Beltmann Posted July 22, 2007 Share Posted July 22, 2007 My stepfather has recently shown interest in the business opportunities offered by Primerica Financial Services. I'm skeptical--it seems a bit like buying something from a guy working out of his van. I'd like to give my stepfather sound advice, but I don't really know much about finance. I'd appreciate hearing from anyone with more knowledge. Any useful information, opinions, or personal anecdotes regarding Primerica? Quote Link to post Share on other sites
Reni Posted July 22, 2007 Share Posted July 22, 2007 Whenever Graham has been job hunting (and has his resume up on Monster) they call him telling him about "new opportunities in our area" and it sounds like a total pyramid scheme scam.......and they have called a number of times - and it's always the same guy, too. I don't have any facts for you - but I would be VERY VERY wary. Quote Link to post Share on other sites
Duck-Billed Catechist Posted July 22, 2007 Share Posted July 22, 2007 It's similar to a multi-level marketing scheme. My uncle bought in a few years ago and still religiously (keep an eye on the religious angle) attends the meetings, but hasn't sold anything. I think he's unwilling to impose on his friends and family, which is what making money in that sort of system requires you to do. Check out ripoffreport.com for a pretty feisty back and forth about them. As I understand it, they're trained as "financial planners," but the only financial advice they give involves purchasing a citigroup product. Not necessarily the financial advice than anyone needs. It is possible to make money that way, but it's not likely and it requires dragging yourself through the mud. They recruit people under false pretenses with positions such as "office manager" when it's a sales job. Quote Link to post Share on other sites
Beltmann Posted July 22, 2007 Author Share Posted July 22, 2007 Thanks, guys. Yes, my initial Google search definitely raised my eyebrow... Quote Link to post Share on other sites
Mrs. Peel Posted July 22, 2007 Share Posted July 22, 2007 Wait until quarter23cd sees this thread...I think he's got a story.... Quote Link to post Share on other sites
cryptique Posted July 23, 2007 Share Posted July 23, 2007 Wikipedia suggests that it's multi-level marketing. I'd stay the fuck away. Quote Link to post Share on other sites
Mr. Kinsley Posted July 23, 2007 Share Posted July 23, 2007 Ironically enough, I have a cousin-in-law who is heavily involved in Primerica. She's in the Carribean for training. On a boat. Not just any boat though. My guess is that her boss is involved in scientology and is trying to convince the rest to join in. Or maybe she's been in for a while and the 2 pyramid schemes just flowed together nicely. I know they (scientology) have close to a hundred shadow organizations that aren't "officially" affiliated, but still funnel funds to Cruise & Co. We've been wondering about her involvement with Primerica for a while, and this might explain quite a bit. Quote Link to post Share on other sites
quarter23cd Posted July 23, 2007 Share Posted July 23, 2007 Wait until quarter23cd sees this thread...I think he's got a story....Well, I dunno that there is too much to tell, really. I got a call out of the blue a couple years ago from a guy telling me he he saw my resume online and thought I'd be a great fit for a job, yada yada. Nothing unusual. Told me it was for some financial outfit, but I didn't pay too much attention. I was looking for a programming job and the initial conversation was just vague enough that that's what I thought I was going to be interviewing for. (he kept talking about my education, experience, and skill set being a good match for the position) So I called him back later when I had more time to talk and started asking more specific questions about what the job actually was and he was kind of dodgy about it. Didn't give me any straight answers, but invited me to come to what sounded like a group interview on a Saturday morning. This seemed a little bizarre, but I was still onboard until he suggested I bring some friends, too. At which point I stopped and said "Wait a minute, what the heck are you recruiting me for??" At which point he kept going back to his script about the "excellent career opportunity". I hung up, a bit puzzled, and started to do some research. The best I was able to conclude was that Primerica was somewhere between a pyramid scheme and a cult. Judging by some of the impassioned defenses you can find online, yes, it appears you can make money at it--but it seems like it involves an awful lot of preying on friends and family to do it. (They told me to bring a list of names/addresses of ten people to the initial meeting) I dunno, the whole thing just struck me as being a bit creepy and it was not AT ALL what I thought I was being recruited for. The same guy kept calling me back for several days ("Just wanted to verify that you're still coming on Saturday!"). I tried blowing it off, but he kept calling 2-3 times a day and I finally got fed up and told him off, that I wasn't interested in what he was offering and that I thought he was pretty disingenuous about the way he initially described the job because I thought he was recruiting me for something totally different. He responded with: "You were all ears when I told you how much money you could make. Obviously your current career isn't working out the way you'd hoped." No, fuckwad. My current job isn't working out the way I'd hoped, which is why I listed my resume on Monster.com (which is where I assume they found me), but I'm still looking for a new job in the same field--which is why I got excited when I thought you were interviewing me for a programming job. Then he told me "Maybe you just heard what you wanted to hear." Or something to that effect. "Okay, fine, screw you." And I hung up. And then I made double and triple-sure that all my doors and windows were locked tight when I went to bed at night for the next several weeks. Quote Link to post Share on other sites
Mrs. Peel Posted July 23, 2007 Share Posted July 23, 2007 I would say that qualifies as a story. Quote Link to post Share on other sites
quarter23cd Posted July 23, 2007 Share Posted July 23, 2007 Yeah, well, I guess I'd forgotten about it until I started writing. Quote Link to post Share on other sites
yermom Posted July 23, 2007 Share Posted July 23, 2007 I was actually tapped for one of these "careers" as well. I was looking for a job and a guy who I vaguely know as a friend of a friend of a friend introduced me to a guy who was "hiring." The guy had me meet him at a local Shoney's restaurant. According to a Shoney's employee this is where he always conducts these little "interviews." He didn't care much about my qualifications, mostly he just hyped up what he was offering.."See this little umbrella, this means Citigroup is one big, awesome company over all these smaller awesome enterprises, like Primerica!" "One of the largest companies in the world, great opportunity, blah, blah, blah..." He tried to entice me by explaining that my friend of a friend of a friend had already purchased his own home at age 23 because this job rocks so hard...I knew this was bull because the dude was working at Blockbuster. Why would he keep a job at Blockbuster if Primerica was fattening his wallet so well? I finally realized what a crock the whole deal was when he explained that I'd have to pay some licensing fees in order to start my new "job." Quote Link to post Share on other sites
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