Primerica is a publicly listed (NYSE:PRI) financial services firm that focuses on helping middle-income families growth their wealth. Primerica is the largest distributor of financial services in North America (the company has more associates than RBC and CIBC have combined worldwide employees).
Primerica is a member of the prestigious Fortune 1000.
Primerica is a former subsidiary of Citigroup, with current owners/investors of the company being (but not limited to):
• Royal Bank of Canada (RBC)
• Fidelity Investments
• Goldman Sachs
• Wells Fargo
• AGF Investments
• JP Morgan Chase
• ING
• Manulife
• Bank of America
•.Deutsche Bank
• Great West Life
• Prudential
• Citigroup
• Bank of Montreal (BMO)
• Canadian Pension Plan (CPP) (currently the largest owner of Primerica shares)
Despite being a competitor to many of the above-listed financial organizations, these companies continue to own/invest in Primerica due to the firm's tremedous success over the past decade, maintaining double-digit growth across North America.
Quick Facts About The Company:
Founded: 1977
NYSE Stock Symbol: PRI
Market Cap (CDN): $6.79 billion
2019 Revenue (CDN): $2.7 billion
Current Ratings:
AM Best's Rating: A+ Superior (source)
Compensation Rating: A+ (over 3,600 associates earn $100,000+ on an annual basis, with another 7,000 associates earning between $50,000-$100,000/year).
Accreditation Costs: A+ (firm pays for any necessary courses and the professional license)
Career Opportunity: A+ (stock options and business ownership are earned through performance)
Opportunities Currently Available: Part-time, Transitional, Full-time
GlassDoor.ca Rating: 4.6/5 (1,000+ reviews)
Equality Rating: A+ (in 2019, Primerica was honoured by Forbes Magazine as being one of 'America’s Best Employers for Women' (source)).
Member of the Fortune 1000 in 2020: Yes (source)
Current Opportunities:
Type of Opportunities Currently Available: Part-time, Transitional, Full-time
Opportunities Currently Being Offered:
• Helping people save for their retirement.
• Helping to protect others with Disability and Critical Illness Plans.
• Helping children collect the Canada Education Savings Grant for their future education.
• Helping children and adults living with an impairment collect the $20k Disability Bond and $70k Disability Grant.
• Helping families properly protect their incomes.
• Helping people secure a mortgage.
• Helping people with their Home/Auto insurance.
• Helping people with their Life insurance.
Career Satisfaction Ranking: 1st overall with Careers Canada - Finance
The Opportunity
Primerica represents a unique opportunity for qualified individuals. As an associate with the firm, you are provided with all of the tools to acquire your first professional license in financial services (with the company paying for your courses, provincial exams, and licensing fees - it should be noted that Fanshawe College charges $4,227 just for the course itself, which does not include the cost of your provincial license - source). The only fee you pay with Primerica is for a manadatory criminal background check ($99) which is fully refundable. After you have obtained your license, you will shadow experienced advisors to learn the details of the business. When you are comfortable, you are permitted to begin working on your own with a local branch office.
The true uniqueness offered by the company is twofold:
1. Ownership is granted to those that qualify. Associates have the opportunity to earn (not buy) full ownership of their own business and/or branch.
-AND-
2. Stock Options are gifted by the company at various levels of achievement (the value of Primerica stock has risen by 16.15% over the past 52 weeks, and over doubled over the past 5 years - source - period July 15, 2018 - July 15th, 2019).
Ownership of your business is what represents true long-term security. Associates decide their own career path. The company is very flexible in allowing their associates to determine how high they would like to climb. Many associates prefer to work with the firm on a part-time or transitional basis, while others have elected to obtain ownership through their chosen career path (full-time). There are many options that are available to those that work with the firm, with the primary focus being on a healthy work/life balance.
Requirements
Candidates must have strong oral and written skills. English is required, with a second language being advantageous.
As Primerica is a financial services firm, provincial securities regulators require all applicants to have a clean criminal record and no current bankruptcies/consumer proposals.
Applicants with pleasant personalities tend to do well with the organization.
Hiring Process
Careers Canada interviews potential candidates (via EasyHire.me) before they are referred to a Hiring Manager of a national financial institution. Should a candidate prove to be a good fit for the Primerica opportunity we will refer the candidate, along with the appropriate hiring recommendations, to the local Hiring Manager.
Licensing
The initial license that is required is called the LLQP (Life License Qualification Program). Completion of the LLQP course, and subsequent passing the multiple choice exam, enables the candidate to earn a substantial income (while controlling their own time) assisting families with their financial needs.
For a qualified candidate, Primerica covers the costs of the LLQP Study Material, LLQP Course, and the fees associated with the appropriate provincial license. Associates are not required to pay for their training or their LLQP license.
Responsibilities
Primerica uses proprietary software that identifies areas in a family’s finances that allows them to save money on a monthly basis. With the newfound savings, the funds are invested into a registered account (RRSP) which subsequently triggers a refund from the Federal Government of Canada. The client may use this refund to further increase their nest egg, pay down their mortgage, take a vacation, etc.
An associate's responsibilities include inputting the required information into the software and then assisting with the implementation of the appropriate recommendations.
It should be noted that Primerica/PFSL Investments is one of the few financial firms that do not have any quotas in place for their associates. They offer a very relaxed and friendly environment that is conducive to increasing job satisfaction ratings across the firm (source: GlassDoor.ca).
Compensation
In addition to providing high-value financial solutions for Canadian families, Primerica’s compensation system is second to none in the financial services industry. As of July 2020, more people earn over $100,000/year with Primerica than any other company in the world. This is due to the company's excellent training and development programs, superior consumer financial solutions, and the industry’s top leadership working with the firm.
There are many ways that an associate is compensated. They include, but are not limited to:
Up-front - compensation is paid inside of 72 hours from the time an electronic application is submitted.
Bonuses - are paid monthly and are based on the associate's performance over the previous 30 days.
Residuals - these are funds that are paid based on the associate's past efforts and are deposited into their account on a quarterly basis.
Stock Options - are granted based on the associate's performance.
Ownership - should an associate elect to choose a career path with an emphasis on management and leadership, Primerica will grant ownership of their business (there are no franchise or partnership fees). An associate may sell their business, pass it to a family member or hold it in perpetuity. This system allows associates to build equity and security with their careers, rather than just trading their time for money, giving them more free time, a higher quality of life, and financial freedom.
Again, there are no quotas - qualified associates are encouraged to work at their own pace, allowing for a greatly improved work/life balance.
Next Step
Your Placement Specialist will introduce your file to a local Hiring Manager. Should they feel that you may be a good fit for the firm and the opportunity being offered, the Hiring Manager will connect with you to setup your interview.
Questions to Ask Your Hiring Manager
When exploring any opportunity in financial services, it is highly recommended that you develop a full understanding the of the opportunity being presented to you. Below are some questions that we strongly suggest you ask your Hiring Manager:
How long does it take to complete all of the training?
Who pays for the training?
If I have to pay for the training, how much does it cost?
What certificates/designations will I receive upon completion of the training?
Will I have an opportunity to shadow others who are successful with the same opportunity?
What are the skills that someone has who is typically successful with this opportunity?
Do I have to quit my job to enter the training program? (This is typically not a requirement)
What is my projected career path over the next 12 months, 24 months and 60 months?
Are there any ongoing costs associated with the opportunity (for example, a desk fee or software fees)?
Does this opportunity offer a healthy work/life balance?
During the exploration phase, may I speak with others who are currently working in the same opportunity?
The Hiring Manager will answer all of your questions. Firms are looking for the best fit for you AND for them.
Communication is key in starting your new opportunity with the best possible chance of obtaining the success you desire.