Transamerica Securities Inc

[GoaltenderInterference]

Has anyone heard anything about this company, or has worked for them?

They offered a friend a job in a very odd way (by asking while they were working at another job). I can't find anything under Google that says it's a scam.

Here's their website:

http://www.transamericasecuritiesinc.com

Thanks for any info.

[TheAntar]

That isnt odd...in fact its pretty common in some industries. Guy has lunch, likes the server, offers a better job. You learn more watching someone work than you ever could in an interview. Plus that person might not have even applied. I hired a good computer sales guy like this once after i got some good service.

I dont know anything about this company though sorry.

[Mr. Ambien]

Transamerica is the new brand of Aegon, their subsidiary formerly World Financial Group.. which apparently had a history of getting into trouble with regulating governments re-branded WFG as Transamerica Securities Inc. It seems legit.

No idea what you mean by odd on the job offer.. doesn't seem odd to me at all.

[GoaltenderInterference]

That isnt odd...in fact its pretty common in some industries. Guy has lunch, likes the server, offers a better job. You learn more watching someone work than you ever could in an interview. Plus that person might not have even applied. I hired a good computer sales guy like this once after i got some good service.

I dont know anything about this company though sorry.

I know for a fact that the person has not applied (they are interested in a different field of work).

Transamerica is the new brand of Aegon, their subsidiary formerly World Financial Group.. which apparently had a history of getting into trouble with regulating governments re-branded WFG as Transamerica Securities Inc. It seems legit.

No idea what you mean by odd on the job offer.. doesn't seem odd to me at all.

I just thought it was odd as the person was working in a retail situation and the lady approached them that way.

[Mr. Ambien]

I know for a fact that the person has not applied (they are interested in a different field of work).

I just thought it was odd as the person was working in a retail situation and the lady approached them that way.

It would seem to me their work was the point of contact.

In Canada, it would be good to have a company approach you like that for a job.

Of course, I'd never approach a prospective hire in this fashion, but I guess they were really interested.

[Offensive Threat]

Talent, real talent, is sometimes easy to spot when it comes to sales. A person who is good at selling you a car or a pair of pants etc can sometimes be good at selling financial products. A friend of mine was working at Telus selling phone services to commercial customers and got poached by a tech company selling enterprise hardware. He didnt apply.

Why Transamerica Securities exists at all is a bit of a mystery to me. From their site all they are is a middle man siphoning off a bit of an investors cash. This is directly from their website: TSI offers an array of securities products and services for its clients. By working closely with some of the industry’s most well-known product providers, our representatives consistently remain competitive in the industry, giving our clients a variety of options that can help them meet their investment needs. Why not just go directly to those "product providers" and skip them all together? I love how these companies never ever list the return percentages their products make.

[Mr. Ambien]

Talent, real talent, is sometimes easy to spot when it comes to sales. A person who is good at selling you a car or a pair of pants etc can sometimes be good at selling financial products. A friend of mine was working at Telus selling phone services to commercial customers and got poached by a tech company selling enterprise hardware. He didnt apply.

Why Transamerica Securities exists at all is a bit of a mystery to me. From their site all they are is a middle man siphoning off a bit of an investors cash. This is directly from their website: TSI offers an array of securities products and services for its clients. By working closely with some of the industry’s most well-known product providers, our representatives consistently remain competitive in the industry, giving our clients a variety of options that can help them meet their investment needs. Why not just go directly to those "product providers" and skip them all together? I love how these companies never ever list the return percentages their products make.

I would presume it's lucrative (or at least, they have a nice golden parachute from some government) for it's parent company to go through the trouble of rebranding.

And to consider as well that it's profitable despite all the fines they/their parent company have had to pay.

[Dogbyte]

I know for a fact that the person has not applied (they are interested in a different field of work).

I just thought it was odd as the person was working in a retail situation and the lady approached them that way.

I got a job offer that way once after coming into contact with my future employer. Ended up being a push as I didn't really gain or lose from the new job.

[KFBR392]

I was once offered a job by a dude in a Ferrari f430 after we chatted about cars for a bit while we were filling up at a Chevron. Turns out it was a pyramid scheme. I get what OP means. When someone offers you something out of the blue, and it seems to good to be true, most times it is.

[elvis15]

My wife was similarly approached by someone from Primerica, and that was a 'too good to be true' offer I was immediately sceptical of when she told me. I was even more sceptical when they said the next step was to have a meeting with me included to discuss the training/options/job description. It was basically a sales pitch and they wanted her as just another sales rep similar to selling Avon.

[peaches5]

Has anyone heard anything about this company, or has worked for them?

They offered a friend a job in a very odd way (by asking while they were working at another job). I can't find anything under Google that says it's a scam.

Here's their website:

http://www.transamericasecuritiesinc.com

Thanks for any info.

working for the company or becoming an insurance broker? I think what this person was doing was wanting to "train" this person as an insurance broker and what that does is lets you have access to all thats persons contacts for "practice" and "knowledge" at selling people insurance and then that person gain clients for herself that way and if that person decides hey I don't want to do this then they don't really care they got clients off them. If they do decide to become an insurance broker I believe there is a kickback for every person they end up selling investments too its a win win but usually you try to take the big fish from that person before they get their license.

[-AJ-]

I hear that's a very common thing for big businesses to do at accounting firms. Go to an accounting firm on business, find a guy they like and offer them a job at their company, often better paying.

[Mr. Ambien]

working for the company or becoming an insurance broker? I think what this person was doing was wanting to "train" this person as an insurance broker and what that does is lets you have access to all thats persons contacts for "practice" and "knowledge" at selling people insurance and then that person gain clients for herself that way and if that person decides hey I don't want to do this then they don't really care they got clients off them. If they do decide to become an insurance broker I believe there is a kickback for every person they end up selling investments too its a win win but usually you try to take the big fish from that person before they get their license.

Wolf of Wall Street was a good movie.

[Drummin' Canuck]

Why not just go directly to those "product providers" and skip them all together? I love how these companies never ever list the return percentages their products make.

The short story answer to this is the product providers pay companies/agents/brokers to sell their investment funds within a given product (for the sake of argument, a Transamerica RRSP as an example), and they use this cash to invest in stocks/bonds/etc to grow the fund. As a purchaser, the money you put in will also grow in value. This ignores market fluctuation of course. All investments go both up and down obviously.

As for returns on their products, this information can often be found online as long as you know what you're looking for. I can't speak specifically to Transamerica on this, but I know with Manulife you can find lots of information on returns for any of their funds through "Manulife Globefund" (which you can quickly Google search and something should come up). I'd imagine it is the same with Transamerica.

Finally, as for the OP's question, I don't think it's a scam because Transamerica is a relatively big player in the Canadian insurance and investment industry. There's licensing courses that you have to take to legally sell insurance or investments for any company though, so that makes it pretty hard to hire someone on the spot as a sales person unless they were already qualified in that regard.

If that person is trying to gain clients through your friend (as peaches5 mentioned might be happening), that'd be pretty shifty!

[peaches5]

Wolf of Wall Street was a good movie.

Haven't see it saw that it was 3 hours and decided against it. But I can assure you that this is not some legal but illegal scam its about getting clients and the fact is most people either fail the insurance exam or just don't bother with it once they see how much work it is so the person who chatted you up ends up with all your "clients" and thats how they make money.

[Rey]

I was once offered a job by a dude in a Ferrari f430 after we chatted about cars for a bit while we were filling up at a Chevron. Turns out it was a pyramid scheme. I get what OP means. When someone offers you something out of the blue, and it seems to good to be true, most times it is.

I have been looking up these "Transamerica" and "Primerica" jobs for the past few weeks. Not that i need a job, but i was once asked to join a few years ago, and now some relative is in one of them, which made me kind of worried about her. They all claim to have something to do with the financial side of things, but knowing a guy, who works there - it seems like all he ever does is try to "recruit" people for their pyramid scheme.

It's all about connections, you get people to come for an job interview, claims to want you to join them but you have to pay an amount to get a license to sell, then use you in a referral program in hopes of getting more money. Paid by commission, so they keep having to recruit.

Went to check the ratemyjob on it, and it's absolutely true. The people who work there form their own inner circle, claiming they make an insane amount of money, but the website says that the people their have an average income of 5 grand. Either it's true that anyone can have the ambition to make millions, or they are all drowning in their own delusions.

That's Primerica though, though I think Transamerica is the same sort of deal. You'd be skeptical too though, when many say that you'll lose your soul by getting those type of jobs.

[Mr. Ambien]

Haven't see it saw that it was 3 hours and decided against it. But I can assure you that this is not some legal but illegal scam its about getting clients and the fact is most people either fail the insurance exam or just don't bother with it once they see how much work it is so the person who chatted you up ends up with all your "clients" and thats how they make money.

As I read your post I imagined you beating your chest and humming like Matt Mcconaughey. Like a boss.

[:D]

That's a subsidiary of Veidt Enterprises, isn't it?

[Blue90]

Tell your friend to go work at Vector Marketing. Tell them Don sent ya

[TGokou]

Im not sure if I've ever heard of Transamerica but I'm almost certain it's the same as Primerica and World Financial Group. It's definitely not a scam but in order to succeed you have to be in the top 5% of sales or recruiting. Like Peaches has said there are two ways of making money in this business. Either selling financial products and making a commission (after taking the training of course) or making commission from the 'recruits' that you've referred. In this case the person who approached your friend was trying to recruit her. Either way it's win win because like it was already said, the recruits are asked to submit a list of people that you know. They are then asked to contact these friends/family to ask for a meetup to discuss their financial position. In the beginning while you are doing your training, your mentor (the person who referred you) meets up with these prospective clients and either then tries to recruit them or sells them financial products while you learn.

Anyways, there is a high drop out rate probably close to 90% but that is true of most sales positions...you either have what it takes or you drop out. Same could be said of a realtor or car salesman. The reason why these companies are so sketchy is because they focus an inordinate amount of time trying to recruit you rather than sell products. I'm sure not everyone is like this in the companies but there are the bad eggs that give the company a bad name.

I have no problem with a recruitor approaching someone in a mall or some other professional workplace. I do have a problem when they try to recruit you after their sales pitch for their products didn't work on you.