Does Anyone Know Genistar?
Hi Everyone,
I hope you all had a great week?
My week was extremely busy, nothing unusual there. Yesterday I attended an event at London Heathrow airport which was organised by a company called Genistar from the USA.
It is fundamentally a financial education company and offers a number of programmes in order to help to create wealth. It does this by building relationships with its customers, who are recruited and become ambassadors for the company, and members of your team.
It sounded a bit like Network Marketing, which I am not a fan of, but certainly all of the people at the event I attended seemed very enthusiastic and full of praise about the company, and there were more than 1000 people at the event.
Genistar was founded by Jeffrey Lestz in 2007 and there are still some of the original founders of the company involved with it, such as Bob Safford Jnr, and Steve Jenkins.
Steve Jenkins was at the meeting I attended in London and hosted the awards meeting for all the Genistar members who were assembled and many of whom received awards for their achievements.
If anyone in this community has any experience of Genistar I would be interested to know more.
I wish you all a happy and relaxing weekend!
Cheers
Alan
Recent Comments
7
Hey Alan,
My background is in Banking & Finance, and I'm from London, so I have come across them before, but this all from around 15+ years ago.
So, I can only give you information from my point of view, with my background and experience, although this may now be dated.
I would say that the most popular terms used about Genistar are:
"MLM"
and
"Pyramid Scheme"
Make of that what you will.
I believe the two American guys are former insurance brokers and bankers from the United States, and they did work for fairly prestigious companies.
Additionally, the same "owners" created a company called CitiSolutions (something tells me they were insincerely trying to trade off the Citibank name), that company closed down and the exact same directors and owners opened up Genistar in 2007 (always a bit of a red herring).
As far as I can tell all their business is an intermediary and introducer for Friends Provident and F&C investments.
I will also say that their "marketing team" appears to know online marketing quite well (although, I know that this is all paid for... any of us can do this, I certainly have), but they have backlinks coming from some very reputable sources, even including a write up in the Guardian (again most backlinking strategies, when the company has money will be focused on brand shoutouts in massive publications, and government-based website <--- it appears they have paid for all of this in order to "look more legitimate").
Personally, I have absolutely no experience of how they work, but back in my banking days we would keep an eye on new start-ups, etc. so I have come across them.
I would think you will find a lot more information about them on the Money Saving Forums, perhaps just do a Google search for
Genistar + Money Saving Forums
and see what comes up.
I can only advise on the little knowledge I've provided above, and that advice is
AVOID.
Just my opinion.
Partha
Hi Abie
Although they have a large presence in the UK, I believe they were founded in the USA around 2007, and some of the speakers at the UK event flew over from the US, cheers Alan
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Multi Level Marketing IS a legitimate business model and quite legal…(think Amway!!)
However Pyramid selling IS illegal and to be avoided at all costs!!
MLM can generate big incomes … but the majority of those who participate usually don’t make much money at all for the amount of work that is required.
The principle of MLM … time leveraging is in my view exactly what we’re doing in WA … putting in effort into a venture that reaps rewards over and over again. (Contrast that with ‘trading money for hours spent’ aka regular employment)
I have blogged on this in my posts on earning money in retirement 😉
Hi James,
Thank you very much for your helpful comments.
Cheers
Alan