Rip-Off Report Investigative Progress Report on Primerica Financial Services – 10-16-08 *UPDATE: Rip-off Report re-evaluated Primerica Financial Services and finds that the company continues to offer a business opportunity that is well worth considering. Thru our experience with Primerica, we continue to find that they maintain a high level of commitment to treating consumers fairly and in most cases they have gone way beyond the call of good customer service.
Since Primerica became a member of the Corporate Advocacy Business Remediation & Customer Satisfaction Program almost 2 years ago, Rip-off Report has continued to monitor Primerica and work closely with home office executives to resolve consumer and agent inquiries and concerns. Rip-off Report is pleased to report that Primerica continues to show outstanding commitment and dedication to respond and resolve issues promptly, many times going over and above the expectations of consumers and this website. To our knowledge Primerica has responded to all legitimate inquiries we have forwarded to them, and to inquiries the company has received directly. We at Rip-off Report believe that Primerica is a solid, reliable company that stands behind their agents and its products. If you think that becoming a
Primerica representative or buying a Primerica product is right for you, we would urge you to give the company careful consideration.
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NOW TO THE ORIGINAL REPORT THAT WAS FILED
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*UPDATE Rip-off Report Investigation:
EDitor's Comment: Primerica gets a POSITIVE RATING in customer support from Rip-off Report and is fulfilling its commitment to provide excellent customer service. Primerica pledges to resolve complaints and address representative issues. For a long time this EDitor had concerns about Primerica because of the number of Reports about them. For many months Rip-off Report was looking into the company, even before they contacted us to resolve any issues and mostly misunderstandings being posted by competitors. With over 100,000 representatives and 6 million clients, Primerica is bound to be the subject of a certain number of complaints about improper agent conduct, as well as product and administrative complaints.
Rip-Off's investigation found such complaints, but importantly also found that Primerica is committed to resolving such complaints quickly and doing everything possible to satisfy its clients. It also takes appropriate action against any of its representatives who are found to have conducted themselves improperly or unethically. We believe that the number of complaints against this company, whether through the Internet or other channels, is small when put into the context of its enormous size. Most big companies would never commit themselves like Primerica has. Read our investigative Report and Primerica's commitment to 100% consumer satisfaction.www.primerica.com provides products and services through independent representatives. Primerica www.primerica.com has more than 100,000 licensed representatives who serve more than 6 million clients in the U.S., Canada, Puerto Rico, Spain and the United Kingdom. Through a Financial Needs Analysis www.primericafna.com, the company's representatives provide a snapshot of a family's financial picture and suggest a strategy for financial security via Primerica's products and services www.primericafinancialsolutions.com. Primerica's business opportunity is attractive to people from many different backgrounds, including women www.womeninprimerica.com, African-Americans www.primericaaalc.com, Hispanics www.primericalatino.com and young adults www.generationprimerica.com.
Read about Rip-off Report Corporate Advocacy Business Remediation & Customer Satisfaction Program,..A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. this program works.=====================
THE ORIGINAL REPORT THAT WAS FILED IS BELOW =====================
Primerica Financial Services MLM AMWAY BRAINWASHING SCAM, PRIMERICA IS LIKE A CULT dishonest ripoffs screwed others too ripoff Edmonton Alberta
I recently had the displeasure of joining Primerica Financial Services. This is a SCARY company. I always have thought of myself as a very strong minded person but within weeks Primerica had a hold of me. My friends and family could see me changing right before their eyes and tried to pull me away from Primerica.
But the brainwashing they subject you to at Primerica actually makes anyone that is against Primerica "Not worth having in your life" the other thing it makes you think is "Anyone who is not in Primerica is just being stupid and will never amount to anything, they are just losers" So let me walk you through step by step how Primerica is from someone who broke free from the brainwashing and can see the scam for what it is.
Even after I broke free from the brainwashing I tried to show other agents I cared about the truth but they were too far gone to see the truth. Like I said, it's scary. Alright here's the true story behind Primerica.
I recieved a phone call "Hello my name is _________ I am a manager in charge of expansion for Primerica Financial Services. If the money and situation were right would you consider a career change?" We talked for a bit and he told me about how Citigroup is the largest company in the world and this would be the opportunity to make six figures a year. He gave me the Citigroup website and said that there was a link to the Primerica site in the Citigroup site.
I was invited to a "Business Overview" (also known as an "Op Night") they had a whole razzle dazzle show that said that Primerica was Canada's Best Business. They had a video presentation set up to look like a news report and a bunch of speakers that gave the "rah rah" Primerica changed my life....ooooohhh aaaaahhh look at me I'm a millionaire and you can be one too. I was sold, I wanted to be a millionaire just like the guy that was doing the presentaion (who's BWM was parked just feet from the front door so everyone could see it).
So Step two - I signed my IBA (Independant Business Aplication) with 199.00 to "start my business" and sumbit my paperwork. (Here is a funny story - My first day on the job I was a "Manager In Charge Of Expansion" and going through the white pages for phone numbers and just clod calling EVERYONE one by one) I was trained for less than 1 hour a week for 6 weeks (total less than 6 hours) then I was given my "diploma" for my six week training. During my training I was also given the opportunity to become a "Master Copy" to become a master copy you have to jump through a bunch of hoops and BUY PRIMERICA LIFE INSURANCE AND MUTUAL FUNDS.
They pressured you with the "You can't ba a master copy if your plan is not in place" and "you can't sell products if you don't own them and believe in them". The one that makes me laugh now is "You don't see a Chevy salesman driving a Ford" heh heh man what planet do they live on. I have met 4 car salesmen in the last few weeks and ONE of them drive the product they sell.
3 times a week Primericans would meet and have a "Rah Rah" sesion. Everyone clapped and cheered and gave each other high fives. The energy in the room was amazing. No matter how little the thing you did was you got applause, high fives, and recognition. You felt powerful like anyone not a part of Primerica was missing out and will never acomplish anything with their lives. We were on a "Crusade" to save everyone from their crappy lives and give them the opportunity to be "Debt free and on the road to financialy freedom".
These meetings were basicly brainwashing tools to strenthen your bonds with Primerica. And I'll be honest with you they were the most effective tool they use. Free trips to tropical and beautiful locations, a lifestyle of your dreams, and being a millionarie were dangeled in front of you at each and every one of these meetings. It made you work harder for your upline who takes commissions off of you (Called an "Override") for giving you this opportunity.
So At this point I'm out $199.00 + Monthly Insurance Premiums + Mutual Funds. Now for the final step of becoming the "master copy" I have to give my "Upline" a copy of my "Top 25" people in my warm market. I give the list to my upline and it mysteriously disappears (funny thing everone on the list got a phone call from a Primerica rep after I left the company...hmmmmmm). Here is how it works you "recruit" people into Primerica with hopes and dreams of Being a millionaire then get a list of their friends and family to go visit while you are "Field Training" (this is the process where you are unlicenced and the upline takes ALL THE COMMISSIONS from your friends and family while you get nothing).
Here is an interesting thing a $100.00 from the $199.00 was supposed to be returned to me when I went on 3 "Training Appointments". After my third appointment I was told "two of the three appointments did not produce sales so you get nothing" So basicly you recruit people to get their top 25 list and "Rape" their warm market of friends and family. All the recruit is there to do is push your way into their friends and families house.
So I decided to stick with it (I'm still brainwashed here) and I studied for my Life Insurance License and my Mutual Funds License. OK here comes more cash out of the pocket.
60 bucks for the Life Book and 160 bucks for the Mutual Funds Book. So now I'm down $199 + Life insurance premiums + Mutual funds + $60 for the Life book + $25 for the life exam + $60 for the Life license + $160 for the mutual funds course
At this point a good friend of mine that I had been treating like crap because "He spoke badly about Primerica" opened my eyes once and for all. In a slightly violent exchange he knocked it into my head that I had been brainwashed. The seed was planted. I thought he was a total loser for not just signing up and becoming "Financialy Independant" and how dare he get physical with me..."ha when I'm a Millionaire I'll buy and sell guys like him" I thought to myself.
As I drove home the seed of doubt began to grow, I called my friend and said "where's your proof?" He gave me a list of websites and articles. Boom! As I read all the articles and all the people that had been hurt by this company I felt horid about the way I had been acting and treating the people I loved.
It's a scary feeling, knowing that you were brainwashed. Knowing that someone else had contol over your thoughts and feelings. But once you see past the brainwashing you see things as they really are.
The turnover rate (people that quit) is unreal (my turnover rate was around 100% for a while). But you know "some people are just not cut out for this business, they will just always be losers never getting anywhere in their J-O-B" I can't believe I bought into this crap.
I am sharing this experience with people hoping that someone will stumble upon this report and say "Wow I'm glad I saw this before I signed my IBA". I know this is a long story but I only scratched the surface I could write for DAYS about all the things that go on behind the closed doors of Primerica. Here is a point form of how it works.
- Phone People out of the phone book
- Recruit them
- "Rape" their warm market ("It's OK they will recriut someone and do the same thing so it's not wrong"...this is what my upline actually said to me)
- Once they are dried up recruit another person and "rape" their warm market
- Keep going until you have recruited enough people and you and your recruits have "raped" enough warm markets that you can open your own "Base Shop" and become a Regional Vice President (RVP) at which your upline takes your strongest people as a gift for giving you the opportunity in the business.
They cycle continues on and on and new "Base shops" spring up all over town as more people become RVPs.
I know a Primerican will try to come up with a clever rebutal on how this was all my fault and Primerica is the greatest company on the planet but keep in mind I was the person that would have been writing that rebutal if I had not had help to break free from the brainwashing.
Thank you for your time and I hope this saves you some time and money that I will never get back.
Randy
Edmonton, Alberta
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