When I first started this series of three articles, I wanted to draft an honest, non-biased point of view on Primerica. While I am well aware that this is not a simple task, I will try with this post to explain why I personally decided not to join Primerica.
I do not intend to bash Primerica but there are obvious reasons why I decided that this company was not made for me. So after reading more about the way they approach people and their speech, I am presenting my personal conclusion on Primerica.
I thought about joining my friend’s team for a while. The idea of having my own business, my own sales force was very appealing. My friend was very enthusiastic about the whole project and was constantly reminding me how great I would do in such system. Finally, I decided that Primerica was not what I was looking for. This post is for those who consider working for Primerica, I think I highlighted a few points to be considered first.
A very strong business culture
A very strong point for Primerica is the success they know implementing their business culture. Everybody knows that it is much easier to motivate your troop and convince them of working hard when they acknowledge and believe in the company’s vision. Primerica was able to set up a solid bubble around their advisors which is not a bad thing. Each individual makes their own choice as to what they believe in and what not. However, I must admit that such strong culture scared me away as I hate to be tied up to something. I believe in myself, not in what a company may think. In addition do that, Saturday reunions were a bit too much of involvement for me.
A great training program
Depending on who is in charge of your training, I must say that they have a strong process in training their new advisors. As your recruiter is making a percentage over your sales, he has a strong interest in your own success. This is why you will be followed and encouraged at every level. People will tell you they want you succeed and grow as a better person. I believe more that they depend on this success and their wallet will grow along the way. Nonetheless, Primerica offers a great support to their new advisors while other company may tend to leave them on their own.
Bank or No bank?
This is where you start to see the scratches in the picture. It is well known that Primerica claims to represent the banks’ arch enemy. They show themselves as being somewhat personal finance saviours while banks are trying desperately to take a dip into your pockets without really caring about your needs or benefits. They claim they are only there to help people and banks are only there to take out their profit. I claim that this is pretty funny!
Fake it until you prove it
This point is more based on my first experience than on my several discussions with my friend. In fact, my friend showed me his last year pay stub and was making a decent income. Unfortunately for him, he was not making enough to make me think twice about leaving my current job. However, when I first attempt to a Primerica meeting, all advisors were talking about how great the company is and how much they are making money without working much. As an example, they explained that it takes about 10 hours to find a client and close a sale. Then, an average sale would result into about $800 of commission for the advisor (at a low level). So if you are making the math correctly, you should earn about $83,200 a year by working 20 hours (2 sales per week for 20 hours of work*$800*52 weeks). So if it is that simple, how come they are not all driving Bmers? Most of them will fake their success until they make it to the top… or they die with their lies. Primerica will more bring this method with the fact that you have to think and act like a winner to become one. It’s all in the perception of things, but I still call it “fake it until you prove it”. While it is not directly related to Primerica, it is still a technique used by a lot of their advisors.
I have more to say on the topic but I know that you are busy and that you have to leave shortly. This is why I will post the end of my Primerica Series tomorrow with the conclusion part 2.
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