I have an old friend in San Antonio who’s in bad shape. She’s finally leaving her deadbeat husband of 10 years, and she has four kids. She’s mostly been a stay-at-home-mom for the past ten years. (She does have a bachelor’s in psychology from Local State, for what that’s worth.)
I don’t know who called who, but she asked me about Primerica. I interviewed with them once about 15 years ago, and it seemed like an Amway scheme. (FYI - this was pre-BBA, MBA, CPA, CFA, etc. I knew nothing and knew that I knew nothing.) So I went to Ameriprise instead. (Which turned out to be 100% chop shop.)
Does anybody have an opinion on Primerica? Good place to start? I mean, you can get licenses there, and then bounce if something better comes along. Or you might be able to do it part-time.
It’s just like any other multi-level marketing company, but with a strong focus on insurance. I think they have something like 115,000 registered reps (though only about 10,000 are licensed to sell investments). Basically, it’s someone selling you term life then convincing you to pay to get your insurance license so you can sell term life to your family (and getting a few of them registered…always be building your downstream!!!).
The ones that actually decide to go into investments aren’t any better. There are a ton of stories from our sales desk of guys taking calls from Primerica reps while the person was doing their “main” job…there seemed to be a lot of handymen for some reason.
Anyway, it’s not a real shop. Your friend will get zero support. And, she may have to attend the most awkward conference of all time, the Primerica National Sales Meeting hosted in the Georgia Dome (not sure where it is now). But that’s how many people show up and it’s like an evangelical event. Singing, hands waving in the air…scary stuff.
Tell her to nope out of there as fast as humanly possible.
I think their slogan is: buy term and invest the difference.
Listen, there is nothing wrong with selling insurance. But, its certainly not easy. I don’t like knocking other investment services firms, but, as long as you have a heartbeat - I’m sure Primerica would hire you.
If she’s seriously interested in getting into the financial industry, the first step should be to pass the required national and state license requirements and see if she can land a entry level role at a RIA or something, gain some practical experience and try to work her way up.