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WARNING Generali Vision and financial advisers

I'm not normally active on these forums but I felt I had to warn others about this Generali Vision scheme being offered to expats by various "financial advisers" (salesmen) in Switzerland.


The scheme is an extremely bad deal where up to the first 2 years of regular payments go entirely towards fees.  This can amount to thousands of francs being paid out in fees upfront.  It will then take many years just to break even on the money you've sunk into the scheme.  If you have to reduce your payments for any reason it will be even harder to make anything back after years of investment.


The salesmen typically use cold calling and ask you to give details of colleagues and friends they may be able to target.  They will not be open about the huge front loaded fees and will encourage you to increase your payments in the "initial period" when your payments are set aside for fees.


It might sound obvious to avoid something like this but there are many people entering into this unaware of the reality and lose lots of money.  Search in google for "generali vision complaints" and you will see the extent of it.


So my advice is, please treat with extreme suspicion any investment adviser who offers Generali Vision and avoid the scheme like the plague.

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I'm not normally active on these forums but I felt I had to warn others about this Generali Vision scheme being offered to expats by various "financial advisers" (salesmen) in Switzerland.


The scheme is an extremely bad deal where up to the first 2 years of regular payments go entirely towards fees.  This can amount to thousands of francs being paid out in fees upfront.  It will then take many years just to break even on the money you've sunk into the scheme.  If you have to reduce your payments for any reason it will be even harder to make anything back after years of investment.


The salesmen typically use cold calling and ask you to give details of colleagues and friends they may be able to target.  They will not be open about the huge front loaded fees and will encourage you to increase your payments in the "initial period" when your payments are set aside for fees.


It might sound obvious to avoid something like this but there are many people entering into this unaware of the reality and lose lots of money.  Search in google for "generali vision complaints" and you will see the extent of it.


So my advice is, please treat with extreme suspicion any investment adviser who offers Generali Vision and avoid the scheme like the plague.


David JSep 16, 2014 @ 12:13
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Re: WARNING Generali Vision and financial advisers
Post 1

It's also Devere group who offers these schandalous products. Plain bastards and should be avoided at all costs. 

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It's also Devere group who offers these schandalous products. Plain bastards and should be avoided at all costs. 


martin, Sep 16, 2014 @ 12:58
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Post 2

Im working with a brokerage company. But this story seems so horrible and luckily, we are not dealing this generali vision. Some financial advisers are fooling around giving other agents bad reputations. Nowadays, we have to be extra careful with our investments and do not fall for crazy deals. 

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Im working with a brokerage company. But this story seems so horrible and luckily, we are not dealing this generali vision. Some financial advisers are fooling around giving other agents bad reputations. Nowadays, we have to be extra careful with our investments and do not fall for crazy deals. 


Anna Pearl, Sep 16, 2014 @ 13:19
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Post 3

In my opinion anyone who gets a commission on what he sells is a crook in my eyes. Doesn't matter - these persons dont care about their client, only their own bottom line. It should be banned. Luckily I have never fallen for any of these so called advisors. I use my own common sense And have no cash to spare anyway ;-) 

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In my opinion anyone who gets a commission on what he sells is a crook in my eyes. Doesn't matter - these persons dont care about their client, only their own bottom line. It should be banned. Luckily I have never fallen for any of these so called advisors. I use my own common sense And have no cash to spare anyway ;-) 


martin, Sep 16, 2014 @ 13:32
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Re: WARNING Generali Vision and financial advisers
Post 4

Sales people for financial instutions make commissions as well, so the fact that the investment is being sold either direct or by an IFA (independent financial advisor) may make no difference to the amount you pay that actually goes into the fund.  IFA's themselves are not necessarily a bad thing, but like anything you invest in, please do your research yourself and read the small print.  

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Sales people for financial instutions make commissions as well, so the fact that the investment is being sold either direct or by an IFA (independent financial advisor) may make no difference to the amount you pay that actually goes into the fund.  IFA's themselves are not necessarily a bad thing, but like anything you invest in, please do your research yourself and read the small print.  


stephen w, Sep 18, 2014 @ 15:14
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Re: WARNING Generali Vision and financial advisers
Post 5
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Fire Wind, Mar 18, 2018 @ 17:13
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Post 6

There are so many companies in Switzerland that cold call expats pretending to be their best friend having just mined your data from linkedin or facebook.  They call your company, the last one that called me pretended to be from a different company just to get past a cautious secretary, and they gradually build a database of hooks.  Beware any company calling you out of the blue as your friendly financial advisor and ask them where they are calling from, how they as individuals get paid, how the company gets paid, are they tied to certain companies or products.... its quite simple if you ask a few questions to identify if they are biased and then run the other way.    The simple thing you want to know is WHY they are recommending a product to you - is it because they get paid a commision if they make a sale or is it that they genuinely have the best solution for you. 


There are companies out there that do not take commissions from asset managers or banks, that are truly independent and review all the fund managers for the best interest of their clients.  Those are the ones who are truly impartial and where you know the person providing advice has your interestes at heart.  They will directly charge a fee as a consultant for providing those services and providing that weight of research, but you then know that they advice you are getting is good for you and that the person providing it is on your side without a hidden agenda - they dont get paid any more or less depending upon if you choose one product over another or neither.  You may even get discounts off of the management fee of the investments you make based upon purchasing power economies so its a completely different story.  Only deal with the companies you would be pleased to sell for yourself!

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There are so many companies in Switzerland that cold call expats pretending to be their best friend having just mined your data from linkedin or facebook.  They call your company, the last one that called me pretended to be from a different company just to get past a cautious secretary, and they gradually build a database of hooks.  Beware any company calling you out of the blue as your friendly financial advisor and ask them where they are calling from, how they as individuals get paid, how the company gets paid, are they tied to certain companies or products.... its quite simple if you ask a few questions to identify if they are biased and then run the other way.    The simple thing you want to know is WHY they are recommending a product to you - is it because they get paid a commision if they make a sale or is it that they genuinely have the best solution for you. 


There are companies out there that do not take commissions from asset managers or banks, that are truly independent and review all the fund managers for the best interest of their clients.  Those are the ones who are truly impartial and where you know the person providing advice has your interestes at heart.  They will directly charge a fee as a consultant for providing those services and providing that weight of research, but you then know that they advice you are getting is good for you and that the person providing it is on your side without a hidden agenda - they dont get paid any more or less depending upon if you choose one product over another or neither.  You may even get discounts off of the management fee of the investments you make based upon purchasing power economies so its a completely different story.  Only deal with the companies you would be pleased to sell for yourself!


hucklewoo, Mar 19, 2018 @ 09:22
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Re: WARNING Generali Vision and financial advisers
Post 7

I absolutely second this review and also want to warn all Glocals members and other expats to engage in any saving plans with Generali Wealth Management.


Beyond what David J has described, they don't show any support or service. They only call you to motivate you to spend more money on them. If you have a question or you need some advice, they never call you back. And scheduled meetings sometimes just don't happen, without any cancelation. 


So please watch out for them and all their salesmen, warn friends and colleagues and better invest with a local Swiss Bank - at least they are available for advice.


 

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I absolutely second this review and also want to warn all Glocals members and other expats to engage in any saving plans with Generali Wealth Management.


Beyond what David J has described, they don't show any support or service. They only call you to motivate you to spend more money on them. If you have a question or you need some advice, they never call you back. And scheduled meetings sometimes just don't happen, without any cancelation. 


So please watch out for them and all their salesmen, warn friends and colleagues and better invest with a local Swiss Bank - at least they are available for advice.


 


Anja R, May 29, 2018 @ 22:14
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Re: WARNING Generali Vision and financial advisers
Post 8

Just found this forum and would like to know if anyone has any experience or tips on how to leave this investment schemes (Generali Vision / Utmost) losing the minimum amount possible?


Please contact me privately. Any help will be appreciated.


This is such a waste of time and money. 

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Just found this forum and would like to know if anyone has any experience or tips on how to leave this investment schemes (Generali Vision / Utmost) losing the minimum amount possible?


Please contact me privately. Any help will be appreciated.


This is such a waste of time and money. 


xaviero, Feb 15, 2021 @ 18:50
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Re: WARNING Generali Vision and financial advisers
Post 9

 Hi,


I have been in the industry fro many years and can say these plans are way out of date and no longer serve the clients with any benefits.


I have been helping many clients surrender their policies with minimum cost but it all depends on how long you have held the plan and what your long term objectives are.


If anyone would like to know what options are available please let me know and I would be more than happy to explain.


Hope this helps. 


Daljit

The text you are quoting:

 Hi,


I have been in the industry fro many years and can say these plans are way out of date and no longer serve the clients with any benefits.


I have been helping many clients surrender their policies with minimum cost but it all depends on how long you have held the plan and what your long term objectives are.


If anyone would like to know what options are available please let me know and I would be more than happy to explain.


Hope this helps. 


Daljit


Daljit Hoonjan, Feb 17, 2021 @ 08:23
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Re: WARNING Generali Vision and financial advisers
Post 10

Insurers like Generali pay sales agents (we know who they are) huge commissions ie up to the first two years of regular premiums or 8% (!) of lump sums, based on the plan running the full term. If the plan is cancelled early, any loss the insurer suffers is directly taken from the plan value, to reduce the surrender value. This is baked into the policy conditions and being based in Isle of Man they hardly have an incentive to negotiate these.


These plans frankly never served anyone's needs apart from the cold calling sales agents.


If you were unfairly sold one of the plans and in particular if you can prove that the charges were purposely never disclosed to you, then IMHO, the main hope you have is to sue the local 'adviser' under the Swiss code of obligations, I think it is s400, which deals with businesses acting as intermediaries and the duty they have not to act against their owns clients' interests.


Alternatively you can go to direct to the Isle of Man Regulator to complain about Generali failing to control the practices of their appointed agents.


Realistically u need a bunch of people with strong cases, plus a decent lawyer, to move the dial.

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Insurers like Generali pay sales agents (we know who they are) huge commissions ie up to the first two years of regular premiums or 8% (!) of lump sums, based on the plan running the full term. If the plan is cancelled early, any loss the insurer suffers is directly taken from the plan value, to reduce the surrender value. This is baked into the policy conditions and being based in Isle of Man they hardly have an incentive to negotiate these.


These plans frankly never served anyone's needs apart from the cold calling sales agents.


If you were unfairly sold one of the plans and in particular if you can prove that the charges were purposely never disclosed to you, then IMHO, the main hope you have is to sue the local 'adviser' under the Swiss code of obligations, I think it is s400, which deals with businesses acting as intermediaries and the duty they have not to act against their owns clients' interests.


Alternatively you can go to direct to the Isle of Man Regulator to complain about Generali failing to control the practices of their appointed agents.


Realistically u need a bunch of people with strong cases, plus a decent lawyer, to move the dial.


wilycoyote, Feb 17, 2021 @ 09:25
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Re: WARNING Generali Vision and financial advisers
Post 11

Found this, which explains quite well how they operate. 


https://mystorywithutmostgenerali.wordpress.com/2021/10/11/thestory/

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Found this, which explains quite well how they operate. 


https://mystorywithutmostgenerali.wordpress.com/2021/10/11/thestory/


xaviero, Nov 20, 2021 @ 22:40
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Post 12

Readers may be interested to know that the adviser mentoned in this sorry story have since rebranded to the wonderfully aspirational name of Skybound Wealth Management.


The same old cold calls have not stopped. I've been called in the last month by this firm and one other. The pitch is unchanged, despite the fact that expert asset managment is now available on the Swiss market for less than 1% p.a. on a clean basis, ie no hidden costs or exit fees ..

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Readers may be interested to know that the adviser mentoned in this sorry story have since rebranded to the wonderfully aspirational name of Skybound Wealth Management.


The same old cold calls have not stopped. I've been called in the last month by this firm and one other. The pitch is unchanged, despite the fact that expert asset managment is now available on the Swiss market for less than 1% p.a. on a clean basis, ie no hidden costs or exit fees ..


wilycoyote, Nov 21, 2021 @ 18:16
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