SPECIAL UPDATE: April 26 2011: Primerica remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Primerica is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.EDitor's Comment: Rip-off Report Investigation: 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.
To date, Primerica has made good faith efforts to resolve all complaints reported on Rip-off Report. Based on our experience, the member business has proven to be among the top members of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business.
Over time and since becoming a member, Primerica has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Rip-off Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Primerica remains committed to improving customer satisfaction.
Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.
Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!
*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at firstname.lastname@example.org
THE PRIMERICA TEST
This is addressed to all Primerica Financial Services representatives speaking on behalf of the company. I am giving you an opportunity to give Primerica a passing grade. This is a simple test, especially if Primerica has equipped you with the tools to sustain a competitive advantage in the financial services industry. Please answer the following questions, in detail AND be prepared to submit DOCUMENTATION!
Post your current (2004 or 2005) salary earned from commissions at Primerica.
**This information can be submitted by posting a picture of a check or proof of deposit. Please extract any account information and your demographics. It must, however, include your name typed, not handwritten. (I know what forged documents look like, whether typed or written.) **
Please explain, in detail, what process Primerica took to enable YOU to become financially independent?
How many recruits do you have successfully working under youhow are you helping them become financially independent?
Explain the concept of sustained competitive advantage'. Primerica and its representatives indirectly claim to hold such an advantage, so they should have a grasp on its underlying principle.
List why you feel an individual with no educational or career background in finance can give an expert, informed, subjective financial analysis and why you feel an individual who HAS that background and experience, can not?
Give your opinion on the following statement(s)applying your informed financial analysis:
The efficient market hypothesis suggests (and I paraphrase) that prices and/or returns in a particular market (more commonly the financial market) already reflect all known information and therefore display the collective benefits of all current investors and future prospects. This means (literally) that it is impossible to outperform a market by using information the market already knows, except through luck and/or inside trading informationwhether you enter the market now or in the future.
[Source: the writings of Eugene Fama, "The Foundations of Finance" and "The Theory of Finance". Eugene Fama was a 2003 candidate for the Nobel Peace Prize in Finance/Economics]
Using this hypothesis, this would suggest that Primerica will always have 5% of the reps in their company making over $50-100K and the remainder making significantly less. Acknowledging insider trading is illegal, this would further suggest that the only way to excel to the top 5%, you have to be lucky or do something illegal and/or unethical.
Applying this well-known economic hypothesis to Primerica's system, how does a Primerica representative (current and future) outperform current members of the financial industry, as well as, seasoned members of Primerica using the same or similar information?
It has been proven that Primerica has a 'boilerplate' system, IT WILL NEVER CHANGE. Therefore, current and future reps are [and will be] exposed to the same system (information) meaning the returns in this specific market (system) are already exhausted. This guarantees the company will always consist of, for lack of better words, 5% winners and 95% losers (based on the current number of people making at or in excess of $50-100K/year divided by the total amount of representatives).
The efficient markets theory (in relationship to the hypothesis) further suggests market factors will naturally adjust to cause the system to remain consistent. In an effort to circumvent Primerica's system, one would have to operate illegally and unethically.
You can also apply this theory to the financial products Primerica is selling and claiming greater returns. An analysis of Primerica's financial products as it relates to the efficient markets hypothesis (and theory) will be completed once a Primerica representative submits their answers to the test.
Can you break down the promotion process, in detail? Be sure to explain how a representative can receive two 48% raises in their first 60-90 days using the accelerated management program'. Does this raise consist of your 'up-line' receiving a lower commission in addition to your recruits, or does this suggest that the raise comes solely from your recruits which means they (your recruits) are making only 4%?
Please provide a complete, concise, subjective analysis of the material. You will be graded for your understanding of the subject matter; content; and supporting documentation. Failure to do so will result in an F' and further proof on why Primerica's system is flawed.
U.S.A.Click here to read other Rip Off Reports on Primerica