I was approached to join Primerica which seems to be another MLM...is it?

Question

They don't seem to want to be called a MLM company, but they want to recruit me so that others can make money from the business I bring and and I can also do the same. This just seems like a cleverly disguised MLM or Network Marketing company.

Is it? And if so, why don't they just say so?

How do their products compare to other financial services?

Answer 1

Start at the historical beginning of the company.
http://en.wikipedia.org/wiki/Arthur_L._Williams,_Jr.

I had a relative who worked for corporate headquarters in the early 90's for Primerica. The main objective back in those days was to recruit part-time sales reps underneath you.They in turn would recruit and sell and build the pyramid. My relative told me stories back then that would make me howl with laughter. These folks would sell products to their relatives with the most expensive sales loads @ 8.50% on mutual fund called Common Sense Trust Family of Funds (i don't think those specific funds exist any longer) since Citigroup bought Primerica. These poor relatives would call in to ask how much interest they were earning on there intial deposit and were told gently by a CSR that it was not an interest baring savings account and that a 8.50% sales load was taken off top. I can't imagine trying to sell anything loaded these days. Maybe things have changed dramatically since the pyramid days, but as you have read above Art Williams is a huge owner of Citigroup. I agree that the company philoshpy of buy term & invest the difference "BTID" makes since for most of middle America .... but investing the difference with the SEC almost max fee kinda defeats that goal when 8.50% is taken off the top as a sales loads (in my opinion) is unethical. Especially to unsuspecting family members, but I doubt the poor part-time agents understood investment products much better, as they had little training and another full-time job while trying to make it big in the pyramid.

If you want to see a circus, then attend the annual Primerica convention in Atlanta. It truly is the dumbing down of America.

Alot of people got RICH on the BTID philosophy. More power to them for making it big. It's the people who get sucked in that keep them living a fierce life.

Answer 2

Technically its a multi-level marketing company. There are many MLMs out there, but many are scams or illegal. Things you should watch out for when joining a MLM:
1) Plans that say you will earn commissions by recruiting others (totally illegal in many states. Primerica does not do this.)
2) Plans that require you to purchase expensive inventory. (At Primerica, there's already a system in place, so you don't have anything purchase. You can utilize the office already in place.)
3) Plan that claim you will make money through continue growth of your recruits without you having to do any work. (This is not guaranteed. Most of the time, only some of your recruits will do work while the rest are just thinking about what to do, but you need to keep putting in production to compete against other baseshops and also, motivate your team.)
4) Beware of plans that claims to sell "miracle" products or promise enormous earnings. (At Primerica, your earnings are base on what you do and what your recruits do. There are qualifications to meet in order to earn higher commissions.)
5) Beware of "shills" or decoys paid by the plan's promoter that describe their fictional success in earning money in the plan. (At Primerica, they don't hire other people to tell a fake story. There are many RVPs in this company making at least 6 figures and all of them will be happy to tell how they built their business)
6) Don't pay or sign any contracts in an "opportunity meeting." I never did that. Instead, I went to get back for more information. You always want to get your facts straight.
7) Do your homework! Check with your local Better Business Bureau or your State Attorney General about any plans you are considering--especially plans that seems too good to be true. (You may do this, but everything at Primerica is legal within government guidelines and regulations. In every state, you need a license to sell a product. In this case, it would be life insurance, mortgages, and investments).

I got this info from the Federal Trade Commission website.

As for their products, the products have helped many middle-income families. Primerica teach clients why buying term and investing the difference is better than buying cash value life insurance. Primerica is not interested in keeping people in debt as to other financial companies. Instead, they show people how to get out of it.

Answer 3

They are absolutely a Financial Services MLM....I know several people who have "tried" working for them...lots of hard work for little return....I wouldn't know how their services actually compare to others, as I don't know anyone who actually uses them.

Answer 4

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Answer 5

I think you're right, they're an MLM.