I think a ‘friend’ has possibly tried to scam me - Genistar!

[KateR]

Agents earn £200 to £1,000 selling a Friends Provident life policy, up to £100 for an F&C Isa, up to £500 for a debt management plan, and £100-£500 for a remortgage. Genistar is tied to Friends Provident and F&C, offering no other choices for life and investments. It does not advise on pensions.

A long time ago I had a good friend who ran an insurance broker business, hubby took out several life insurance policies for differing amount over various times for maturity, I remember Friends Provident was one and very low payments but paid out a welcome sum on maturity. I personally think it's genuine but you need to work at it and definitely not a get rich scheme although it may be purported to be one, you can recruit or not recruit. It provides choices but I think a lot of hard work and hours will be needed, this will help anyone stop spending and also bring in some income if you've an aptitude to it, not something I'd ever consider personally.

I don't think XX is scamming but presenting an opportunity he is obviously involved with and maybe doing well, having an aptitude for it, and just letting you know it's an option. Obviously none of know the discussion you initially had but he may have got the idea you could benefit from some extra cash, you're a friend so why not let you know about the potential.

Clearly it is not for you but I wouldn't go in all guns blazing and shouting it's a scam (not saying you would) and just take it as an offer you're politely refusing, I've no doubt he will still point out a few things you're missing and perhaps you should reconsider, a simply firm no is all it takes IMO.

[superdimitri]

The problem with these things is that all very American.

Er. Okay. So a post from someone British about a British registered company and a friend, who presumably is also British but these things are 'very American'.

Don't you think this is prejudice? This is a thread to help jdr. Why turn it into placing an entire country in a personal agenda box.

[jdrobbo]

There's also your professional reputation as a teacher to consider, before getting involved in such schemes.

Just to reiterate, I never have had, no never will have, any interest in joining such a scheme.

[jdrobbo]

Theres plenty of similar organisations like Utility Warehouse, Avon, Herbalife, Nu Skin, Juice Plus, Tropics Skincare... I know loads of people who have types of 'side gigs' along side being nurses, teachers etc. I'm not sure where they find the time though.

Well I certainly wouldn’t have the time and that’s part of the reason why I tried to get an improved work-life balance with four days.

[FeedTheArf]

I'm seeing more and more of these schemes crop up. I suppose they're capitalising on people falling on hard times and making ends meet.

The number of f*cebook friends spamming my timelines flogging body shop or some magical mascara is ridiculous. Can't block them fast enough!

[jdrobbo]

Agents earn £200 to £1,000 selling a Friends Provident life policy, up to £100 for an F&C Isa, up to £500 for a debt management plan, and £100-£500 for a remortgage. Genistar is tied to Friends Provident and F&C, offering no other choices for life and investments. It does not advise on pensions.

A long time ago I had a good friend who ran an insurance broker business, hubby took out several life insurance policies for differing amount over various times for maturity, I remember Friends Provident was one and very low payments but paid out a welcome sum on maturity. I personally think it's genuine but you need to work at it and definitely not a get rich scheme although it may be purported to be one, you can recruit or not recruit. It provides choices but I think a lot of hard work and hours will be needed, this will help anyone stop spending and also bring in some income if you've an aptitude to it, not something I'd ever consider personally.

I don't think XX is scamming but presenting an opportunity he is obviously involved with and maybe doing well, having an aptitude for it, and just letting you know it's an option. Obviously none of know the discussion you initially had but he may have got the idea you could benefit from some extra cash, you're a friend so why not let you know about the potential.

Clearly it is not for you but I wouldn't go in all guns blazing and shouting it's a scam (not saying you would) and just take it as an offer you're politely refusing, I've no doubt he will still point out a few things you're missing and perhaps you should reconsider, a simply firm no is all it takes IMO.

Appreciate this. As things are at present, I feel very secure financially and that was another reason why I dropped to four days. I have an awful lot of time for the bloke, but the further I dig, the more I believe he is heavily invested in this business and feels like he could use me as an avenue for a lot more revenue through people at work. I absolutely would not entertain this though.

[KateR]

Appreciate this. As things are at present, I feel very secure financially and that was another reason why I dropped to four days. I have an awful lot of time for the bloke, but the further I dig, the more I believe he is heavily invested in this business and feels like he could use me as an avenue for a lot more revenue through people at work. I absolutely would not entertain this though.

My friend, she ran her business originally out of her home after quitting a company she has been with for a while, all she sold was insurance policies, she never once pressured but being interested I did ask why she quit, she thought she could make more money doing it herself than she did working in an office/company that did the same thing. In time she built her clientele up, opened a small office at the top of Gannow Top and employed someone part time that eventually turned in to full time, so she definitely made the right choice. The policies we had as a family turned out to be very helpful as they matured, I know her and hubby had long discussions over a bottle of wine in regard to life insurance and he took one out on myself, which was worrying, I remember at the time wondering, but I ended up earning more than him and we had 4 children, so I can see the logic behind "what would he do if I wasn't there".

Maybe you can buy a life insurance off Mr XX for your wife, lol, just kidding but in all seriousness, if you found out a friend had a side business and he was doing very well at it, what would you think if he never let you know when you found out over years later.

[beddie]

John. You just need to be firm in your conversations from now on with him.

[claptrappers_union]

Er. Okay. So a post from someone British about a British registered company and a friend, who presumably is also British but these things are 'very American'.

Don't you think this is prejudice? This is a thread to help jdr. Why turn it into placing an entire country in a personal agenda box.

Because no doubt the leader / founder / figurehead / CEO or whatever will be an American, and the organisation will have originated from America. A lot of MLM organisations tend to be.

[Inchy]

The thing about pyramid scams is if you get in early you can actually be the scammer and make a killing.


Be on the right side of this and make sure you get in early.

If you’re getting in late don’t bother

[claptrappers_union]

“ Genistar is an unusual financial sales organisation. Its bosses, Jeff Lestz and Bob Safford Jr, hail from the US, where Lestz has preached biblical economics, while Safford Jr spent 28 years at Primerica, a US insurance company, before helping launch it in the UK with Lestz as CitiSolutions.”

[Lowbankclaret]

Hi everyone. I’m not quite sure where to start with this, so I apologise in advance if it turns into a bit of a ramble. Please stick with me.

I am a teacher and I run two after-school clubs. In one of these clubs, I have been heavily supported by a parent of two children that I used to teach, for eight or nine years now. The chn have since left the school but this person has continued to be very loyal and supportive.

About a year ago, I made a decision to go part time, for a number of reasons that I don’t particularly want to go into and I recall telling said person about my change of hours after the club I ran one evening.

Fast forward a couple of months and I was on holiday… I received a WhatsApp message asking me if I would participate in a zoom meeting… a 30 minute presentation, which outlined a new business venture for this parent. As it happened, I couldn’t attend any of the three times that I was presented with, so nothing came of it.

However last weekend, whilst at home isolating with Covid, I received a message again, just like before, asking me if I could join a 30 minute presentation on Zoom, just to see what the new business was all about. I sent a message to the person… let’s call him XX for the sake of this discussion, asking what the business was and whether I needed to do anything other than listen and offer some feedback. The response was to just come with a coffee, see what his new business was and see if it could be of any interest to anyone I know. I didn’t feel as though I’d been given a proper answer and I started to feel a bit uncomfortable about it.

Anyway, I did agree to joining in the conversation and I logged on at one of the three suggested times that I was given.

I was greeted by three presenters, one of which was XX. He spoke to me first and then quickly said that he wouldn’t be presenting… It would be somebody else.

Anyway, cutting ahead, the new business this guy was a part of was called Genistar…

“….founded in 2007 and is one of the fastest growing financial services companies in the UK…dedicated to educating families about their financial choices.”

I was asked a few questions because surprise surprise, I was one of the only two people present and I didn’t see any interaction with the other person despite being told that they were online! Many people refer to this company when they are unhappy at work or when they want to make a little bit of extra income… None of these apply to me, but it did make me think back to the conversations I have previously had with ex ex about choosing to work four days instead of five.


I was then shown a wide range of graphs which showed how much money I could earn if I started to work for the company, setting up my own little side business in the process. Having recently listen to a podcast about crypto scams, I instantly started to say this is a pyramid scheme. Interestingly, to qualify, a payment of £140 will need to be made, in order to have financial checks done and to set up basic tests that I need to pass!

I now felt as though I was being “recruited” into the business, in the hope of me then going on and recruiting my own clients… These clients would therefore form a lower level of the pyramid…and so on!

I have done a bit of research on the company and in the main, everything they do appears to be legal, but there are hundreds of people out there who claim that it’s a scam. In my head, it’s absolutely a scam to rinse people of their money…but I had a lot of respect for this bloke!

I need to make it absolutely clear that I will not be entering into any further conversation about this, nor will I be inviting any of my friends to look at the business. It’s an absolute no!!

What bothers me more is that XX is someone who I respected highly, but appears to actually be manipulating me and attempting to take me for a ride….or two, someone who I respected quite highly is actually been taken for a ride himself… and from what I gather, there aren’t many people that come out of this scheme smelling of roses (financially) and the irony of it all is that Genistar is supposed to help people financially!

Does anyone know about this company?

Does anyone have any advice?

Part of me feels that I should have it out with this person, but as I’ve said, I don’t think he is committing any illegal activity, and he would be a huge loss to the children at school. I do have morals though and would appreciate any constructive advice on what you would do.

Cheers

John

I have had several conversations with clarets on here about financial issues.
They agreed with what I told them on financial issues.

On child issues, my mum is a dame for helping kids in secondary education.
So feel free to reach out.

[clarethomer]

They are a registered FCA firm which is usually an OK sign when it comes to talking about financial products but this is a business just like Avon or utility warehouse.

It appears they have an educational product to help people get out of debt and form good financial habits.

This is likely to be a program that you have to sell.

There is then the insurance and investment products that you have access to quote on. That’s your 2nd line of income.

Then the MLM bit is recruiting others to earn off their success. It is a network marketing model in that sense because in any other financial services structure you would just hire these people to work for you as you grow your customer base. However recruiting someone for their network of connections is just sleazy in this context and it just shows that your friend sees you as a commodity.

Glad you don’t intend to join as I think that is a wise decision.

[jdrobbo]

They are a registered FCA firm which is usually an OK sign when it comes to talking about financial products but this is a business just like Avon or utility warehouse.

It appears they have an educational product to help people get out of debt and form good financial habits.

This is likely to be a program that you have to sell.

There is then the insurance and investment products that you have access to quote on. That’s your 2nd line of income.

Then the MLM bit is recruiting others to earn off their success. It is a network marketing model in that sense because in any other financial services structure you would just hire these people to work for you as you grow your customer base. However recruiting someone for their network of connections is just sleazy in this context and it just shows that your friend sees you as a commodity.

Glad you don’t intend to join as I think that is a wise decision.

Thank you

[jos]

Theres plenty of similar organisations like Utility Warehouse, Avon, Herbalife, Nu Skin, Juice Plus, Tropics Skincare... I know loads of people who have types of 'side gigs' along side being nurses, teachers etc. I'm not sure where they find the time though.

Amway is another, Been around for years.

[jdrobbo]

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[Conroy92]

A friend of mine once "invested" money into a similar company years ago while we were in our second year at uni. It was selling and buying advertise space. It was similar, recruit friends reach a certain level, there friends added, adds more to your score for higher earning. My mate had this mad thing worked out due to the formulas your shown where he could make thousands a month. He encouraged us all to invest because he thought we would all make money off it, it needed far more than the 4 other people in our house for him to even make anything back. I forgot about him doing it and years later I remembered about it and asked him whatever happened to his money, he told me it had been declared a scam about 2-3 years after and he'd lost all his money.
I'll try and remember what it was called!