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Old 16.09.2014, 14:13
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WARNING Generali Vision and investment 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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Old 16.09.2014, 14:14
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Re: WARNING Generali Vision and investment advisers

thread lock in 3.....
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Old 16.09.2014, 14:43
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Re: WARNING Generali Vision and investment advisers

Haven't heard of them but such a post being the first ever post in forum of a newcomer makes me suspicious
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Old 16.09.2014, 14:46
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Re: WARNING Generali Vision and investment advisers

As I say I don't normally get involved in forums but this time I felt it was necessary to spread the word.

Just search for Generali Vision complaints if you want to verify the misery this brings to expats who fall for it.
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Old 16.09.2014, 15:26
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Re: WARNING Generali Vision and investment advisers

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As I say I don't normally get involved in forums but this time I felt it was necessary to spread the word.

Just search for Generali Vision complaints if you want to verify the misery this brings to expats who fall for it.
We know all about them David, there's been plenty of threads discussing them, some get deleted because of threats of legal action from their lawyers but some still exist.

Welcome to the forum BTW

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Haven't heard of them but such a post being the first ever post in forum of a newcomer makes me suspicious
You've been a member for over 5 years and haven't heard about them?
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Old 16.09.2014, 15:31
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Re: WARNING Generali Vision and investment advisers

http://www.englishforum.ch/search2.php?q=financial+cold

the tip of the thread iceberg....
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Old 20.02.2016, 20:26
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Re: WARNING Generali Vision and investment advisers

David-J, thank you. I have very negative personal experience with Generali Vision. I agree with those saying you have to think twice before starting this retirement plan. If something is going wrong with your earnings (unemployment, salary decrease, etc) and you need to ask for Partial or Total encashment/surrender – first, you will lose a lot (up to 50% of paid amount). Secondly, they will do everything not to release YOUR money. The deadlines are not respected, you have to push them to get any feedback, they are always not satisfied with documents provided, nobody can confirm what is required, all requirements are different. So finally you feel yourself a tennis ball. As a Proof of Address they request such a huge and complicated document list that you feel you deal with FBI but not an investment structure. If you are not 100% sure you will be absolutely stable for the next 15 years min – you better run from their advisors. Regarding all these head-hunters (so called IFA) - they are head-hunters indeed. After they have caught you, they disappear from your horizon.
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Old 20.02.2016, 20:36
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Re: WARNING Generali Vision and investment advisers

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David-J, thank you. I have very negative personal experience with Generali Vision. I agree with those saying you have to think twice before starting this retirement plan. If something is going wrong with your earnings (unemployment, salary decrease, etc) and you need to ask for Partial or Total encashment/surrender – first, you will lose a lot (up to 50% of paid amount). Secondly, they will do everything not to release YOUR money. The deadlines are not respected, you have to push them to get any feedback, they are always not satisfied with documents provided, nobody can confirm what is required, all requirements are different. So finally you feel yourself a tennis ball. As a Proof of Address they request such a huge and complicated document list that you feel you deal with FBI but not an investment structure. If you are not 100% sure you will be absolutely stable for the next 15 years min – you better run from their advisors. Regarding all these head-hunters (so called IFA) - they are head-hunters indeed. After they have caught you, they disappear from your horizon.
It's not a retirement plan at all, it's a flexible insurance policy
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Old 21.02.2016, 01:14
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Re: WARNING Generali Vision and investment advisers

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It's not a retirement plan at all, it's a flexible insurance policy
Thanks. Correct, insurance policy. Does it make them better then? It does not change their approach to Policy holders. They try to avoid a fulfilment of their obligations creating incredible bureaucratic barriers. For instance, while opening this Policy, nobody asked me for my certified ID or proof of address.. Look what they require as a proof of address now to pay me back MY money (everything to be certified):




*Utility, rates or income/council tax bill (including internet bill but not mobile telephone bill).
*PO Box invoice or utility bill sent to a PO Box address that in either case references the service address of the Verification Subject (in this instance will require an additional document confirming the PO Box address)
*PO Box Disclaimer alongside a Residency Permit, ID Card or Broker Visitation Letter
* A letter from applicant’s employer addressed to GWG that is a listed company, or is a 100% subsidiary of a listed company confirming residential address. Where the letter is addressed "To whom it may concern" this is downgraded to a B List. It should be signed by a senior manager or director or senior HR manager.
* A local telephone directory entry (electronic or certified true copy)
* An address verification / validation service, e.g. 118118.com
* A national ID / residency card quoting address (except where the same ID Card is being relied upon as Proof of Identity)
* A EU, UK or US photo Driving Licence card quoting address (except where the same Driving Licence is being relied upon as Proof of Identity)
* An extract from an official electoral register
* A state pension or benefit book or other government produced benefit document showing benefit entitlement
* A tax assessment document
* A bank statement issued by a regulated bank (other than an online banking statement)
* An "account" statement issued by a main-stream and regulated financial services business
* Credit card statements issued by main-stream banks
* A proof of ownership / rental agreement referring to the residential address, e.g. lease document plus proof of current payment (bank statement or receipt / letter from landlord). This is downgraded to B List if only lease.
* Mortgage statement (requirements as per bank statement)
* Invoice for cable or satellite TV
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Old 21.02.2016, 02:00
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Re: WARNING Generali Vision and investment advisers

Myself I would not buy a policy from these people.

It just looks too complicated
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Old 21.02.2016, 02:13
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Re: WARNING Generali Vision and investment advisers

[QUOTE=grumpygrapefruit;2239672]We know all about them David, there's been plenty of threads discussing them, some get deleted because of threats of legal action from their lawyers but some still exist.

I do not understand it. If they act not in FULL accordance with the law, why to be afraid of their lawyers? What they can do finally? I would love them to start process against me. It will be FOC for me and they will never win. They have no even a paper signed by me that I "read and approved", any agreement or whatever. Especially the original one. One rogue came to my office and convinced me that this is a cool plan. He did not even ask for my ID! He opened my plan and I started paying from my bank account. Asking back for my money from Generali (even loosing 50%), I meet incredible resistance on their side. They do not want to pay my money back despite the existing and confirmed right!
So this is to admit that I am a goat. I did it with my own hands. People, never join GENERALI Vision/Policy!!!
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Old 21.02.2016, 02:27
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Re: WARNING Generali Vision and investment advisers

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I do not understand it. If they act not in FULL accordance with the law, why to be afraid of their lawyers? What they can do finally?
Simple: they got money, the owners of EF not. So they could cause enough trouble to make running a small forum for expats in Switzerland a financial risk. I wouldn't mind if they'd sue me personally as I got insurance... But I can understand that a commercial company has to operate in its interests and not risk their business.

Legal systems are unfortunately not always only about who's right.
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Old 21.02.2016, 06:43
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Re: WARNING Generali Vision and investment advisers

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Thanks. Correct, insurance policy. Does it make them better then? It does not change their approach to Policy holders. They try to avoid a fulfilment of their obligations creating incredible bureaucratic barriers. For instance, while opening this Policy, nobody asked me for my certified ID or proof of address.. Look what they require as a proof of address now to pay me back MY money (everything to be certified):




*Utility, rates or income/council tax bill (including internet bill but not mobile telephone bill).
*PO Box invoice or utility bill sent to a PO Box address that in either case references the service address of the Verification Subject (in this instance will require an additional document confirming the PO Box address)
*PO Box Disclaimer alongside a Residency Permit, ID Card or Broker Visitation Letter
* A letter from applicant’s employer addressed to GWG that is a listed company, or is a 100% subsidiary of a listed company confirming residential address. Where the letter is addressed "To whom it may concern" this is downgraded to a B List. It should be signed by a senior manager or director or senior HR manager.
* A local telephone directory entry (electronic or certified true copy)
* An address verification / validation service, e.g. 118118.com
* A national ID / residency card quoting address (except where the same ID Card is being relied upon as Proof of Identity)
* A EU, UK or US photo Driving Licence card quoting address (except where the same Driving Licence is being relied upon as Proof of Identity)
* An extract from an official electoral register
* A state pension or benefit book or other government produced benefit document showing benefit entitlement
* A tax assessment document
* A bank statement issued by a regulated bank (other than an online banking statement)
* An "account" statement issued by a main-stream and regulated financial services business
* Credit card statements issued by main-stream banks
* A proof of ownership / rental agreement referring to the residential address, e.g. lease document plus proof of current payment (bank statement or receipt / letter from landlord). This is downgraded to B List if only lease.
* Mortgage statement (requirements as per bank statement)
* Invoice for cable or satellite TV
Not that I recommend using these people, but this may simply be due to change in anti-money laundering rules. In fact, it's some what a wider range of agreeable proofs of ID than I recently had to supply for First Direct (perfectly normal UK bank) after 15 years of being with them. (Of course, you don't have to supply all of these - just a selection. That's self-evident).

By the way - we got our documents certified at our local branch of UBS - no charge.
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Old 21.02.2016, 07:30
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Re: WARNING Generali Vision and investment advisers

I still get called maybe twice per month at work from these financial cold callers, obviously getting my details from LinkedIn or whatever.. They call reception/security and claim to be from another office to get put through.. Then say some friendly crap like 'oh hey john, long time no speak, I met your colleague bob last week, he said i should call you...'

Why why why would anybody do business with people who introduce themselves with lies? If you do, you deserve to lose your money.
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Old 21.02.2016, 09:11
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Re: WARNING Generali Vision and investment advisers

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Look what they require as a proof of address now to pay me back MY money (everything to be certified):
I would expect that these are _options_ - so you would pick only one of these?

(Not making any statement on the company or the product, FWIW).
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Old 21.02.2016, 10:01
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Re: WARNING Generali Vision and investment advisers

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I would expect that these are _options_ - so you would pick only one of these?

(Not making any statement on the company or the product, FWIW).
Yes, it looks this way and it's self-evident. For normal person who understands that it is almost impossible to accomplish this list. I did provided with several docs from this list but they were not satisfied for some reasons without giving any explanation. It is impossible to find a person responsible for his word. Every clerk gives his own explanation and it takes ages to get it... It's a mess.
Anyway, you are right, John H. The stupid and too trusting sheep must pay for such a lesson learned. Very sad that it is not the right time to learn it. 4-5 years ago, having well-paid job, I would not experience such a grievous stress like now. But when it's your last hope at the moment... (((

Last edited by squirrell; 21.02.2016 at 10:14.
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Old 21.02.2016, 10:36
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Re: WARNING Generali Vision and investment advisers

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You've been a member for over 5 years and haven't heard about them?
I've been a member for ages too and I hadn't heard about this particular one. I have Generali car insurance, it seems competitive on Comparis.ch. I have not had to make a claim and only have minimum cover but staff seem helpful. Thanks for the heads up!
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Old 21.02.2016, 11:11
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Re: WARNING Generali Vision and investment advisers

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I still get called maybe twice per month at work from these financial cold callers, obviously getting my details from LinkedIn or whatever.. They call reception/security and claim to be from another office to get put through.. Then say some friendly crap like 'oh hey john, long time no speak, I met your colleague bob last week, he said i should call you...'

Why why why would anybody do business with people who introduce themselves with lies? If you do, you deserve to lose your money.
It's not just the Generali scam but also FOREX and Oil and even the Nigeria Money Transfer scam. It amazes me how people think how someone could just call them and give away money


I deal with any phone call where a caller cannot clearly identify himself within 3 seconds by just hanging up. It also saves me time and hassles.
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Old 21.02.2016, 11:42
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Re: WARNING Generali Vision and investment advisers

Had at least 2 sales guys from the usual suspects trying to connect with me on linkedIN in the past week. So don't connect with any ex-pat advisors to save your connections being harvested and cold called
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Old 21.02.2016, 14:35
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Re: WARNING Generali Vision and investment advisers

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Had at least 2 sales guys from the usual suspects trying to connect with me on linkedIN in the past week. So don't connect with any ex-pat advisors to save your connections being harvested and cold called
You can prevent this by adjusting your privacy settings in LinkedIn.
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