Monday, January 03, 2005

My Thoughs on Primerica

From the RichDad Forum (my handle is asianwolf2001):

I was a customer of Primerica and considered becoming a IBO with them. I decided against it after some review. Here are my reasons:
  • the mutual funds were pricey compared to some small due diligence; I was allocated into the aggressive funds which tanked about 90% during the dot com bust.... a true CFP would have suggested that I diversify and even suggested index funds... they most likely won't because they can't make money from Vanguard's S&P 500 Index Fund
  • the insurance products push TERM over WHOLE but it depends on the client.... also their term products are higher priced than doing a simple Google search or going to
  • when I was looking into it, the sales collateral for the company was being developed (2001) I thought that the support for sales and team building was not mature
  • the people that were recruiting me were more interested in recruiting that actually providing a valuable and comprehensive service to their clients.. I don't feel right knowing that a Vanguard Index fund does a better job in diversification for a 25 yr old than a mutual fund that I make a 5% commission... most of the people were more interested in getting rich without the basic principle of servicing a customer with the best ethical service.

Overall I didn't get into Primerica. Since then I have spoken with other people and the feedback is it is ok. It depends on your upline for training if I am starting out. Also I believe World Financial Group among other MLMs provide comparable if not better service. For myself, I choose REI over MLM for the penetration into business and also support from my friends who do it. I don't discourage others with MLM as there are many positive things from it. I feel that for the most part unless you find a hot service or product or an growing market (such as health) or even have great team building, leadership, and/ or sales skills that many of the newbie MLMs will fail.


RickW said...

I was a Primerica associate. One thing that I don't think people realize is that in network marketing only about 1 in 100,000 are going to make enough money to do it full time. That's just the numbers. Across the board. I agree with you. Usually, any product offered through network marketing can be found cheaper. I actually started a business with $100 at a flea market and in 5 years was netting about $65,000 monthly but lost it in a divorce. But, just like riding a bicycle I'll be there again. By the way, got to your site from Rich Dads.

Abundance & Success said...


Thanks for the comment. Let me know what is your RichDad handle. Mine is Asianwolf2001. I agree that Primerica is NOT the great evil. I just feel that there are better alternatives to their line of products and their services doesn't justify the prices IMHO. Hit me up with an email when you have an opportunity. Thanks!