pfs investments pyramid scheme

I also heard the leadership bit. I dug and dug until I found PFScareers.com which is the new recruit site. Jorge Exactly what is false and untrue in this article? All MLMs eventually reach a saturation point where the bottom tiers are almost literally competing for scraps because the word gets out about the nature of their business model and they become shunned by most prospective recruits. Ive written about Primerica in the past, questioning whether Primerica is a pyramid scheme, and whether PFS is a scam. I looked up Wallace Murphy with Primerica, it showed his picture and what he was about, but after reading this I will also be canceling my interview as well. Those who participate have bought into the lie that they own their own business. The so called VP is there and questions were asked and at some point, the so called VP (he looks like James Ingram) said that I need to pay $99 for my financial license to be able to get the job. Thanks for the info. They explained how everything worked and it all seemed to be on the up-and-up. As an employee you will never make as much as your Manager and your Manager will never make as much as the company owner, right? Its not a business. The scheme is called a "pyramid" because at each level, the number of investors increases. Do whats right. If this issue was costing them money, they would change it. When she gave me speech about how they help people save money and so on, then she said are you ready to sign up for the classes? He invited me to this thing some orientation and was like being your parents Im sure they could learn something and Im like did this man just insult my parents intelligence. After reading these comments I can say I will not be showing up Wednesday at 6:15 for my interview. The scheme is called a "pyramid" because at each level, the number of investors increases. Report investment scams by state-licensed companies to your state's securities administrator. I first indicated, I was not interested in selling financial products and not sure I wanted to apply. to sit down with them to straighten their finances out. I wouldnt say I was victimized. Funny thing is, the first 20 times I heard this same spiel I was envious of his life and attracted to the lifestyle he proclaimed was not only possible, but a given if one followed his leadership. A real boss would have trained me properly in the first place, not have been so blinded by potential dollar signs and a taking care of ME first attitude. How what they do helps people. Awesome reviews everyone! Thank you guys. Thing is I have a nose for pyramid schemes and multilevel marketers, so my radar was going off right away when I heard all the generalizing. I will not be going tomorrow. I received invite to interview Term Life Insurance 3. The guy was a fast talker and everything sounded muffled. Were looking for someone to hire and train as a investment advisor for expanding finance department. I went there with an opened mind. Like the other RVPs were worse off for working with people who didnt have it. And my husband just hired a newly licensed recruit to help him get his new business started but has negotiated a portion of that agents earnings as compensation for helping him get himself established AND this new agent will also be splitting his fees with the broker. I already work full time. In addition, how Im going to have to pay $99 for license + $25 utilities (no other job makes me do this?). thank you for opening my eyes! She goes to the bathroom and I quickly text my girlfriend to come and rescue me. I tell her about my jobs, what I used to do, etc. OMG thanks for this website!!!!!!!!! Money / Side Gigs. I arrived at the interview and when I walked in the door I heard LOUD hard rock music playing. The other woman never shows up. Also, Tracey thank you for your continued service on informing the public about MLM businesses. I was in a group with a few other people who agreed to sign on as well. Well, I didnt stick around to find out if it would work or not because I stopped going once me and my mother got a bad feeling about the company. I asked him if this was optional and he said No, its REQUIRED. Thats where my suspicions got ever higher. Im generally really polite and dont want to hurt feelings, and I knew that my current work may expire in December, so I figured Id hear him out and then should I need work in December, maybe Ill give him/them a call. They offer it at a price they term affordable for all families. Ok guys,heres my story: I work two part time retail jobs and am seeking to leave both for one full time position. It's a scam, he has to pay for his training, doesn't get paid for time training, some commissions are based off those who work under your recruitment pyramid. When something seems to good to be true, i have high doubts of it. He replied well how can i make you feel more comfortable about this opportunity? I said i would have to talk to my parents after all this was over to see what they think because all this seems weird. Im guessing he was catching on that i was too smart to be manipulated by all the financial opportunities. He then wanted to make be more comfortable by CALLING MY PARENTS and setting up a home visit to talk to them about all this. I cant believe you even said people should go to the FAKE interview. Wow i got a callcfrom Primerica and the guy jhon who called made it soumd legit. He just missed the Pyramid Gravy Train by a couple of levels. Ugh. Im so glad I found this site. Long story short, I sensed and saw scammers written all over their faces. This may be the part where it comes together to the point where people say they hire anyone. It was no way a job interview. Because if they tell you the truth, you wont come in. Everyone gets invited to stay for the informational session, and everyone will be strong-armed into signing up as a representative. i have 2 children and single. My advice would be to at lease go in for the fake interview, gather informatican about the company for yourself, then decide if its for you or not. Oh Boy. I was approached by a lady who came shopping in the store I work @ now. Now what?! so I started to get dressed for this interview but something in my mind said look it up on the internet . She essentially made an appointment for me anyway for Wed at a place in Mission Hills Ca. Common Scams and Frauds | USAGov Posted on . It isnt right how these companies take advantage of folks in need of employment. A woman approached me and complimented me on my bag, asking me where I got it from. I will not be following up with PFS. He collects his clients resumes and he did it in front of me. The one thing that did get me, however, is on Google Maps, the place did not have a name. Ive read a ton of comments on other sites as well, and this is just not cool! I was being complimented on how I dress, my smile and my energy,( Im a naturally energetic person) they make you feel safe and secure while your there , but right away I was put off when they wanted my bank info. It was located on the northwest side of Chicago (also where the Primerica location is) in a building that was practically empty and only had a few rooms/offices one the 1st floor and a basement which is where we met and discussed this foolishness. She called me today asking me about coming in. Like everyone else here, I also got the call and the woman said that I was Highly qualified for some positions she was offering. I said yes just to help her out. I know quite a few very successful business owners who started at the bottom in primerica now earning very incomes and building great businesses with great people and you cant do that working for someone else! The fact that she had to describe it as a business opportunity, and not a job already set off alarm bells, as such language is common in many scams, but I went to the interview to see what it was all about. Over 8 years ago but never did insurance with them. I seem to have ulterior motives? He was bringing us all down about our current minimum wage jobs or the ones that were unemployed and started to brag about how much money he made. I can feel itll just be a waist of my time and I would rather work for a company with a good reputation. I thanked the VP for the opportunity and ended the call. It occurs to me that if a person would want to try this kind of sales, then it would be just as easy to sign up with a major insurer such as Woodmen or Northwestern Mutual, NY Life, etc. He also mentioned talking with a number of people at Lowes about how bad the schedule is here as I realized later, he makes the rounds at stores like this, trying to entice unhappy people into a get rich quick scheme. She gave me her number and asked to call claiming she was a hiring manager .. P.S.Also, as to objections from some of the above posters concerning licensure fees charged by Primerica, any financial services company must ensure that its agents are licensed, just like real estate agents (or engineers or accountants) must be licensed. I went for the so called interview today and was completely confused and turned off. He agreed, however, I had a bad feeling about him and the conversation we had had and decided not to call him back. Everybody is making a cut on the people below them; it goes up to four level. Very glad I googled this company and found this blog. The next person presents the sales pitch on Primericas services. I studied and passed and was prepared for take the NASD Series 6 exam. Then why was he so eager to get ahold of my stack of resumes, leads I had paid for?? No way was a guy with $20,000 in debt able to cough up even $500,000 after 3 years if their figures were correct. ), In walked this boy of maybe 18 in a new 3-piece suit and tie. I, too, have an interview for tomorrow that I doubt Ill go to now! 28 Best Direct Sales Companies To Sell Products From Home [2023] I was in college when they reached out to me about coming there to work. I got a call after meeting with someone from the workforce. But Ive been coming up with excuses why i cant meet back up with him because things just didnt seem right after i left that 1st meeting. That is my goal. New faces=new prospects=new recruits=new sales. They contacted me last week and after the first decline the Recruiter called me back to give more information and requested that I come in for a presentation and make a formed decision after seeing the presentation. She was upset and wanted to know who told me those rumors. Reported to Primerica Legal. I could barely understand the guy. I spent an hour on the phone with Vice Presidents in three different areas. I suddenly found his bragging really off-putting. I told him I was talking summer courses and I really wasnt looking for work but I actually was (does that make sense?). Anyway so disrespectful will not be going tomorrow and glad my parents raised me the way thy did because I couldve signed my life away. I offered to quickly mail her one, as I had not brought one myself (I already had bad vibes, so I didnt even bother bringing a hard copy). I emailed Primericas Compliance department and was told they could not give permission for me to take the job because it would violate SEC rules. Thank you for the honest comments, saved me time and money. Denise Its sad that youre promoting this scam. How likely is it that they can manage to fool all 50 of them? I immediately searched the company and came across this page. Never going to a meeting after invited and said you would. What would that income really be after all expenses, office rents, etc, were deducted? When he called me I was busy and asked him if i could call him later. He invited me to go to an event of some kind, and I agreed. She is a mere pawn unknowingly victimizing her own family and friends. Me too! I walked in and saw chairs set up like there was going to be a lecture. Im a chatty bend-your-ear kinda bartender, so as shes sipping her coke we start up a conversation. Blah blah blah. When I told my boyfriend about it, who is currently taking a bunch of business, marketing and economic courses (Im a FILM MAJOR so the fact that they wanted me at all should have tipped me off), he said it definitely sounded like a pyramid scam and to look it up. I feel more insulted then anything right now because I think the two I met were only there to seek for people. Call away, I figured. However, the options you'll be presented with are dependent on your age. Tracy says this is about recruitment and getting people to pay the initial and monthly fees. A legitimate company looking for new employees is not going to waste more time calling a candidate who did not call them back, particularly considering they had no information on me or my job experience or training. From that, I just wonder why he wants my wife to get involved on this.. Lol! As for life insurance itself, a small whole life policy with a reasonable death benefit can be helpful in protecting your spouse if you die suddenly. Many thanks to this website and all those who have contributed toward it. Thanks to all who shared their experience. I will not be going Monday. Average salary is 6K per year less than McDonalds. Primerica has been helping Main Street families invest for the future since 1977. I am actually scheduled for an interview tomorrow which I intended to drive over 100 miles to. Sam The position of trainer really means RECRUITER. Its a good 3 hours of my life that I will never get back. I just a got a phone call this morning and let it go to voicemail from a Kim calling from Primerica in Arlington Heights. A person with certain negatives in their background cannot work in the industry. Important Mutual Fund Disclosures Proceeded with a few more questions before telling me she and her husband ran a small business. I asked him if I should bring any specific documents with me and he abruptly said no and that he simply wants me to come in and talk with him first, also adding there would be some forms one of which would include qualifications I have and work history. Heres this site. I was approached this past weekend while at work where a lady chatted me up, telling me that I had the right personality for an up and coming business based out of another city. Im glad I didnt give them the $99 dollars, they told me it was for a background check, plus $25 a month to access your account through their website. He set me an interview for 3:30 PM, but by 1:30 I had already read these reviews I decide I wasnt going to go to the interview after reading all these reviews. For 5 years, Primerica has been paid automatically from my bank account. The business of real insurance agents is selling insurance. Just dont give up! At school when were prepping for interviews, recruiters ALWAYS want a resume. I thought an in-person cash payment would be appropriate for the funds but i guess not. I just got snub because I was invited to a meeting while other try to tell/sell me how to get to the American Dream with Primerica doing good things for my neighbors and family etc. Our entire crusade is to teach people how money works we want to educate the clients so they dont get fooled by people like Citi we broke away from Citi when they were doing the wrong thing Primerica works from the highest ethical standards. Got an e-mail (I use that term lightly, he had a hotmail address) from someone saying my resume had been passed on to him. Fredericton, New Brunswick in Canada. At first I was very happy considering I was Highly Qualified for something, but now seeing all these comments just makes me sad. I had met him before but never followed through. I have just cancelled my policy after 20 years because they increased my premium by 370%!!!! He told me about how his grandfather started the company and now his whole family owes everything that they have to Primerica. Okay, made perfect sense. Two days later, I find out that he hasnt paid the bill on the employee health insurance, the insurance lapsed, and now people are getting medical bills that were supposed to be covered. Understanding The Tier-11 Membership Of Primerica I told her that I would tell my friends about it but she kept pestering ME to work for her. At that point in time I had nearly 20 years in electronics and put out many resumes looking for TECHNICAL positions. As soon as I seen it was a power point presentation I knew money would be involved. They particularly seem to prey on unemployed, with a get rich pitch. The bottom line is that Primerica sells legitimate products and services (life insurance and investments), but sells them at inflated prices to generally unsophisticated consumers. I feel dumb. To be honest, I saw a flyer on a corkboard at my university and, as a college student, the struggle is real, so I decided to check it out. The interview ended there. He texted me his contact info after my ride and I noticed it said Primerica Inc. on it so I googled it to find out just exactly I was getting myself into. Talking to him? He explained I would get $100 back plus $200 after training.He then told me as part of the application part he needed my debit card now so he can turn in the application as soon as possible, but i told him not to charge anything yet. One of those analysis of Primerica showed how that it is nothing more than a game where you dont really make any money, and its all about recruiting and selling over priced term life insurance. ..so i asked her if its such a legit company why do I have to pay for my background check and why is there so much secrecy and then sign of primerica is most outside. There were 10 or so young men dressed nicely milling around. Good thing I have learned from Dr Phil! Yesterday i was called by a man who said i was referred by my best-friend josh, who was his cousin. Also this company has to be licensed in each state by the Insurance Comissioner. Primerica gives additional life insurance policies that cover 10, 15, 20, 25, 30, and 35 years. Thanks for this post. PFS Investments, Ex-Broker Under Investigation for Securities Fraud I asked him if i got the license would the job be guaranteed and he said yes. Needless to say I found this thread and wont be putting anymore thought or effort into it. I was very interested in that. I heard at a convention a couple of years ago that the way you know its a good company with good products or services, would be if you had to pay retail, would you still buy it? Think Enron, Bernie Madoffs investment scheme, etc. Yes. Many never repeated those commission levels since. They had told me they work with middle-class Americans, ones making from 30,000 to 160,000, not people who were making anything over $250,000. THIS IS A BUSINESS, and youre too lazy to work for yourself or want to educate people on their finances. A pyramid scheme does not refer to the layers of management that you see. this is defamation. (Thanks to all post-ers). I attended and felt extremely motivated, but wanted to think about it for a few days. All pyramid schemes eventually collapse, and most investors lose their money. I kept asking what my role would be and he kept replying that he didnt know, that he could not tell from my resume what I could do and that he was not offering me a job. The commission overrides only reach a small number of generations deep. Employers are not evasive about what they need. I knew that kind of pushiness in indicative of something bad but I gave in anyway because like I said, I loved the couple and I really did like the financial planning part of the system. Sucker Me Not At This Time He said to meet him tomorrow at 3:30 pm at the address he provided which was a Suite building. Because there is recruiting with so many levels, the distributor who sells the products receives much less money than if he or she sold similar services through a traditional insurance agency or investment company. Information provided on Forbes Advisor is for educational purposes only. The small group of initial promotors at the top . You would be an independent contractor, so they dont care what your age or appearance is. A lot of people here who are unapologetic in their refusal to show up to a meeting they said they would go to after doing research, coming down on agents about ethics. I need legitimate workdont toy with me. Now, I did not get asked to pay anything and was told that Primerica would pay to have me licensed, but I was also told to come back for an open house to learn more about the company. Hey guys, so I went through the exact same thing, someone on one of my social media had publicized a post saying anyone 18 and over looking for a.job, my company is hiring. I was interested so I messaged the person and I asked what company and what position, she briefly told me it was a financial services company and that was it. One from a news channel and some other random one. I will not be going and now I dont think Ill give them any more of my time by giving them notification either. I found it extremely weird they had my info and Ive never heard of them before; however, I gave them a chance because I needed a summer job. The most obvious illustration of this was the outline he drew for me of their organization, a literal pyramid your work will be trying to enlist enough people that you can stop harassing your friends and family, and start luring in random people at department stores to hock insurance for you. Conversation went out and he tells me he likes my personality in which Ive been told many times over. It is generally legal, regardless of the fact that so many have no chance of turning a profit in MLM. Once the new recruits, the professional-looking man and a scared-looking, awkward young guy who looked about 20 and was wearing ripped jeans and left on a bicycle, had left, John was photocopying the paperwork to put in the mailbag for tomorrow. He was very anxious to set me up with an interview (it was supposed to be on Monday) I wont be going! Pyramid scheme organizers may pitch the scheme as a business opportunity such as a multi-level marketing (MLM) program. She has probably picked up by now that I am a liberal, so she starts emphasizing that she is a hippy and a Christian whose God loves everyone. She tells me an incredible story about her mom leading a march for gay rights and getting pelted with eggs and vegetables. Only said that his company was part of the stock exchange and made more money than Yahoo -_-. He called me the next day and I missed his call. He didnt even walk me to the door, shake hands with me, give me a business cardnothing! She said my educational background would be beneficial for helping middle class people., I was really confused about what she was calling about. Just needed to set up a time. For the second time since I had gotten here, a warning flag went up. Would rather wait for another job. They work as a middle man for various insurance and finance industries and get people to join through advice and supporting main street. The so called reps for Primerica find other reps and potential customers and they get a commission on it. this woman I met about two years ago at my job . I returned her call on Monday and it was all very vague. Joe get Sally a $800 annual premium, (depending on your team members rank)(entries are REPs 25%) Joe will earn 25% of 800 =200(ONLY ONE TIME,THIS ONE TIME), (PYRAMID TIME) the remaining flows up the tunnel 75% (depending my rank) REP 25%, $200. Pyramid Schemes | Investor.gov She calls the next day and sets up a day and time to meet at an address. BUT, there was something not quite right about him, too smooth. NOT!! He kept giving me all these big numbers and saying how easy it would be and blah blah blah and all I could think was if it sounds too good to be true, it definitely is. Still, my poor, broke self held onto the hope that it might be legit. Thats an MLM just you stay broke. Later I learned that they do whatever it takes to lure someone out, then rely on the hyped-up emotions stirred up by the Opportunity Night presentation to get them to sign the agreement and pay to join. Primerica Review Summary. Also, there is nothing on my LinkedIn profile that indicates I have any financial talent. Then again two days later. They have my info and address and all kinds of info will they use it against me if I dont work for them? I must add that I made the mistake of giving these people my SSN but it for before I figured out it was a scam. Thanks for all these helpful comments and posts. Another flyer announces two meetings. I have an appointment on Monday. Appreciate it! He clapped me on the shoulder with a hearty see you tomorrow for training! and I watched him climb into his beat-up Honda civic. She asked if I was interested in working with them, and I said yes. I have better things to do than waste my time being pitched for a scam that takes advantage of people who dont know better. They went through my Finances and sorted them all out and gave me a plan to pay everything off in a pretty cool schedule/plan. Notice how the representative not only deceived the job seekers. So glad I ran into this, a man at a store who was very charming said they were looking for employees, I have had a bad feeling about him for about 2 years now and he has called like 3 times since, every time he gives me a little more information, it all seemed very fishy, finally said I would meet up this week but would google them first. (another red flag.) Based on previous replies on this blog, scripted interviews seemed frequent. You get paid if you sell, and thats all they care about. I looked him up a few months ago. I tell her my mom had me when she was 18 and I grew up poor. The red flags popped up when she mentioned what the massive amounts of money people save, from paying 14 years of loans in 5 years is mathematically impossible for the average middle class consumer. Im not joking whatsoever. I started to say but I thought and my face must have conveyed my thoughts because he impatiently rolled his eyes and cut me off, lowering the mouthpiece slightly, look, were not supposed to, but Im here to run MY business and I know what gets results.. The place where we met was super creepy, also. Summary: Primerica is a legit company with a long track record. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. Again thanks for the information. Replied that I was actively seeking a second job opportunity, so without disclosing a last name I wrote down my given name and phone number. Product Type: Insurance and investment products / MLM business opportunity. Possibility of excellent income. John breezed through the door and introduced himself then instructed the man to sit down for a few moments; hed be right with him.

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