Category Archives: Citigroup

Charles won’t do the analysis

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He will collect the data and bring it to his RVP’s office. The RVP will run the data through a “one product fits all” computer program, and come back with suggestions. His suggestions may be dependent on what licenses he holds.

“He is coming over tonight, and I want to be armed with ammunition. What can I expect?”

Expect hype and more hype. He will try to recruit you either tonight or when he comes back with your computer analysis. He may try to discourage you in your job.

“What will he talk about or say? Will he ask for all our assets and debts?”

He’ll talk about Citigroup and try to imply that because Primerica is part of it, that somehow makes it a trustworthy company.
He talk about how banks are ripping people off, but forget to mention that Citibank has some of the highest fees in the country. He’ll talk about life insurance and try to get you to buy an expensive term policy or to cash in your cash value life policy, if you have one, and put the cash values in a mutual funds. The mutual funds carry either a 5% sales charge or decreasing 5 year deferred sales charge. He may try and sell you Pre-Paid Legal insurance. He will also want you to consolidate your loans, if you have any.
Primerica uses CitiFinancial, which is a sub-prime lender.
Even if you qualify for prime rates, you may end up with a subprime loan.

“What is Primerica?”

It’s an marketing. It was started by A.L. Williams in 1977 and purchased by Primerica Corp. in 1990. They are distributors of financial services products. According to their official website, they are not financial planners or advisors or specialists. In fact, the analysis they will give you has disclaimers at the end which say, in effect, we are not advising you to go with this plan, interest rates may be higher, it may do more harm than good, etc.

“Any advice is very much appreciated.”

Is this person new to the company? If so, then he probably called and said something like “I just started a new business and want to get your opinion.” So, listen to the presentation, and then give him your opinion, and say thanks for coming.

If he is licensed and experienced and has been in it for some time, he will ask you rhetorical questions which only have one answer. These questions are very leading and will eventually lead to the question “Then why won’t you do this?” At that point you need to have some answers. I suggest you say “Because I’d like to research the company on my own.” At which point he will likely invite you to a meeting. The meetings are like Amway meetings, designed to get endorphins flowing so you will enter into a contract and part with $199. Just hold your ground. Tell him you’ll consider the meeting after you  o some research.