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Last post Thu, May 14 2009, 8:34 PM by maxsteam. 30 replies.
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  •  Thu, May 14 2009, 8:34 PM

    Re: Genistar

    brothercool:

    Maxstream is the person who is inaccurate.

    Surely not? By saying that the bloke in the pub and other Genistar salesmen are conmen?

    A more charitable statement might be to say that they more than a little greedy with the commission that they take and they are inclined to exagerate a little with whatever they happen to be promising in return for hard earned money.

    You asked the question bro about the difference between commission going to a "friend" and a stranger. I would say that the difference is perhaps a factor of ten between the commission that would be taken by, for example, a product sold through a bank and the same product sold through a dodgy Genistar rep in a pub.

    • Post Points: 35
  •  Thu, May 14 2009, 6:40 PM

    Re: Genistar

    Maxstream is the person who is inaccurate.

    If Spursfan is replying to me - I think you may have got confused between me and others that have posted stuff. I wish I could understand what point your making.............it is rather confusing

    • Post Points: 20
  •  Thu, May 14 2009, 4:16 PM

    Re: Genistar

    OK, I'm not sure if either you're missing my point or i'm not explaining properly but to be honest, I'm just a money grabbing poorly trained ill equipped stranger - what do I know. So, as your mate down the pub saw this crash coming I presume he has oodles of cash that he'll let your family tap into when the insurance he sells you is not appropriate to protect your LOVED ones.... but then again, he's your mate doing this in his free time because he's a good natured samaritan.... what could possibly go wrong!

    I presume you also have mates that can 'play' solicitor, accountant, and every other important job that requires a 'professional standard' and industry knowledge....of course he can... Genistar told him so.

    • Post Points: 20
  •  Thu, May 14 2009, 3:29 PM

    Re: Genistar

    Thank you for raising the point about the FSA and its 'questionable' standards. If the FSA/Government had put in place sensible guidelines it would not have allowed 25,000 financial institutions in this country alone, to all say, we didn't know this awful bubble would burst! How is it that the man on the street knew and yet financial advisors (are you one?) and many bosses of banks etc. have been apparently oblivious to our fate and have merrily sold everyone up the swanny?

    I can't see how Genistar is any worse than any other company - quite honestly if I had the choice between product A and product B and they were similar and I could put the commison element in my friends hands I would. Better to assist a friend than pay someone else you have never met and can't trust.................

    For the record I am not affilated with Genistar.

    • Post Points: 20
  •  Thu, May 14 2009, 3:07 PM

    Re: Genistar

    Who gave unqualified and inaccurate advice?

    • Post Points: 5
  •  Thu, May 14 2009, 2:52 PM

    Re: Genistar

    You gave advice in the first instance that was unqualified and inaccurate. I am not bias and have nothing to do with Genistar. Your continued bantering on this thread simply displays your lack of knowledge and sincere application.

    • Post Points: 20
  •  Fri, Apr 24 2009, 7:27 PM

    Re: Genistar

    I reckon that a bloke I know who often hangs around the local pub is working with Genistar, or something similar. He's always offering to arrange something great whenever anyone talks about money, investments, insurance and so on. He's also always coming up with similar sound bites about fulfilling dreams, being proactive and so on.
    • Post Points: 35
  •  Fri, Apr 24 2009, 11:26 AM

    Re: Genistar

    Hi Debbie, sorry I got distracted by an unfortunately blinkered soul.

    Just to refer back to another post which certainly made me sit up and remember what I was saying to another person on this thread.... Genistar are a pyramid selling scheme and yes, I know its not unequivoval proof but I'm certainly not alone seeing the wolf in sheeps clothing.

    http://www.sequence-inc.com/fraudfiles/2007/11/05/primerica-financial-services-a-scam/

    I'm not arguing whether they are successful because Primerica and Citigroup, and Genistar for that matter are profit led organisations. Genistar is making a lot of money and its main source is the commissions generated by the products its representatives are able to convince you to take with the strap line 'peace of mind'. Genistar is saying that they are empowering people with the tools for financial awareness... and then selling insurance. If it wasn't why is it commission incentivising, rather than working on a not for profit basis? Are IFAs any different? I do sell and proudly tell what I do and what I can offer my clients the benefit of financial awareness as a free side product - I'm actually giving people something they've asked for.

    As for the FSA, again please don't be misled here. The FSA set out the minimum standards, not the ideal standards. It doesn't take much to be authorised by the FSA, 1 multiple choice exam... and thats it, no 'real' ongoing requirements. FYI - the first question on my authorisation paper was 'What is the FSA'... and it carried on like that, so I wouldn't put my faith in authorisation being a rubber stamp for quality. I'd even go so far as to put part of the blame for the current economic climate firmly at the FSAs door - they after all are the regulator of Northern Rock, HBOS, Lehman Bros etc.

    I can only reiterate what I've said before in the hope that you keep faith in your own ability to get finances straight using the FREE tools and expertise at your disposal.

    Ps. I should also underline I don't just direct the lack of understanding and knowledge at being critical of Genistar reps, but as is very apparent, also to the 'call centre staff' promoted to financial advisers in our high street banks and that is a real problem.

    • Post Points: 35
  •  Fri, Apr 24 2009, 10:57 AM

    Re: Genistar

    Yawn.... ok, lets go through this... again....

    Number of IFAs falling in droves? Good - means those who didn't treat their clients with the respect that their trust deserved are out of business, and mine is a thriving businesss of 1500 repeat clients generated ONLY on a word of mouth referral basis and, being based in a home office I have no need / desire for people to walk off the street. Unfortunately, I can only assume that your 2 ex-IFA friends couldn't handle the level of advice and quality of service at which a good IFA is required to work?

    Yes, the IFA market contains cowboys as I'm sure every profession does. Endowment miselling? I sold endowments for some 15 years and have never once had a complaint upheld, regardless of every effort of the ambulance chasers and 'sue first ask later' culture that you quite clearly embrace. Trust me, every single one of my clients fully understood the risks and rewards that they were getting into - not least because I pay £10,000 a year to be compliance checked, bit different to £140 with probably the minimum required checking wouldn't you say?

    As for misselling by Genistar reps, I suggest you put your 'commission' where your mouth is and tell me about a recent client scenario and let me know what your recommendation would be an allow me to either agree or counter. Because the only Genistar rep I've seen at work recommended my client, with a £180k cap/int mortgage and 2 year old son cancel her mortgage protection and family income benefit policy (which you've probably never even heard of!) for a £200k lump sum payout!!! How is that not miselling!! Please let me know the justification for this and the 'Genistar way'? But, as I keep saying, I'm sure it was done in good faith but the adviser has clearly not done any homework or had training to identify why the client had the policies and was all too focused on 'churning'.

    But, isn't the point of this (which you've somehow missed) not to argue about who has the better company but, to encourage people to be financially aware? Yet some how you don't seem to accept the FREE advice I've given to you and the other bloggers on this line has gone anyway to convincing you that there are ways to save money without either trustworthy IFAs and and especially without the need for poorly trained, mis-advising, part time, double glazing salesmen!

    Ps. Can only assume you're a ex Liverpool, formerly Chelsea, now Man U fan who has a nice bandwagon to roll round in!

    • Post Points: 11
  •  Fri, Apr 24 2009, 12:30 AM

    Re: Genistar

    30 years ago there were 300,000 IFA's. Today under 30,000. And if you check the industry trends that number is expected to fall by a further 10,000 this year alone.

    Genistar by comparison hired 1600 people last year and is on track to increase that number this year.

    Enough said I think.

    If you have evidence of miss selling or any type of fraudulent behavior why have you not gone to the appropriate regulatory body and reported it. I would assume that that course of action would be more benificial to your client. If I caught you I would hang you out to dry. No hesitation, no ifs or buts I'd be on your case before you could blink.

    And as for brainwashed. Ive been brainwashed on this system for 15 years and am loving every minute of it. I assume you are old enough to have been a part of the endowment selling brigade. (Ooops open sore that) I have met many IFA's and continue to compete and beat them on a daily basis. I have met two who I would consider to be of a high moral standing when it comes to dealing with clients. The rest I would'nt trust as far as I could throw them. The two that I do trust....they quit the IFA business and joined Genistar. Shows you how much I dislike what this industry has done to the low and middle income folks in this country. If you are part of that I don't trust you. Well that and the fact that you are a Spurs fan says it all really.

    • Post Points: 20
  •  Thu, Apr 23 2009, 10:53 PM

    Re: Genistar

    Interesting reading but no hard evidence that either companies are a scam!

    Lots of different opinions being given...good food for thought!

    Different strokes for different folks! Live and let live! I say!

    • Post Points: 5
  •  Thu, Apr 23 2009, 6:43 PM

    Re: Genistar

    Some of us have been around long enough to know that any organisation that promises as much as Genistar and Primerica do are no more or less than conmen.

    http://www.sequence-inc.com/fraudfiles/2007/11/05/primerica-financial-services-a-scam/

    • Post Points: 20
  •  Thu, Apr 23 2009, 6:17 PM

    Re: Genistar

    Well, I didn't find anyone to help me at that time and not because of a lack of trying...

    So your argument is that Genistar representatives are not trained sufficiently to provide the service that they do, correct? But then, the same company website you are directing me to,FSA, is the same organisation that regulates Genistar, correct? So why would the FSA regulate them if Genistar did not not have a tenable business module or were not sufficently trained to offer the service that they do? I don't understand. What I do understand is Genistar representatives do not purport to be IFA but referrers and if the client wishes to take the information they have gained from their financial health check with a Genistar rep, to discuss with their own personal IFA then they can, as your client did.

    Furthermore why has Primerica been so successful (globally) if this module didn't work, and there is (was) not a need for it? Or even why would Citigroup associate itself with such a company? Again, I don't understand?

    Finally, why should we trust a trained IFA more than a Genistar representative, when, by your own omission, there has been a number of well documented stories of mis-selling by IFAs? If a Genistar misleads or misells than that would be the end of Genistar, and as so far I have not heard any stories of that nature about them. I welcome your comments as it makes for a good discussion.

    • Post Points: 35
  •  Thu, Apr 23 2009, 5:07 PM

    Re: Genistar

    I'm pretty sure I've explained myself clearly previously, but just in case I'm not and to answer your points... I'm not discrediting the moral and advertised business model of Genistar at all. I strongly advocate that everyone to be financially independent and pass that knowledge to others - and then you wouldn't have to read these kind of news stories.

    I also am not talking up my own industry - its indiscretions of miselling are well documented as well!! Further, regardless of size and ownership, they are a commercial organisation who's raison-d'etre is to make money for its owners!

    Finally, yes the CAB are not open at hours conducive to full time workers however, the libraries are, as is my old friend google (and every other website!).

    Further, I'm disappointed to hear you cannot afford an IFA... when quite a number will not charge just to give you a financial review (myself included!), nor will some accountants if you ask and are upfront with them!

    What I am saying is that the Genistar representatives are not trained sufficiently to have the skills to know the market in and out and as such you may not be getting good / the best advice.

    And as my last gasp, i'll give you the key to the oracle - http://www.moneymadeclear.fsa.gov.uk/ - this the financial regulators website. If you don't believe me, believe them - they are there for you as the consumer, have nothing to gain from your actions but their cornerstone since their inception is to improve confidence and understanding in the financial sector.

    I hope you choose not to look at Genistar and can do it on your own, or if not will ask a professional for help, but either way good luck!

    • Post Points: 35
  •  Thu, Apr 23 2009, 4:41 PM

    Re: Genistar

    It is quite interesting reading the flippant and negative comments of some of the commentators, and it makes me wonder what their motivation is for writing them; is it to talk up their own business/industry by discrediting another? How can you discredit an opportunity, which is what Genistar is...maybe not to all but definitely to some, without first investigating it for yourself? If you are the person seeking an extra income, a FREE financial health-check or a business opportunity, then the onus is on you to physically take the time out to investigate if Genistar is for you or not! Be it by researching the company and attending a presentation, but definitely not by simple listening to bias people’s opinion because ultimately only you are responsible for your life, no one else!!

    Did you know that Genistar was born from a US company called Primerica, owned by Citigroup one the biggest and most successful banks in the world? The Genistar business model is more or less the same, and Primerica has been going for a very long time, so one would think that there is something more than tenable about Genistar and so worth investigating further!

    As a everyday person with a reasonable amount of debt from studying to MA level and living, having a FREE financial game plan would have be very useful to me, specifically a year and a half ago when I was still working. I was desperate for some help but did not know where or how to find it. I couldn’t afford an IFA; CAB are not detailed enough, and their opening hours for full time workers are quite inconvenient and rushed due to the invariable long queues of people looking for help. A finance course at a local college would not have been adequate, and being of an intelligent and well educated mind, I have a good understanding of how money/finance works, therefore taking a NVQ course in basic finance would not have been an attractive solution or a good use of my time. I need something personal and one to one. Genistar seems to fill that gap in the market!

    Furthermore read the daily headlines:

    http://www.telegraph.co.uk/finance/financetopics/budget/5198047/Budget-2009-Alistair-Darling-to-admit-deep-recession-and-raise-borrowing.html

    http://www.telegraph.co.uk/finance/personalfinance/consumertips/5118631/Personal-insolvencies-to-rise-by-40pc-as-Debt-Relief-Orders-are-introduced.html

    http://www.telegraph.co.uk/finance/personalfinance/4786578/Grown-up-children-still-financially-dependent-on-parents.html

    People are in more debt than ever before! The UK economy, much less the world, is in a recession! People have no idea how they are going to get out of their situation. People are losing their jobs everyday and when they do get another, sometimes six month later, they find that their salary is a lot less than what they were receiving before. I know this, because I am living that reality! So, all you bias commentators what solution would you offer me?

    I am going to give Genistar a try because I need a solution to my financial problems and so far, Genistar’s offering seems to be that solution!! And more importantly, for the first time in a long time, I am starting to believe again, that maybe all those dreams I had when I was younger (I am 32) may still be plausible in becoming a reality. What is life without dreams and the tenacity to make them happen???? Wish me luck!!

    Note: This post has been moderated. Please ensure you read the Moneysupermarket.com User Community Standards and Terms of Service before posting. Thanks.

    • Post Points: 20
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