Archive 2000-2004

Calling All Charity Volunteers

Robert White
18 October 2004
Copyright (c) 2004 The Atlanta Journal-Constitution. All rights reserved.

Overhaul the overalls and gas up the pickup for Gwinnett's annual Great Days of Service. Gwinnett's countywide weekend of charity work will take place Friday and Saturday and the project is still in need of volunteers.

Great Days was first organized by the Gwinnett Coalition for Health and Human Services in 1999, and has grown larger each year since. Last year, more than 75,000 volunteers from corporations, schools, small businesses, Scout troops and church groups participated. In the past, volunteers have pitched in to clean senior adults' apartments, record books on tape for schoolchildren, paint a cheerful mural for clinic patients and stuff Christmas stockings for the needy. They helped more than 200 Gwinnett organizations.

Karen Fine of Primerica said her company became involved "because in those two days so much can be accomplished that would normally take a lot of time and effort to do."

For more information, please visit www.gwinnettgreatdaysofservice.org.

Primerica Earnings Rise to $137 Million

Gwinnett Daily Post, April 16, 2004

Primerica Financial Services said its first-quarter net income rose 5 percent to $137 million on strong sales in life insurance and mutual funds.

Duluth-based Primerica, the fifth largest Gwinnett employer with 1,800 workers, said it had $531 million in revenues for the January through March period. Life insurance in force increased 8 percent to $510.7 billion, variable annuity sales jumped 87 percent to $296 million and mutual fund sales rose 31 percent to $927 million.

Loan volume fell 41 percent to $749.3 million from the record first quarter posted last year.

Mark Supic, a Primerica spokesman, said several market forces are driving business, including renewed investment and greater interest in acquiring life insurance, a trend that has grown stronger since the Sept. 11 attacks.

Also, as many mid-level managers lost their jobs in recent years, they have found a new home in the financial services industry, helping Primerica continue strong recruiting, Supic said.

Primerica is the largest financial services marketing firm in North America with more than 100,000 independent representatives, providing nearly 6 million clients with various financial products, primarily life insurance, investments and debt consolidation loans. Duluth is home to Primerica's insurance operations, including underwriting and training.
Primerica is a subsidiary of Citigroup, which reported $5.27 billion in net income during the first quarter, a 29 percent increase over last year. Revenues rose 16 percent to $21.49 billion.

Citigroup's $1.01 earnings per share in the first quarter jumped 28 percent from last year.

Primerica Featured in Book

Gwinnett: Success Lives Here, March 2004

The following essay appeared in the book "Gwinnett: Success Lives Here."

Primerica Financial Services

In the world of business, there is a level of performance that is expected of certain companies. It shows itself in innovation, pride, dependability, and a commitment to making its community a better place in which to live. Gwinnett County-based Primerica Financial Services is such a company.

Primerica's International Headquarters, located in Duluth, GA, employs some 1,800 people, making it among the elite employers in Gwinnett. It is the largest financial services marketing organization in North America, with more than 100,000 licensed representatives. Through this massive sales force, the company provides quality financial products and services, including term life insurance, investments and lending products to millions of clients throughout the United States, Canada, Spain, and most recently, the United Kingdom.

Although Primerica's roots are firmly planted in Georgia, the company is a subsidiary of Citigroup (NYSE: C), the preeminent global financial services company, with some 200 million customer accounts in more than 100 countries. Forbes Magazine ranks Citigroup #1 in its "World Super 50" list of the premier corporations in the world.

Primerica's history can be traced to 1977 when 85 entrepreneurs, led by company founder Arthur L. Williams, began a crusade that transformed the life insurance industry -- against all odds. Their revolutionary "Buy term and invest the difference" strategy encouraged middle-income families to purchase affordable term life insurance so they could provide their families with sufficient protection, while freeing up money to save and invest for the future.

People understood the value offered by Primerica, and in 1984, after only seven years in business, it shocked the industry by selling $38 billion in life insurance protection -- more than any other company.

Flash-forward two decades and you will find that Primerica produces annual revenues in excess of $2 billion and is an acknowledged industry leader, with more than 2 million term life policies in force providing more than $500 billion in coverage. A.M. Best, the respected rating agency, assigned Primerica Life with its highest financial strength rating of AA+ (Superior). In its analysis of the company, A.M. Best stated, " Primerica is the largest U.S. writer of term life insurance with a unique distribution system including approximately 100,000 active agents. Significant cross-selling successes have been achieved. Growth in Primerica's agency force and niche product offerings have contributed to favorable operating performance, while international expansion is expected to provide future earnings growth." Meanwhile, PFS Investments Inc., the company's investment arm, boasts some 3 million accounts and approximately $17 billion in assets under management. In addition, the company also provides billions of dollars annually in lending products, principally those used to help clients consolidate and reduce their debt loads.

Despite its success, the company is in no way content to rest on its laurels. Primerica has continued to evolve in order to stay ahead of the dynamic economy and better serve its clients. Today, the company offers its clients an expanded array of products and services, while still maintaining its focus on educating "average" families about how to improve their long-term financial future. All told, Primerica's reps visit a staggering 300,000 homes each month. During these visits, Primerica provides a complimentary Financial Needs Analysis (FNA), a sophisticated computer diagnostic program that addresses the unique financial needs and goals of every client -- and then provides appropriate solutions. To sum it up, Primerica Co-CEO and President John Addison said. "What we market, people fundamentally need — protection, investments, and a way to get out of debt. Then when you attach a great business opportunity working as an independent Primerica representative, you've got dynamite. That's why our business model is thriving."

The "can do" attitude and enthusiasm for helping people that characterizes the company sales force carries over to the dedicated employees at Primerica's International Headquarters. "I've been with Primerica for over 20 years, yet the spirit, resourcefulness and expertise of our employees demonstrate as they serve our clients, our representatives, and our community never ceases to amaze me," said Rick Williams, Primerica's Co-CEO and Chief Operating Officer.

That same spirit is also evident in the many ways the company and its employees support Gwinnett County. Over the years, Primerica has contributed millions of dollars in grants provided though the Citigroup Foundation to hundreds of worthy non-profit organizations across Metro Atlanta. A significant number of Primerica's leaders voluntarily serve on the boards of important community organizations, offering invaluable contributions with their time and services. Employees of Primerica also participate in ongoing campaigns that benefit such organizations as the United Way, The Georgia Conservancy, The National Multiple Sclerosis Society, American Cancer Society, Eagle Ranch, Dress for Success, The March of Dimes, and countless others.

One of the programs most associated with Primerica locally is its partnership with the Berkmar Cluster of the Gwinnett Public School System. The employees of Primerica act as mentors to at-risk students through weekly meetings, steering the children toward a more positive future. These meeting are done on the employees' personal time with no benefits derived other than the satisfaction of making a difference in a young person's life and future.

Over the past two decades, Primerica has demonstrated its commitment to Gwinnett County. In fact, the company's explosive growth and promising future closely parallel those of Gwinnett. There is no doubt that Primerica is a great example of why Gwinnett County's slogan is, "Success Lives Here."

Primerica Co-CEOs Featured in Atlanta Business Chronicle

Atlanta Business Chronicle, March 12-18, 2004

John Addison and Rick Williams, Primerica Co-CEOs, made The Atlanta Business Chronicle's list of "Who's Who in Banking and Financial Services." The business journal's annual roster spotlights leading players in financial sectors such as banking, finance, venture capital and investment banking, and securities brokerage.

John A. Addison, Jr. – Co-CEO and president, Primerica

Number of Atlanta employees: 1,800
Education: Bachelor's degree in economics from the University of Georgia; MBA from Georgia State University

Most significant event affecting Atlanta's financial community this past year: The strong comeback in the economy and the stock market after three consecutive down years. Early in the year, continued concerns over terrorism and the then pending war in Iraq created a very cautious environment. However, the second half of the year was characterized by increased consumer confidence and strong performances by the U.S. economy and markets, driven in part by record low interest rates and tax cuts.

Biggest challenge facing Atlanta's financial community: Balancing economic growth and a pro-business environment with the need to maintain and enhance the quality of life that drew people and businesses to Atlanta in the first place.

Most challenging part of job: Motivating and leading our sales force of more than 100,000 agents and all that implies is a great challenge -- it is also the most rewarding job I can imagine.

D. Richard Williams – Co-CEO and Chief Operating Officer, Primerica

Number of Atlanta employees: 1,800
Education: Bachelor's degree in finance and accounting from the University of Pennsylvania; MBA from the Wharton School of Business
Prior job/position: Head of the Financial Services Acquisition and Development area of American Can Co.

Most challenging part of job: Appropriately allocating the resources needed to grow Primerica's business domestically and internationally while diligently managing expenses.

Primerica Profits 6 Percent Higher Than 2002 Numbers

Gwinnett Daily Post, January 21, 2004

Primerica Financial Services reported record net income in 2003. The $567 million profit posted by the Duluth financial services firm was 6 percent higher than 2002. Primerica also reported record annual revenues of more than $2.1 billion, a 3 percent increase.

Parent Citigroup Inc. also had record net income of $17.6 billion, 17 percent higher than the prior year. Income from continuing operations increased 33 percent. Revenues were $77.4 billion, up 9 percent.

Citigroup's fiscal fourth-quarter profit was $4.76 billion, or 91 cents per share, a 96 percent increase from the same period a year ago. Fourth-quarter revenues were $20.2 billion, up 13 percent.

Meanwhile, Primerica also reported record fourth-quarter earnings of $152 million and record revenues of $540 billion.

Primerica Financial Services is the largest financial services marketing organization in North America with more than 100,000 independent representatives. It provides some 6 million clients with financial products and services, primarily term life insurance, investments and debt consolidation loans.

Primerica is a subsidiary of Citigroup, a global financial services company, providing some 120 million consumers, corporations, governments and institutions in over 100 countries with a broad range of financial products and services.

Primerica Income Up In 2003

Atlanta Business Chronicle, January 20, 2004

Citigroup Inc.'s Duluth-based Primerica Financial Services posted net income growth of 6 percent in 2003.

The company had a net income of $567 million on $2.1 billion in revenue in 2003.
For the fourth quarter, Primerica reported net income of $152 million, a 3 percent increase over the 2002 period. The company also reported revenue of $540 billion for the fourth quarter, up 2 percent over the prior year's quarter.

Primerica Financial Services is the largest financial services marketing organization in North America.

Primerica Named "Best of Gwinnett"

Gwinnett Magazine, November/December 2003

Primerica's charitable giving was recently noted in Gwinnett Magazine's "Best of Gwinnett" issue. See what the Home Office's hometown magazine had to say:
The magazine stated, "They know the truth of 'it's better to give than to receive.' Gwinnett companies also know the worth of giving back to their community and thereby benefiting themselves. Readers voted financial services company Primerica as their favorite giver." Primerica is involved in a wide variety of charitable activities throughout the year, including Great Days of Service, Meals on Wheels, Dress for Success, Habitat for Humanity, Forgotten Angels and a holiday food drive.

Primerica Donates to USO

Maria Saporta
27 November 2003
Copyright (c) 2003 The Atlanta Journal-Constitution. All rights reserved.

"The USO Council of Georgia has something to be thankful for today. The two CEOs of Atlanta based Primerica — John Addison and Rick Williams — decided to make the USO the recipient of its November sales contest on the advice of their associate, retired Gen. Zeb Bradford.

"Primerica is donating $10 for every agent recruited into its business through the end of the year, which spokesman Mark Supic estimates will total 20,000 recruits, raising $200,000 for the USO. The USO is especially busy now as it welcomes home troops who have been serving in the Persian Gulf."
— Excerpted from The Atlanta Journal Constitution Business page, November 27, 2003

Primerica Sponsors Great Days of Service

Gwinnett Daily Post, October 12, 2003

Primerica was recently a proud sponsor of Great Days of Service, a volunteer effort in Gwinnett County where the Home Office is located.

Primerica worked with the Gwinnett Coalition for Health and Human Services on the coalition's breakfast meeting and opening ceremonies for the Great Days of Service on October 24, 2003. Home Office employees also donated time to volunteer projects.
The Great Days of Service program offers volunteer help for non-profit organizations, many of them in the health-services field. There are more than 150 service projects awaiting the volunteers.

Primerica Participates in Clean Air Challenge

Gwinnett Daily Post, July 21, 2003

As part of Georgia's Clean Air Campaign, Primerica Home Office employees recently participated in the Clean Air Challenge.

The Clean Air Challenge is among the efforts under way to improve the region's air quality by reducing the number of autos on its traffic-choked roadways. Workers who participate pledge to surrender their solo drive, and instead utilize other commute options, including car or van pooling, teleworking, transit, biking or walking.

Through alternative modes of transportation, Primerica Home Office employees eliminated 5,124 vehicle miles traveled. Together with other companies in Gwinnett County, Primerica employees helped to trim a total of 25,503 vehicle miles from metro Atlanta roads.

Trust of Co-CEOs Seals Relationship

Maria Saporta
July 2002
Copyright (c) 2002 The Atlanta Journal-Constitution. All rights reserved.

Primerica's duo: Despite contrasting styles, their sharing of responsibilities seems to work well.

For many CEOs, it's lonely at the top.

Not so for John Addison and Rick Williams. They have company — each other.

Addison and Williams are Co-CEOs of Primerica, an Atlanta-based subsidiary of New York-based Citigroup.

In what could be one of the most unusual executive structures in Atlanta if not the county, Primerica's Co-CEOs' relationship has worked because there is a true balance of power based on trust.

Both men sat down for lunch to talk about how their partnership came about and why it works for Primerica. "Neither of us wants to do, or could do, the other person's job, and we realize that," said Addison, who is also president.

"It was a natural evolution," chimed in Williams, who's also chief operating officer. "John and I operate separate areas. John's area is marketing and sales, and I'm in the administrative and financial areas."

Addison and Williams are as alike as they are different. Both are in their mid-40s, married, with two sons not far apart in age. And both men have been involved with Primerica (or one of its acquired companies) since the 1980s.

The similarities stop there. Addison is the good 'ole hometown boy, a graduate from the University of Georgia, a lover of country music, a gregarious, fast-talking guy who enjoys the limelight as much as he likes hanging out at his home — a farm near Gainesville.

Williams is the suave, well dressed fellow who moved to Atlanta from the Northeast. He lives in Buckhead and loves the city life, running, jazz and fine wines. He is most comfortable poring over numbers and studying strategic plans, intellectualizing every decision.

Somehow the combination works. Together they run a financial services company with a sales force of 100,000 independent representatives with annual revenue of $1.98 billion and a net income of $512 million. It has 1,800 employees in Atlanta, a presence both feel is often unrecognized in the community.

Doubling firm's size

"Our ambition is to double the size of this company," Williams said. "Both of us have as our No. 1 priority to grow our sales force. It wouldn't work if we didn't have a common vision."

Although Williams and Addison officially got the Co-CEO titles in 1999, both say they forged a partnership a decade earlier when the company went through a revolving door of executives.

"During adversity, bonds form," Williams said in his typical succinct way.

They were the two backup guys to Joe Plumeri, who became Primerica's flashy CEO in 1995. And when Plumeri took on additional duties in 1999, the partnership between the two was solid. "By the time it actually happened, we were defacto doing it already," Williams said.

The relationship also works because the sales force views Addison as the CEO; the New York bosses view Williams as the CEO; and the Atlanta employees view them as Co-CEOs.

Side by side

In fact, the executive team has learned to make presentations with a "John part," usually the one paragraph summation of the crux of the issue; and a "Rick part," outlining all the elements with charts, studies and data.

"I have the attention span of a gnat," Addison said. In meetings, Addison always sits next to his fellow CEO. He relies on Williams leaning over and saying, "This is what you have to pay attention to."

The two CEOs have their offices side by side, separated only by their two executive assistants. Addison's office is cluttered with paper all over his desk and conference table, and Williams' desk is clean with a couple of neatly stacked piles of paper.

And what if there's a disagreement, who wins?

"There hasn't been a tie," Williams said. "There are his areas, and I have my areas. We hold sway in our own areas. When we do disagree, we have found effective ways of discussing the disagreement without making it personal."

Because they know each other so well, they often communicate with simple glances. "Every now and then, Rick will want one fact too many, and I will pontificate way past the close. That's when Rick will give me the `Please shut up right now' look."

As the master salesman, Addison is more the "rock star," appearing on Primerica's internal television show as well as Primerica's conventions, which draw 50,000 people.

Yet it is also Addison who wants Williams to speak at a smaller gathering (2,000 people) in Florida next week. "I don't want to speak there," Williams said. "But he's trying to enhance my profile in front of the field."

It also helps that neither man has ambitions beyond his current job. Both are happy to stay in Atlanta, where they will define success as doubling Primerica's size. They easily see that this arrangement could last another 10 years, even though their ultimate goal is to anoint their successor — or successors.

Primerica Marketing Hopes of Financial Independence

Skippy Davis
10 July 2002
Copyright (c) 2002 KRTBN Knight Ridder Tribune Business News, The Macon Telegraph

Jul. 10 — WARNER ROBINS, Ga. — Thirty people sat on folding chairs in a storefront office in the Houston Mall on a recent evening, listening with rapt attention as a former Frito-Lay maintenance manager told them how to achieve financial security.

"Traditional financial institutions sell you products, but they don't provide you with a total solution," he said. "We provide solutions."

Later in the hour-long meeting, Lynne Cook, a regional vice president in the organization, handed out monthly commission checks to four of her protegees. The amounts ranged from $28 for a relative newcomer to $1,300 for a seasoned rep who hopes soon to open her own office.

Cook's audience applauded and cheered these accomplishments, after which Cook reminded them, "The way to make the most money is to help the most families."

Cook is a regional vice president of Primerica Financial Services, part of mega-giant Citigroup and by all accounts the largest financial services marketing operation in North America. The company's target is middle income people, average Joes, who need guidance in their quest for financial security.

Weekly meetings such as Cook's take place in large and small towns all over the country and in Canada. The grass-roots gatherings draw clients, potential clients and the merely curious. The crowd likely also will include some of the company's independent representatives, many of them recruited from among the clients. Primerica claims 160,000 representatives in the United States and Canada. The setup is similar to multi-level marketing, such as Amway, though Primerica managers say there are significant differences.

"There are no quotas," Cook said. "And if you work harder than I do, you can bypass me and move on up the management chain."

The company has a surprisingly large presence in Middle Georgia.

The group at Cook's meeting included a self-employed backhoe operator, an electrical engineer and an auto parts salesman.
Teachers, nurses and retirees also are among the 60 to 70 part-timers who work out of Cook's office.

An estimated dozen full-time representatives like Cook and 200 to 300 part-timers are operating from seven independent offices in Macon, Warner Robins and Fort Valley. Cook said 60 to 70 reps work from her office. Two additional offices are scheduled to open this year, in Dublin and Warner Robins.

As a subsidiary of Citigroup (NYSE: C), Primerica woos potential clients with a free financial needs analysis, after which it advocates a combination of debt reduction and systematic savings and investments protected by term life insurance.

The strategies dovetail with the products and services — mainly term life insurance, mutual funds, annuities and debt consolidation loans — of Citigroup's other affiliate companies, which include Citibank, CitiFinancial, Salomon Smith Barney and Travelers.

"The money you are going to save is already in your budget," Cook tells potential clients. "You are just spending it instead of saving it."

Mike Perry, a former Warner Robins High School basketball coach, opened the Warner Robins office in 1979, a year after the first Macon office opened.

The then-revolutionary idea of purchasing term — rather than whole — life insurance as an investment vehicle made sense to him.

"And it's so simple," Perry said.

Perry first learned the concept from Georgia native A.L. Williams, who opened an office in Atlanta in 1977, selling term insurance under the name A.L. Williams. Through a complicated set of company sales and mergers over a number of years, Williams' company eventually evolved into Primerica Financial Services, part of the Travelers Group that merged into Citigroup in 1998.

As a budding sales rep for the company, Perry earned $55,000 in his first six months — way more than he'd been making as a coach. Last year — he's now a national sales director — the figure exceeded $350,000.

Still, he said, educating clients, selling services, recruiting and training reps and being a cheerleader for his protegees is "sort of like coaching."

"But it's not for everyone," he said. "It isn't easy going into business for yourself, and it's tough to make $100,000 a year.

You've got to handle a lot of negatives, a lot of rejection. It wipes most people out. But for those that do it, the rewards are tremendous."
The rewards are more than financial, say those who work for Primerica.

"Families come back three years later to tell you they've wiped out their debts, and they're so happy it just warms your heart to know you've helped them," Cook said.

Perry recruited and trained Cook seven years ago and said she's a star. "She'll pass us all," he said.
Cook was a stay-at-home mom and her husband, Danny Cook, was a field supervisor for Georgia Duplicating Products. With three children, the family needed more money.

Today, Cook is a regional vice president for Primerica and Danny Cook, now retired, is a stay-at-home dad though, like his wife, he is licensed to sell securities.

At their management levels, Perry and Cook are allowed to "override" their protegees — getting a percentage of their commissions in addition to their own earnings, Cook figures her office brings Perry $30,000 to $40,000 a year. In addition to that, Primerica pays its managers for each satellite office they open.

Glen Glidewell's story is typical of many Primerica recruits. A 1982 graduate of Southwest High School, Glidewell had been self employed as a backhoe operator for a number of years but had little in the way of savings to show for it.

Now Glidewell wears a Citigroup lapel pin, the red umbrella logo that CEO Sanford "Sandy" Weill adopted from Travelers Group when he merged it with Citicorp to become Citigroup.

"I asked a successful friend of mine, 'What are you doing?' and he said to call Lynne Cook," Glidewell said. "Lynne sat down with me at my kitchen table, and she came back with solutions."

With his personal finances in order and his investments growing, Glidewell said he persuaded six friends to be his guinea pigs and attend one of Lynne's meetings.

For that and $199 for an apprentice license to sell insurance — and because he passed a rigorous background check — Glidewell became first a trainee and now is anticipating getting his license to sell securities.

"There's no limit to the earnings, if you're willing to work hard," he said.

Primerica Convention Draws 53,000

Bobby White
29 June 2001
Copyright (c) 2001 The Atlanta Journal and Constitution

A booming voice asks the crowd at the Georgia World Congress Center to envision what their lives could be like in 10 years. And he challenges the crowd to "get that car, get that house, work toward the vacation you've always wanted."

The crowd of about 6,000 erupts in applause as the short, burly man concludes his animated speech and walks off the stage. He is off to bring enthusiasm to another room filled with thousands of people.

The speaker, John Addison, is president of Duluth-based Primerica Financial Services, and he is addressing attendees at a workshop for the company's annual convention.

Primerica, the nation's largest provider of term life insurance, has unleashed its massive sales force on Atlanta for a four-day meeting that runs through Saturday.

About 53,000 people from around the world are attending the convention.

The size of Primerica's sales force has increased exponentially since the company was started over 20 years ago by A.L. Williams, a high school football coach from Columbus. His idea was for consumers to buy only term life insurance and invest the savings in other financial instruments.

Some of those involved with the company didn't think A.L.'s creation would make it. That includes Addison, who joined the company in 1982 while still a graduate student at Georgia State.

"We were held together by rubber bands," he said. "I didn't think this thing was going to be around. We had very little support, great concepts, but no money and no credibility."

That lack of credibility was the result of its unorthodox style of selling insurance, almost door-to-door, and the constant recruitment of people to do so, said Addison. That problem has faded away, he said.

Much of the company's growth has occurred within the last five years, according to Addison. That growth was partly spurred by the company becoming a part of the Travelers Group in 1994 and then a merger of Travelers with Citicorp in 1998.

But Addison said growth also stemmed from the market the company targets middle-income Americans.
"A lot of people feel like they did not get to participate in the financial boom that occurred over the last few years," said Addison. "They are overburdened by credit-card debt and have no meaningful savings program. We come to them with a solution."

Along with term life insurance, Primerica provides mutual funds, variable annuities and debt consolidation loans.

DALBAR Announces Service Awards for 2000

17 January 2001
Copyright (c) 2001 Business Wire

BOSTON — (BUSINESS WIRE) — Jan. 17, 2001— DALBAR Inc. named the financial service institutions that have qualified for its service awards. These companies have been tested by DALBAR for the entire year and found to be above their peers in service to clients and to financial professionals. Awards are made to both mutual fund and annuity companies.

Putnam Investments continued its record of eleven years of award winning service by being the only company to earn top awards for service to investors in both mutual funds and annuities as well as top awards for service to financial professionals in both.

Van Kampen continued its unwavering consistency in excellent service for the eleventh year in a row, since DALBAR's first service award in 1990. Van Kampen is the only company to have earned DALBAR's highest service award for eleven years.

"Putnam and Van Kampen have demonstrated a keen awareness of the linkage between the service customers receive and the economic success of their business" said Louis S. Harvey, DALBAR's president. "These companies have been able to transform their service delivery into competitive weapons that raise assets."

Outstanding performers in customer service include:

INVESCO won top awards for both mutual fund investor service and for service to financial professionals. INVESCO has won service awards in every year since 1995.
The Hartford continued its award winning service to annuity investors with the top award for the fifth consecutive year.
Seligman has been a top mutual fund award recipient in five of the last six years.
Merrill Lynch Insurance Group and Pacific Life have earned the top annuity service award for four years in a row.

The service awards are based on systematic testing of customer service over the year. DALBAR executes transactions and monitors how quickly and how well each is handled by all major mutual fund and annuity companies. Tests range from requesting information, to opening accounts, transacting business and terminating relationships. Companies that exceed industry benchmarks in an extensive series of tests earn the DALBAR Service Award.

The following are the 2000 DALBAR Service Award winners. The numbers in parentheses () are the number of years the firm has won the award :

DALBAR 2000 Service Award Winners

Mutual Fund Investors
Van Kampen (11)
Putnam Investments (10)
INVESCO (6)
Seligman Funds (5)
AIM Funds (3)
Evergreen (3)
NationsFunds (2)
Annuity Investors
The Hartford Life (5)
Merrill Lynch (4)
Pacific Life (4)
Putnam Investments (4)

Equitable Insurance (1)
Mainstay Annuities (1)
Financial Professionals
Putnam Investments (4)
IDEX Mutual Funds (3)
Kemper Funds (3)
Wells Fargo Funds (3)
American Skandia (2)
Goldman Sachs (2)
The Alger Fund (1)
Davis Funds (1)
INVESCO (1)
NationsFunds (1)

Concurrently, DALBAR named the financial service institutions that are Key Honor winners in 2000. These firms have distinguished themselves as being consistent in the high quality of customer service they provide.

DALBAR 2000 Key Honors Winner

Mutual Fund Investors
MFS Investment Management
State Street Research Annuity Investors
Allmerica Financial
Ameritas Variable Life
Cuna Mutual Life
GE Financial
Manulife North America
New England Annuities
Prudential Life Security Benefit

United of Omaha
Financial Professionals
Ameritas Variable Life
Chase Vista Funds
The One Group
Pacific Life
Seligman Funds
State Street Research
Van Kampen

The Mutual Funds and Annuities categories represent service provided to investors in those products. The Financial Professional category represents service provided to professionals who advise investors. In identifying its winners, DALBAR tested the service in the universe of institutions listed in the tables that follow. They consist of 54 in the Mutual Funds category, 40 in Annuities and 46 in the Financial Professionals category.

DALBAR is a financial services research and rating company based in Boston. The company's history dates back to 1976 and its service measurement activities began in 1987.

2000 Universe of Financial Service Institutions
Tested for Mutual Fund Investor Service

AARP Mutual Funds
AIM Funds
The Alger Fund
Alleghany Funds
Alliance Capital
American Century Investors
American Funds
Berger Funds
Chase V ista Funds
Davis Funds
Delaware Group of Funds
Dreyfus Group of Funds
Eaton Vance Mutual Funds
Evergreen Funds
Fidelity Investments
Fortis Financial
Franklin Templeton Funds
Galaxy Funds
Goldman Sachs
Hartford Mutual Funds
IDEX Mutual Funds
INVESCO Funds
Janus Funds
John Hancock Funds
Kemper Funds
Liberty Funds Services
Lord, Abbett
Lutheran Brotherhood

MainStay Funds
Merrill Lynch
MFS Mutual Funds
Montgomery Funds
NationsFunds
Nationwide Mutual Funds
New England Funds
One Group Mutual Funds
OppenheimerFunds
PFPC/PNC Bank
PIMCO Advisors
Primerica Financial Services
Putnam Investments
Robertson Stephens Investments
Scudder Funds
Seligman Funds
State Street Research
Stein Roe Mutual Funds
Strong Funds
Transamerica
Premier Funds
T. Rowe Price
USAA Mutual Funds
Van Kampen
Vanguard
Victory Funds
Wells Fargo

2000 Universe of Financial Service Institutions
Tested for Annuity Investor Service

Aegon/PFL Life
Aetna Life
Allianz Life
Allmerica Financial
American General
American Skandia
Ameritas Variable Life
Anchor National
Canada Life Assurance
Cuna Mutual Life
The Equitable
Fidelity Investments
Fortis Financial Group
GE Life
Guardian Life
The Hartford Life
Jackson National
John Hancock
Zurich Kemper Life
Keyport Life

Lincoln Benefit Life
Lincoln Life
Lutheran Brotherhood
MainStay
ManuLife North America
Merrill Lynch
Metropolitan Life
Nationwide Financial
New England Annuities
New York Life Pacific Life
Prudential Life Insurance
Putnam Investments
Scudder
Security Benefit Life
SunLife of Canada
Travelers Life Insurance
United of Omaha
USAA
Vanguard Variable Life

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Two's Good Company for Primerica
Talking with Atlanta's Hottest Co-CEOS

Citigroup World, June 2000

Atlanta's nickname is Hotlanta, not only because it swelters in the summer, but also because the local economy has been red-hot. In fact the Atlanta metro area was the fastest growing in the United States during the 1990s and shows no signs of slowing. It just takes a visit to a company like Primerica to find out why.

Primerica's profits have doubled in the last five years to over $450 million, and it just passed $400 billion in term life insurance in force, more than any company in North America. Primerica's salesforce now numbers well over 100,000. But that doesn't tell the whole story. Primerica is a cross-marketing powerhouse, selling scores of Smith Barney, CitiFinancial and Travelers Life products to its six million-plus customers.

Citigroup World sat down with the company's co-CEOs, John Addison and Richard Williams, to talk about Primerica and its dynamic duo.

CW: Can you each tell me a little about your background... where you grew up, where you went to school?

John: I'm an endangered species, a native Georgian. I went to the University of Georgia. I came to work here in 1982 by answering an ad in the Atlanta paper. My first title was Business Manager. I got my MBA at night at Georgia State and worked my way up through the ranks, spending most of my time in operations and sales. I worked with Art Williams, the founder of the company, and started taking a more active role in crafting the company's message. I believe the key to success is sometimes being too stupid to quit, move on when times get tough. When I joined the company, I didn't map out my career thinking that I wanted to be CEO. I just knew I enjoyed what I was doing. I've learned you show up, you bust your behind, and you try to be a part of the solution, not the problem. It worked for me.

Rick: I grew up in southern New Jersey on a dairy farm. It's a great place to grow up. You learn great values, that hard work matters. But farming is tough, so I was focused on getting out. I went to school at the University of Pennsylvania, both undergraduate and for my MBA. After school, I went to work at American Can, which is a predecessor company to Primerica.

CW: You are twins, of sorts. You're both the same age, 43, both have two sons, came to the company in the 1980s, and both have worked here your entire career. Do you get teased about that?

John: If I can draw an analogy, we're different sides of the brain. Thats why it works so well. I am the salesman; Rick is the intellectual. He prefers the city and jazz. I love the mountains and country music. But if you took us into separate rooms and asked us about our goals for the company, you'd get the same answer. We have a common vision for the company and common values. We're not looking for the next big promotion. We just want to make Primerica work.

Rick: We've divided that job of CEO to reflect our different personalities. I'm analytical, so those are the roles I play. I run the financial and operational parts. John is the extrovert. He energizes the sales force. I enjoy what I do. I couldn't do what John does – the weekly TV broadcast to our sales agents around the country and speaking in front of thousands of people. The thing that makes the situation work is, each of us trusts that the other is very good at what he does. There is also a deeper trust that we will support each other. This is our opportunity to build something, to make a difference, and we know that we couldn't do it without each other.

CW: How do you motivate people?

John: The key to success at Primerica is building the sales force. This is a volunteer business. We don't pay our salespeople salaries. For your business to attract people, by necessity it has to be a fun, motivating and exciting place. Our salespeople could just as easily stay at home and watch "Who Wants to Be a Millionaire." They don't have to send us a note to resign; they just don't show up at meetings and don't sell our products. I motivate people by making Primerica a worthwhile experience for them – that they can reach their goals, not our goals.

Rick: No one is better than John at getting people pumped up to go out and help our business grow. Not just speaking from the podium, but also by designing promotions, putting together contests, orchestrating the continuous excitement.

John: I focus on the sales agents, keeping them motivated. Rick makes sure the trains run on time. He motivates people by his work ethic, by his integrity and his values. So when people see that their leader cares about their work and about them, that motivates people.

CW: Rick, what is your greatest challenge as far as living up to what John said about you?

Rick: John, thank you very much. Challenge isn't the right word. I spend my time making sure the operations run as smoothly as they can, always trying to improve them. I don't view that as challenging. That's my job. If people know you care about the quality of your work and you're dedicated to making it easier for them to do a good job, then they are motivated to do just that. That's how they get their sense of self worth and satisfaction. The challenge for me is crossing over to John's world. Once in a while I have to be in the public eye, and I don't love it. That's my challenge.

Williams on Addison: "No one is better than John at getting people pumped up to go out and help our business grow. Not just speaking from the podium, but also by ... orchestrating the continuous excitement."

CW: John, what's your greatest challenge?

John: I would rather have my teeth drilled without novocaine than attend a budget meeting. But it's something I have to do. My challenge is staying focused on making sure the environment here is open and honest. We want people to come to meetings and say what's on their mind. One of the great stories for me growing up was "The Emperor's New Clothes." My experience in corporate life is, the further up you go, you've got to be careful not to surround yourself with "yes" people who feel they can't tell you the truth. The unique thing about Primerica is that most people who work for us grew up in the company. Rick and I weren't parachuted into here. The people at the top levels of the company have been here an average of 15 years. They've known me since I had a lot more hair and was quite a few pounds lighter. So you have a level of trust that allows people to say what's going on.

Addison on Williams: "Rick motivates people by his work ethic, by his integrity and his values. So when people see that their leader cares about their work and about them, that motivates people."

Rick: It's very much like a family here. And if you don't do your best, it's like letting a family member down. And you see that's why people care about their jobs. People work very hard around here, but it's from a love of the company and what we do.

CW: What's the most enjoyable thing about your work?

Rick: Working with the people here. The sense of accomplishment relative to the objectives of the company. I feel very good about what we do for families. When I talk to my kids about my job, I can do it with emotion.

John: To me the most enjoyable thing is you have a job where you make a difference in people's lives. When I was in school, I didn't have a clue what I wanted to do. I went to college because my parents told me I had to. I'm lucky that I wound up in a place where my abilities can be used and appreciated.

CW: Do you have role models?

John: I've had a lot of role models. Everybody says their dad. But the truth is, number one is my dad. My parents are two of the nicest people you'd ever meet. They're very outgoing, always surrounded by people.

CW: You get your people skills from them?

John: I was an only child. My parents didn't marry until they were in their thirties, which was unusual back then. Our house was like Grand Central Station. There were people in and out constantly. In my early teens my parents worried that I was too shy, so you can imagine what they're like. A perfect example is my dad. He took my mother to the eye doctor a month ago. They happened to be in a building where they saw a Primerica sign. So my dad barges into the office, introduces himself as John Addison, Sr. He sits and watches our Monday show and holds Court.

CW: Rick, your role models?

Rick: My role models are my mom and dad. They made so many sacrifices to send me to college. At that time, sending me to an Ivy League school was beyond their means. They've just sold their cows so now they can relax a bit. In business, Sandy made a huge impression from the first time we met in 1989. It was when Commercial Credit acquired Primerica. I was doing M&A work, and there wasn't an M&A department at the merged company and they couldn't figure out what to do with me. One of the options was to come down here to Atlanta. My wife Janet was an assistant treasurer with Pepsico and she didn't want to move. Sandy invited us over to his home for dinner one Saturday evening. I wasn't at a high level at that point, so for him to take the time to talk to us about what we wanted out of life and whether relocating to Atlanta made sense made quite an impression on me.

CW: Tell me about your wife and children.

Rick: After we left New York, my wife became treasurer of Cox Enterprises. Four years ago, she decided to stay home with the kids, We met in graduate school. We are very similar types, kind of quiet. And that works for us. I have two boys: Adam is 12 and David is 9. The older one wants to be a politician and the younger doesn't know yet, But whatever it is, he'll be a terror.

John: My wife Loveanne has her Master's degree in social work. Right now her work is at home taking care of the kids and making sure the place we just bought is finished. It's been a tortuous process. It's out in the country and is 38 acres. Kyle is 14 and Tyler is 12, They're involved in every activity known to man. Both are into basketball, baseball and kayaking.

CW: Are you involved in community organizations?

Rick: I am on the Board of Directors of the Children's Museum of Atlanta, which hasn't had a permanent location. We've had outreach programs to schools and we're in the midst of a capital campaign to put up a 34,000-square-foot facility in the city.

John: I am most involved in the Georgia Conservancy Board of Directors. It is something I care deeply about -- the environment and nature. Atlanta and the state have grown so much because they are beautiful and we have a great quality of life. When Primerica moved here [suburban Atlanta] in 1985, this was the boondocks. There was a truck stop on the corner, the church and little cemetery down the road and that's all. Now there is a mall on the corner, office parks up and down the road, and homes everywhere. Atlanta's economic growth has created a lot of opportunity. But unless there are people that care about the environment, Georgia could easily be overrun and the things we love most about it -- the beauty of the place could be gone.

CW: What are your hobbies?

Rick: I am an avid runner. I run just about every day and have done half marathons. I love the city. I enjoy jazz and reading history and collecting wine.

John: I play tennis and golf, but now that I've moved to the country my hobbies have changed. This weekend I went fly-fishing with my son in the mountains. I've got a huge garden. I could open a corn stand as a part-time income opportunity. I really enjoy getting out on a tractor and plowing my garden.

Peppy Primerica Plans Worldwide Expansion

Tony Heffernan
Atlanta Business Chronicle, September 29, 2000

The Spanish insurance industry doesn't know what it's about to get hit with. Primerica Financial Services, which pumps up the morale of its North American sales forces with evangelical-like exhortations, is now starting up in Spain in the financial services company's first foray outside the United States and Canada.

And this is not Primerica's last venture abroad.

The 23-year-old Duluth-based firm is developing a worldwide expansion strategy. Near-term, it is considering expanding into Italy, Poland and Japan, said D. Richard Williams, Primerica's co-chief executive.

Its plan for global expansion seems credible due to its being a unit of Citigroup Inc., the country's largest financial services company with $660 billion in assets as of December 31. Citigroup acquired Primerica in late 1998 as a result of Citibank's merger with the Duluth company's parent, Travelers Corp.

"We talked and talked over the last few years to put on an international expansion," said Primerica's other co-CEO, John A. Addison, Jr. But nothing materialized until the Citigroup acquisition.

"It gave us a platform of resources to be able to go out and execute an international strategy," he said.

Primerica's strategy for offshore is basically the same one that it followed in North America, including sales meetings that resemble pep rallies for college and high school football teams.

"It will be motivating, uplifting," Addison said. This is a style that was introduced by the company's founder, Arthur L. Williams, who appropriately once worked as a high school football coach in Columbus.

Arthur Williams' main point of difference was to sell term-life insurance policies instead of whole-life policies in a way that shook up the U.S. insurance industry.

Whole-life policies cost more than term life, but they build up a cash value against which policyholders may borrow. Whole life also remains in force so long as premiums are paid or the holder dies, at which time benefits are disbursed to beneficiaries.

Term-life policies are for set periods, and premiums increase at renewal as the holder ages. A major part of Williams' strategy was to get whole-life policyholders to switch to cheaper term-life policies and then invest the savings from lower premiums into vehicles whose yields where higher than the cash accruals of their existing policies.

In fact, his slogan was "Buy term and invest the difference," which is a motto that the company retains. Art Williams sold the company to Primerica in 1988, and he is no longer involved in it.

D. Richard Williams (no relation to the founder) said that Primerica will operate in Spain and elsewhere abroad in the same fashion that has proved successful in the United States, although some modifications will be made to accommodate local customs.

Initially, part-time sales forces will be recruited. Members will eventually become full-time if they do well, Williams said.

In Spain, salespeople, or personal financial advisers as Primerica calls them, will concentrate on selling term-life insurance, mutual funds and home equity loans to middle-income citizens, a market that Williams said has been neglected in favor of higher-income people.

"In financial services, they are 20 years behind the U.S.," he said. Term-life buyers will be urged to invest the "difference" in mutual funds that Primerica also offers. Consumers in heavy debt will be urged to take out a home equity loan to consolidate their scattered liabilities into a single, more manageable instrument.

Starting up the Spanish operation are 18 bilingual executive who were sent to Madrid to create a sales force, which Williams said he hopes will number from 800 to 2,000 by year end and expand to 25,000 to 50,000 by 2005.

The top executives will be responsible for sales while administrative work will be handled by former Citicorp operations in Barcelona, Spain and Dublin, Ireland, a synergy provide by the merger.

Another benefit of the merger is Primerica can capitalize on the reputation of Citigroup's name by calling the Spanish operation CitiSoluciones. That also enables it to eschew the Primerica designation to eliminate any confusion that may arise over its closeness to "America."

Addison added that he does not expect that CitiSoluciones will run into the type of criticism the American insurance industry heaped on Art Williams because the middle-market is virtually untapped in Spain. "We're going to create a market versus replacing a market," he said.

But if there are critics in Spain or elsewhere, they will think twice before attacking the company.

"Today, our company is part of Citigroup, which makes it a little harder to throw rocks at than a start-up company in Atlanta, Ga.," he said.

Adopting a variation of the Citigroup name will occur in whatever market Primerica enters, Addison said.

He said that maintaining the company's pep-rally type sales meetings will go over well in Spain and even in relatively staid Japan, which Addison said Primerica would decide by year end whether to enter.

He points out that one of the company's gung-ho California regional vice presidents is a native of Japan who goes by the name of "Tiger" Takashika. He said that Takashika and other Japanese people affiliated with the company assure him that the Primerica style will play well in Japan.

"We absolutely believe that with very few modifications, the things we do here can be done there," Addison said. "People want to be part of something passionate."

For more information about Primerica's wholly owned subsidiaries, visit CitiSolutions and Citisoluciones.

Primerica: Pre-Paid Legal Services, Inc. Announces Appointment of New Board Member

PRESS RELEASE
October 26, 2000

ADA, OK – Pre-Paid Legal Services, Inc. (NYSE:PPD), today announced that John A. Addison, Jr. has been appointed to the Company's Board of Directors for an initial term expiring in 2003. Mr. Addison, is currently Co-Chief Executive Officer and President of Primerica Financial Services, North America's largest financial services marketing organization with more than 100,000 representatives. Mr. Addison oversees the development and execution of all aspects of Primerica's marketing and sales strategies and leads Primerica's massive field sales force.

Addison joined Primerica in 1982 as a business systems analyst. He has since been promoted numerous times to positions of increasing responsibility, amassing experience in a variety of areas, ranging from operations and business processing to sales promotion, marketing and motivation. He was named Vice President of Primerica in 1989, Executive Vice President in 1992, Group Executive Vice President in 1993, President in 1995 and Co-Chief Executive officer in 1999.

A native of Covington, GA, Addison earned a BA in Economics from the University of Georgia in 1979, which he continues to support today as an active alumnus. He continued his education while working at Primerica, earning an MBA degree from Georgia State University in 1988.

Born July 26, 1957, Addison is an active board member and supporter of numerous community service organizations, including the Direct Selling Association, the Georgia Conservancy, Boy Scouts of America, the Gwinnett County Chamber of Commerce, and the Gwinnett County United Way. He and his wife, Loveanne, reside in Clermont, Georgia, with their two sons, Kyle, age 14 and Tyler, age 11.

Harland C. Stonecipher, Pre-Paid's Chairman and Chief Executive Officer, said, "We believe John Addison will be a tremendous asset to our Company for many years and are pleased that he has agreed to serve as a director of our Company. John's hands-on experience with Primerica's tremendous corporate growth and development together with his intimate working knowledge of growing and motivating a massive sales force give him a unique set of talents and ability to contribute significantly to our continued success."

Execs Call Europe, Japan Primed for Primerica

Karen Talley
Reprinted from American Banker
The Financial Services Daily
Friday, February 25, 2000

John A. Addison Jr., and D. Richard Williams, the co-chief executives of Primerica Financial Services, think European and Japanese investors are ready for their brand of services.

This fall the Citigroup Inc. unit will take an investment program heavy on mutual funds, annuities, and life insurance — one that has successfully targeted middle-income investors in its home market — to Europe and Japan.

In seeking to export its across-the-kitchen-table approach to sales, Atlanta-based Primerica puts itself in direct competition with local banking and insurance companies — outfits that almost certainly have better knowledge of client tastes. But Mr. Addison and Mr. Williams say they are ready for the challenge.

"Overseas markets are ripe for our business model," Mr. Williams said. "Their financial markets look much like ours did 20 years ago:"

According to Cerulli Associates, Boston, Europeans have an estimated $20 trillion in household savings, while Japanese savers may have up to $11 trillion.

The executives have big ambitions for their international model. Within five years they expect it to account for half of Primerica's product sales.

When it takes its act on the road, Primerica will not directly leverage Citigroup's global network, which includes a large presence in the United Kingdom and continental Europe, where Citigroup has 444 branches. They target people with more net worth than does Primerica, whose services are designed for people who make $30,000 to $70,000 a year. Primerica says it will open its own branch network in Europe, 10 branches in the first six months. The company anticipates hiring up to 50,000 financial advisors within five years, Mr. Addison said.

But other aspects of the expansion plan have a decidedly Citigroup feel.

For one thing, the strategy is supported by top Citigroup brass, who see international growth as a company goal. Primerica will continue to push the full range of product offerings available through the Citigroup family, as it has in the United States.

And Citigroup's top talent will also play a role. A Citigroup executive will manage Primerica's Madrid office. In Dublin, Primerica will distribute life insurance products manufactured by a Travelers Group unit. And a Citigroup executive will lead Primerica's call-center operations in Barcelona.

"We will focus on building a sales force and Citigroup will focus on administration and building products," Mr. Williams said.

To create a sales force, the company will pluck people from Primerica's ranks andrelocate them. Spanish-speaking sales representatives from the United States have already agreed to go to Madrid, and Asian-American salespeople are similarly lined up for Japan, Mr. Williams said.

Still, Primerica may not have an easy go of it. While widely anticipated to be the next boom market for American-style retail investing, the European community has not yet seen its mutual fund market take off, said Hugh Pye, an analyst who covers the European financial markets for Robert Fleming Inc., London.

Most people in Europe still put their excess cash in banks and credit societies, Mr. Pye said. "The mutual fund culture is less developed:"

But the opportunity is there. Increasingly, European employers are switching from defined-benefit plans to defined-contribution plans that include mutual funds, said Evangelos Kavouriadis, who follows European banking for Sanford C. Bernstein.

This development is expected to go a long way toward familiarizing people with mutual funds, acting as a gateway to further individual investment, Mr. Kavouriadis said.

According to Primerica's chief executives, the company is in the process of identifying the nuances of local investment habits on a country-by-country basis, and will design products to match those interests.

For instance, in Spain, mortgages are typically of much shorter duration than in the U.S. In Germany, the social service system provides a basic death benefit, so life insurance products will be pitched as "supplemental," Mr. Williams said.

The program's two architects bring different backgrounds and interests to bear on Primerica's overseas challenge. Mr. Addison, 42, is a self-professed country boy who spends his spare time trolling for trout at his 43-acre farm. Mr. Williams, 43, is a seasoned numbers-cruncher who kicks back to the sounds of jazz. But both share what they call "the Primerica vision" — to provide financial services and products to middle-income America.

"Middle-income families have very little access to financial advice," Mr. Addison said. "We want to sit down with them and show them how to become financially independent:"

Each executive has spent more than 10 years with Primerica and its predecessor companies. The executives were named cochief executives under chairman Joseph Plumeri in September. With Mr. Plumeri's resignation from Citigroup in December, the executives retained their titles, but now report to his successor, Marge Magner.

The international push is hardly because growth has tapped out in the U.S., the executives said.

The recent push by tax preparation specialist H&R Block Inc. to reinvent itself as a financial services company for regular folks indicates that there's still a market here.

"We don't want to get so wrapped up with going international that we lose our focus here," Mr. Addison said.

American operations remain the core source of revenue, where there are plenty of consumers that fit the Primerica profile. The target is 35-45 years old, with an average income of $30,000 to $70,000, two car payments, and an overload of debt, Mr. Williams said.

Last year, Primerica chalked up some impressive sales numbers. The company sold $56.2 billion in life insurance policies, $3.1 billion in mutual funds, $990 million in variable annuities, and made $1.9 billion of debt consolidation loans, according to figures provided by the company.

Primerica's offerings capitalize on Citigroup's deep product bench. Insurance and variable annuities come from Travelers Group, mutual funds are from SSB Citi Asset Management, and consolidated loans are from Travelers Bank and Trust.

Primerica keeps the door open to adding other Citigroup products. "We are such a large distribution system, we are always looking for new product opportunities," Mr. Williams said.

To step up product sales, Primerica is in the midst of a push to add more financial planners. It already has 100,000, but most operate on a part-time basis. Now Primerica is looking for full-time employees who will commit to making investment product sales their career.

"We believe there is a huge recruiting and building opportunity for us to expand by opening more outlets," Mr. Addison said.

The incentive for such a commitment can be generous. Primerica's top sales representative makes $3.5 million a year. While that is not a typical payout, full-time sales representatives can expect to do well, making on average over $90,000 a year, Mr. Addison said.

"This is free enterprise at its best;" he said. "They work as independent contractors and see the rewards:"

Primerica positions itself as an educator, showing people the need to invest. Last year, it drew up 500,000 financial plans that considered how customers could allocate their assets based on their risk tolerances.

"It's amazing how little middle America understands their credit picture," Mr. Williams said. "We help them understand how their money comes in and where it goes:"

Customers are shown that investing for the long term can be relatively painless. "Our concepts and products are very simple," Mr. Addison said. "We believe the secret to getting wealthy is hard work and consistent investing:'

Primerica is well positioned to take advantage of consumers' growing propensity to save, one industry observer said. "It's a good approach, giving customers a service that has value," said Sandy Katzler, a consumer services analyst with Standard & Poor's Corp.

But she warned that times are changing and many people are going high-tech to take care of their financial needs.

"People are very educated these days and they are increasingly turning to the Internet," she said.

While the Internet will not replace operations like Primerica, it will become a competitor for their clients' attention, Ms. Katzler said.

Mr. Addison said that Primerica feels strongly that most people will still want a sit down, face-to-face meeting with their financial planners. "The way you'll get people to invest is to go into their homes and work on a plan with them," he said. "We do that like nobody else:"

Primerica