Imrana T

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Verified Reviewer

Ripped off by Generali Vision & PPB plans

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In 2010 I invested in Generali Worlwide Guernsey, both Vision and PPB plans. Vision for 10 years.

I have also been ripped off by Generali and lost 85,000 EUR to date (8.5 years later) due to clearly excessive Administration charges and fees.

Generali informs me that the remaining amount on my Vision plan of 30,240 Euros, cannot be cashed out as it is reserved and will probably entirely be absorbed into 2019 and 2020 Administration charges & fees.

In which case total Admin charges & fees will add up to 110,000 euros in 10 years !!!

That's an average of 11,000 euros per year.

There is zero plans follow up from Generali nor account administration and certainly not up to the level of the charges & fees they apply. All they do is deduct charges and fees whether your plans are increasing or loosing money, whether you have been paying regular contributions or not, whether your funds are in a healthy or suspended fund, whether you have changes in your life like children, lost your job, etc they just keep draining out your money as Admin charges & fees.

The agents / companies they get Customers from are not explaining the charges & fees to clients, get clients to sign tons of papers to cover themselves and Generali up, and in the end clients get trapped into a long duration plan which cannot be ended without loosing a huge portion of your money. Vision does not update after a certain period (i.e 13 months in my case) to take into account actual client status. 12,300 euros of Admin charges deducted from my Vision plan for year 2018 alone.

Getting redemptions (cashout) paid is also a nightmare, you need to fill in tons of papers and send original documents by courrier and still payments take ages.

All of you who have been trough this nightmare, feel the frustration and actually lost money, whatever the amount ... Let's group up to take legal action, and request in deph analysis on this so as to get indemnified. Also let's make some noise (media) so people do not fall into this trap.

contact me : Imrana.Thiam@***.com.

View full review
Cons:
  • Charges &
  • Salesmen
Anonymous

Money lost in switches

Generali Worldwide - Money lost in switches

If you have a GENERALI VISION plan and your owned BRANDEAUX Dual Asset EURClass (A) USD back in 2014, then there is a high chance that Generali owes you money. By reconstructing my portfolio in Excel using the online Generali statement I by chance found out Generali had lost USD2,764.30 of my money.

I raised the issue with Generali who maintains: "So sorry, the statement is obviously wrong. We can assure you no money is lost. We can't really prove it, but trust us!". It subsequently took me 16 gruelling months to get the Guernsey Financial Services Ombudsman to rule in my favour against Generali and get my money back, dressed up as an "ex-gratia payment".

The question now is whether my portfolio is a one off or there are more investors who are owed money by Generali. Please log into your Generali Account -> Documents -> Current reports -> Unit movement History -> Start date: 01/02/2014. End date: 01/05/2014 -> Generate report. Use the data to do the analysis as per the picture attached to this post.

If you have also lost money, please contact me. I can tell you who to write to in order to get your money back. Moreover, if this turns out to be a common problem, I suggest we consider what other actions may be appropriate.

I suggest you check fast as Generali has the ability to change how far back in time investors are able to check their unit movement history on-line. As of 13 October 2017 it was possible for me to download the data set specified above and shown in the picture.

View full review
Reason of review:
Problems with payment
4 comments
Guest

Hi. I'm from Kenya and I also lost $30000 in the Generali Vision plan.

How can I get my money back? hkiragu@***.com

Imrana T

I am in the same situation. We have little to no chance of winning individually.

Best way forward is to group up, all of us, and take legal action against Generali Worldwide.

If you have also lost money, contact me ... Imrana.Thiam@***.com

Guest

Yes I’ve lost money and need to take action how can I contact u

Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

View more comments (3)
Meridee Dux

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ

Verified Reviewer
| map-marker Doha, Doha

Generali Vission Scam

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I was working in the Middle East and having no experience in investment. The financial advisor Nexus Financial Services, represented by Helen Roberts (now Helen Pereira) and Graham Foxwell convinced me to purchase Generali Vision retirement product.

After 7 years I lost 2/3 of money I invested, circa $30,000.

The broker/agent definitely not acted in my interests, did not offer me any other option, did not provide the full disclosure, which is understandable taking into account that broker commission structure allegedly has incentives to the broker. If you suffered from Generali Vision or from Nexus, please join me here https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

View full review
Loss:
$50000
Cons:
  • Salesmen
  • Suck
  • Mis-informed by ifa about plan
Reason of review:
The whole arrangement is scam

Preferred solution: Full refund

4 comments
Guest

i have the same problem, I am going to ask for the Full refund but I am going to lose 7,000 USD.

Guest

This is an old story, told many times by many people. How sad that it is still the case despite all of this bad publicity.

This was my story from many years ago and I still suffer the consequences of being locked into a poor investment plan with huge fees and enormous exit fees! I had a very unpleasant and costly experience with De Vere Group Financial Planners which was made possible and all the worse by the Generali Bond that they missold me. What was NOT made clear to me by Generali or De Veres is that ALL commission on the bond is payable upfront to the advisor selling you the product which means that I am now locked into a very expensive and unsuitable product. This goes a long way to explaining why I never heard from the De Vere group again despite promises of regular updates and meetings.

For an unscrupulous company like De Vere this type of product is a God send. This means that if you wish to transfer the management of the product to any other financial advisor as I did when De Vere left me high and dry they will have to charge you for managing it. It also means that if you wish to exit early the fees are astronomical as ALL commission that was paid upfront to your IFA is included in the exit fee..ironic really!!!! Generali products are expensive anyway.

Their fees are way in excess of other comparable products and when asked why they woould do this and how it served me, the client, I recieved no reply. I can only assume that they, like De Veres just want your money without providing service and this is a great incentive and temptation to unscrupulous IFA like De Veres and it can only serve to encourage bad practice within the field of IFA. Please be aware of this if offered Generali products and always check with the product provider. Incidentally, I know this makes me sound very naive however I did ask pertinent questions regarding the fee structure when considering the product as in the litearature it seems excessive and expensive however I beleieved what De Veres told me about how that worked which turned out to be a pack of lies.

This experience has cost me dearly and I would like to think that this will save others that experience where De Veres or Generali are concerned. Monetary Loss: $150.

Imrana T

Am in the same situation. Let's group and take action Imrana.Thiam@***.com

Guest

Hi I have also been scammed by generali Guernsey and lost 85,000 EUR. Has anybody taken legal action on this ?

What is the outcome ?

Perhaps we can all sue Generali as a group. If you have also been ripped off by Generali Administration charges & fees, please all sign the petition https://chn.ge/2M5KfaS and send me a mail (imrana.thiam@***.com) I will try to group all of us in a legal procedure.

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Resolved
Margia Tny

Resolved: Generali vision: Investment horror story with

An "advisor " from de vere sold me a Generali vision plan for 30 years ( in Belgium in 2008). My initial premium was 850 euros/ months.

I then paid a lower premium because I had a 3rd child and started working part time. I then received a severance grant and for 10 months in 2014 I increased my premium to 2500/ month thereby following my "advisers'" advice. Since November 2014 I haven't paid any premium. My last valuation shows 66000 of premiums paid, a plan value of 72 000 and a surrender value of 23 500 !

My ( new) adviser (the company is now in Dubai ) advises me to surrender the policy (and lose 49000 euros) . He also told me that the administration fees are not based on the first premium but on the highest premium paid. I don't find in the contract anithing that would explain this amount of 49000 euros if costs. I asked my adviser for an explanation but he doesn't answer my emails and when he does he avoids giving me detailed explanation.

I will thus ask Generali for full repayment of the premiums paid . I understand that this Generali vision scheme I'd illegal in Belgium and the advisor who sold it to me misled me by telling me that I should start with a high premium and that I could freely reduce my premiums or stop paying after the initial period.

I am not the only victim. There are dozens of testimonies similar to mine on the web.

View full review
Reason of review:
Poor customer service
9 comments
Imrana T

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

Guest

Can you please give an update on how you solved the situation? Did you get a full refund of premiums paid?

Thank you! Your answer would help a lot!

Imrana T
reply icon Replying to comment of Guest-1522253

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

Guest

Hi, I am also in a similar situation, how did you resolve it? I am desperate.

Imrana T
reply icon Replying to comment of Guest-1442235

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

Guest

Hi, did you manage to resolve this? I am very interested in the outcome as I am in a similar situation only with a bigger investment and therefore a huge loss.

Imrana T
reply icon Replying to comment of Guest-1392276

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Guest
reply icon Replying to comment of Meridee Dux

Signed. Let's hold hands on this and possibly take legal action.

View more comments (8)
Anonymous

Vision plan refund

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Easy to ask for the money to invest an crooks to return it. Once you state your claim for refund they start a lengthy process of requesting information and changing requirements, truly a nightmare. Don’t invest in Generali!!!
View full review
Anonymous

Cost structure misleading customers

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Same for Geneva area in Switzerland, these people are active around the airport and target all expats. The fee structure was not clear from the beginning, talking of units instead of cost. I have now taken further steps,since the company based in Guernsey doesn't want to cooperate. I suggest you do the same if you are in CH: write to - Bureau fdral de la consommation BFC - Fdration romande des consommateurs - Finma Hopefully they will be blacklisted from CH together with the brokers selling them. The first one in the list just suggested us to write to: http://www.ombudsman-assurance.ch/typo3/index.php?id=190
View full review
Loss:
$13500
Reason of review:
Not as described/ advertised

Preferred solution: Full refund

2 comments
Imrana T

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

Guest

Hello,Did you receive anything back so far? I am in the same position as you.

The 'locked in' period at the start of the plan, was described to me as just that. A locked in period where you had to commit, but after this you can stop at any time no problem.It turns out the locked in period is there to guarantee Generali their fees.

None of this money goes into your investment. So you get none of it back, should you wish to cancel, or at the end of the investment period.

View more comments (1)
Anonymous

Scammed by DeVere Group / Generali

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I was scammed by DeVere out of tens of thousands of Euros. In my case, the "tool" of their scam was : A Generali Life Policy (or, whatever it's called) This was far back in 2011 Ever since then, I have been looking for ways to get my money back! Of course, as the saying goes: "It's easier to be wise after the event!". I learned a harsh lesson; but, I resolved to get back what was stolen from me My research revealed thousands of people all over the world, who had also fallen victim to these clowns. Everyone had their story to tell; the problem is: everybody was talking a lot. But, nobody seemed interested in actually doing anything about it. I went as far as to hire a lawyer, who was based in London (because, that's where the DeVere office was). My lawyer was sympathetic to my case. But, he advised me to reconsider. Why? Because, the legal fees alone would amount to much more than what I had already lost. His suggestion? Gather as many people as I can find..........people who were in the same boat as me. And, together, we can launch a legal battle against DeVere and Generali. Finding people to join me is a real battle in itself; as I said, people don't really seem to do more than just TALK. So, if anyone is willing to do something about getting their money back, let me know. Here's my email : darwell.steve@***.com
View full review
Loss:
$11600
Cons:
  • Being scammed
  • Poor service
Reason of review:
Bad quality

Preferred solution: Full refund

2 comments
Imrana T

Am in similar situation. Will contact you for a grouped legal action.

Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

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Anonymous

Robbed by unregulated IFA who mis-sold

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Anderson Lloyd International sold me the lame duck of a Generali Vision plan in Kuwait in the early 2000s. Now, my $50,000 investment is likely to get me $3,000 when, next year, I'm able to get my hands on it. I was SPECIFICALLY told that, as I explained my money-earning potential was fragile, that I should start by putting in as much as I can, and then later I can just stop if I needed to. Well, of course I could put in as much as I could up front, because the "advisor" had heard my background and was giving the best advice. Right? Wrong. I'm disgusted that Generali allows its global name to be ruined by the unscrupulous global IFA network. It's not only Anderson Lloyd International, a number of other names crop up. An expensive lesson learned, and I expect they still operate globally, conning the life savings out of trusting people like myself.
View full review
Loss:
$57000
Cons:
  • Salesmen
  • Surrender value
  • Being scammed
Reason of review:
Not as described/ advertised

Preferred solution: Full refund

4 comments
Imrana T

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Evelynn Dpt

Hi, did you get any results about your complaint regarding Generali? I had a bad experience back in 2011/12 with them while living in Abu Dhabi.

Was told that the plan would make money, etc etc. The agent explained to me how it worked, and that we would have a good savings and could have access to the money at any time! All info was not the truth! I complained to the company, had actual conversations via e-mail with the agent, sent those

e-mails of what the agent said, and how he represented the company and plan.

Spoke with

various people at Generali. Basically nothing was done!

Made promises to look into the matter

and didn't. Loss money!

Imrana T
reply icon Replying to comment of Evelynn Dpt

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

View more comments (3)
Anonymous

They are the worst ever, don't sign up

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I signed up with Generali via DeVere Group. Which the group doesn't help you at all. Once you signed up that is it. A few months and account summary was given. Should you want to cancel and get your money out, or if your five yr plan ends and you want to get your money out. GOOD LUCK!!! No assistance, you will need signatures, notaries, proof of address notarized, not easy in the middle east. NOT ATTESTATION, NOTARY! Details and mistakes not told to you, so you waste weeks and weeks if you don't follow up continually. Even then, they stop responded to your emails. Total scam. And any side financial group that assist you like DeVere Group won't help either. Sign up, give your money, their job is done. End of the term or early cancellation and no help at all.
View full review
Loss:
$5000
Cons:
  • Suck
Reason of review:
Poor customer service
3 comments
Imrana T

Am in the same situation. We have little to no chance of winning individually.

Best is to group up all of us and take legal action against Generali Worldwide.

Contact me ... Imrana.Thiam@***.com.

Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Guest
reply icon Replying to comment of Meridee Dux

Why is the Facebook page not available, I'm finding all social media platform links invalid or removed.

View more comments (2)
Anonymous
map-marker Dubai, Dubai

Generali Worldwide - Vision Retirement Plan Review from Dubai, Dubai

I have just made a decision to surrender my vision plan after 3 years and I will loose usd10000.my advisor kept bumping up my premium unbeknown to me that they getting commission every time and the fees are continued at the higher rate...these financial advisors are liars or economical with truth to steal your money and this plan is like hooking up with the mafia...i am glad I am getting out early and not feeding this greedy monster. After this I realise I would be better off just leaving my money in a savings account at zero interest and will avoid these *** artists in future
View full review
Reason of review:
Problems with payment
3 comments
Imrana T

I am in the same situation. We have little to no chance of winning individually.

Best way forward is to group up, all of us, and take legal action against Generali Worldwide.

If you have also lost money, contact me ... Imrana.Thiam@***.com

Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Guest

Agreed 100% as mentioned above. I also have had to surrender our plan and much too embarrassed to disclose how much money I am losing.

Our Financial planner sold us a pretty picture, advised to keep pumping money in and then left the country leaving us in the capable hands of crooks. The second we stopped paying and started to ask hard questions, they were difficult to contact or reach.

During the surrender process they lost documents and made it almost impossible. DO NOT USE THIS SERVICE.

View more comments (2)
Allayna Crp
map-marker Geneva, Geneva

Generali vision has been a complete rip off - avoid at all cost

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Updated by user Mar 15, 2016

Just noticed that a positive evaluation of my financial advisor was automatically added to my review and I cannot delete it. There is absolutely nothing that I like about the Generali Vision Plan.

Its only purpose is to ensure good revenue for Generali over 10-30 years. It will simply rob me of my savings. Advisor was entirely dishonest, gave us erroneous and misleading information and is no longer even bothering to meet us.

He committed to meeting with us once every 3 months to discuss where we are at. Since we have reduced our monthly payment from 5000 USD to 300 USD a month and it turned out that Generali's charges are to be calculated on the highest amount for the plan's life (15 years), our entire investment will be just about enough to pay Generali.

Original review Mar 15, 2016
A charming financial advisor misrepresented the conditions of exit and Generali's fees and got us into a situation where we need to pay 5000 USD every month for 15 years or else lose 2 years of investment (90 000 USD). We don't earn our salaries in USD. We don't have such amounts to spare each month. Our intention was to simply invest a 90 000 USD and then pay a monthly minimum of 150 USD to maintain the plan for 15 years. This is what we had discussed with the advisor. He now pretends that he didn't understand and sends us back to the contract that we did unfortunately sign, which says that Generali's fees will be based on the highest premium even if afterwards the monthly premium is reduced. The document explaining the fees is very vague and difficult to interpret. We therefore asked specific questions and the advisor gave us his replies in writing. He said that we could reduce our premiums at any time without penalty. Of course, he didn't say that charges will continue to apply as if we hadn't reduced them (which amounts to a very severe penalty). I cannot believe that selling this plan in the way it was sold to us is legal. I wonder if someone has had a similar experience and knows how to handle it. This is a major financial loss for my family.
View full review
Loss:
$90000
Pros:
  • Advisor was honest that i would lose my money
Cons:
  • Collaboration with unethical financial advisors
  • Mis-informed by ifa about plan
  • Fraud
Reason of review:
Not as described/ advertised

Preferred solution: Let the company propose a solution

9 comments
Guest

I feel for you as I have just made a decision to surrender my vision plan after 3 years and I will loose usd10000.my advisor kept bumping up my premium unbeknown to me that they getting commission every time and the fees are continued at the higher rate...these financial advisors are liars or economical with truth to steal your money and this plan is like hooking up with the mafia...i am glad I am getting out early and not feeding this greedy monster any more.my sympathies for your loss. After this I realise I would be better off just leaving my money in a savings account at zero interest and will avoid these *** artists in future

Guest

Exactly the same problem, good thing to me is that i only invested 18,000$, is practicallly lost, wonder if this policy is legal... it looks pretty much a sacam, the financial advisor disappeared

Guest
reply icon Replying to comment of Guest-1139304

If there is anyone in Geneva who has the same problem, please contact me. I am working on a legal solution to this.

Guest
reply icon Replying to comment of Guest-1144973

I am also in the same boat. Signed up to this in Geneva and want to get out of it.

I am hoping the product is not licensed by the Swiss Authorities.

I would like to get involved ina legal solution if possible. What is your contact details?

Meridee Dux
reply icon Replying to comment of Guest-1307222

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Guest
reply icon Replying to comment of Guest-1307222

Hi, sorry, I just saw your comment. Did you find a solution in the meantime?

You can contact me at veuagniaux.boriana@***.fr. Best regards,

Meridee Dux
reply icon Replying to comment of Guest-1144973

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Guest
reply icon Replying to comment of Guest-1144973

Hi I have also been ripped off by generali Guernsey and lost 85,000 EUR. Has anybody taken legal action on this ?

What is the outcome ?

Perhaps we can all sue Generali as a group. If you have also been scammed with Generali eccessive Administration charges & fees, please all sign the petition https://chn.ge/2M5KfaS and send me a mail (imrana.thiam@***.com) I will try to group all of us in a legal procedure.

Meridee Dux
reply icon Replying to comment of Guest-1139304

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

View more comments (8)
Anonymous

Stay away from Generali Vision products

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I have lost quite some money but the worst thing is how the company treats you as a customer. Feedback takes between 2 to 4 weeks. Whatever you send them there is always something they say is not correct or missing just to delay their actions. They also like to blame other departments and there is always another person to contact. I made my big mistake to invest into Generali Vison product quite some time back and I am now in the process to surrender to close this case. I never had such a bad experience with any other company in my life. Stay away from them.
View full review
Cons:
  • Poor service
Reason of review:
Poor customer service
11 comments
Caiden Gdo

I made a big mistake too. I really wish to make a way to save other people from getting into a mess like this.

It's a waste of money, hard-earned money.

I should have read reviews online first before investing into Generali's Money8Secure Plan.

A teller and a Generali from a BDO branch got me into this whole mess.

I actually wanted to invest in UITF but they offered me this product. I should have think twice.

Meridee Dux
reply icon Replying to comment of Caiden Gdo

Can you please help and support me to sign petition against Generali and their brokers/agents lack of disclosure:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

Join me on Facebook group created for those who suffered from Generali Vision: https://www.facebook.com/menadodgyadvisors/?ref=aymt_learn_about_boosted_cta_tip

Caiden Gdo

I also experienced the same. I requested for the refund of the first premium I made but to no avail.

They claimed that my premium payment has lapsed or anything.

I pity other people who will also become victims like me who actually wanted to invest in a BDO UITF but a teller directed me to a Generali Life Assurance financial agent or adviosor instead.

What a waste of money!

Generali Money8Secure plan is not a good investment.

Meridee Dux
reply icon Replying to comment of Caiden Gdo

Can you please help and support me to sign petition against Generali and their brokers/agents lack of disclosure:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

Join me on Facebook group created for those who suffered from Generali Vision: https://www.facebook.com/menadodgyadvisors/?ref=aymt_learn_about_boosted_cta_tip

Guest

Hi Thomas,

But did you managed to cancel your Vision policy without losing your initial contributions?

I am currently writing a complaint to Generali regarding the lack of proper disclosure about the product.

Thanks

Meridee Dux
reply icon Replying to comment of Guest-1175954

Can you please help and support me to sign petition against Generali and their brokers/agents lack of disclosure:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

Join me on Facebook group created for those who suffered from Generali Vision: https://www.facebook.com/menadodgyadvisors/?ref=aymt_learn_about_boosted_cta_tip

Guest

Aside for the significant losses their Vision policy made us and the ridiculous charges imposed, there is no customer service and trying to get your own money back from them takes months with the delaying tactics they use. Even after sending all documents via email first to confirm they are in order and then paying $80 for a courier, 3 weeks after they receive them they decided one form was incorrect and had to be resubmitted. Another courier and another delay....

Stay away from them they are awful.

Guest
reply icon Replying to comment of Guest-1175649

Hi,

But did you managed to cancel your Vision policy without losing your initial contributions?

I am currently writing a complaint to Generali regarding the lack of proper disclosure about the product.

Meridee Dux
reply icon Replying to comment of Guest-1175649

Can you please help and support me to sign petition against Generali and their brokers/agents lack of disclosure:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

Join me on Facebook group created for those who suffered from Generali Vision: https://www.facebook.com/menadodgyadvisors/?ref=aymt_learn_about_boosted_cta_tip

Guest

This is exactly also my experience.

View more comments (10)
Anonymous
map-marker Northolt, Ealing

Generali scam fund providers

The writer has visited Generali offices several times. Once they have your money, you will be lucky to get these back as either their products will go into liquidation and if any thing is remaining will go towards their charges which, if you were made aware of, you will never invest with them in trillion years. Generali operate like mafia and they protect their fraudulent fund creators and financial advisors in every way possible. Yet when anyone complains, they say they have nothing to do with these advisors while charging thousands as their fee and thus make not millions but billions. They are all involved in worldwide scam funds and being top lawyers and accountants can manipulate their activities that they are almost untouchables
View full review
Reason of review:
Not as described/ advertised
1 comment
Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Antwaine Nkl
map-marker Hanoi, Ha Noi

Generali vision plan - 43% Capital loss after 10 Years

We opened a Generali vision plan in 2006 and are nearing 10 years with them. We have invested USD35945 and the current value is USD20460 and a cash surrender of about USD16500. Horribly disappointed would be an understatement. Obviously this is something good for Generali and for our financial advisor who both made money. Once in, its difficult and costly to get out. What appeared to be a 10 year plan is actually a 13 year plan. (10 years is your "bonus" date ). We dropped to the minimum USD150 per month a few years back and are struggling with the cashing in the whole thing and getting less than half of the money we've put in for 10 years. Sure glad this isn't our primary retirement fund. BEWARE of this plan, highly NOT recommended.
View full review
Cons:
  • Restrictive and costly termination terms
Reason of review:
Not as described/ advertised
4 comments
Guest

I feel for you as I have just made a decision to surrender my vision plan after 3 years and I will loose usd10000.my advisor kept bumping up my premium unbeknown to me that they getting commission every time and the fees are continued at the higher rate...these financial advisors are liars or economical with truth to steal your money and this plan is like hooking up with the mafia...i am glad I am getting out early and not feeding this greedy monster any more.my sympathies for your loss. After this I realise I would be better off just leaving my money in a savings account at zero interest and will avoid these *** artists in future

Meridee Dux
reply icon Replying to comment of Guest-1204017

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Guest

I also bought a generali vision plan in 2009. During that time I was on a good contract and told the advisor I can only may a lot of investment short term.

I signup for what I thought an investment of EUR 3000 per month for a period of 13 months as commitment, sit back and not think about it for 10 years.

Little did I know that I actually have commited EUR 3000 per month for 10 years. I was wondering why the plan did badly, and was occasional switching fund to lower risks, but it didnt help.

I was informed by another financial advisor that the admin fees were charged at 2 % of the commited premium, meaning in year 1, admin fees was 2% of 36000, in year 2 it is 2% of 72000 and so on.

So what I gain, I lost more in admin fees, and because i stop paying in after year 1, i am still being charge at 2% of 72000 in year 2 , and now I already lost close to EUR 20000, and 3 more years to be able to withdraw from the plan.

I am horrified!!

Wondering if anyone in the same boat?

Meridee Dux
reply icon Replying to comment of Guest-1144957

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

View more comments (3)
Caiden Gdo
map-marker Mandaluyong, Manila

Things to consider before investing At Generali-Money8Secure

Generali Worldwide - Things to consider before investing At Generali-Money8Secure
Generali Worldwide - Things to consider before investing At Generali-Money8Secure - Image 2
I got into a mess with Generali Life Assurance with their program Money8Secure plan without giving any second thoughts. What a waste of money! Generali do not want to give my hard-earned money back any longer upon trying to surrender the policy/program. I went to a certain BDO branch to inquire about UITF as I was eager and desperate to really start investing and saving for my future and then the teller directed me to a financial advisor. It turned out that this junior financial advisor is from Generali Life Assurance Co. and I did applied for the program "Money8Secure" right away after having been convinced. I was too eager to start investing. I paid the first premium amounting to more than Php8,400 for the 30,000 annual premium. After some wise thoughts, several considerations and other financial obligations are coming in, I realized that investing in Money8Secure Plan is not money-wise and convenient for me after all. It is like my money sleeps in the bank for 20 years and I cannot withdraw it anytime for emergency. I know there should have to be a separate Emergency Fund however, a Php30,000 at Generali's Money8Secure plan would only make me about 1,500 pesos in a year whereas, I could have a lot WISER and invest that 30,000 somewhere else and earn as much as 18,000 pesos annually. Now, think how much my money would earn in 20 years! Take it from me, think thrice before investing at Generali. If you think you cannot pay the premium regularly and not willing to keep your money sleep in the bank with Generali Life Assurance in 20 long years with minimal return or dividend, never attempt to apply for Money8Secure plan like I did. You'll only have low probability of withdrawing all the payments you have made. My hard-earned Php8,400 just went to waste.
View full review
Loss:
$178
Cons:
  • That they do not refund money
  • Surrender value
Reason of review:
Bad quality

Preferred solution: Full refund

2 comments
Meridee Dux

Can you please help and sign my petitions against Generali Vision and brokers selling it:

https://www.change.org/p/channel-island-financial-ombudsman-stop-generali-selling-products-without-full-disclosure

https://www.change.org/p/qatar-financial-center-regulatory-authority-stop-nexus-financial-services-and-other-financial-advisors

I also created Facebook page to get us together: https://www.facebook.com/pg/menadodgyadvisors/about/?ref=page_internal

Guest

"After some wise thoughts, several considerations and other financial obligations are coming in, I realized that investing in Money8Secure Plan is not money-wise and convenient for me after all."

Oh really? How come you didn't have these "wise thoughts" earlier?

You knew what was required of you beforehand. If you're too *** that you can't plan your finance in advance accordingly you WILL suffer losses in investing. Only idiots invest first, then change their mind and expect to walk away whole. Call your loss a tax for stupidity.

" I could have a lot WISER and invest that 30,000 somewhere else and earn as much as 18,000 pesos annually"

Lets face it, you are NOT a wise person.

Are you telling me that you think you can invest into somethingly on a monthly basis and rack in 60% annual return consistently for 20 years?? Are you serious? As they say, fool and his money are quickly departed and if you think Generali is the pinnacle of scam you're in for a world of (financial) hurt with those kinds of return expectations haha

Lastly, you CAN retrieve the pocket change of $157 you invested in Generali, but since you don't have any real reason to cancel the plan I'm not gonna tell you how. Mainly because for a fool who believes he'll find a non-scam investment of 60% annual return, Generali is perfectly suited for him.

Take it from me, in 20 years when you've lost all your money on a bunch of scams, you're gonna look back on this Generali and wish you've stuck with it.

Even at 5% net return @ 8'400 PHP/mo will amount to 3,4 million PHP. You will not have that money with your intelligence outside Generali, sorry, but that's just the way it is.

View more comments (1)