Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It may not have not been reviewed, commissioned or otherwise endorsed by any of our network partners or the Investment company.
Primerica Advisors is a financial services firm that serves individual investors — namely middle-class families — with a relatively modest minimum balance requirement of $25,000. The firm, which has over 1,600 offices throughout the United States, has nearly 3,800 advisors on staff, many of whom are also life insurance agents. Clients of the firm are invested in one of several model portfolios managed by third-party providers.
The bottom line: Primerica Advisors is a national firm focused on providing financial services to middle-income families.
- Offers investment services through model portfolios
- Limited financial planning available
- Accessible to investors with at least $25,000 to invest
| Assets under management (AUM): $5,090,244,164 |
| Minimum investment: Generally $25,000 |
| Individual investor to advisor ratio: 9:1 |
| Fee structure: A percentage of AUM |
Headquarters: 1 Primerica Parkway
Duluth, GA 30099
Website: www.primerica.com
Phone: (800) 544-5445 |
All information included in this profile is accurate as of September 15, 2021. For more information, please consult Primerica Advisors’ website.
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Table of Contents
- Overview of Primerica Advisors
- Primerica Advisors’ pros
- Primerica Advisors’ cons
- What types of clients does Primerica Advisors serve?
- Services offered by Primerica Advisors
- How Primerica Advisors invests your money
- Fees Primerica Advisors charges for its services
- Primerica Advisors’ disciplinary disclosures
- Primerica Advisors’ onboarding process
- Where Primerica Advisors is located
- Is Primerica Advisors right for you?
Overview of Primerica Advisors
Primerica Advisors is the name under which PFS Investments, also registered as a broker-dealer, conducts its investment advisory business. PFS Investments is owned by the public company Primerica, Inc., a financial services firm that began as a life insurance agency in 1977. Today, Primerica, Inc. offers term life insurance in addition to mutual funds, annuities and mortgage loans, among other financial products and services.
Primerica Advisors offers its clients an investment management platform through which the firm’s team provides advisory services.
Primerica Advisors’ pros
- Broad geographic reach: Primerica Advisors is registered to work with investors in all 50 states, plus the District of Columbia. This means it should be easy to find an advisor who can work with you, no matter where you’re located.
- Accessible for more modest investors: While Primerica does have a minimum account balance, at $25,000, it’s one that many may be able to meet. The firm actively markets itself to middle-income North Americans, making it more accessible to the average investor than many financial advisory firms that can require minimums in the millions.
- Industry accolades: Primerica Advisors has received many awards and recognition, including the Dalbar’s mutual fund service award every year for the past 17 years, which recognizes firms that provide exceptional service.The firm also appeared on Bloomberg’s 2021 Gender-Equality Index, which measures gender equality across five different areas, including female leadership and equal pay.
Primerica Advisors’ cons
- Potential conflicts of interest: Advisors receive commissions on mutual funds and insurance policies that clients purchase through Primerica Advisors’ brokerage platform, as well as annual commissions based on the value of a client’s account. This can create a conflict of interest, as advisors may have a financial incentive to make certain recommendations.
- Limited financial planning offerings: While the company does offer a “financial needs analysis” focused on spending and saving, it does not offer ongoing financial planning. Those looking for financial planning assistance will likely need to look elsewhere.
- No custom portfolios: Primerica Advisors typically puts clients into model portfolios. While the firm chooses the model portfolio for a client based on factors such as the client’s goals and current financial picture, portfolios generally are not custom built to fit an individual investor’s unique situation.
What types of clients does Primerica Advisors serve?
Most of Primerica Advisors’ clients are individuals who are not considered high net worth (for reference, the SEC defines a high net worth individual as someone with at least $750,000 under an advisor’s management or a net worth believed to be at least $1.5 million). In fact, Primerica Advisors specializes in serving middle-income families, which sets it apart from many financial firms that are more focused on serving clients with high net worth.
The firm generally requires a minimum account balance of $25,000. However, it notes that certain model portfolios within its program can have a higher minimum investment requirement.
Services offered by Primerica Advisors
Primerica Advisors specializes in offering investment management as well as term life insurance and other financial products to individual investors.
The firm offers its investment services through a wrap fee program that offers a number of model portfolio strategies. Portfolio management services are offered on a discretionary basis, meaning that Primerica Advisors can make trades on behalf of their clients. However, advisors do not have the discretion to switch model portfolios without a client’s authorization.
The firm does not offer ongoing financial planning. It can offer a financial needs analysis, which examines a client’s current financial situation and offers strategies to help ensure their future financial security.
Here’s a full list of the services offered by the firm:
- Portfolio management
- Financial needs analysis
- Annuity sales
- Mutual funds
- Business retirement plans
- Life insurance
How Primerica Advisors invests your money
Primerica Advisors invests client money into one of four model portfolios, which are run by third-party asset management firms that Primerica Advisors selects. These programs are offered through that firm’s investment management platform designed to support various investment objectives while accounting for a client’s preferences on taxes, market exposure and which securities are used.
Clients are matched with one or more of the following model portfolios based on an investor profile that they complete with the help of their advisor, which looks at factors such as their goals, risk tolerance and time horizon.
| Primerica Advisors Model Investment Strategies |
|---|
| Model | Investment strategy |
| Tactical Model | Portfolios in this model emphasize shorter term economic conditions and may adjust holdings and asset allocation more frequently than other models. |
| Strategic Model | This model approach takes a longer term view of economic conditions and remains fully invested according to a predetermined asset allocation. |
| Income Distribution Model | These models aim to distribute income in set amounts over a specific period of time. |
| Tax-Managed Model | These models include three general categories: active tax-loss harvesting, tax-exempt strategies and tax-aware investment allocations. |
The firm also offers some portfolio solutions using environmental social and governance (ESG) strategies for investors who want their portfolio to align with their values. In those portfolios, advisors incorporate factors such as environmental practices, diversity and inclusion and corporate governance when considering how a company fits into their investing strategy.
Fees Primerica Advisors charges for its services
For portfolio management services, Primerica Advisors charges a fee based on a percentage of assets under management. Since it’s a wrap fee program, investors typically do not have to pay for individual transactions, as wrap fee programs bundle all of these costs into a single fee. However, clients will still be responsible for the fees and charges from the mutual funds or exchange-traded funds (ETFs) used in their account.
Specifically, the program fees charged by Primerica Advisors include three components:
- Advisor fee: This fee is for the advice and services your advisor provides.
- Administration fee: This fee is charged by the firm for its services as the program’s sponsor, portfolio manager and administrator, as well as custody and brokerage services.
- Asset manager fee: This fee, which varies depending on the models used, is for the services provided to the program by the asset manager.
As evidenced in the table below, rates drop somewhat the larger a client’s account:
| Primerica Advisors Program Fee Schedule |
|---|
| Account value | Maximum program fee |
| $250,000 or less | 2.24% |
| $250,000.01 to $500,000 | 2.21% |
| $500,000.01 to $1 million | 2.17% |
| $1 million+ to $3 million | 1.98% |
| $3 million+ | 1.70% |
Primerica Advisors disciplinary disclosures
Primerica Advisors reports several disciplinary disclosures on its Form ADV. For reference, the SEC requires all registered investment advisors to report such information that may be relevant to a client’s evaluation of the firm or its leadership, including any civil, criminal or regulatory actions within the last 10 years involving the company, its employees or its affiliates.
Primerica Advisors notes the following incidents within the last decade in its Form ADV:
- In June 2013, the firm paid $50,000 in connection with allegations that it had not disclosed compensation that it received from outside motivational speakers at seminars that Primerica representatives paid to attend.
- In August 2012, the firm reached an agreement with FINRA to pay a $100,000 fine for allegedly failing to detect through programming, design and human error, that certain customers did not receive a copy of their account record as required.
The firm also lists a number of separate disciplinary incidents related to certain individuals at the firm.
For more information on Primerica Advisors’ disciplinary history and to view its Form ADV, visit the firm’s Investment Adviser Public Disclosure (IAPD) page.
Primerica Advisors’ onboarding process
- Contact an advisor: Clients interested in working with Primerica can find a local advisor using this tool provided on the firm’s website that allows you to see advisors available by state and then by ZIP code and then read an individual advisor’s profile, which includes their contact information. Alternatively, interested clients can call the firm at (800) 544-5445.
- Discuss your financial specifics: From there, you’ll have a discussion about your investment objectives, risk tolerance and investment time horizon with your advisor, who will recommend a model portfolio that suits your needs.
- Receive quarterly statements and provide updates: Once you are an established client, you will receive quarterly statements showing your account performance, and your advisor will reach out once a year to see if there have been any changes in your financial circ*mstances.
Where Primerica Advisors is located
Primerica Advisors has over 1,600 office locations throughout the U.S. While Primerica Advisors’ website lists offices in every state, its Form ADV only notes office locations in the following states:
- Arizona
- California
- Colorado
- Georgia
- Iowa
- Louisiana
- New York
- Ohio
- Wisconsin
Is Primerica Advisors right for you?
Primerica Advisors could be a good choice for middle-income families with at least $25,000 to invest, as well as for those who are also interested in purchasing term life insurance. Since the firm has offices throughout the country, you can likely find a local advisor to work with.
Those looking for more personalized services or ongoing financial planning assistance might be better suited by a different firm, as Primerica Advisors uses model portfolios and has limited financial planning help available. Additionally, potential clients should be aware that some Primerica Advisors are also insurance agents, which could create a conflict of interest when they recommend a product.
Before choosing a financial advisor, be sure to research multiple firms to ensure that you find the right advisor for you.
The “Find a Financial Advisor” links contained in this article will direct you to webpages devoted to MagnifyMoney Advisor (“MMA”). After completing a brief questionnaire, you will be matched with certain financial advisers who participate in MMA’s referral program, which may or may not include the investment advisers discussed.
FAQs
Radio personalities like Suz Orman and Dave Ramsey often promote this popular approach. So, does Dave Ramsey recommend Primerica? “No, he does not endorse Primerica per his Twitter account. He states that the cost of their insurance is HIGH.”
Is Primerica really worth it? ›
Primerica has an A+ (Superior) financial strength rating from AM Best, an independent rating agency that assesses insurance companies. 4 A high rating from AM Best is important because it indicates a greater likelihood that Primerica can reliably pay claims.
Is Primerica a scheme? ›
No, Primerica is not a pyramid scheme.
What to expect from annual review with financial advisor? ›
An annual review should go beyond financial discussions but also cover any personal changes. Areas to be discussed with a client should include their investment portfolio, tax planning, estate planning, retirement planning, and life insurance policies.
What is the real truth about Primerica? ›
Primerica IS a legitimate company.
In fact, they are a publicly-traded company on the stock market, and have operated for decades, helping people with their life insurance needs. Further, people DO make money in a Primerica career.
Can I trust Primerica with my money? ›
Is Primerica life insurance legit? Yes, Primerica is legitimate. It's a publicly traded insurance and financial services company. Primerica has offices in every state across the U.S. except North Dakota and has more than 130,000 independent life insurance representatives.
Can I just quit Primerica? ›
Cancellation of a Paid Subscription
You may cancel your access to POL completely by calling 1-888-737-2255.
What are the cons of Primerica? ›
Some of the cons of choosing Primerica for life insurance include:
- No permanent life insurance: Primerica doesn't offer any policies that remain in place for your entire life. ...
- No online quotes or applications: You must contact a Primerica advisor to obtain a quote or complete an application.
Once licensed, Primerica's independent representativesii earn commissions based on personal sales and override income on the sales of the team members they recruit, train and supervise.
Is Primerica a pyramid scheme or legit? ›
Yes. Primerica is the Amway or LuLaRoe of financial services, but it doesn't mean to say that it is a scam. Primerica is a publicly traded company and has been in the life insurance industry for over 40 years which makes them a well established member in the life insurance community.
The estimated total pay for a Life Insurance Agent at Primerica is $5,867 per month.
Is Primerica under investigation? ›
Is Primerica under Investigation? SEC Investigation The Security and Exchange Commission is investigating PFSI, a broker-dealer that's affiliated with Primerica Life Insurance Company, Primerica Financial Services Home Mortgages, and Primerica Financial Services.
How do I quit Primerica? ›
How do I cancel Primerica Life Insurance? To cancel your Primerica Life Insurance policy, please call Client Services directly at 1(800) 257-4725, and they can assist you.
Is Primerica legit to work for? ›
Good Company
Positive Environment, All people genuinely want to help you succeed. Plenty of Training on products, and how to help clients find correct amount of coverage and helping clients reach financial goals. This is a great part-time side hustle until you apply yourself towards ownership.
How do I know if my financial advisor is doing a good job? ›
How To Evaluate Your Financial Advisor
- Learn exactly what you are paying. ...
- Discuss fee transparency. ...
- Understand your investment costs. ...
- Determine whether your advisor is a fiduciary. ...
- Get a list of the services you should be receiving. ...
- Check your advisor's background. ...
- Make sure you are getting leading-edge advice.
Below are eight tips to help you prepare for your next performance review and make the most of this important conversation with your boss.
- Document your goals. ...
- Regularly check in with your boss. ...
- Track your work accomplishments. ...
- Understand the ways in which you add value. ...
- Look for opportunities to augment your impact.
Industry studies estimate that professional financial advice can add between 1.5% and 4% to portfolio returns over the long term, depending on the time period and how returns are calculated.
Can you be successful at Primerica? ›
Primerica's success stories come from all walks of life. Some of our leaders have college degrees and some do not, some had successful careers before Primerica and some were looking for direction when they found the business.
What company owns Primerica? ›
Institutional investors own Primerica. The top shareholders include: The Vanguard Group, Inc (4,276,754 shares) Kayne Anderson Rudnick Investment Management LLC (3,908,076 shares)
Who makes the most money in Primerica? ›
The highest-paid job at Primerica is a regional vice president. These professionals earn an average salary of $109,118, which works out to about $ 52.46 per hour.
The company says it pays 91% of claims within 14 days. Primerica does not provide the option of receiving a quote or purchasing a term life insurance policy online.
How much is Primerica 25 dollars a month? ›
There is a monthly fee of $25.00 for the use of POL - Primerica Online Service. After that there is no merchandise or inventory you need to keep.
Is Primerica a good company to invest with? ›
Is Primerica Advisors right for you? Primerica Advisors could be a good choice for middle-income families with at least $25,000 to invest, as well as for those who are also interested in purchasing term life insurance. Since the firm has offices throughout the country, you can likely find a local advisor to work with.
Are Primerica agents self employed? ›
Primerica offers a business opportunity that involves the sale of term life insurance, securities, and various other financial products. Sales representatives are independent contractors, not employees.
How often does Primerica pay? ›
Daily when you are licensed.
How long does it take to withdraw money from Primerica? ›
Once trade settlement is complete, funds will typically arrive in your Cash Account or external bank account in 1-2 business days. It may take longer if, for example, you recently made a deposit or if you are withdrawing to a different bank account than the one used for initial funding.
Does Primerica report to IRS? ›
Each year, Primerica Shareholder Services will mail tax forms to shareholders confirming the information reported to the Internal Revenue Service for the tax reporting period. The chart below provides a general description of the forms we provide.
Who is a competitor of Primerica? ›
Primerica vs competitors
| Company | Founding Date | Employees |
|---|
| Morgan Stanley | 1935 | 68,097 |
| The Vanguard Group | 1975 | 17,600 |
| Huntington National Bank | 1866 | 25,693 |
| P Prudential Retirement Insurance And Annuity Co | - | 41,671 |
17 more rowsCompare company reviews, salaries and ratings to find out if Aflac or Primerica is right for you. Aflac is most highly rated for Work/life balance and Primerica is most highly rated for Culture.
...
Overall Rating.
| Overall Rating | 3.5 | 4.2 |
|---|
| Job security and advancement | 3.1 | 4.0 |
| Management | 3.3 | 4.1 |
| Culture | 3.5 | 4.2 |
2 more rowsThe company actually has a respectable and reputable business for Financial products. Start with 50% commission when starting and above 100% at higher level / promotions. A lot a financial lingo, business structure set for you to get clients. So cold calling and such practices are the only means of income.
Fees Under Primerica Advisors
| Primerica Advisors Advisor Fee Schedule |
|---|
| Account Value | Program Fee (Maximum) |
|---|
| $500K - $1MM | 1.25% |
| $1MM - $3MM | 1.1% |
| $3MM and up | 0.85% |
2 more rowsJul 21, 2022
Compare company reviews, salaries and ratings to find out if Primerica or Transamerica is right for you. Primerica is most highly rated for Culture and Transamerica is most highly rated for Compensation and benefits.
...
Overall Rating.
| Overall Rating | 4.2 | 3.5 |
|---|
| Management | 4.1 | 3.2 |
| Culture | 4.2 | 3.3 |
3 more rowsBefore they became Primerica's youngest million-dollar earners*, Brandon and Lexee Neil had no idea what they wanted to do with their lives. While uncertain about what the future would hold, they knew one thing: they didn't want to work jobs for the rest of their lives. Then they were introduced to Primerica.
Is Primerica on Forbes list? ›
Forbes Lists
Primerica, Inc. engages in the provision of financial products to middle-income households. It operates through the following segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products.
Is Primerica on the Fortune 500 list? ›
The Fortune 1000® is the annual ranking by Fortune Magazine of the 1,000 largest U.S. public companies, listed in order of reported revenue. With revenues of approximately $2.7 billion in fiscal year 2021, Primerica ranks number 895 in the most recent list, up from number 980 in 2020 when the company debuted the list.
What rank is Primerica? ›
Primerica earns A+ (Superior) financial strength, one of the highest possible ratings.
How many levels are in Primerica? ›
Primerica gives you the ability to earn your way up ten levels of leadership.
How many agents does Primerica have? ›
How does Primerica work? Primerica is a leading financial services company with over 130,000 licensed representatives in North America.
Are Primerica agents 1099? ›
A. Primerica Shareholder Services-Transfer Agent Tax Identification Number is 58-1713151. This Tax ID# is located on all tax forms created by Primerica Shareholder Services which include the 1099R 1099DIV 1099B 1042S 1099-INT and 5498.
Is Primerica a term life? ›
Since 1977, Primerica has only offered term life insurance, giving families the coverage they need at a price they can afford.
Yes, they can later switch to one closer to their home.
What does Primerica do with your personal information? ›
We protect your personal information (“data”) from unauthorized access and use. To do this, we take security measures that comply with the law. We use computer safeguards and secured files and buildings. We share your data only with those who agree to abide by our security standards.
Who is the CEO of Primerica? ›
Glenn J. Williams has served as our Chief Executive Officer since April 2015. He served as the Company's President from 2005 through March 2015.
Should I trust my financial advisor? ›
An advisor who believes in having a long-term relationship with you—and not merely a series of commission-generating transactions—can be considered trustworthy. Ask for referrals and then run a background check on the advisors that you narrow down such as from FINRA's free BrokerCheck service.
Is 1.5 high for a financial advisor? ›
While 1.5% is on the higher end for financial advisor services, if that's what it takes to get the returns you want then it's not overpaying, so to speak. Staying around 1% for your fee may be standard but it certainly isn't the high end. You need to decide what you're willing to pay for what you're receiving.
What financial advisors don t tell you? ›
12 Things Your Financial Advisor Doesn't Want You to Know
- They are probably learning as they go. ...
- They get paid to sell you more products and services. ...
- There's a reason they want to see all your assets. ...
- They can't legally make any promises. ...
- You may be able to negotiate your fees. ...
- The hard sell usually only benefits them.
You Received an Unsatisfactory Performance Review
Unless your boss has something else in mind, you don't necessarily need to leave. The first thing you should do is look at the review with an open mind. If you conclude that it is fairly accurate, find out what you can do to improve your performance.
What to do after a bad annual review? ›
Here are five steps to deal with a bad performance review.
- Give yourself time to process your feelings. Dealing with a negative performance evaluation is like any grieving process. ...
- Get feedback from other parties. ...
- Prepare a written response. ...
- Schedule a follow-up meeting. ...
- Set clear career goals.
Five things to do if you get a bad review
- Remain calm. "First and foremost, breathe and relax," she says. ...
- Act, don't react. ...
- Remember that perspective is subjective. ...
- Get real. ...
- Learn from your mistakes. ...
- Free help is on the way.
How long do clients stay with a financial advisor? The client churn for financial advisors is notoriously high. The average client lifespan for a financial advisor is between three and five years, with 45% of clients leaving in the first two years.
Seventy percent of millionaire households used some sort of financial adviser, and the average length of that relationship spanned 10 years, the survey found.
Should you put all your money with one financial advisor? ›
Key Takeaways. The main reason to find more than one financial advisor is if your current financial advisor is not meeting all of your needs. Your additional financial advisor should fill in the gaps of your current financial advisor.
What insurance company does Dave Ramsey recommend? ›
It means that Zander is the only company Dave and the entire Ramsey team recommend for term life insurance. Why? Because Zander has faithfully served our fans for two decades and will do whatever it takes to help you win. They offer the coverage you need and nothing you don't.
How long was Dave Ramsey with Primerica? ›
Cost is only an issue in the absence of value. was licensed with A.L. Williams and Primerica for 9 years (Not 3 months) and the only reason he now recommends Zander is because Zander pays him thousands of dollars every month to recommend them.
Is Primerica an a rated company? ›
About Primerica
It has received a financial strength rating of A+ (Superior) from AM Best.
What life insurance does Dave Ramsey not like? ›
When it comes to whole life insurance, “It's not a mild dislike,” said Dave Ramsey in a recent episode of “The Ramsey Show,” where he's offered financial advice since 1992. “I hate it.” Why the disdain for whole life when so many Americans invest in it?
Do Primerica agents make money? ›
What is working with Primerica like? Primerica provides the opportunity for anyone to build their own financial services business as an independent contractorii. Representatives earn income based on the sale of Primerica solutions and they can devote as many or as few hours to their business as they like.
Who does Dave Ramsey recommend for retirement accounts? ›
For personal finance guru Dave Ramsey, one retirement account option stands apart from the rest. Ramsey recommended contributing to a company-administered 401(k), but not necessarily the traditional version. “We always recommend the Roth option if your plan offers one,” said Ramsey.
Is Primerica a fiduciary? ›
of 1974 (“ERISA”), Primerica Advisors acknowledges that it is a “fiduciary” as that term is defined under ERISA with respect to those assets in the Program Account of client with respect to which Primerica Advisors acts as “fiduciary” as that term is defined under ERISA, and client acknowledges such status of Primerica ...
How much commission does Primerica pay? ›
It varies, it depends on underwriting process. 25% starting, once you recruit three others then you get promoted to 50% commission.
How to cancel Primerica
- Call customer service on 888-737-2255.
- Ask to speak with an agent.
- Provide them with your policy number and customer details.
- Request cancellation of your policy and recurring payments.
- Ask for a confirmation email.
Primerica Named One of America's Best Insurance Companies for 2022 by Forbes - AskPrimerica.com. Primerica, a leading provider of financial services to middle income families, is among the best companies to issue term life insurance according to a Forbes list of “America's Best Insurance Companies for 2022.”
Who is the highest paid Primerica employee? ›
The highest-paid job at Primerica is a regional vice president. These professionals earn an average salary of $109,118, which works out to about $ 52.46 per hour.
Who is the highest paid in Primerica? ›
Primerica's highest paid executives include: Peter Schneider $2,641,768 and William Kelly $1,311,147. Comparably has a total of 2 salary records associated with Primerica employees.
