Premier Business Magazine, Fall 2007
By Tahj Condra
Primerica Financial Services is a leader in the industry with its comprehensive approach to supporting its 100,000 licensed representatives.
When recruits join Primerica, they're truly getting into business for themselves but not by themselves. Representatives can build a "company within a company" by setting up their own independent businesses while using Primerica's revolutionary support system. Primerica makes it simple and appealing for anyone to enter the financial services industry with its "ultimate support system" that encourages success every step of the way.
Primerica has been helping its representatives get on the fast track to success since the company began, but it recently added some revolutionary enhancements that make achieving success even easier for everyone, from the newest recruit to a seasoned Regional Vice President. "We're shattering the code on building a financial services company," says Primerica Co-CEO John Addison. "This is a turnkey system unlike anything else out there today."
Changing the Face of Financial Services
At Primerica, recruits pay just $99 to enter the business. That fee not only covers their life insurance licensing requirements, but also positions them to have their securities licensing requirements paid for as well. By taking advantage of these new enhancements, recruits could potentially save nearly $1,000 in out-of-pocket costs associated with obtaining the necessary licenses required to offer Primerica's products.
With this blockbuster program, Primerica is changing the face of financial services. It was once known primarily as a life insurance company, but Primerica's new licensing program is preparing its sales force for the coming "intergenerational wealth transfer" that will happen as soon as baby boomers inherit money from their parents – and need help investing it. Primerica also hopes to tap into the $200 billion annual rollover market as millions of baby boomers retire in the next decade and roll over their 401(k)s into IRAs. With these new securities-licensing incentives, Primerica anticipates vastly expanding its securities-licensed sales force to prepare for the predicted upsurge in investments business.
With a focus on licensing, Primerica hopes to prepare the newest members of its sales force to offer underserved middle-market families the comprehensive, personal financial solutions they need.
Plugged In for Success
Primerica's support system is much more than just facilitating obtaining licenses to offer products. Addison likens the support the company offers to an "entrepreneurial lifeline." "With Primerica, the recruit is not just a lamp without an outlet," he explains. "They're plugged into the company from the very start. This new entry system offers huge growth potential for everyone's business."
In addition to taking advantage of the new licensing benefits offered by the company, recruits can pay just $25 a month to have access to the wealth of business tools offered through Primerica Online (POL), the company's expansive Web site for Primerica representatives.
Primerica Online has been changing the way representatives do business since its inception in 1998. Nearly 10 years later, this online support tool has grown into an industry leading resource for independent representatives. Along with the new $99 entry system introduced this year, Primerica representatives now can have access to "supercharged POL," the next generation of an already wildly successful online support system.
With enhanced POL, Primerica's representatives can use the power of the Web to stay updated, motivated and plugged into the Home Office. "Primerica is changing the way people do business," Addison enthuses. "There has never been support like this anywhere before!"
Supercharged POL: Taking It to the Next Level
Primerica Online offers support for every level of the business – from the newest recruits to RVPs running their own offices. Using these tools can help Primerica's representatives find success faster than ever by simplifying and streamlining their businesses. These enhancements make it easier for representatives to free up time to focus on recruiting, training and building their businesses in the field – instead of being bogged down with administrative tasks.
- Plugging In From the Start: One of the most exciting enhancements to Primerica Online is the New Recruit Homepage. When someone joins the business, their Primerica Online splash page will be customized with news, announcements and training tailored just for them. This special focus on recruits ensures they stay motivated, encouraged and informed throughout their first months in the business.
- Licensing for Success: One of the first steps recruits take in the business is obtaining their licenses to offer Primerica's products. Primerica Online serves as their portal to success by offering a wealth of training materials, including study tools and exam simulators. By using these practice tools, Primerica's recruits can prepare for and take their licensing exams with confidence.
- Paperless Office of the Future: Keeping track of any business can be a daunting administrative burden, but Primerica's Virtual Base Shop makes it easy for representatives to keep track of everything going on in their offices. The new Virtual Base Shop is an online tool that offers a wealth of Web-based administrative tools, including business tracking, communications, paperless record keeping and more. Virtual Base Shop creates a resource in which every RVP can have their own "online office" to take care of administrative tasks and communicate more effectively with their team.
- Communication Made Easy: In addition to all the resources offered through Virtual Base Shop, Primerica representatives can communicate easily and effectively with their teams through GoSolo. The GoSolo system is a Web-based communications tool that allows teammates to receive voice-mail communications online. They can listen to the latest news and motivational messages from their RVP and key company leaders – all from the convenience of their computers.
- Brand-New On-Demand Broadcasting: Primerica's own "Entrepreneurial Network" enters the online age with a brand-new streaming video resource that takes its programming to the Web. Previously, Primerica's television programming was broadcast through satellite TV. Thanks to the latest cutting-edge streaming video technology, Primerica's representatives can watch training and motivational programming when they want, wherever they want; on their computers.
- A Home Page for Every Rep: Designing and hosting your own Web site can be an expensive undertaking, but Primerica is making it easy for every rep to have a presence online. As a Primerica representative, you can have your own personalized Web site that's easy to set up and is hosted by Primerica.
- Business ... in the Palm of Your Hand: Primerica will continue to expand its awardwinning business tools and applications for the PDA, making it easy for representatives to use technology to make their day-to-day business operations smooth and paper-free. With its PDA resources, representatives can complete and submit their business to the processing centers – all from the palm of their hand.
Technology: the Tip of the Iceberg
Primerica is leading the way it's using technology to train, motivate and inform its independent representatives. Primerica's entrepreneurial support system is more than just incredible online support and tools. With Primerica, the representative is never far from Home Office backing and support. The Primerica Home Office is there to help the representative every step of the way, from licensing and training to motivation and incentives to legal and compliance advisory.
Home Office Support System
More than 1,800 Home Office employees work hard each day, all for the representatives' success. The sales force is the driving force behind the Home Office, and the Home Office employees' day-to-day efforts reflect that.
- Publications: An in-house department creates materials for recruiting, motivating the sales force and educating clients. It's as though the sales force has its own in-house writing and design agency.
- EPN-TV: Primerica's own "Entrepreneurial Network" produces and delivers motivational and educational programming all year long.
- Legal and Compliance Advisory: Keeps the sales force up to date on the latest industry and regulatory requirements.
- Data Center: Operates 24 hours a day, every day, processing all applications and business statements.
- Printing and Distribution: A full-service printing and distribution center prepares and ships volumes of sales and training materials.
Unique Opportunities to Motivate and Excite
Primerica's support system is more than online tools and Home Office support. Primerica uses creative and unique opportunities to motivate, train and excite its sales force to grow and expand their business. Primerica's Awards & Recognition department and Meetings & Conventions department work together to develop events and recognition opportunities to excite and motivate the sales force.
- Company Incentive Trips: Not every company offers its top producers a chance to travel to exciting destinations such as Hawaii, Cancun or Las Vegas. Primerica runs incentive trips every year, and representatives at all levels can compete to travel to dream destinations. These competition-based trips offer top producers a chance to network with other top reps and learn more about the business in incredible settings.
- Networking for New Leaders: A number of Primerica's events and incentives focus exclusively on the up-and-coming leaders in the company. At a twice-yearly event called Millionaires In Training, the newest RVPs are flown to Atlanta for a weekend of nuts-and-bolts training in how to be successful. The weekend isn't all work, though. There are exciting opportunities for recognition and the chance to network with the company's most successful representatives.
- Dress for Success: Primerica's representatives are driven by competition and recognition, and nothing gives them more pride than wearing their milestones. When representatives earn $50,000 in a 12-month period, they're awarded a special watch. When they reach $100,000 in income, they're rewarded with a special ring that signifies membership into the exclusive Financial Independence Council. New diamonds are added to the ring with every additional $100,000 they earn.
- A Convention Unlike Any Other: Every two years Primerica hosts a convention in Atlanta for its entire sales force. The four-day convention consistently draws a crowd of more than 50,000 and is Atlanta's largest corporate event. At this eye-opening convention at the Georgia Dome and the Georgia World Congress Center, Primerica's representatives get to see the support system that's been created for their success up close and in person. The blockbuster event is filled with thrilling onstage recognition in the Georgia Dome, in-depth workshops, educational events and exhibits that bring Primerica's revolutionary support system to life.
Incredible Support: Just Business as Usual at Primerica
If someone were to start a financial services business of their own, the resources that Primerica offers could potentially cost hundreds of thousands of dollars in overhead. With Primerica's expansive and comprehensive support, anyone can start a career in financial services with the backing of an unparalleled support system and without a large, upfront capital investment.
Training, sales tools, technology, motivation, recognition, support ... it all comes together at Primerica. Its comprehensive support system is transforming the way people do business and has the potential to change the face of the financial services industry.