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No. of Recommendations: 0
I've had some experience with Primerica. A few years ago a friend of mine got involved with them. He'd just retired from the military and was looking for some additional income. My introduction to Primerica was an invitation to have dinner at his house, which we had done many times before, with no mention of anything other than dinner. After dinner, it was "I've got something here I'd like you to take a look at." Then we watched a video about Primerica, it's great financial philosophy, and how you could get rich by helping other people. (This approach was, and might still be, a standard approach taught by Primerica.) Then he and his wife asked us to join them at the next local meeting. I went with them out of curiosity and continued going for a couple of months just to see what I could learn. (they meet a couple of times a week and are very Rah!Rah! go go go presentations) Primerica is basically financial planning based on a proprietary set of financial products in an Amway type multi-level marketing structure. The first thing they want you to do is re-finance your mortgage to a lower rate with them and by term life insurance. The idea being to then invest your savings from lower mortgage payments and lower insurance costs into their family of mutual funds. They do offer training that can lead to obtaining various licenses; i.e., insurance, real estate, securities, etc., but I believe you pay for the training. Meanwhile, you are under constant pressure to recruit freinds and family into the organization (to build your down line, supposedly). I had problems with some of their investment concepts and whenever I would ask a question in one of the meetings they generally talked around it and redirected the conversation. Good training for used car sales! All in all, I wouldn't consider them for a career in financial planning.
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