Financial Advisors

Interesting fact I just found out. Primerica licenses more people annually than all the other firms out there combined. Both life and securities! It's like the game Risk, it's just a matter of time!

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Makes absolutely no sense maybe that’s why Primerica is a joke. You can never say anything is 100% of the time right for all clients. What about life insurance for estate planning? I’m sure term works great for that

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likeupliftingsmart
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Can we close this post?

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likesmartfunny
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This conversation even enforces my thought of Primerica from the beginning. 1. I’m acatully glad there are people/firms like this that give such bad advice, because it makes me look sooo good, when they actually get good/ the right advice. I truly hope that someone with the title RVP (or in a position of leadership/ influence) at Primerica is not actually teaching the good reps at the firm these principals. A quick lesson for RVP (which I’m assuming has never worked with high net worth clients before), estate planning for most clients is more about guarantees vs hoping congress/ President does or does not do something (which will get reversed by the next administration anyway). Estate planning is about guaranteeing a net benefit to their beneficiaries. Term does and will never accomplish this since it has an “end date” and no ones life expencty is known. Estate planning on the federal level is usually only half of the equation/ the local state estate tax being the other half. But what would I know, I’m only a CFP (and hiding behind it) haha. Income meaning nothing in our industry. I could make 10x more income if I did the wrong thing for clients, but want a career (I do this full time) and want to truly help people. Again don’t take my word for it, which is why in our industry 3rd party unbiased recognition is so important (Forbes, Barron’s, CFP, etc). When you think of true wealth management firms today, Primerica doesn’t even make any list I would consider even opening a checking account or insurance. Truth be told if the SEC implements a fiduciary rule (which they should) your firm is out of business. Good luck to you though, if you are truly a wealth advisor, look for a new firm

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likesmarthelpfulfunny
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"It's not a pyramid scheme. It's a multi-level marketing company!" 🤣🤣🤣

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likeupliftingfunny
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That’s not necessarily a good thing. Might just mean they have the lowest success rate

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likesmartfunny
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I would ask Primerica how many CFPs do they have into there sales force? How many of their advisors made the recent Barron’s, Forbes, 5star wealth advisors list?? I made all of them and surprisingly didn’t see any Primerica advisors on the list

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likeuplifting
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Lol y’all sound like a cult

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likefunny
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I will painfully admit that I started with Primerica. I appreciate that I was able to obtain all of my licenses through them (life, 6,63,65). I found it odd that I was encouraged NOT to further my education and focus on trying to recruit more reps when I wanted to learn the industry. The more I looked around, the more I realized how poor of a value most of the products were and how completely clueless the reps around me were. Yes, there are a ton of reps. But 95% probably net $0/year in compensation after they pay their fees to Primerica and factor in attendance at the garbage events they host that they bill as training and is anything but. Commission schedule was an absolute joke. For all the hype about living out your dreams, 99% of the reps, even “RVPs” were broke as shit. The advice given to clients was cringeworthy. I could go on but I won’t. I did find a few people that were pretty sharp there. But they were brainwashed and broke as shit too. If they did the same work elsewhere, they’d easily be making over 6 figures instead of a hair above poverty level. I did run across a few reps that were barely breaking 6 figures after 20+ years in the industry. Too much Koolaid drinking. Too much effort to keep reps only smart enough to bring more dupes through the door. Too much propaganda and misinformation about other companies and products. Too little professional education. It’s a great company for broke people to go to as they have no wealth and they need to get some type of life insurance on the cheap. But if you have more than a pot to piss in, they’re going to screw you over. Not intentionally and not out of greed or ill will, simply out of incompetence. I rate Primerica at 1 step above the final expense dirtbag insurance salesmen. Art Williams and his inner circle are laughing all the way to the bank while their reps are slaving away for peanuts and giving out advice only suitable for people with less than $5k of net worth. Sorry for the harshness, but it’s the truth. Tons of very nice people there who mean well, but that’s about it. Looking back at it, I feel like I escaped a cult. And I’m actually able to pay my bills again.

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likeupliftinghelpful
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OP, you sound like you’re trying to (over)compensate for some...shortcomings. I expect you to ask others to whip out rulers. There are a lot of great firms. I suspect a high license rate is somehow tied to a high turnover rate, but who really cares? And yeah, a CFP certification is important if you actually do REAL planning with clients, not just shove some insurance product down their throats just like the last client you spoke to.

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Lol the avon ladies of the finance world

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likefunny
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I think they are a bunch if wannabe hacks!! I am not usually that outspoken but as you said PWA nothing is absolute. Financial planning is customized by the case. I dont remember anywhere in my board education it saying everyone should have reducing term ins.

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Anyone who says a CFP designation is worthless A) was too unintelligent to get it or B) never took the time understand what it is or it’s value to clients and C) the statistics the CFP far out earn the average FA. Come on guys ignorance is no longer an excuse.

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likehelpful
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This is like trying to convince a Scientologist that the big spaceship isn’t coming to save them before earth explodes.

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likefunny
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Maybe someone has said this. How many of the “sales force” is full time? Most primerica people I know are part time and are “financial educators”

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likesmartfunny
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I think he was hoping to generate some interest in the firm with his post. I occasionally help clients avoid pyramid schemes when they tell me plans and I can discern that’s what’s going on. I’m certainly not going join one and bring my clients with me. I’m also helping a new 34-year-old client replace junky whole life with double the death benefit 30-year term coverage for 17% the cost of his whole life. We’re investing the savings in a Roth. However, as others have said almost nothing is absolute. What LTC rider is there for your term products? How do you solve that issue with your financial analysis if you’re not dealing with clients young enough to invest and grow their money to self-insure for $200,000-$500,000 of potential future long term care needs? Edward Jones has client friendly annuities built specifically for us as well (your firm is not as unique as you seem to think) and I still haven’t sold one because I don’t think they were correct for my clients needs thus far.

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PWA lets move to Primerica.

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likefunny
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The number of self-perceived mic drop moments by the OP is what keeps me coming back for laughs.

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likefunny
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Sounds like your selling a bunch of happy meals VP.

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Guys...after reading this thread, I've made some serious life decisions. I'm leaving the independent world to go work for Primerica. This guy has left us with some great insights to what a real financial planner should be. OP, are you hiring?

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This explains why the last client I brought in from there been sold so many REITS, Variable Annuities, and VULs he did not need.

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