Primerica ROTH IRA Review


Primerica Financial Services ROTH IRA

Primerica is a U.S. based company whose primary objective is to sell insurance and financial services to its customers.

Some pros of Primerica are:

  • Simple to use and user-friendly interface
  • Requires minimal attention
  • Allows using fact sheets that helps identify how certain funds are performing
  • Easy to reach a representative (very responsive team)
  • Easy to follow pie chart detailing the portfolio

Some cons of Primerica are:

  • Multilevel Marketing company: they are looking for sign ups from everyone and can be pushy
  • High fees

Primerica Fees

The annual fee for having an account with Primerica is $50 billed in December for owning a ROTH IRA with them. There is a $95 Primerica IRA account termination fee also.

This does not include the hidden fees that they do not tell customers about. A fee is paid every time a fund is purchased or sold with Primerica. This is how they maintain their business model and pay their sellers who are getting customers in under them.


Primerica ROTH IRA Review

Primerica Web Portal Features

Primerica has a simplistic web design and therefore has only some of the basic features for their online portfolio managers. A customer can access tools such as: position details, statements, history, activity summary, allocations, and much more.

Another thing inside of their web portal is the ability to make additional purchases of funds in bulk amounts or change monthly contributions that are made with them and pick funds that a user wishes to invest into. This is helpful for people who actively research the markets and would like to be able to make transfers into funds at a moment notice without having to call their financial institution.

The same also applies to selling funds. A customer can sell their funds and make a wire transfer back to their back account whenever they see fit.

Another feature online is the “exchange” feature. A customer can exchange shares of a fund they are currently holding to a fund they would like to acquire without going through the hassle of selling that fund, paying a fee for selling that fund, and then proceeding to purchase the new fund.

Primerica also offers hundreds of different funds to choose from. A customer can view all these funds in full detail by logging into their account online. They list out every fund they offer with information such as the description, asset class, symbol, price, price date, and price change. A customer can also click into any given fund to access a full breakdown of performance and what stocks that fund consists of.

The final web portal feature they have is the “help” section. This tab is extremely helpful for users who are not familiar with investing or managing an investment account. A user can get help on everything from investments, account profile, placing and scheduling trades, investment information, and customer service is also listed on the bottom in case a customer cannot find the information they are looking for online.

Reasons not to invest with Primerica

Primerica usually recruits people to sell their services for them. This is what MLM companies do and therefor does not feel genuine when setting up an account with them. When someone goes to setup an account with them, they are usually dealing with a person who earns a percentage of the fees that they end up paying out of their own pocket or the fees that they pay upfront every time they deposit money into their account and purchase a fund.

This is a way for them to claim that they only charge $50 a year when a customer ends up paying way more than they bargained for. TD Ameritrade is a good example of a company to open a ROTH IRA with. They offer no fees IRA accounts that offer the exact same investment opportunities as Primerica but with a fraction of the cost.


Primerica ROTH IRA Account

Some reasons a customer should invest with Primerica

Enough with the negatives, lets hear some positives. Primerica is very easy to get started with. They will handle every aspect of a user’s money and invest in with no help from the account holder. This is what attracts many people to their service is the simplicity of it. No more logging online to manage funds with Primerica. They will take care of your money for you.

The features on the website are extremely easy to navigate also. A simple click of the PDF file will yield fund information and a user will be able to track the funds’ performance.

They have a representative’s name on the front screen after login, so someone is always available during business hours.

The easy-to-use website is what makes Primerica a good choice for someone not looking to be bombarded with new features and tools. The screenshots on this article will show the simplicity of the interface. It is very easy to follow and understand if a user has some basic knowledge of the internet and how user interface works.

Why choose Primerica over the competition?

Convenience. Primerica is a good option if a customer does not have enough time to manage investment account and would rather have a company do it for them for a chunk of the profit that is made from the account. A person who has more time to manage investment might want to choose a company like Ally Invest or Firstrade to hold their ROTH IRA account for them because they offer significantly lower fees, and everything can be done by the customer online.

If a customer is older or cannot access a computer for whatever reason, then Primerica might be a good fit for that individual.

Continue Reading




Primerica ROTH IRA reviewed by TopRatedFirms.com. Rating: 3