Primerica Financial- legitimate business, or pyramid sceme?

Question

I was approached (while I was at a Walmart, nonetheless) by someone who asked me if I was looking for a career in finance. Strange, but this isn't the first time I've been approached like this.He talked about how debt among Canadians is huge, and we spoke for a bit.

I asked him if he had a card, but he didn't. He just scribbled Citigroup's website URL on the paper, and his contact info.

He then gave me his E-mail address. It's hosted by Hotmail. Alarm bells were already ringing.

When I called him, he then told me about Primerica, a branch of Citigroup. He was incredibly vague about what I'd be doing, or even what my job title would be. From there, we scheduled an interview. I Googled Primerica, and while lots of people insist it's a scam, an equal number of people are steadfast in defending it as a legitimate business opportunity.

Anyone have experience with these guys? Are they another Cutco?

Answer 1

Unfortunately, each office trains their agents to grow their businesses differently. Because of that, someone with poor people skills could be training others to follow his lead-the vague answers lead me to believe that this person was a newbie. Anyone with any experience and success would not have been vague. There are many, many professional and legitimate Primerica agents and offices out there. Like any company, usually the worst of the group get the most attention. I encourage you to investigate further. This is a great business opportunity for the right type of person-someone who is not lazy nor irresponsible. If you're the kind of person that would rather watch the playoffs than create a business that will pay off for generations, then this is not for you. But, if you ever dreamed of doing something big in your life, I'd suggest setting up that appointment. Remember, you can join ANY office-if this guy rubs you the wrong way, find another office. They are probably completely different from one another. B.T.W., ripoffreport.com used to bash Primerica BIG TIME. They have recently (Jan 07) retracted previous statements and are claiming Primerica to be a legit business-both for the consumer and as an opportunity. Don't let the crybabies out there ruin your chances at opportunity. Six years ago, If I had listened to the crybabies surrounding me, I'd be earning 60K a year at the job I hated. Now, I'm 175K strong with a great team and a bright future. (175K may not seem like much to you, but when is your job going to pay you that?). I can leave town for extended periods of time and still get paid. (I just took a four week trip during the holidays). I plan my own schedule and no jackass boss tells me what to do-which is the best part! Really, what have you got to lose?

Answer 2

They are a legit company. As an independent agent in the company, you are allowed to recruit people. When you recruit, you are building a business. Soon, the business will be so productive that the company makes you the business owner. There are currently over 1100 business owners in the company making 6 figures or more. About 60 of them make 7 figures or more.

As a business owner, you may stop working, keep working to earn more income, or sell it to the company. Plus, you can buy Citigroup stocks at a discount. But first, you need to build and the company tells you what you need to do to become a business owner (they call it the Regional Vice President contract).

If you are interested in building a business for yourself and then someday own it, then you should check the Primerica's opportunity. If you join, you can work part-time on your Primerica's business while keeping your full-time job. You're not going to fully understand everything about Primerica in the first year. There are so much to learn such as life insurance, mortgages, investments, how to keep your team motivated, how to find clients, how to promote yourself, and so on.

Answer 3

It's legit, but it's almost all commission. It's a brokerage division of Citicorp and you're being approached to work as a financial broker.

Answer 4

They are part of a larger company. It works like a pyramid, but it's legit. They guy you met is an independant "REP". so his e-mail is his personal e-mail. They all work on commisions, and collect a portion of their 'down level' agents commision.

Answer 5

Yep, mine is very legit. As a matter of fact, we are traded on the New York Stock Exchange.

Answer 6

Yes. They call it "Multi-Level Marketing" but it turns out the same as a pyramid scheme. Plus, you have to pay up front for "Training Materials," but they wouldn't tell me what those materials would be.

Answer 7

Beware...Its like a semi-pyramid scheme. I have never been a part of them, but I know some people who got burned. Read some of the reviews they have listed on the web.