot of this sounds and very well could be all bad. Pyramid Schemes | Investor.gov Its entrepreneurial in nature and that needs to be discussed and made clear. I think your husband and this other agent are going to be doing listings together, so they will each get part of the commission. Im just worried if I tell him I thought about it and wouldnt want to proceed, he has basically ally information, Im in the same position as you i dont want to recruit others and im scared with the info they have. I will not be following up with PFS. Six figures in under 3 years. He had pulled out a 4-6 page brochure that explained why everyone needs their services. Replied that I was actively seeking a second job opportunity, so without disclosing a last name I wrote down my given name and phone number. Sooooo after reading all the comments, I will NOT be going. I have morals, I have my beliefs, everyone has their entitled opinions. I had heard him talk many times about the cars and houses that the top leaders in the company owned, and had asked him when he was going to get the viper posted on his wall. Joe get Sally a $800 annual premium, (depending on your team members rank)(entries are REPs 25%) Joe will earn 25% of 800 =200(ONLY ONE TIME,THIS ONE TIME), (PYRAMID TIME) the remaining flows up the tunnel 75% (depending my rank) REP 25%, $200. I emailed the guy this morning after I slept on it and told him that I was not interested and this was not a fit. Im a server and i waited on this guy and his family. Its not for everyone! He collects his clients resumes and he did it in front of me. Primerica is regulated by the SEC and FINRA. If this company is a scam how is it we just ran the closing bell at the NYSE? No one says where these happened tiothem, and i would like to know where they live, and how many people in that area experienced the problems written about here. They contacted me last week and after the first decline the Recruiter called me back to give more information and requested that I come in for a presentation and make a formed decision after seeing the presentation. The only logically answer as to why this trend has been in effect for years is that Primerica must benefit from this tunover. The commission overrides only reach a small number of generations deep. Vanguard, Smith Barney, Fidelity, etc are all good. And thats why I have not fell prey to their scheme of getting people to recruit. I will go but the moment I feel like Im being pitched, Im graciously declining and peacing out. He told us the incredibly vague story of how he managed to get one individual from $20,000 in credit card debt down to zero and then into a mutual fund with a 9% interest rate. Tracy did you use to do Primerica and was unsuccessful because you seem very angry with the company? Agency Management had a staff of approximately eleven investigators and PFSI Compliance had approximately three investigators working on investigations of complaints. Her jewelry looked awful nice for a receptionist. Each of these new members usually pay an entrance fee, which is used to pay the people above them. Clearly if one can do that for another, one should be able to pocket a nice income Once she quit her little dissertation on the gap between the upper class and middle class and how the middle class can become upper class with our help, she told us to wait as she brought in the guy who had written the review for the company (5 stars. To start making money and sign up as a Transamerica distributor you will need to pay a processing fee of $100 and to start recruiting new members you will need to pay another $300. She asked if I wanted change of career. People who work jobs get paid. Question Whole life insurance is not fraudulent. New recruits today have to work much harder than recruits of 10 years ago to be successful and you have to be willing to push right to the limit of your ethical convictions to do it and the lines can get pretty blurred. When you write a resume, youre looking for a job, not an opportunity. We had a small conversation and she claimed she liked my personality and gave me her card. He told me to have a seat and that there was going to be a presentation. I dismissed the thought as finally, after several minutes, John opened his door and beckoned the man in, intruding himself again. It was a negative environment, no formal training, and they took all my leads. and is refundable but most people dont know that, You can get your own credit check and if not hired, you can get a refund. Sorry, I am not signing any employees up for any more pay deductions if theyre not getting the services. Like I said, its a dive bar and the usual clientele is pretty rough. His wife starts asking questions, social security number? A pyramid scheme is an investment fraud in which new participants' fees are typically used to pay money to existing participants for recruiting new members. (Formerly pre-paid Legas Services, membership I have had for 16 years. MLM is not a business. Given my lack of experience, I was not sure if this was normal or not. Based in Duluth, Georgia, PFS Investments is regulated by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). Period. MLM is: Stupid questions.. Everybody is making a cut on the people below them; it goes up to four level. Take this down before i file a complaint. When I told my boyfriend about it, who is currently taking a bunch of business, marketing and economic courses (Im a FILM MAJOR so the fact that they wanted me at all should have tipped me off), he said it definitely sounded like a pyramid scam and to look it up. Before you try to pick apart or look for excuses not to be a recruit, maybe you just dont believe it can work or its you you dont believe in. Were looking for someone to hire and train as a investment advisor for expanding finance department. Investment Adviser Firm Visit SEC Site. So if you keep your premiums paid, your family will receive the benefit. thanks for the honest comments I well be cancelling my interview tomorrow. DIV Rep, 60%.wait there is only 50% left over, okay then what does math tell us.you get it yet..they only get 50%, (PYRAMID ENDS). Im looking for a job, and someone who lives near me tried to recruit me to this. Mary arrives and is her same cordial self. Came to the appt. I focused on a plaque over Johns head as he bragged about his familys last vacation, noting his highest attained income splayed across it in huge numbers. All I have to do is clock in whatever hours a week I want and watch thousands of dollars pour in. And use to convince FLORIDA retirement sustem workerd to move there money with us thinking thatsba good idea and look what is the result ! Had forgotten the details but Tracy Coenens information on many posts about the 99% failure rate of MLMs, despite Primericas legitimate products have me thinking. The man calling me in for an interview was very abrupt and gave very little information, besides the address and time. Is that really too much to ask for? LISLE IL. Thanks to these comments I will not go. Warning any company Rep from anywhere that is vague with answering your questions ? Im 21 and just recieved a called from them while at work stepping away from the front desk i answered to a guy who gave brief detail about everything your reading above smh not going! Over 8 years ago but never did insurance with them. Their 6 digit earners boast is misleading as its a cumulative, not annual figure. She told me she would call later that night, but it was about 2 hours after the time she originally said. He also mentioned talking with a number of people at Lowes about how bad the schedule is here as I realized later, he makes the rounds at stores like this, trying to entice unhappy people into a get rich quick scheme. I already work full time. I guess I get to add to the list, I received a missed call, I dont check my messages usually and I typically just google the number and see what comes up and then once something pops up I call or dont call this time nothing came up so I called. EX. So I went to the interview and when I left feeling like they just tried to sell me something and like they settled for offering me the next phase in the interview process I thought let me do some research. I was very interested in that. They saw my FB updates about needing a little more income to start some entrepreneurial type things I was interested in. Throughout the presentation I grew more and more skeptical. Operated a pyramid scheme: The company also encourages consumers to become Financial Education Services "agents" themselves, selling the company's services to other consumers. Suck my ass. I was being complimented on how I dress, my smile and my energy,( Im a naturally energetic person) they make you feel safe and secure while your there , but right away I was put off when they wanted my bank info. Why the need for secrecy? Anyway so disrespectful will not be going tomorrow and glad my parents raised me the way thy did because I couldve signed my life away. He asked if I have ever heard of Prime America (looking at this site at the same time) I said yes, he sounded surprised oh you have Yes I said. you need your own clients to start off like family or friends. Its ok Tracy we still love you. Hmmmm.. my son is employed there. I noticed that he put me as a recruiter on one of them, and himself on the other. Primerica "pyramid scheme" Reviews | Glassdoor