Background -
- I was a part-time PFS agent from 1996 - 2000. I had my life, securities and debt licenses. I was in the military at the time and haven't been active in 5 years.
- My financial plan was started because of PFS. I am probably in a better situation because of PFS forcing me to start saving.
- I have several regrets about the whole situation
- I would have invested in different funds
- I am grateful for their concepts of avoiding credit card debt
- I never made the money I wanted/tried to but I had a full time job.
- The financial knowledge I gained has been very valuable!!!
My thougts -
I think there are positives about PFS, but you have to do your homework. No matter that financial company (ies) you decide to deal with, do you homework and always sleep on it before you make a big decision.
Now that I'm in my thirties, it scares me that we used to send people out on the street with very little financial knowledge. The PFS/Citi products are NOT the best products on the market. However, the fact that someone will come to your house and sit down with you is a very nice touch. Yet I agree with most of the posts that this company is out to make money. I think a lot of the PFAs are also in it just for the money. Yet, most reps from most other financial organizations probably are also in the same boat - seeing people as dollar signs.
I think the PFS takes advantage of people's hopes and dreams and overwhelms them with emotion and excitement. It's a potent combination but just like buying a car or any big decision, you must do your research or face the consequences of going with a gut decision.
Please consider the principles that PFS offers. They are mostly sound ideas (paying off debt, using a budget, paying yourself first, compound interest) but PFS products might not be the best way to go. Sleep on your excitement and don't give anyone - PFS or any company - money until you have done your research. Ask close friends or relatives for advice. Don't give out names of friends or family without their consent. Feel free to invite the PFA to your house or neutral ground to discuss your finances. Ask to speak to the guy/gal in the office that specializes in your area of need (especially mutual funds). I feel we all can use any help we can get to reach our financial goals. Just don't give them any money until you're taken your time. Good luck!
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