2. Written by Finally Free, on 21-11-2008 10:32
Serious money?
So what is serious money? Yeah there is a book filled with people making over $100k a year, but let's look at the part-time rep to full-time Regional Leaders.
It is like the weight loss commercial where someone looses 100lbs in 3 months. If you look closely you will see it says "not typical results". Here is what I suggest anyone being recruited into Primerica or new reps of Primerica do.
Have your RVP get on POL (Primerica online) and go to the team tracking. From there you are able to show cash flow for your entire hierarchy (including non-producers) for the YTD numbers. You will be shocked how many full timers are making $5-10k a year!! Granted your RVP will do one of 2 things. (1) Say that you are not like everyone else, he/she sees in you the potential to be one of the greats in the company and ignore the people who don't work. (2) They will show you the leaders bulletin which is will have huge incomes, but remember "results not typical".
Here are the facts:
- You will be told to market over priced insurance to family & friends. When I say overpriced, I mean EXPENSIVE!! In the top most expensive Term policies in the country.
- You will be told to market the $MART loan to your friends in family. Basically this is a junk loan filled with ridiculous costs. Your clients will be better off going and getting a conventional 20yr loan. It will be cheaper annually, it will not be filled with tons of fees, no prepayment penalty, and still will be paid off faster than the $MART loan with equity builder.
-If you 6 & 63 licensed you will in 99% of the baseshops sale the same 3 to 4 funds. My concern with investments is that the Primerica reps get little to no training compared to the rest of the industry.
- You will be able to Provide the Primerica Pre-Paid Legal to your clients. The truth is that they would be better served and get the same product for less money going directly to Prepaid Legal.
- Finally compensation is a fracation of the rest of the financial industry. So Primerica charges more to the clients, but pay less to the reps. The perfect business model!! (for the company)
So you might ask -- If all of this is true why is Primerica so successful. Simple; Primerica recruits someone who then buys all of the products (because how can you sell it if you don't own it? This is not mandatory, but pushed in the local offices) you then take your "trainer or RVP" to see family & friends. You give them a better deal than they currently have, so they are happy, but the clients (since they are so close to the rep) never shop around to find out there are tons of better and cheaper options for them.
If you are in Primerica there will come a day when you realize Primerica is about business & competing. There is no crusade!! If they were the products would dominate financial industry in price & customer service. Just realize that when you are sitting in an opp meeting, fast start school, builders school, or convention you are only hear 1 VERY small slice of the pie.
My challenge is simple. If you are a Primerica rep take your last 3 clients info to a independent life & mortgage broker and get comparisons. If you are a Primerica client or potential client call a 3 mortgage brokers (if you have great credit call a credit union) and get a comparison to the $MART loan. (Remember make it a 20yr conventional to have fair comparisons and compare annual costs. Multiply your Biweekly payment X 26 payments per year). For life insurance just call any insurance broker (not state farm or places like that) and tell them you want a quote for a level Term policy.
You will be shocked in the difference & more importantly happy you did it!!
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