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Pri VP

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Davery123 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Davery123 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 2:48pm
very few larger accounts. Lots of 20/30/40k and lots of people putting in $200 a month into a Roth.

Problem with statefarm is developing others. Hard to beat the agency structure of Pri


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Mike Damone View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 3:30pm
Originally posted by Davery123 Davery123 wrote:

thanks for the reply. Name a low cost indy platform? Catera Securities?



I use to be with Cetera.  They were terrible, stay away.  I'm at a much better b/d now due to their technology, but I can't say they are cheap.  They pretty much nickel and dime everyone.
"Sorry about the mayonnaise, guys."
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Canton Delaware III Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 3:44pm
You know better than we do if your model is sustainable long term.  If it isn't, then you need to figure out what the long term plan is.  But if it is sustainable I'm guessing that you are getting better comp now than you are going to get anywhere else.  After overhead that 60%ish figure is where most independent advisors are at for payout.  And you already get better comp on insurance than we do.

I have little respect for your firm and they way they conduct business.  However, there is still room to operate ethically there if you so choose, which it sounds like you are doing.  I'm not familiar with insurance based shops, but I don't see any way for you to transfer that business to an investment based platform without taking a susbtantial cut for you and your team.  Which also means that your team probably won't follow but will try to keep your clients.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Spaceman Spiff Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 3:58pm
Originally posted by LA Broker LA Broker wrote:

Spiff, if the guy is netting 220k a year he is making more than you. Plus, Jones has the same focus on "recruiting" that you just criticized.
Huh...you know what I make? That's interesting. And how do you know that?

I missed the part where the OP said he was making $220K.

So, forget what I said. Just keep at it with Primerica. I guess you're the Mary Kay lady driving the pink Cadillac.
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RIArules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 4:05pm
spiff, this is almost like a Mexican making fun of a Guatemalan.
We may "rob you slowly," but you're not going to see that shit.

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Spaceman Spiff View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Spaceman Spiff Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 4:18pm
Originally posted by RIArules RIArules wrote:

spiff, this is almost like a Mexican making fun of a Guatemalan.
Hey, we prefer American of Latino descent around here, thank you very much.    
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DaveW View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote DaveW Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 4:50pm
Originally posted by Davery123 Davery123 wrote:

very few larger accounts. Lots of 20/30/40k and lots of people putting in $200 a month into a Roth.

Problem with statefarm is developing others. Hard to beat the agency structure of Pri


 
Is the reason why you have very few larger accounts because you can't get in front of those people? Or is it because they're avoiding the primerica agent (like any self respecting wealth person would do)?  No offense, I'm just calling it like i see it haha.
 
You're clearly doing well and making more than me... If you were to split off, you have to think about what kind of clientelle would open up to you.
"80% of lottery winners go bankrupt because 100% of lottery players are retarded."
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Davery123 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Davery123 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 5:35pm
Sorry you feel that way. I understand though from the outside looking in why you think that. There are some goofballs out there.. Not bad people just not real educated on the products.

 The corporate part of Primerica is great. The home office is the finest group of people you will find. They really do what is right. 90% of the salesforce is goofy but I just keep to myself and make money and realize that I am not better than anyone. Just thankful to have a career and great family and clients. 
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Davery123 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Davery123 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 5:42pm
Great question. 

It's harder to get in front of those people, but the ones I have as clients have never given me any flack about my company. Primerica rarely comes up as a negative from any clients. If it does I just tell them that there are some other offices that do alot of recruiting but not my office and then I just talk about American Funds or Metlife. 

We have several guys in our company moving alot of money.. It's all about where you focus your energy. I am getting larger accounts the longer I stay in and learn the business. 

To be honest, the people who say bad stuff about us are you guys not the clients.. Not trying to offend you. I understand though because it's rare to have guys who focus on the customer like myself and you probably don't have one in your community. 
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Monkey View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Monkey Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 6:04pm
I'm still confussed, why do you only have 9mm in AUM after 10yrs?

Start parking everything at fund companies, not your PD, if you ever move it will make the transition easier.
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Davery123 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Davery123 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 6:30pm
Because the first 4 years I rarely did many trades. 1-3 small ones a month. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Encrypted0502 Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 6:37pm
Originally posted by Davery123 Davery123 wrote:

Because the first 4 years I rarely did many trades. 1-3 small ones a month. 


I didn't see if the funds were parked at Prime or the Fund Company. Anyways, maybe Transamerica or LFN might be about the only upside for your model..?

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Post Options Post Options   Thanks (0) Thanks(0)   Quote wiredup Quote  Post ReplyReply Direct Link To This Post Posted: Sep/01/2015 at 8:49pm
You gave us the break down based on percentages, but how much do you produce on your own and how much comes from your team? Because at the end of the day, don't think Primerica wouldn't run your head over with a tractor if it suited them one bit. Then you'd be unemployed and most likely wouldn't be able to move your team who is too busy to take your call because they are calling their new clients from your book.

You sound like you're the exception to what most of us have seen from Primerica reps. I've seen a few in my area and actually had one of them try to recruit me after their husband "became an financial advisor". Out of curiosity (to his pitch) and courtesy I talked to them and his knowledge of investments, funds, anything was like hearing a 7 year old tell you about their day.

Like you said, you're dealing with lower end clients and recruiting. Nothing wrong with it. This career involves helping people and making money for your family. Like someone said what is your end game? Ted is probably the most insurance based of us on this forum. The majority of us are investments first guys and to each their own and I'd imagine the majority of us don't get paid on recruiting other than $4-$5k as a one time for bringing someone on. Ask yourself this, how much would you bring if you left in AUM, and agents?
Money can't buy happiness, but it's a damn good down payment!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Sep/02/2015 at 12:56am
OK, a real response...

Stay where you are.  You could go indy, keep your funds and annuities where they are, just change b/d.  You'd get a 90% payout, give or take 3% depending on what b/d you go to.  From there you'll have $5,000 in annual fees for licensing, technology, and other b/d bullshit, and plus whatever your current office expenses are. 

For insurance, the WORLD will open up for you.  Primerica has good term insurance for some risk classes, and aren't even in the ballpark on others.  I know this from experience because I have a friend that works at Primerica and we've compared lots of cases.  Your payout on insurance will likely be better than Primerica because you can literally shop any IMO/FMO/GA contract in the country.  Even still, I don't think you're going to get rich selling term, so who cares. 

You will have access to about 100x more investments than you have now.  You can manage money on a fee-basis without handing it over to the retards at Pershing/Lockwood.  Your annuity selection will increase ten fold.  You can actually use a GUL now to rescue a shitty VUL policy.  The list goes on. 

That being said, your business model is working and you WILL lose a shitload of clients when you move.  It will simply take too long to move 400 households.  Plus, with your "downline" if some of your agents don't come with you, you'll lose those overrides. 

There is nothing wrong with building a business like you are, there are many ways to success in this industry.  You just have to realize that doing what you are doing, you can NEVER leave.  As your household count grows, the harder it will ever be to move (and you already can't really move without starting over).  Plus your term insurance is proprietary so all of those clients will forever have a relationship with Primerica, so if you leave, your book of business will always be open to attack from whoever takes those policies over.

Just keep working it and enjoy life.

You are the exception at Primerica.  Usually friendly people, but mostly morons that have no clue whatsoever what they are doing.  And the company tends to prey on vulnerable people when it come to recruiting for a "VP Position."  But whatever.

And as long as I'm babbling, MLM isn't technically a scam.  An illegal pyramid scheme is where there is no product being sold, it's just money being funneled upwards.  The system is no different than a P&C "cluster" where a Master Agency gets contracts with insurers, and other agencies affiliate with them to get access to their payout level with the insurer.  And then that agency may have agents within it. 

Come to think of it, it's no different than "Super OSJ's" in our business.  Take Morristown Financial at LPL.  Super OSJ that offices around the country affiliate with.  Then many of those offices have multiples FAs within them.  Morristown takes an override from the offices.  The offices take an override from the FAs that work in them.

Primerica just has 10 more levels, but no different.
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Sep/02/2015 at 7:38am
^^^^^^^^
The resource has spoken
Seriously, I agree with this
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Threefree Quote  Post ReplyReply Direct Link To This Post Posted: Sep/02/2015 at 8:56am
Helado you forgot to drop the mic.
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