Doha, Qatar
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3 comments

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

Product or Service Mentioned: Generali Worldwide Vision Retirement Plan.

Reason of review: The whole arrangement is scam.

Monetary Loss: $50000.

Preferred solution: Full refund.

I didn't like: Being scammed, Suck, Poor service, Mis-informed by ifa about plan, Salesmen.

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Anonymous
#1535120

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.

Pissed_Consumer_ITH
#1534741

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

Anonymous
#1534659

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@gmail.com) I will try to group all of us in a legal procedure.

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