Primerica needs to be reported in every city. Rip-off! nationwide

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*UPDATE: Primerica offers a good business opportunity & stands behind its products & services- - Company Executives have told Rip-Off Report that Primerica pledges to resolve complaints & address any inquires from the past, present & in the future.

Dear Courtney and other Primerica cheerleaders,

First of all Primerica is not, "a marketing division" of Citigroup. It is actually registered with the NASD, a division of the SEC, as a broker-dealer. (PFS Investments) Citigroup has their own B/D registration not affiliated with PFS at all. Primerica is also licensed with state insurance departments/divisions. Therefore, certain rules must be abided by, including "John" giving his last name and where he is calling from. Not to mention the countless other things that I have read on this board that are in violation of all securities, insurance, state and jurisdictional laws. Free look period, do not call lists, truth-in-lending, fair practice, fiduciary due diligence, prudent man, etc.

I am an OSJ of two registered B/D branches in Southern California. I have 10 securities and insurance licenses and am a CFP. I have a BA in Economics from a prestigious private university here in California. I have been in this business almost a decade and take professional offense to what Primerica is doing.

To set the record straight, I don't want their clients. Primerica is not my competition and will never be my competition. I am registered with an independent B/D and have a pay out in excess of 95%. I have very large clients that don't want to go to seedy strip malls to meet with financial professionals. They have needs and desires beyond the scope of Primerica's small list of proprietary products. My peers have been very quiet on this situation because Primerica is not their competition. Trust me, if we wanted Primerica gone, it would be!

Like someone else on this board said, Primerica cannot recruit people with finance backgrounds because we know better, just like wealthy investors. Doesn't that say something to you potential agents? On this board I have seen people say that you can make a lot of money helping people out of debt and straighten out their finances. Well, from professional experience, this is an oxymoron! People who have financial problems don't have money to save or buy insurance, they also typically don't have friends/family to sell to if you want to recruit them. This is why most financial advisers have minimums and again Primerica clients are not desirable to me so stop accusing us of being jealous. What are we... in high school?

My concern is for the poor, typically less educated, individuals who get sucked into the program and waste their time and money. I am also very concerned about the type of proprietary products that are being sold that may not be suitable for individuals, especially given the lack of experience these professionals have. Reading this site really scares me! I have had several family friends who have been approached, but luckily talked to me first about Primerica's viability.

I had one family friend not take my advice and needless to say her stint with Primerica lasted less than a year. Her argument to me was that she wanted to make extra cash on a part-time basis. Well, go sell Avon or Pampered Chef! Do you want your lawyer or doctor working on a part-time basis?

I urge anyone who has been a victim of Primerica, or knows someone who has, to notify the NASD, Better Business Bureau, insurance department, and state attorney general's office and file a complaint. I also urge anyone who feels really wronged to print up these reports and distribute them to the people who are coming in for the group interview. (Abide by all laws when doing thisperhaps stand in the public parking lot carrying a sign.)

Alternatively, if you are a financial services professional and see a violation of securities or insurance laws, please urge them to contact the NASD or the Department/Division of Insurance for the state of domicile. There are laws to protect you!

I agree with the Primerica cheerleaders that this business is hard to get into and make a living, but there are other ways to do it and be much more successful and help people as opposed to sell/recruit to friends and family over priced products to make your mortgage payment!

A. S.
Claremont, California
U.S.A.

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