Thanks :) I'm trying to figure out what the heck Primerica is selling in way of a certification program. It's a total scam, but I can't pin it down, because I don't know what certification, if any one needs to sell mutual funds, loans and insurance in canada. It's a doozy.
Do you know someone who is being taken in by Primerica? I have a friend who was taken advantage of by them and wasted thousands of dollars and about a year of his life, so I'll tell you what I learned from him and from attending one of their recruitment sessions.
First of all, it's not that difficult to get a license for selling life insurance; it's simply a matter of reading the required material and taking the BC government's exam. Getting a mutual funds license is only slightly more difficult. All you have to know to pass the exams is the basics about how these products work; a license to sell financial products is not a certificate of financial expertise anymore than a driver's license is a certificate of expertise in auto mechanics. Primerica just gets people to fork over some money to take a class which covers this stuff, and then take the relavant exam. The class is also a brainwashing session of sorts, where they convince the students that Primerica's products are superior to everything else out there, and anyone who says otherwise is a liar who is in the pockets of big business (sound familiar???).
After you get your license the next step is to go with your up-line (the person who recruited you) to talk to your friends and family and convince them to buy Primerica's stuff. You are supposed to observe how the up-line promotes the product, which constitutes your sales training, while your up-line gets the commissions from anything your friends or family members buy, even though the up-line is basically relying on their trust in YOU when convincing them to buy. After that, the up-line gets a cut of any commissions you make on your own, and you are encouraged to try and recruit as many people as you can so you can sell stuff to their families and get cuts of their commissions. Aren't pyramid schemes great?
I suggest you try going to one of Primerica's recruitment drives sometime, preferably one at their big office near Lougheed. It's really a sight to behold, and kind of reminds me of that episode of the Simpsons about the Movementarians. I guarantee you will leave feeling thoroughly disgusted with them. These people are simply trying to take advantage of the poorly educated and they have it down to a science.
I didn't see that episode. Sadly, I've been to one, before I started working for safeway. They phoned me up for a *job* interview. I drove up to coquitlam, and was quite peeved when I found out that this was a rip off rather than an honest work for wages proposition.
It's not a 'job,' it's a 'business opportunity.' That's Primerica's official statement on the matter, but it's not unusual for recruiters to claim that it's a 'job' and not tell you anything else until you're at the brainwashing session.
That's the thing about Primerica recruitment sessions; if you're sufficiently educated and experienced in the world then you will have all these red flags going up in your head and it will be very clear that it's a scam. That doesn't concern them because they don't want people like you anyway. They are trying to recruit those who are naive and willing to believe anything, and they know that anyone who sits through a session and is still interested in joining will swallow their BS hook, line, and sinker, at least until they lose a lot of time and money. In fact, the more time and money they have invested in Primerica, the more psychologically attached they become to the idea that they made the right decision. After all, admitting otherwise would mean accepting that they have wasted a huge chunk of their lives, and that's not easy for anyone to do.
If you're trying to get your friends to wake up to what Primerica really is, the best thing is to get Primerica survivors to talk to them. Of course if they are thoroughly brainwashed they will immediately tell you that the survivors just weren't committed enough to realize success, but at least the survivors know how to speak the Primerica language. There used to be a lot of good websites run by financial experts and Primerica survivors, but unfortunately Primerica's legal team has gotten very good at shutting them down by threatening their hosting companies with lawsuits.