Share your Worst Primerica Story.............

[FinanceDude]

I have quite a doozy, but wondering if anyone else has any experience with them?

BTW, if THIS is where you gained your opinion of financial advisors, that's a shame........because pretty much NONE of them are licensed to sell funds or securities, even though they peddle them.............

 

[FinanceDude]

I guess no takers...........so a lot of people got advice from them..............

 

[Mr._johngalt]

I like these multisyllabicatized (yeah, look that one up)
company names. Primerica, Amerivest, Comerica, etc.
Bet they all spent a
fortune on consultants, etc. before they settled on their new moniker.

JG

 

[FinanceDude]

I like these multisyllabicatized (yeah, look that one up)
company names. Primerica, Amerivest, Comerica, etc.
Bet they all spent a
fortune on consultants, etc. before they settled on their new moniker.

JG

How about Ameriprise? I heard it's Greek for: give us your money...........

 

[youbet]

If you've met a Primerica or Ameriprise "advisor" you've met a typical advisor.

 

[FinanceDude]

If you've met a Primerica or Ameriprise "advisor" you've met a typical advisor.

Good thing I'm not typical..................

 

[bdk]

http://www.amexsux.com
The site is about Ameriprise financial advisors. Pretty entertaining reading, at times.

 

[FinanceDude]

http://www.amexsux.com
The site is about Ameriprise financial advisors. Pretty entertaining reading, at times.

Now that's funny............

 

[saluki9]

I have quite a doozy, but wondering if anyone else has any experience with them?

I've got one going on right now. I'm trying to help one of our firms' clients move an IRA from Primerica to Schwab.

This is a 6 figure account, and Primerica does not send monthly or even quarterly statements. Well, if you know about the transfer or ACATS process, you need a statement of value less than 90 days old. The client is not able to move their account because of their lack of statements. They only give them in January (even though the clients claims not to have seen one for last year)

talk about dirty

 

[peggy]

I guess no takers...........so a lot of people got advice from them..............

How can I share a "worst Pimerica story" when I never saw one? (Full disclaimer a friend of mine became a Primerica advisor after he moved cross country away from me. I have never had dealings with him in that capacity.)

I suspect most people on this forum are either hardcore financial DIY types or went with a more reputable firm after doing their research.

 

[FinanceDude]

I've got one going on right now. I'm trying to help one of our firms' clients move an IRA from Primerica to Schwab.

This is a 6 figure account, and Primerica does not send monthly or even quarterly statements. Well, if you know about the transfer or ACATS process, you need a statement of value less than 90 days old. The client is not able to move their account because of their lack of statements. They only give them in January (even though the clients claims not to have seen one for last year)

talk about dirty

I am sure you tried this, but if the client submits a request in writing (may have to be medallion signature guaranteed or notarized) for a statement, Primerica HAS to give them one. Their policy of yearly statements is crap............

 

[FinanceDude]

Primerica................the very name pisses me off...............

One of my mom's friends went with them. They convinced her to sell out her Fidelity account, even though it was making good money.

The rep took over $400,000 and put it into a Traveler's VA with high expenses and crappy funds.

When I called Travelers, I found out:

1)It had a NINE-YEAR surrender charge

2)It was a non-1035 contract

3)They only sent statements twice a year

The crux of the matter was................she was only 52 years old, and NEEDED money from this account every year for medical expenses..............

 

[mickeyd]

Primerica?

Oh, you mean A.L. Williams?

Now that guy could coach! :

 

[saluki9]

I am sure you tried this, but if the client submits a request in writing (may have to be medallion signature guaranteed or notarized) for a statement, Primerica HAS to give them one. Their policy of yearly statements is crap............

Tried it,

They said that "the law" only requires them to give them once a year at their discretion.

 

[FinanceDude]

Tried it,

They said that "the law" only requires them to give them once a year at their discretion.

I've heard that BS befor myself, but was able to get it done with a client request. I don't think Primerica or Travelers can ignore a written request...........there must be some securities laws that protect the client's rights??

Maybe a call to the SEC would clear things up...........

 

[MooreBonds]

Well, if you know about the transfer or ACATS process, you need a statement of value less than 90 days old. The client is not able to move their account because of their lack of statements. They only give them in January (even though the clients claims not to have seen one for last year)

I've transfered accounts without sending a copy of the statement to the receiving firm before...is this an official SEC rule that you need a copy of the statement?

 

[FinanceDude]

I've transfered accounts without sending a copy of the statement to the receiving firm before...is this an official SEC rule that you need a copy of the statement?

Depends on your clearing firm. Most, like NFS, need such info.

 

[saluki9]

I've transfered accounts without sending a copy of the statement to the receiving firm before...is this an official SEC rule that you need a copy of the statement?

Our clearning firm is Schwab and that is their requirement.

 

[jazz4cash]

Don't know how I missed this........I think I suggested OP to start this thread.

Primerica
When I was in college back in the '70's, I was a summer intern for the American Can Co in Baltimore.....yep...they make tin cans. They were maybe 2nd or 3rd largest can mfr in the US at the time, but I guess they figured this business was too funky so they transformed themselves into a financial services company (a hellova switch) by buying out AL Williams and renamed themselves Primerica.

Somehow I came to the attention of thier local reps in the 80's, shortly after I figured out what a mutual fund was. I went to a few recruiting sessions, and I was somewhat intrigued, but I had some problems with thier business model. They kept recruiting me with all the zeal of an Amway distributor until I finally told them to bug off.

Thier business model was "buy term and invest the difference". They sold 8.5% loaded mutual funds and they encouraged doing it door to door. At the time, most mutual funds were charging 3-5% load (before the no-load revolution). The door-to- door bit reminded me of the insurance salesman that would come to my grandparents house every month or so to "collect" a few dollars at a time. One good thing about it was the minimum investment was only $25, so most anyone could afford that (the good part). The fund performance was "ok" as I recall. They never really revealed the strategy of convincing people to sell thier whole life policies, buy term and invest the savings in thier high load funds, but it was just below the surface. I also don't recall them having the term life policies for sale, but I bet they at least do referrals. They finally left me alone when I told them I did not think I could sell thier funds to my friends, neighbors and relatives and still sleep at night due to the high load.

To me they were such a quasi-legitimate outfit that I was shocked when they were acquired by Travelors Group (right?) I can only imagine they are using a different business model, but I always chuckle to myself whenever I see the name.

 

[FinanceDude]

Don't know how I missed this........I think I suggested OP to start this thread.

Primerica
When I was in college back in the '70's, I was a summer intern for the American Can Co in Baltimore.....yep...they make tin cans. They were maybe 2nd or 3rd largest can mfr in the US at the time, but I guess they figured this business was too funky so they transformed themselves into a financial services company (a hellova switch) by buying out AL Williams and renamed themselves Primerica.

Somehow I came to the attention of thier local reps in the 80's, shortly after I figured out what a mutual fund was. I went to a few recruiting sessions, and I was somewhat intrigued, but I had some problems with thier business model. They kept recruiting me with all the zeal of an Amway distributor until I finally told them to bug off.

Thier business model was "buy term and invest the difference". They sold 8.5% loaded mutual funds and they encouraged doing it door to door. At the time, most mutual funds were charging 3-5% load (before the no-load revolution). The door-to- door bit reminded me of the insurance salesman that would come to my grandparents house every month or so to "collect" a few dollars at a time. One good thing about it was the minimum investment was only $25, so most anyone could afford that (the good part). The fund performance was "ok" as I recall. They never really revealed the strategy of convincing people to sell thier whole life policies, buy term and invest the savings in thier high load funds, but it was just below the surface. I also don't recall them having the term life policies for sale, but I bet they at least do referrals. They finally left me alone when I told them I did not think I could sell thier funds to my friends, neighbors and relatives and still sleep at night due to the high load.

To me they were such a quasi-legitimate outfit that I was shocked when they were acquired by Travelors Group (right?) I can only imagine they are using a different business model, but I always chuckle to myself whenever I see the name.

Yet guys like me get "lumped in" with "part-time advisors" like that..........
I sure as heck wouldn't buy insurance or investments from one of my neighbors.......knowing he did this as a MLM...........

 

[youbet]

Yet guys like me get "lumped in" with "part-time advisors" like that..........

Of course........

 

[mickeyd]

They sold 8.5% loaded mutual funds and they encouraged doing it door to door.

And the reps that were not NASD series 6 or 7 sold high commission annuities along with the term insurance.

I was shocked when they were acquired by Travelors Group (right?)

Why? Are you assuming that Travelers is somehow more ethical than AL Williams Primerica? Same agents, different business cards.

 

[FinanceDude]

And the reps that were not NASD series 6 or 7 sold high commission annuities along with the term insurance.

I guess Travelers gets a freebie on having to supervise their life agents.....

Why? Are you assuming that Travelers is somehow more ethical than AL Williams Primerica? Same agents, different business cards.

Good point............

 

[FinanceDude]

Of course........

Why should I get lumped in with unlicensed folks selling "buy term and invest the difference"?

 

[youbet]

Why should I get lumped in with unlicensed folks selling "buy term and invest the difference"?

Because used car salesmen, lawyers, snake handling evangelists and "FA's" (whether licensed or not, honest or not, trustworthy or not) get categorized and must live with the consequences of their career decisions. Why do you keep trying to wiggle out of it