Primerica - My experience
I started at Primerica in 1998 - by 1999 I had spent $1395 to get a couple of licenses.My commissions amounted to about $10.00.
I believe I got paid about .0025 of the revenue generated by my sales. (In later years in my career I found the normal payout on generated revenue is anywhere from 25% to 35%. (None of my uplines were able to tell me exactly how the revenue was paid out - whether they didn't know or just didn't want to share, I'm not sure). At the time I was working full time as a commercial property manager.
I knew a few people in the financial services industry. I began to ask questions about how to get started full time - and was hired by Merrill Lynch. Who paid for the rest of my investment licenses and actually paid me a salary. It's not an easy field to work in, and there is so much to learn - but neither is it rocket science.
I am now 67 and working four days a week in the field doing client services - no sales. I've worked in a credit union, in banks; in sales and sales assistant roles. It's been a great career for me. I think the worse thing for me in looking back on the Primerica experience is the lack of understanding about the financial markets, and mutual funds in general, that the reps had.
Their practice was to recommend the fund that had the highest return historically (like one-year) and recommend it to everyone. They had no concept of asset allocation, risk assessment, of "historical performance does not indicate future performance" and all the things I learned once I started with a "real" financial firm. I have encountered so many Primerica clients who have lost 60% of their portfolio because they were slapped into one fund that had performed very well the previous year (like Van Kampen Emerging Growth). Didn't matter if the people were conservative, 80 years old, whatever.
They got slapped into that fund.
The only good thing I can say is I was introduced to the industry by Primerica - and had the sense to get out before I wasted any more time and money.
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