Do you know about - An Honest and critical Primerica recap (Don't Join Before Reading!)
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Primerica (formerly known as Pfs/Alw) is a financial services business that uses a Multilevel Marketing model. For more than three decades, Primerica has been able to produce many, many 6-figure a year earners. In the 1st quarter of 2010, they officially parted ways with long-time parent company, Citigroup, and went public. Currently, the sales force is made up of 100,000 licensed reps. Primerica is a legitimate business occasion and has maintained a good rating with the best business Bureau.
With that said, there are pros and cons to the Primerica business Opportunity. In this objective review, I'll go into the pros and cons of the Primerica occasion and give you details you probably don't know about yet.
First, I'll start with the Pros...
1. Primerica provides a unique occasion for someone who has No caress in financial services to come on-board and get licensed and trained on the basics of life insurance, mutual funds, variable annuities and mortgages.
2. Primerica allows citizen to come on-board part-time, which is Rare in the financial services field. This is a great highlight because reps aren't under the pressure to produce because they still have wage from their full time jobs.
3. With the Primerica model, unlike other Mlm opportunities, someone who just wants to store financial products can make a decent wage via sales commissions.
4. Primerica offers a lot of hold to it's reps... Generally because reps have way to physical offices run by local Rvps.
5. As stated earlier, Primerica has one of the best track records the network marketing industry. Currently, there's about 65 leaders in the Us and Canada that make million or more in wage annually.
Now, let's give you the Cons:
1. The product training is basic, which is sad for some clients that are being serviced by new reps. Personally speaking, I wouldn't want my kid's instruction funds, my seclusion accounts and, especially, my life insurance accounts handled by someone that's been licensed for 30 days and has no caress in truly gift financial advice.
2. Primerica pays a much Lower commission to reps when compared to what they can make if they were an independent financial services rep.
3. You are a Captive agent at Primerica. This means you are able to sell Primerica products Only. While only gift Primerica products may not be a bad, as a financial rep, you have a accountability to your clients to shop for the best potential products for them. While shopping nearby is a quarterly practice by independent reps, it is strictly forbidden at Primerica.
4. As a marketer, you'll lose nearby eighty percent of your incoming recruits due to the licensing exams. The business stats indicate that Only about 20% of incoming reps pass their life insurance exams. So what happens to the left over 80%? Well, they basically end up quitting the business.Imagine working your butt off to build a team that was recruiting 100 new reps monthly. Now, think about this, 80 out of those 100 were citizen that you couldn't even build a business with because they couldn't pass the licensing process.
5. This is a leading part of the comp plan that isn't shown in the presentation - When you get promoted to Rvp, you give your best one or two legs to your upline Rvp. This is know as the "replacement or possession exchange". Imagine, busting your butt to hit the top position, then giving up your Best leaders, and starting the building process over... Only this time around, as a Regional Vice President, you have office expenses to think about. By the way, Primerica requires it's Rvps to be full-time and forbids them from manufacture money elsewhere. This is highly leading to know if you are seriously considering the Primerica business Opportunity.Why? Because if you wish to build multiple streams of income, you won't be able to once you go Rvp.
In closing, Primerica is a real business occasion where someone can come on-board and learn financial services and how to build an Mlm business. Just make sure you do your study on the products and payment plan so you know exactly what you're walking into.
So... Should You Join?
If you're seeing for a business that doesn't need Hours of financial product training, the probability that you'll lose a ton of citizen during the licensing exams and the fact that you have to give your upline your best leaders, then Primerica is without fail not for you.
However, if you like the idea of recruiting agents (and you're Ok with a super-high attrition ratio) and building your group with the occasion to qualify to open up your own Primerica office, then Primerica may be an occasion you should explore.
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