I bet your management fee is close to ours, some may be more and some may be less. I bet your variable annuities don’t have a decreasing fee for the client when they put more in just like mutual funds. I also bet that the sales load is the same (front and or back end). I also bet most of you sell products from the same companies that we do. Does your firm offer this many choices? Some of you may say yes but I bet most say no. Life insurance, Long Term Care, Pre-Paid Legal, Auto and Homme insurance, Mutual funds, Iras, 401(K), Annuities (Fixed, Variable, SPIA, GIB, Fixed Index), 457 programs, 403B programs, Small Business Solutions, Simple Ira, Sep Ira, profit sharing, Money Purchase plan, Ira/payroll deduction plans, Long Term Care Business Solutions, Coverdell, 529 plans and Managed accounts. Primerica Life, Primerica life of Canada, National Benefit LIfe, Met life, Lincoln, AXA, Aig, Prepaid Legal, Answer Financial, Geico, Heartford, 21st century, Allstate, Safeco, Progressive, Equifax, Freedom Financial, John Hancock, LTCI Partners, Genworth, Scholars Choice, Ascensus, Alliance Bernstein, American Century, American Funds, Invesco, Fidelity Advisors, Franklin Templeton, Legg Mason, MFS, Oppenheimer, Pioneer, Putnam, Lockwood Advisors and I guarantee I missed a few. Here are some of the products and companies we work with.
How many of you life insurance agents have all of those? No many I bet as most life agents only sell life insurance. I’ve written up story here: Ok for all of you that say Primerica reps don’t know how to do things. Not training, not client service, and it is difficult for reps to earn a good living WITHOUT recruiting. Though there is not intrinsically wrong with that the problem is that it is the primary and dominant focus. Then of course is the bane of their business model… recruiting. In fact the average reps earns about $6,000 per YEAR. Though Primerica is not a “scam” per se, the truth is the large majority of reps earn very little. Limited option, very low commissions, and abysmal training. The securities side of the business is treated as a “step child” or “second class citizen”. Their term life product especially is very limited, only guaranteed for 20 years and very expensive. Limited products and very, very strict restrictions on it’s reps.
PFS is a captive company in every sense of the word. As a 16 year veteran of A.L.Williams and Primerica as a Branch Manager (called “RVP”), I will say that much of the negativity is exagerrated, BUT is founded in truth.
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