Paying The Man More Than You Make Ain't Right - a podcast by Fixed Cost Financial
from 2019-09-16T00:01
IMPORTANT DISCLOSURES - PRIMERICA GENERAL & RECRUITING DISCLOSURES - U.S. AND CANADA
Glenn J. Williams - Compensation: As Chief Executive Officer at PRIMERICA INC, Glenn J. Williams made $5,142,189 in total compensation. Of this total $750,000 was received as a salary, $1,588,500 was received as a bonus, $0 was received in stock options, $2,749,841 was awarded as stock and $53,848 came from other types of compensation. This information is according to proxy statements filed for the 2018 fiscal year.
From the 2018 Shareholder Report: "Many members of our sales force are active members of their communities and they bring to their businesses a rich network of personal connections and trust that they have earned over time. Ultimately, it is these relationships, founded in trust, that motivate clients to take action." We call it the hug and mug.
PRIMERICA MOVES TO IMPROVE ITS IMAGE, OVERCOME SCANDALS
"Primerica excels at marketing to people who have never given life insurance that much thought. By targeting people who haven’t taken the time to learn as much as they can about the life insurance industry, the company generates demand for its products and services. This means that most people who sign up for Primerica life insurance do so because they trust the salesperson who introduced them to the company. However, the salesperson doesn’t have the power to modify or adapt Primerica policies, and often there are better options out there." Ty Stewart, Primerica Review - Life Insurance - Published January 3, 2019.
Primerica slogs through onslaught of retirement-plan cases - Reuters, July 25, 2013 - "Primerica advisers gave Florida workers poor retirement advice, say current and former Florida public employees in a slew of legal challenges now facing the company. But so far, the company is holding its own as it works its way through 21 securities arbitration cases and seven court cases all focused on the same issue: Public employees eligible for the State of Florida Public Retirement System say PFS Investments Inc, a Primerica Inc unit, advised them to permanently give up their rights to lifetime pension payments and switch to an alternative plan that subjected them to stock market risks."
The 15 Most Hated Multi-Level Marketing Companies Right Now - Primerica sales agents are encouraged to start selling to their “warm market,” including close friends and family members. Some critics of the company claim that reps are underqualified and ill-equipped to sell complex financial products like life insurance. The company was hit with a lawsuit in 2012 claiming that company reps were targeting certain professions, such as teachers and public workers, with high-risk retirement products. The company had to pay over $15 million to settle 238 lawsuits.
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This Money Stuff Isn’t Easy
No kidding. We know that. Even though it’s easy for us, it’s not for 95% of the U.S. population. Per 100,000 Americans, there are approximately 295 medical doctors, 40 lawyers nationwide (788 in DC, 90 in New York, and 64 in Maryland), 203 CPAs, 400 accountants, 63 financial analysts, and 15 investment advisor representatives. Moreover, so, if you happen to be a bit confused as to what an investment advisor is, don’t worry, you’re at the right place. We’ll make sure you know what a true-fiduciary based investment advisor is and how rare we are.
Paul Grant Truesdell, J.D., AIF | CEO
Founder of Fixed Cost Investing℠
Connecting Dots Disclaimer
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Connecting Dots is a production of Fixed Cost Financial, the home of fixed cost investing. All rights reserved. Re-broadcast or distribution prohibited without express written authorization. Connecting dots is for educational use only. Investment Performance Is Not Guaranteed. Past performance is not indicative of future results. This broadcast does not take into account your particular investment objectives, financial situation or needs. Nothing should be construed as an individual recommendation. Always read and all applicable information carefully before making an investment decision. Investments are not bank guaranteed, not FDIC insured. and may lose value. Due to our extensive holdings and that of our clients, you should assume that we have a position in all companies discussed and thus a conflict of interest should be assumed.
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