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Encyclopedia > Primerica Financial Services
Primerica Financial Services
Type Subsidiary
Founded February 10, 1977
Headquarters 3120 Breckinridge Blvd.
Duluth, GA
30099-0001
1-770-381-1000
Key people John Addison, Co-CEO
Rick Williams, Co-CEO and COO
Glenn Williams, President
Industry Financial Services
Products Life Insurance
Mutual Funds
Variable Annuities
Loans
Mortgages
Long-Term Care Insurance
Legal Services
Car insurance
Homeowners Insurance
Employees 2,200 (2007)
Parent Citigroup
Slogan "Help families become debt free and financially independent"
Website www.primerica.com

Primerica Financial Services, a wholly owned subsidiary of Citigroup, is a General Agency with a business model that includes some features of multi-level marketing[1]. Its company headquarters are in Duluth, Georgia. It is the largest financial services marketing organization in North America, with more than 100,000 licensed independent representatives, of which 26,000 agents are NASD securities licensed through PFS Investments, Inc., Primerica's securities broker-dealer affiliate.[2] The company provides financial products and services, including term life insurance, mutual funds, variable annuities, loans, long-term care insurance and pre-paid legal services, to over 6 million clients.[2] It is one of a few major mortgage providers to offer Simple Daily Interest mortages which reduce the cost of a mortgage for people who regularly pre-pay or pay bi-weekly. In August 2007 Primerica and Answer Financial introduced Primerica Secure, an auto and homeowner's insurance referral program. Primerica conducts business principally in the US and Canada. In 2000 the company expanded overseas to begin operating in Spain as CitiSoluciones.[3] Image File history File links No higher resolution available. ... A subsidiary, in business, is an entity that is controlled by another entity. ... is the 41st day of the year in the Gregorian calendar. ... Also: 1977 (album) by Ash. ... A picture from the annual Duluth Fall Festival Duluth is a city in Gwinnett County, Georgia, and a suburb of Atlanta located in the Metro Atlanta area. ... Official language(s) English Capital Atlanta Largest city Atlanta Largest metro area Atlanta metro area Area  Ranked 24th  - Total 59,411 sq mi (154,077 km²)  - Width 230 miles (370 km)  - Length 298 miles (480 km)  - % water 2. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... A Chief Operating Officer (COO) is a corporate officer responsible for managing the day-to-day activities of the corporation. ... President is a title held by many leaders of organizations, companies, trade unions, universities, and countries. ... Financial services is a term used to refer to the services provided by the finance industry. ... Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the policy owners death. ... The central idea of a mutual fund is to enable investors to pool their money and place it under professional investment management. ... An annuity is an insurance contract. ... A loan is a type of debt. ... Introduction A mortgage is a device used to create a lien on real estate by contract. ... Long-term care insurance, an insurance product sold in the United States, helps provide for the cost of long-term care beyond a predetermined period. ... Pre-paid legal services refers to individual or group employee benefit legal plans in which members pay a monthly fee in exchange for access to a range of legal services on-call. ... An accident resulting in damage to a car. ... Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. ... This article is about work. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... A holding company is a company that owns part, all, or a majority of other companies outstanding stock. ... Citigroup Inc. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Citigroup Inc. ... Multi-level marketing (MLM) is a business model that combines direct marketing with franchising. ... A picture from the annual Duluth Fall Festival Duluth is a city in Gwinnett County, Georgia, and a suburb of Atlanta located in the Metro Atlanta area. ... An independent contractor is a person or business which provides goods or services to another entity under terms specified in a contract. ... NASD executive office on K Street in downtown Washington, D.C. NASD, Inc. ... For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable instrument representing financial value. ... A broker-dealer is an institution that has registered with the SEC in order to have the ability to buy and sell securities for customers as well as for its own account. ... An affiliate is a commercial entity with a relationship with a peer or a larger entity. ... Term life insurance is the original form of life insurance and is considered to be pure insurance protection because it builds no cash value. ... This article deals with U.S. mutual funds. ... Annuity contracts are offered by organizations and individuals that may accumulate value and take a current value and pay it out over a period of years. ... For other uses, see Loan (disambiguation). ... The examples and perspective in this article or section may not represent a worldwide view. ... Pre-paid legal services refers to individual or group employee benefit legal plans in which members pay a monthly fee in exchange for access to a range of legal services on-call. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ...

Contents

History

Founded in 1977 by Arthur L. Williams, Jr., the company, then named A. L. Williams, established a market niche by mass-marketing the concept of “Buy term and invest the difference.” With “BTID,” the company advised its mostly middle-income client base to purchase sufficient protection with term life insurance and systematically save and invest in separate investment vehicles, such as mutual fund IRAs. A.L. Williams was initially established as privately held general agency, at first selling life insurance policies underwritten by Financial Assurance, Inc. (FIA). Also: 1977 (album) by Ash. ... Arthur L. Williams, Jr. ... A. L. Williams founded an insurance company in 1977 which urged clients to purchase term life insurance and invest the difference. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        An Individual Retirement Account (or IRA) is a retirement plan account that provides some tax advantages for retirement savings in the United States. ... Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the policy owners death. ...


The company expanded, outgrowing the capacity of FIA to process its business. In 1980, A.L. Williams entered into a contract with a larger underwriter of life insurance, The Massachusetts Indemnity and Life Insurance Company (MILICO), whose parent was PennCorp. To support A.L. Williams, headquartered in Atlanta, MILICO established a regional office in that city. In 1981, the company established First American National Corporation (later called The A.L. Williams Corporation) as a holding company for First American Life Insurance (later called A.L. Williams Life Insurance Company) and First American National Securities (later renamed PFS Investments, Inc). In 1982, The A.L. Williams Corporation (ALWC) underwrote a $27 million public stock offering, listed in the Over the Counter (OTC) market under the symbol ALWC. In 1983, the company became listed on the NASDAQ exchange under the same symbol. That same year Gerry Tsai, Chairman & CEO of cash cow American Can Company, acquired and merged with MILICO's parent company PennCorp. American Can later was renamed Primerica Corporation. This article is about the state capital of Georgia. ... Over-the-counter (OTC) trading is to trade financial instruments such as stocks, bonds, commodities or derivatives directly between two parties. ... NASDAQ in Times Square, New York City. ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... In business, a cash cow is a product or a business unit that generates unusually high profit margins: so high that it is responsible for a large amount of a companys operating profit. ...


In 1985 ALWC begin the procedure to open business in Canada. After encountering legal and cultural roadblocks of expanding outside the United States, ALWC finally began selling insurance products of Pennsylvania Life Insurance Company, a Primerica subsidiary, in Canada in 1986.


On November 30, 1988 ALWC acquired MILICO from Primerica Corporation through a stock merger acquisition for 44.58 million shares of ALWC stock, making Primerica Corporation the majority shareholder of ALWC. In December of 1988, Sandy Weill's Commercial Credit acquired Primerica Corporation for $1.54 billion, retaining the Primerica name. At this time, the major businesses under Primerica Corporation included A.L. Williams, Smith Barney and Commercial Credit. On February 6, 1989 Primerica Corporation began trading on the New York Stock Exchange. is the 334th day of the year (335th in leap years) in the Gregorian calendar. ... Year 1988 (MCMLXXXVIII) was a leap year starting on Friday (link displays 1988 Gregorian calendar). ... A stock swap is a business takeover in which the acquiring company uses its own stock to pay for the acquired company. ... For other uses, see Stock (disambiguation). ... Sandy Weill in the 1970s Sandy Weill (March 16 1933 -) is a financier, philanthropist, and chairman of Citigroup. ... is the 37th day of the year in the Gregorian calendar. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ...


In November of 1989, Primerica purchased the remaining 30% of ALWC that it did not previously own, and also purchased the privately held General Agent, A.L. Williams, Inc. In 1991, Primerica Corporation changed the name of A.L. Williams to Primerica Financial Services. The following year MILICO, Primerica's life insurance underwriter, changed its name to Primerica Life Insurance Company, and its broker-dealer FANS changed to PFS Investments, Inc. A General Agent is an agent, i. ... A broker-dealer is an institution that has registered with the SEC in order to have the ability to buy and sell securities for customers as well as for its own account. ...


Primerica Corporation, in December of 1993, acquired the remaining 73% of Travelers Insurance Corporation and adopted the name, Travelers Inc., which was changed to Travelers Group the following year. Travelers Group included Primerica Financial Services, Smith Barney, Travelers Life and Annuity, Travelers Property/Casualty, Commercial Credit and other financial businesses. Citigroup Inc. ... Smith Barney is a division of Citigroup Global Capital Markets Inc. ...


In December 1997, Primerica announced it was going to begin offering pre-paid legal through Pre-Paid Legal Services, Inc., at the time both subsidiaries of Travelers Group, Inc.[4] Pre-paid legal services refers to individual or group employee benefit legal plans in which members pay a monthly fee in exchange for access to a range of legal services on-call. ... Pre-Paid Legal Services, Inc. ... A subsidiary, in business, is an entity that is controlled by another entity. ... The Travelers Companies (NYSE: TRV) is the second largest underwriter of commercial property casualty and personal insurance in the United States. ...


In 1998, the US Securities and Exchange Commission censured and fined PFS Investments Inc., the securities arm for Primerica, for failure to properly supervise a group of registered representatives in Dearborn, Michigan. PFS Investments Inc. failed to have in place effective policies and procedures to follow up adequately on three complaints received about the Dearborn registered representatives' "selling away" activities. Prior to the ruling of the SEC, PFS Investments Inc. voluntarily hired an independent consultant to review their supervisory, compliance, policies and procedures, to prevent and detect violations of the federal securities laws. By the date of the ruling, PFS Investments had complied with the final recommendations made by the independent consultant.[5]


In 1998, Travelers Group and banking giant Citicorp merged creating Citigroup (NYSEC). Primerica and its affiliates continue to operate as subsidiaries of Citigroup, although the Travelers insurance business was spun off in 2002. Along with Primerica, other major brand names under Citigroup include Citibank, CitiFinancial, Smith Barney, and Banamex. Citigroup Inc. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Citibank is a major international bank, founded in 1812 as the City Bank of New York. ... Smith Barney is a division of Citigroup Global Capital Markets Inc. ... Banco Nacional de México or Banamex is Mexicos largest bank, belonging to the group that bears its name, Grupo Financiero Banamex. ...


Long time veteran executives John Addison and Rick Williams, quoted by Art Williams in his book Coach as "two true sons of A.L. Williams,"[6] were appointed co-CEOs in 1999, with Glen Williams promoted to President in 2005.[7]


2007 Convention

Official Atlanta Convention & Travel Bureau promotional banner for the Primerica 2007 Convention
60,000 representatives attend the 2007 convention at the Georgia Dome

August 1, 2007 through August 4, 2007, Primerica held its 30th Anniversary Convention in Atlanta, Georgia's Georgia Dome and the Georgia World Congress Center.[8] An estimated 60,000 representatives attended.[9][10] Primerica Secure was introduced at the event, as well as the newest term life insurance product Custom Advantage. Notable speakers included Charles Prince, who was Chairman & CEO of Citigroup, founder of Pre-Paid Legal Services, Inc. Harland Stonecipher, as well as Georgia Governor Sonny Perdue. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... is the 213th day of the year (214th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 216th day of the year (217th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Georgia Dome is a domed stadium located in Atlanta, Georgia that is owned and operated by The State of Georgia who operates The Dome, The Georgia World Congress Center, and Centennial Olympic Park. ... The Georgia World Congress Center or GWCC is the major convention center in Atlanta, run by the state of Georgia. ... Charles Price is the chief executive officer of Citigroup. ... Citigroup Inc. ... Pre-Paid Legal Services, Inc. ... Harland Stonecipher, founder of Pre-Paid Legal Services, Inc. ... This is a list of Governors of the state of Georgia, including governors of the British colony of Georgia. ... George Ervin Sonny Perdue III (born December 20, 1946) is the current governor of the U.S. state of Georgia. ...

Ratings and Awards

Primerica's life insurance underwriter Primerica Life Insurance Company and its subsidiary National Benefit Life, based in the state of New York, have been rated A+ as "Superior" by A. M. Best as of November 2006.[11] Standard & Poor's has the company rated AA as "Very Strong."[12] Recently the Insurance Marketplace Standards Association, a non-profit organization based out of Bethesda, MD with the intent to create ethical standards for the insurance industry, has renewed qualification for Primerica Life and National Benefit Life for high standards and quality business, "continuing dedication to ethical business practices."[13] A subsidiary, in business, is an entity that is controlled by another entity. ... State nickname: Empire State Other U.S. States Capital Albany Largest city New York Governor George Pataki Official languages None Area 141,205 km² (27th)  - Land 122,409 km²  - Water 18,795 km² (13. ... A.M. Best is a NRSRO (Nationally Recognized Statistical Rating Organization) by the U.S. Securities and Exchange Commission. ... 67 die and about 300,000 people are affected by floods in Ethiopias Somali Region of Ogaden after the Shabelle River bursts its banks. ... Publications Standard & Poors publishes a weekly (48 times a year) stock market analysis newsletter called The Outlook, which is issued both in print and online to subscribers. ... A non-profit organization (often called non-profit org or simply non-profit or not-for-profit) can be seen as an organization that doesnt have a goal to make a profit. ... Bethesda is an urbanized, but unincorporated area in Montgomery County, Maryland, near Washington, DC. It takes its name from a church once located there, the Bethesda Presbyterian Church (built 1820), which in turn was named from a passage in the Christian New Testament. ...


In 2005[14] Primerica representatives were able to begin submitting life insurance applications electronically through the TurboApps[15] application developed by the Primerica Field Technology team via Palm handheld devices.[16] Clients have the opportunity to get insurance quotes on the spot and complete the life application paperless. This effectively sped up the underwriting process for Primerica Life and increased the amount of policies processed and insurance face amount put into force on a monthly basis.[17] In 2007 that electronic application process was extended to include the $.M.A.R.T. loan program offered through Primerica's sister company CitiCorp Trust Bank. Palm devices are Personal Digital Assistants (PDAs) which run Palm OS. This page describes the range of Palm devices, from the first generation of Palm machines known as the Pilot through to the latest models currently produced by Palm, Inc. ... A handheld is most often used to refer to: A personal digital assistant (PDA). ... Underwriting refers to the process that a large financial service provider takes a dump on your face and then uses it to assess the process of providing access to their product like providing equity capital, insurance or credit to a customer. ...


For the fourth time in a row in 2007, Primerica has been awarded the Dalbar Service Award by Dalbar, Inc., a client service rating organization focused on raising the standards of customer satisfaction and quality in the financial services industry, for Primerica's excellent customer service in mutual funds.[18]


Criticism

There have been complaints that some representatives and their respective office branches have hired new members through deceptive job interviews. Recently a few consumer complaint websites, notably Ripoff Report, have reversed their former negative stance on the company's business practice and given the company a positive rating after verifying claims that were speculative. [19] [20] The Rip-off Report (ROR) is a privately-owned and operated website with the stated purpose of giving consumers a voice in disputes with corporations and public figures. ...


External links

Sources

  • Primerica Financial Services Citigroup.com, viewed August 1, 2007
  • New Georgia Encyclopedia NGE, viewed November 7, 2006
  • Citigroup Corporate History Citigroup.com, viewed August 1, 2007
  • Williams, Art; Karen Kassel Hutto (June 2006). Coach. Atlanta, Georgia: Art Williams Productions. ISBN 0-9786266-0-5. 
  • News Blaze article: IMSA rates Primerica Life Insurance company for ethical and excellent service, viewed August 20, 2007

Arthur L. Williams, Jr. ... Atlanta redirects here. ...

References

  1. ^ Poe, Richard; Scott DeGarmo (September 1999). Wave 4: Network Marketing in the 21st Century. Rocklin, California: Three Rivers Press. ISBN 978-0761517528. 
  2. ^ a b Primerica's History, http://www.primerica.com/public/history.html
  3. ^ Hann, Leslie Werstein. "Spain Is First Stop in Primerica's Overseas Expansion", Best's Review, 2000. Retrieved on 2007-08-31. 
  4. ^ "Primerica Financial Services to Offer Legal Plans Through Pre-paid Legal Services, Inc", Business Wire, 1997-12-19. Retrieved on 2007-08-20. 
  5. ^ http://www.sec.gov/litigation/admin/3440269.txt
  6. ^ Williams, Art; Karen Kassel Hutto (June 2006). Coach. Atlanta, Georgia: Art Williams Productions. ISBN 0-9786266-0-5. 
  7. ^ Primerica Leadership, http://ww3.primerica.com/public/who/leadership.html
  8. ^ Primerica 2007 Georgia Dome event, http://www.gadome.com/events/2007primerica.html
  9. ^ http://www.gadome.com/events/2007primerica.html
  10. ^ http://www.google.com/calendar/event?eid=NGhxbzIyZWFjNmpxcmJyN2I1MHVldGQzbjggZGVrZWxsZXlAYXRsYW50YWdhLmdvdg&ctz=America/New_York
  11. ^ "A.M. Best Affirms Ratings of Primerica Life", Business Wire, 2006-11-02. Retrieved on 2007-08-31. 
  12. ^ "Top Marks for Primerica Life", 2006. Retrieved on 2007-08-31. 
  13. ^ "Primerica Life, National Benefit Life Renew Qualification in IMSA, Ethical Standards Organization", News Blaze, 2007. Retrieved on 2007-08-20. 
  14. ^ Kairer, Ryan. "Primerica Deploys 4,000 Palm Devices", Palm Infocenter, 2005-08-30. Retrieved on 2007-08-31. 
  15. ^ "Primerica Financial Services Uses Palm Devices to Automate Insurance Application Review", Palm, Inc.. Retrieved on 2007-10-13. 
  16. ^ "Primerica Runs Customized Financial Services Application on Palm Handhelds and Smartphones", Business Wire, 2005-08-30. Retrieved on 2007-10-13. 
  17. ^ Sisk, Michael. "Primerica Experiment in Insurance Pays Off", US Banker, 2005-11-01. Retrieved on 2007-08-31. 
  18. ^ Whalen, Kathleen. "DALBAR Announces Its 2006 Customer Service Award Winners in Financial Services", Dalbar, 2007-01-17. Retrieved on 2007-08-31. 
  19. ^ "Report: Rip-off Report Investigation: Primerica", Ripoff Report, 2007-01-08. Retrieved on 2007-08-31. 
  20. ^ "Primerica Complaints", Corporate Narc. Retrieved on 2007-08-31. 

  Results from FactBites:
 
NodeWorks - Encyclopedia: Primerica Financial Services (1240 words)
Primerica Financial Services (PFS) is the name of a division of Citigroup, which engages in multi-level marketing of financial services, notably term life insurance, mortgage refinancing, and investments through mutual funds.
With regard to recruiting new agents, Primerica charges a $199 licensing fee (that is mostly refundable for unsatisfied recruits) a fee (states the company) that offsets mandatory state-sponsored life insurance courses and also to provide for a background check.
Primerica caters to small (working class and middle class) investors, not requiring a large amount of money up front to open an account (as little as $25 USD monthly).
Primerica Financial Services - Wikipedia, the free encyclopedia (408 words)
Primerica Financial Services (PFS) is a wholly owned subsidiary of Citigroup, which engages in direct marketing of financial services, notably term life insurance, long term care insurance, mortgage refinancing, mutual fund investing, and prepaid legal services.
Primerica may or may not be a form of MLM or multi-level marketing.
Primerica's sales pitches may include more content about recruiting more representatives and getting contact info for referrals than about financial services.
  More results at FactBites »

 
 

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