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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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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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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They license anyone off the streets. Primerica mission is to help lower middle income families, they have no business near high net worth individuals, go read their website. Second their company isn't top on any list, so they have to bash other companies, products, advisors and designation (because they can't get them), to try and equal the playing field. Since they will pull any one off the street and license them, primerica and can give them gallons of kool-aid and they will happily drink it up and vomit it all over people to make a buck. I've met a dozen agents and haven't had a single intelligent conversation. I feel sorry for their clients.

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I just came here to say that I can’t believe this thread is still alive.

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I'm laughing, I'm mad, I'm annoyed, I'm yelling at the screen. Yet I find myself cheering this guy in some sort of weird way. The full range of emotion the OP can make me feel leads me to believe his full time job is in Hollywood.

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Let’s all just focus 100% on the clients, everyone be a fiduciary, stop selling REITS, VAs, and VULs illiquid and high commission products and then flipping them to fee-base 1.25-1.5% accounts. And please please please no more Indexed Annuities. No a VA or Indexed Annuity in every garage is not a business strategy (its theft). This is not a discussion about asset allocation and diversification; it’s about right and wrong and if you would not want these products sold to your 74 years old grandmother then STOP doing it. It’s just wrong and if anyone is about to write me back from Primerica or any other firm using this as a business model please look in the mirror and know you are nothing but a crook.

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There’s no doubt who’s drank the Kool-Aid and asked for seconds.

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FYI, no disrespect to the OP but he is not representative of everyone in Primerica. I’m an advisor with Primerica and I’m articulate, knowledgeable and pretty down to earth. I have a range of clients from low to higher net worth and I specialize in working with small business owners. Primerica does have a bit too much hype for my taste but it also has a lot of good things going for it and has some great and competent people in the company. Please don’t let this thread misrepresent the company (and its advisors) as a whole

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likeuplifting
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He complains about being attacked then proceeds to childishly attack anyone who dares to disagree with him. The irony is lost only on him. 🙄

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OP’s continued use of insults like “little man” and his obnoxious bullying are indicative of overcompensating for serious and multiple shortcomings.

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It’s not a MLM scheme!!

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The funny thing is that i actually agree with you for the most part that you should buy term and invest the difference. You are just proving that you are a moron of epic proportions because that is literally all you know and you think it is true in every single situation. Yes it is true in most cases but you are 150% wrong that it is true in every case. You are clearly a moron as anyone reading this thread can agree.

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3 more reason OP is a moron 1. Dave Ramsey started his financial business lampoon group in 1992, he did radio with Roy matlock of primerica in 1996. Dave also studied A.L.William's financial strategies. But never worked for primerica. So to say Dave gave up primerica for the radio would be primerica kool-aid. 2. The only insurance business art William's was responsible for putting out of business was A.L. William's. 3. 2-3% of term insurance pays-out. That Is a industry fact.

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The Whole life policy is almost a 6.5 rate of return over the 30 years. Taking into consideration that its taxable money going into a tax free vehicle, it needs to be calculated like a bond. The tax equivalent yield of about 8% for premium to death benefit. That's a moderate aggressive portfolio yield with no down side risk just underperformance.

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OP, you’ve demonstrated ignorance, bullying, homophobia, childish taunting - and the list goes on. Just because someone disagrees with you- even if they are recounting their own experience at your firm - you mock them. If only your clients could see how immaturely you are behaving it would shock them. You have issues. Severe ones. You are the kind of advisor regulators are trying to protect the unsuspecting public from.

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Interesting how everyone is "full of shit" except you RVP. There are a lot of good advisors on here who work for great companies. Most of the time we all believe in the same result just different ways of approaching it You are dripping with arrogance and self absorbtion. You should be more humble and kind. Realize how blessed you are and that your firm is only as good as its people and your a poor representation of it. Most people can improve themselves by listening to others. You obviously don't listen and therefore will always be a subpar advisor.

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It’s tough to follow OP’s verbal diarrhea. Using 9/11 as a marketing ploy is offensive, when many other companies paid benefits out as well. To shut down all other types of Life Insurance other than term, means you likely don’t understand how they work or what they do in different situations. The abusive and continual poor use of the English language denotes a further lack of education (thus more susceptible to over consumption of the company Kool-Aid as has been clearly demonstrated). Seems like OP’s goal of changing the negative image of Primerica has only exacerbated many other Advisors preconceived notions about the company.

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Complete Domination!!!!!

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Have you received your pink Cadillac yet?

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Wow

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This is wild. Please don’t make it end!

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I went from primerica to northwestern mutual. Primerica was shit in comparison. Your boy just failed and is bitter.

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