The rep said she got my resum through Monster and wanted to give me an opportunity. I posted thatI was looking for a job and got offered an office position. When I asked about the specifics of the job, they were incredibly vague and spoke super fast. PFS Investments Inc Type: Mutual Fund Annual Costs: $129 Cost Details Average Expense Ratio: 1.09% Range Details Surrender Fees: None Commissions: Yes Roth Eligible Add to Compare Add to Favorites Set as My Product Enrollment and Questions Use the following contact information to enroll or ask questions. I walked out. When it was over I again thought, ok so now Ill get the interview. Hmmm thats odd considering there wasnt a website. life insurance pyramid scheme companies Primerica Under Investigation: 3 Cases You Need to Know - Saved by the I felt that it was a pyramid scheme, but was trying to support people in my community, especially after dealing with a traumatic loss of a family member, who didnt have a policy. when I asked how they obtained my number they said through a referral. Of course it was muffled so I asked who is this and she repeated I told her I received a missed called from this number and was curious who was trying to reach me, so she put me on hold. If Im not doing something productive Id rather be at home sleeping and spending time with my husband. Sounded too good to be true about the money and needless to say thank-you to everyone here I will not be going. Their higher up had done that for them. The rep is a West Point grad, and seems like a good guy. What a shame. I walked into the office and was greeted by a receptionist in her mid 40s. Surely it wouldnt matter in the end, as long as we get the recruit right? We finally found David. I have been with Primerica for almost a year. So consumers are overpaying, and likely buying the wrong products. People are much savvier now a days and really hate a sneaky recruiting pitch. Thanks for this website, now I know its a scam and Im calling off the interview!! I sent him a follow up email to try to nail down a time again. Had a local resident from Primerica call me as I often leave my card at the nearby supermarket as I offer computer repair services. Very happy with Merryl Lynch, thanks. It was fishy at first, but I thought the best of it. Denise Its sad that youre promoting this scam. I think that phone call was probably someone in the office calling him to tell him that he was at an hour and that he could go ahead and wrap it up. Thanks for the info. Representatives are independent contractors with people working any where from sometime/very part time to very full time. And, how come there stock is listed on the NYSE? I told him i was not looking to sell door to door or force anyone to sign up for gimmicks, which He reassured me that i would not be doing. Now, the warning flags were popping up like crazy! When I enquired further about the details of this opportunity to make extra income as my schedule permits He responded to me telling me that I would be licensed with my state and I would serve as a financial GPS Lol. In fact, the only thing I remember from that call was his saying Citi weird. He told me, and when I Googled it, I found this. What a crappy thing to give your life to. This affiliation between the two companies is one of the oldest partnerships inside the Primerica menu of products and is fairly popular. Its too bad that a few bad experiences have been compiled in one area and deterred people from seeing if this career was really for them. The only thing that bothers me about Primerica is being captive and not having the flexibility to sell other products. I then took a step back and thought, dissected the business model for my own benefit and thought what I would have to do to be successful at it (I over analyze everything from both sides). I must add that I made the mistake of giving these people my SSN but it for before I figured out it was a scam. If you have been invited to an interview, I can tell you that someone cared about you. And this place is playing with peoples hope?! What a joke. It was all a bit creepy and unlike anything I had experienced. You all have it wrong, you all WANT to see that this is a scam because It looks too good to be true, and it IS, if you have zero work ethic, and refuse to give yourself the opportunity to have a better life by actually applying yourself to something that isnt a 9-5. I finally ended it telling her Im sorry but no and she said thank you and turned her back on me. Well im not going to my interview today. Ex boss explains that he also wants me to set that up as an employee benefit. Not lying to them about what happened either. Has anyone heard of/ worked for a company called primerica? When I told him I am no longer interested he kept asking me why and then called me arrogant. Watch out especially for Melissa Allen- highly unprofessional, rude- and will say anything to get someone to an interview. I was not familiar with, Pink Truth, a website I run about Mary Kay Cosmetics and other multi-level marketing companies, http://www.thisamericanlife.org/radio-archives/episode/543/wake-up-now, http://www.cisro-ocra.com/publications/LLQP%20Provider%20Results%20(Jan-Dec%202014)%20EN.pdf, Why Do People Join MLMs? They make any failures out to be lazy and incompetent, unfortunately the failure rate is incredibly high. I offered to quickly mail her one, as I had not brought one myself (I already had bad vibes, so I didnt even bother bringing a hard copy). Then he went even further to explain that he could help my parents lower their insurance, debt, and help me pay for my college textbooks. He also told em they were looking for leaders and instructed me to call him to schedule a meeting. Just then someone clearly answered because he quickly spoke into the mouthpiece, his voice fast and sharp, Hi, Im looking for Amy I listened to the call and to him book the interview, but my thoughts were jumbled. Top 10 Famous Pyramid Schemes 2023 (And How to Avoid Them!) Andrea Youve misstated the concept of MLM. The whole purpose is an endless chain recruitment scheme. In this review of Primerica Aaron Goldsten, who was a representative for a year in the mlm primerica financial services reveals the truth and talks about the. Its a good 3 hours of my life that I will never get back. From what Ive read, I think I am passing on my interview this week. As I could see in some windows and noticed these people were sitting and waiting, I figured a lot of interviews must be happening around here. I graduated from college last month and primerica does prey on with people who are unemployed. I wasted a month of my busy life and thankfully, I already maintain a good internship at a wealth management firm and did not leave it for such stupidity. She asked me the most useless questions ever, such as, How do you want to be treated if you work here? She was also unable to give me specific details about the position I was interviewing for. I totally see it now. The conversation, again, was mostly about me, prompting me to sell myself as someone who should work there. Some of my friends work for Primerica and do VERY well! Thats why they havent been charged. There are 125,000+ representatives so its safe to assume there are some bad apples. Report investment scams by state-licensed companies to your state's securities administrator. As the man sat looking around at the various posters and motivational items on the walls I felt that anxiety-induced tension again. Employers are not evasive about what they need. As I told others about my upcoming interview and was asked things like with who, I felt like an idiot realizing I wasnt given any basic details. Thank you for everyone posting. Its dead quiet, and a woman Ill call Mary comes in, telling me she is waiting for someone she had met there the night before. Anyway so disrespectful will not be going tomorrow and glad my parents raised me the way thy did because I couldve signed my life away. I listened to the representatives pitch and decided to do the research like many of you on here. I showed up for the interview and no one knew who I was supposed to be speaking with. He signed me upNOW, after reading all these comments Im regretting doing so. RUN from anything to do with them. Thanks for the post. But dude. Cancelled my appointment with them. The company is not a scam. Yes, Atlantis the mythical Hellenic city submerged in ancient times. The guy was a fast talker and everything sounded muffled. My own confidence in my judgment is severely shaken. Im not recruiting people into a pyramid scheme and praying that they recruit more so that I can make a few pennies. Commentary on fraud, scams, scandals, and court cases. Eventually he told me that he was not offering me a job, so I was even more puzzled. So i said maybe on a follow up meeting i will do the paper work. Plus who knew if they actually still earned that? Time and again, we see these lies and unethical tactics used to lure people into Primerica. That is why the poor get poorer and the richer who work there ass off get richer! I dont mind. I have just cancelled my policy after 20 years because they increased my premium by 370%!!!! It has been at least 15 years. Im no longer-second guessing my decision to stay far away from this group. He said either way hed be expecting me tomorrow at 3:30pm. 403bCompare - Mutual Funds offered by Primerica I left indicating this was not for me, but wasted valuable time for something, from the on-set, which I indicated was not at all of interest, on her pretense it was a support job. I cant thank you enough. At the time my mind was elsewhere so about 10 minutes later I called her back and asked her what company she was with, who referred me and what position was I interviewing for. File a complaint about an investment or an investment account with the Securities and Exchange Commission (SEC). I was not familiar with them, so I went in for the so-called interview. Like, if someone asked a question that would be fairly customary in the real world, he really would let off on them with something snippy like well, I dont know what youre worth yet. Everything else followed was muffled. I told him I wasnt interested, but really wish I could report him to someone. But, I didnt want to join the business they lightly mentioned because I didnt really see any real income coming from this and I knew I could make more money doing my own thing if I applied myself. A few evenings ago. Some will say yes, not to be recruited, but to take control of their finances. Very very glad I read this. The woman who did the phone interview was very nice but once I got off I didnt even recall what the job was really about and realized she set me up in a few days for an in person group interview. Primerica, Inc. is a financial services company serving the middle-income market offering term life insurance and strategy for investments. Becoming a Primerica rep requires you to pay a $199 (now $99) fee and highly recommends paying a $25-a-month fee for access to Primerica Online as noted . As an employee you will never make as much as your Manager and your Manager will never make as much as the company owner, right? Hadnt I just provided 5 local contacts? lady called me said I was referred to her?, scheduled an interview, Something told me to google what little information I had, found your blog! I actually had to call my friend to ask what the position was and he said its something to do with sales.. Go get a real job and stop preying on innocent people trying to get ahead in life. I get NOTHING from writing about multi-level marketing scams. You can say all you want about how great the company is, but when a top RVP in a MAJOR metropolitan area of 30 years is sucking it, something is very wrong. They are masters of manipulation, hyping you up to be a crusader for the middle class. What Is a Pyramid Scheme? How Does It Work? - Investopedia life insurance pyramid scheme companies - stmatthewsbc.org She chats up the bartender who seems wary of her. I suddenly found his bragging really off-putting. And many join daily as new agents. what kind of car would you like to buy? Primerica Compensation Plan How Much Does It Cost to Get Started on Primerica? Primerica, Inc. | Better Business Bureau Profile I received a call from Primerica just a few hours ago. I did not show up to the interview, after 30 minutes passed from my scheduled interview I got a call again from the VP. Some people are so desperate for money that they are blind to this. Below is a narrative of how this went down for one PFS representative. I went to the first interview today. I called her back to be polite but she didnt answer. I read through the site and got no information about what they do or the ways they change lives or whatever. I kept my head down and fiddled with my phone, then shuffled some papers in a folder, desperately trying to look busy and important. He also said that he can talk to me me and my wife at the same time to explain the money for the financial license. * Oh, one other thing, if someone goes in for an interview, and they leave not wanting the job, how are they a victim, exactly? I actually figured out it was Primerica a few minutes later when I actually sat to think about it. Don't Get Caught in a Pyramid Scheme - Attorney General of New York The manager said he liked me, from a business standpoint of course. I was just contacted by one of these clowns and told based on my god given gifts I would be perfect for this opportunity. I find it odd that a company that hypes fancy cars, unlimited incomes, and financial independence has a sales force where 99% earned less (and way less) than $50k during any single BEST 12 months, BEFORE EXPENSES. At least then they can make informed decisions. If they call and set you for an interview, DONT DO IT!!! I WONT BE GOING!!!!! Now of course, I see several red flags in the situation. So j just kept searching information about this company and after reading this post and threads I decided not to go to the interview. I was approached by a husband and wife in a Neighborhood WalMart store. Lever term is obtainable from top rated companies for far less money. But one thing a lot of people never did was actually get any information from the company about what they actually do and how they actually help people with their finances so people can actually pay off their debt faster than they are projected to, and actually reach their retirement goals. Long story short he told us it was a company about life insurance and that wed help families bla bla bla. Expectations low (as I am VERY cautious) I agreed to meet with him. Now I have my 2-15 and Im not going to waste that on just Primerica products. At worst it means you have a poor product or poor reputation which is most likely deserved. Then post your experience good or bad. However, when I suggested that my previous experience would leave me worthy of positions like Business Analyst, I was informed that those positions were only available in the corporate office located in Georgia. The stock in Avon has dropped as well, below $10 a share. My friend has her insurance with them. Recruiters lie to get people to join, because if they told hte truth about the almost guaranteed failure, no one would ever sign up. So she asked me to go to an interview with her manager and she gave the adress and my interview is tomorrow but after reading almost all the comments above ive decided that im not going and im so glad that i saw this before going. Still, barely any information given. Needless to say I WILL NOT be going back. Unlimited income potential. I will say that the highest ranking person I worked with has now been involved with the company for over 30 years. Im grateful for this site and the posts here. Got a free dinner out of it, but I never did anything with it and didnt give them any money. I didnt want to wright to much, sadly it got away from me. He kept repeating that they are teaching people how to use their money, but without really saying anything else. We will see. End of story. Working at PFS Investments: 79 Reviews | Indeed.com Also this was my first job interview, as Im a student. I believe the only way to get ahead in America is by entrepreneurship, MLM and/or Franchise if you can afford it truth be told, if you think about a PYRAMID, you could look at your job as one. So an agent sells a property, and the agent gets a commission and the office/team gets a commission. Needless to say, Im glad I got out of that one. To all those who think youll make money from this, it is mathematically and logically IMPOSSIBLE for EVERYONE to make money in a business like this. He acted surprised that I had not. Products: Healthcare, Daily Lifestyle, And Nutrition Value-Based Products; Investment: To get started with Herbalife distributor, you'll need to purchase a starter kit worth $94.10 Commission: 15% to 50% of each product you sell. ), I think these Primerica idiots need to get trolled HARD. Her husband, a mechanic, got invited to a big fancy house and had dinner there. Tuesday evening came around, time for the interview. Now, of course, I see it through different eyes, more objective and analytical. And i was highly qualified for one of their positions. (i.e. Those who participate have bought into the lie that they own their own business. Cant there be commission only jobs? Pyramid schemes, on the other hand, need you to pay a fee and/or purchase products and services in order to participate and earn income. Very glad I googled this company and found this blog. Then i thought to myself who the hell asks for 25 names off your phone and debit card info in an interview? There was a Prime America in the office building I currently work in, and I cant tell you how many young, eager, looking people would pull up looking nervous right before their big job interview. Act really dumb and make them explain things 3 or 4 times. A pyramid scheme is an unsustainable business model in which original investors make money by recruiting others rather than by selling actual products or services. PFS Investments Pay & Benefits reviews - indeed.com Ok then why do you work at a retaurant as a sous chef then? Many years ago, I got a call at work from a Primerica recruiter. I, too, have an interview for tomorrow that I doubt Ill go to now! One of those analysis of Primerica showed how that it is nothing more than a game where you dont really make any money, and its all about recruiting and selling over priced term life insurance. Currently have a few positions available. Good luck to you all on your future endeavors. I was contacted by someone from Freedom Financial Services out of Charlotte, NC. Like I said, I own my own business and am looking for some sharp people to add to my team here. But it seemed scripted, as many of the topics of discussion were connected to internet sources and he had all them loaded up on the computer. Glad I found this page though so I dont have to waste my time or money. Young people of united states and canada please pass this pages along to your friends . I ALWAYS check out a company before interviewing so after reading the above information, I gracefully declined the interview. Life Code, the real world. Have you done any research on companies that sell whole life policies? Of course, I find that it is a scam and a pyramid scheme. Plus, I knew I had read somewhere on POL (online website for reps) that it was against compliance to block the number. It would be too painful to add up all the hours, dollars, and gas I had so far invested into this business. Georgia Insurance and Safety Fire Commissioner, 2 Martin Luther King Drive, S.W., 716 West Tower, BBB Tip: How to shop for financial services, Need to file a complaint? Sizing up the interviewees professional attire I again looked around, feeling self-conscious as I really noticed for the first time how cheap and tacky the office looked with its random motivational decorations and big scoreboard marking sales and recruits. Asked for my phone number, stating that while he didnt know my situation, he would be interested in offering me a job. All-in-all, aside from the financial advice that I found sound and pretty basic, it was a complete waste of time. According to their own reports, only 2.5% of their reps earn more than $36k/yr, tho even that pulls their stated average commissions down from $6k to less than $1k or less. 6. last and least. I also know another person who has been doing it for 10+ years now and he doesnt make much at all. He mentioned the company would pay for license and classes and would like for me to start working part time for 5 hrs a week these next few months. But to shut down a business just because over 100 of you said it was crap and the rest followed after you did your own research. my son is employed there. But for all of you out there who have fallen for this or maybe thinking about it, remember this, When a company asks you to pay for getting any piece of paper, fees, approaching you in odd places,etc., think before you leap, do your research for other companies selling the same product and see how it is or isnt done, then make up your own mind. As cool as this possibility sounded, it just seemed way off, I had many red flags that popped up and wanted to inquire on them, one of which I did, but figured Id investigate a bit first. My friend lost his job and this what fell into his lap. He went on to make about six more calls, each leaving me a little more tense than the last. I received a call earlier from a rep, or whatever. Pyramid scheme - Wikipedia The dude ignored me completely. At that point, she became very persistent and it immediately became evident with the posts I read on this site. I realized what it was after that meeting immediately. The next day I came in for the interview and something seemed a little off. She handed me a clip board and asked me to fill out the information requested. At this point, I had a chance to become aware of the atmosphere in this building. Primerica Review: Pyramid Scheme? (2023) - ecosecretariat.org What it seems to be is actually a high interest line of credit. However, it does not mean that because it is legal that the company' structure is not shape like a pyramid. Does anyone know of other companies besides Primerica that are employing these same tactics? Success in MLM is not tied to how hard you work. another red flag when up in my head, majority of my friends held the same job for years so who the hell gave you my number? So with each sale, that is one less client to sell to, forever!!! Jeb- If you read most of these comments then you should already know that half of them was approached at their job like myself. Wasted my time. Thank you! I was unable to find much of anything online until I got the address for the interview. It was withheld from peoples pay. The scheme is called a "pyramid" because at each level, the number of investors increases. I told her the store and began to walk away until she stopped to ask me if I was currently employed. Yes. Pingback: Why Do People Join MLMs? Should I in fact back out? Life insurance is a service, and just like any other service, someone can come along and provide the same service for less money. I read many reviews like this before I started and while I was active. I see this company hasnt changed much since my friends husband tried to recruit me 4 years ago. Wow was not expecting it to be such a rabbit whole. Me too! My Primerica Regional Vice President (RVP) well call John offered to teach me how to call them, to build my team. The program is administered by Legalshield (formerly called Pre-Paid Legal Services), which is the largest provider of pre-paid legal services in the United States. Proceeded with a few more questions before telling me she and her husband ran a small business. I asked her DO I NEED TO PAY ANYTHING TODAY, she said yes $140. WHO calls someones parents to schedule a meeting to make them feel more comfortable to work for them. Such a shame. I thought the man I was working one on one with , who was soooo nice was helping me set up online banking , which is what he said , but in reality he was going into my account taking money out which he said they were not gonna do unless I signed up for the classes at a later date. I dont remember exactly what he said to me but I realized Id been lied to and I was so mad that I just walked out. So once I read that it was an Insurance Company I immediately knew it wasnt for me. They have to recruit their own people.