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Is Primerica Financial Services a MLM?
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March 25, 2009 - I'm wondering, I have a friend who swears its not, but it seems to be. Either way, I'm thinking that joining would be a mistake. Any advice would be appreciated.
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- It is network marketing, but it is also owned by Citi. It's not a "fly by night" kind of company. the only mistake is not trying something different. -Angela
Primerica is a sister company to Travelers insurance, and CiTi corp. I tried it, but it is referral based... I just didn't know that many people. You could get very wealthy doing financial services... RVP It is a reputable company. I can see where if people would actually do what Primerica tells them they could really benifit, however... sadly most people do not. If you know alot of people, this could be a very good thing to do. Oh, and to answer your question... yes, in my opinion it is MLM.
It is sort of a MLM because you need to recruit people to build your business and everyone else has the same opportunity. But the compensation system is different in Primerica. In MLMs, when you recruit and this recruit sells something, the recruit splits his/her commissions with you. In Primerica, when you recruit someone and this person helps a family improve their finances, this recruit gets paid full commissions base on his/her sales level and the company pays you a bonus, which is the difference between your sales level and your recruit sales level. For example, lets your commission is at a 50% level and your new recruit is at the 35% level. You will take in a 15% bonus every time that recruit helps a family. Of course, you have to know that most people won't do work if you don't go to work because people you recruit will copy what you do. If you skip training, they will stop coming to training forever until you start going to training on a consistent basis and you continue to rally them to the next meeting. At Primerica, they let you become an independent business leader. At the beginning, all you are is a follower working to become a business leader. One thing I can tell you for sure is that Primerica is not a pyramid. In a pyramid, there is one guy at the top and everyone else is stuck at the bottom. For example, in the corporate world, there is 1 CEO, maybe 3 Vice Presidents, 10 Regional Managers, 30 Divisional Managers, and then 100s of employees beneath these managers. Most people who graduate from college starts out as an entry-level employee. Some of them will be promoted to become a manager in few years. Then they are basically stuck at that level for a very long time. What's the chance of you and me becoming a vice president in the company? Its very slim. The opportunity to move up in the company becomes smaller and smaller because once you move up, someone has already taken your previous position. At Primerica, you choose where you want to be in the company. Your first goal is to become a District Leader in the company. After you become that, your next goal is to become a Regional Vice President, which is the highest compensated level in the company. The process to become a RVP is simple because all you need to do is duplicate yourself, but its not going to be easy. It requires work and patience and determination to win. Whatever you decide is totally up to you. You should stick around and try it out at least since you already put in your $199. If this business doesn't work out for you, at least you would leave with a greater knowledge of life insurance, mortgages, how to pay off your debt faster, financial planning, and investments.
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