| Author | Message | ||
| Rikky Alessi (Ralessi)
Member Username: Ralessi Post Number: 399 Registered: 5-2002 |
interesting, thanks guys | ||
| Christopher F. (Dallasguy)
Member Username: Dallasguy Post Number: 269 Registered: 10-2002 |
I think that website pretty well covers it. | ||
| Joe (Jts)
Junior Member Username: Jts Post Number: 118 Registered: 8-2003 |
http://primericabuster.bravepages.com/ | ||
| Christopher F. (Dallasguy)
Member Username: Dallasguy Post Number: 268 Registered: 10-2002 |
As I understand it, each person is supposed to find clients and market financial servies to them. I can't remember just how the clients were supposed to be found, but i was assured "it's not cold calling". Their presentation to "customers" is pretty slick, but nothing anyone with basic finance training wouldn't already be able to do on their own. It seemed to me that it was designed to be marketed to people without basic personal finance knowledge or well into the red in their budgets. The "commision" comes into effect when you sell a financial plan, home refinancing, etc. The commisions looked pretty good and if it were as easy as they made it look, these guys would be rolling in the $$$. Also, as I mentioned before, they apparently don't care if you have ANY financial experience at all. It threw him for a loop when I told him I did. Where the MLM comes into it play and what made me immediately skeptical is that you are supposed to get people to "work for you" and who you would "train". So as they sell things, you get a cut. BUT, that apparently dominoes all the way to the top. SO, either they are going to pay a HUGE amount of commisions to everyone...or the guy at the bottom gets F'ed. He ended byt trying really hard to push me into handing over names of friends who would be good "prospects". Thats where the bullschit detector went off and I pulled the chute right there. | ||
| Rikky Alessi (Ralessi)
Member Username: Ralessi Post Number: 395 Registered: 5-2002 |
How does this Primerica Financial Services thing work? I know my ex-gf's dad does that. Is it really MLM? He always says that he is a Financial Planner. They certainly are not driving lexuses(lexi?  ) | ||
| Kds (Kds)
Member Username: Kds Post Number: 269 Registered: 5-2003 |
Sounds like it was "Primerica Financial Services" to me, as others have speculated here....either that or "Penn Corp Financial"...... In any event John I have finally stopped laughing enough to control myself so I can type this reply. I sell a "lot" of cars to people who work their "day jobs".....lawyers, investment bankers, self-employed business owners, oil and gas people, doctors, salespeople...etc...etc... Still haven't hit a "home run" or even been "walked" by an MLM'er however. Good story..... | ||
| Mike B (Srt_mike)
Member Username: Srt_mike Post Number: 361 Registered: 12-2002 |
John, There are some instances where being a blatant braggart is called for - this was one of them. Not to sound like a jerk toward all those that where there (except you), but they were ooh'ing and aah'ing over an ES300? The MSRP on that thing is $31k in the USA. Optioned out it's still in the 30's...about the same level as many Hondas, Acuras, Nissans, etc. If the folks there were drooling over a $30k car, they are probably used to seriously low expectations and or results - not the type you want to be associated with! Regarding these schemes, I am amazed some fall for them. It's a pyramid scheme by definition. It's easy to sell the one side of "if you just get 2 people, and they get 2 people", etc, etc, but if you follow the math through, the numbers get exponentially larger every time you go down a level. The thing to know would be how far away from the "top guy" you are, and the average number of people per level. Then just raise the number to the power of how many people you are seperated from the big cheese, and the numbers start to sink in. I read a report about the millions these companies pay out in commissions each month. That they do, but I also remember finding some data on the # of people involved, and it works out to something like $53 per person per year. And that is on an average sales volume of several thousands worth of "product". For every guy that makes $100k a year, there are literally hundreds or thousands losing their shirts. With those odds, better to invest in scratch tickets. | ||
| Taek-Ho Kwon (Stickanddice)
Intermediate Member Username: Stickanddice Post Number: 2210 Registered: 11-2002 |
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| Christopher F. (Dallasguy)
Member Username: Dallasguy Post Number: 267 Registered: 10-2002 |
I talked to one of those Primerica guys. Slick presentation, but he kind of lost his thunder when I told him I have finance and accounting degrees. Their plan seems solid at first, but when they start bringing in the MLM aspect of it, it gets fishy pretty fast. If they will take anybody, no matter the background, to peddle their financial services, then it can't be all that great. Turns out one of my buddies is the guy who calculates the commisions for them now that they are owned by Citigroup. He says that there are SOME guys who do really well, but like most MLM programs, they are all at the top. | ||
| DES (Sickspeed)
Senior Member Username: Sickspeed Post Number: 6968 Registered: 8-2002 |
John, that's awesome... | ||
| John (Cohiba_man)
Member Username: Cohiba_man Post Number: 299 Registered: 1-2003 |
BTW, Im in Canada, so the prices of the two are actually correct. | ||
| Ken Thomas (Future328driver)
Member Username: Future328driver Post Number: 641 Registered: 12-2001 |
Good for you John...$50k Lexus? Yeah right. I have had my fair share of run ins with these types of things. First it was some friends trying to get me into Amway. Next, it was one of my former military commanders trying to get me into Primerica Financial (where they sell shitty investments for high loads fees and commissions). Then it was my berber trying to get me into Excel Communications. That dude called me every Monday night for months (meetings were on Tuesday nights). I quit going to him as a barber. | ||
| Faisal Khan (Tvrfreak)
Member Username: Tvrfreak Post Number: 920 Registered: 3-2003 |
Hilarious! | ||
| John (Cohiba_man)
Member Username: Cohiba_man Post Number: 298 Registered: 1-2003 |
Hi, I know we were all talking about amway a while ago and I thought you all would enjoy this story, happened to me about a week ago. The MLM wan't actually amway, it was some financial services thing. My sister got involved in this MLM garbage and HAD to bring in a 'warm' (family or friend) downline (person to work under her) to complete her training. So she begged me to go to partially evaluate it and partially to try to get me into the program...well anyway, after the little hour long pep talk/pitch from the boss guy, the guy said we could all leave, but first we had to go out to the parking lot with him. So we all followed him out there and he showed us his new Lexus ES300 (probably leased ) and said to us: "See this? This is a BRAND NEW Lexus. FIFTY thousand dollars. Know how I got it? THIS BUSINESS SYSTEM! and I owe it to this business and nothing else. Think you'll get one of these working your day job? No." and everyone was suitably impressed but most were staring at my car (maserati)and he noticed them looking and as I walked over to it he said, "Who's is this!" and I said, loud enough for most to hear "Mine. Brand new Maserati. One hundred and seventy-five thousand dollars. Know how I got this? Hard work." he looked so pissed it was hilarious, but I know that was probably a bit of an ••••••• comment since everyone was so keen on this business...oh well, thought I would share. |