I connected with a person on Shapr. Little did I know that I would end up going for a presentation for Genistar. The sceptical analyst in me is screaming to stay away because Genistar feels similar to a structured product where the only ones laughing are the relationship managers and the investment banks. I can kind of see where I can make money but I have to ask the question as to where Genistar makes their money and what part of the income do I actually get. Then there is the curious research part of me that is excited about a new concept. At this stage, I have to state that I have attended only the business overview seminar. I have no affiliation with Genistar nor have I taken any other steps to get involved with them.
From what I have gathered so far; Genistar “trains” people to become representatives so that they will be able to recommend appropriate financial solutions. These solutions are from institutions they have a relationship with. The solutions are churned out by software. There is a payment of £140 that needs to be made if you decide to go ahead and be a representative for them to cover the costs of training materials and background checks.
I like the following about Genistar:
1) There seems to be a gradual process between the time you attend the first business overview meeting and when you are able to represent Genistar.
2) The major partners of Genistar are reputable.
3) There does not seem to be fixed targets.
4) There exists a huge encouragement to work for yourself.
5) There seems to be a strong sense of working together.
The following are the things I do not like about Genistar:
1) There is a huge lack of information. This includes their website, Facebook and Twitter. YouTube has little information.
2) There is no clear indication about how you find people to sell products to or as they put it; “help” people financially.
3) Nothing has been mentioned about how commissions would be distributed. There seems to be some level of multi-level marketing (MLM). MLM is a slippery slope that one can in easily fall into and hard to get out of.
4) I am extremely concerned if the meeting I went to was a sample of the type of people that are attracted to the business model of Genistar.
There are forums and articles that have called Genistar a scam. I cannot and will not do that at this stage as I want to make up my own mind. My curiosity has not waned. The good thing is that it has not increased either. I may go for another meeting to find out more I will post an update if I do. I would really like to hear from you if you have had experience with Genistar or any other MLM.