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In Reply to: Deceptive Practices? posted by Logic? on February 25, 2004 at 02:50:56: I, too, work for Primerica, and the only "arguements" (notice the quotes) I've heard from people claiming that PFS sales practices are deceptive are as follows: 1) PFS is an MLM. The way we distribute product isnt the same as "traditional" firms who directly seek clients, instead seeking to distribute product through recruiting (which results in sales). I fail to see how that is deceptive, but thats what they say. 2) Our Term Insurance isnt the cheapest on the planet. That isnt deceptive at all. No sales person would tell you "Hey, here is my product, but dont buy it cause this other guy over here has something almost the same for less." 3) Same as 2, but substitute loans. ( One thing they never mention is investments, since we pretty much kick butt there. I mean between Smith Barney and the hundreds of other funds we offer, we pretty much dominate there. But of course, no one gives us credit for that, they just harp on the Life and the Loans. ) I fail to see how any of those 3 things are deceptive. 1) The job opportunity we offer is real, and they can really make money at it if they work hard. Thats not a lie, its true. 2) If we can replace a VUL or other cash-value life policy with 30 year level term, and save the client money by investing the difference, thats real, and not in any way deceptive. Again, harp on the price all you want, the client is STILL, mathematically, better off with the Term and the Mutual Fund than they were with the cash-value policy, and not one of you can argue to the contrary. 3) If we can take their debt down faster with either a ReFi (if their mortgage rate is high) or a 2nd Mortgage (just for their credit card debt), and in the end clearly save them money, then there is nothing deceptive about that, and, again, not one of you can argue to the contrary. Basically, all the arguements boil down to this: "PFS is an MLM, and their rates arent the cheapest!" Uh, ok, if you think that makes PFS deceptive, then I your definition of deceptive is a bit out of whack. And let me, then, define you as "a sore loser".... because I think my definition would be pretty spot on. Humans are funny animals. We are enamoured with the past, with history. Every day I hear people say "We do it this way because we always did it this way." What kind of logic is that? That makes no sense at all. But people say it every day about a myriad of things. The people in the financial services industry have a certain "way" in their mind how this business is "supposed" to work, and PFS violates that mental picture. So, obviously, PFS must be "bad" and "wrong" because of it. In the end, people that are negative about Primerica are simply afraid. They are afraid that their way of doing business will disappear, and they are afraid that they will lose clients. So they try to preserve the status quo by taking shots at the company they fear most - Primerica Financial Services. Lets face reality - if PFS was either deceptive or ineffective (or both), no one would care a damn bit about it, nor would they bother to post about it over and over and over and over again trying to discredit the company. The reason Primerica draws so much fire is because they are a threat to the traditional agents. A deceptive, non-competitive company isnt a threat to a traditional agent. A good, competitive company is. You do the math.
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