It’s likely that you have come across Genistar through an email list, on social media or got it recommended by a friend or family member.
Is Genistar a scam? The reasons why you’re here is because you have want answers right so, that’s what I’m going to provide for you within this Genistar review.
First and foremost I must commend you for actually doing a bit of extra research before committing to joining Genistar. For all you could have known, the product could be a major scam so the fact you’re here right now, researching whether or not that’s the case is a pretty smart move on your part.
To be fully transparent with you, I am personally not a member of Genistar so I can assure you that I will not attempt to sell you it unless of course it’s worth investing in.
What I will aim to do is provide you with an unbiased 3rd party look at Genistar that will hopefully help you to make the best decision you can in the end.
PRODUCT NAME: Genistar
OWNER/S: Jeff Lestz
TYPE OF PRODUCT: finance services based MLM
PRICE: $140
SUMMARY: The good news is that Genistar is neither a pyramid scheme or a scam, it’s a legitimate MLM business with a couple positives to it, some that may even make it a somewhat decent MLM to join.
Genistar being in business for over 10 years provides a lot of credibility to it and the fact people seem to have had a very good experience with consultants on the other side does mean that Genistar atleast care to train their consultants and have them be solid performers.
Of course the high barrier of entry may be a turn off to some, the tedious steps to access the compensation plan is annoying too whilst the biggest issue is probably the really low success rate many tend to have with MLM companies in general.
I’m not saying that Genistar would be my first reccomendation when it comes to making money online or off but, it doesn’t seem to be a badly run company. Therefore, if you like what you see and are obviously willing to work hard in order to learn about Genistar and how to make it work, I don’t think it’s all that bad an opportunity to pursue.
FINAL RATING: 3/5
RECOMMENDED: No
Table of Contents
WHAT IS GENISTAR?
Genistar is a MLM company based in the UK which focuses on the financial niche and was founded in 2007 by an individual named Jeff Lestz. So the company itself is very established having lasted in the scene for well over 10 years at this point.
If you’ve found yourself on this review, you’re obviously very interested in the company and probably understand that you can make money with the company. Well the truth is you can but, the it’s not going to be a simple procedure to do so.
Genistar do offer a compensation plan through which you’ll be able to earn however, MLM companies don’t tend to be the best business opportunities to pursue which is why I think it was a very wise idea to do a bit of research before committing joining Genistar.
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GENISTAR PRODUCTS
The products that Genistar offer (more so services) isn’t huge but with 12 different services on offer, it’s certainly not a small amount.
These services include the following :
- Personalised Financial Plan : This service asks you to complete a questionnaire which aims to create you a personalised financial plan.
- Personal Protection : Genistar offer various protection plans which can even be personalised for your situation
- Life Insurance : This will basically cover for your family financially in case something bad were ever to happen to you.
- Serious Illness Cover : This will basically cover debt regarding really serious illnesses like cancer, Aids etc.
- Private Medical Insurance : This insurance covers more normal medical expenses such as regular doctor visits.
- Income Protection : This will help protect your income in instances where you may be unable to work, such as from an illness or disability.
- Regulated Mortgage : Helps you with securing a mortgage.
- Buildings and Contents : This insurance protects your building/s and the contents inside it.
- Debt Solutions : This service aims to help you pay off any outstanding debts you may have.
- Wills and Trusts : These services deal with estate plannings and your assets after death.
- Pensions : This service will help you with your retirement plan
- Commercial Insurance : This helps you deal with workers compensation and other issues like that.
As you can see, a lot of these services do seem like they can be useful and considering Genistar’s longevity, I’d be surprised if the services weren’t atleast decent.
HOW DO YOU MAKE MONEY WITH GENISTAR?
As is the case with pretty much all MLM businesses there are 2 ways to make money with them, Genistar being no exception.
1. The first method is by directly selling the product to other individuals and in return make a commission for the sales
2. You make money through your recruits and downline, by getting residual income by following and meeting certain criteria as well as make money through bonuses and incentives due to meeting company set goals.
HOW TO GET STARTED
If you want to join Genistar, there are actually a fair few steps you’ll need to get through. The first thing you’ll need to do of course is pay a start up fee. This fee will set you back $140. By paying this amount Genistar will provide you with a few training resources, different background checks on you and other documents.
After this you’ll need to complete the following tasks :
- 5 days training
- Observe two live client interviews
- Pass 50 question multiple choice exam
The test doesn’t seem to be completely easy as only 70% of individuals tend to pass however, you do get provided with a 50 page manual to study for it and you’re also able to retake the test upto 5 times.
The test aspect may not be to a lot of peoples liking and some may even classify it as a bad thing however, considering the field you’d be working in as a member, I personally do think it makes a lot of sense that there are qualifying factors to joining Genistar over just paying a fee.
COMPENSATION STRUCTURE
This section will briefly go over the affiliate ranks and some elements of the compensation plan so that you have a rough idea on how you’d profit with Genistar. Firstly, I want to mention that there is a little annoying aspect to actually accessing the plan.
There are actually steps you’ll have to take in order to get access to the compensation structure. These steps include giving your email address, phone number and talking to one of Genistars representatives first.
It’s only when the representative passes you when you’ll gain access to the structure. When you consider most MLM’s easily allow you to access their compensation plan, this over the top secrecy is definitely a little annoying.
Moving on, Genistar only has 5 different ranks that go from representative to executive vice-president. This actually isn’t all that many as I’ve seen MLM’s with 20 ranks in their system before.
The purpose of these ranks is simply so you can rank higher in the company and in turn be eligible for more benefits from the plan. Of course ranking up is a lot easier said than done. In fact the majority of the time most members tend not to even get past the first rank so don’t be deceived by the fact there are fewer ranks within Genistar.
Retail Commissions
These are commissions you’ll receive everytime you’re able to sign someone up to one of Genistar’s financial services. As for how much you make, as a representative ranked member you’ll be eligible to earn a 25% commission per sale. This will increase the higher you rank within the company.
Residual Commissions
This is a recruitment based commission where you’ll earn a certain percentage of income from the entirety of your downline team. Once again the amount you can make through here will be limited to how highly you rank within the company. This is because the higher you rank within the company, the more levels you’ll be able to earn from.
THE NOT SO GOOD THINGS
Hard To Access Compensation Plan
The fact you need to jump through a fair few hoops simply to access the compensation plan is one thing that I don’t really like about how Genistar does things.
I guess it’s not the worst thing in the world but it is annoying.
A Lot Steps Necessary To Be Done In Order To Join
On top of the previous point, you’ll also need to jump through a bunch of other hoops just to join. Not only do you need to pay a $140 fee but you also need to pass a test, a test that 30% of people fail.
I can’t necessarily class this as a completely bad thing considering the niche Genistar is in but, there’s no denying that some people probably won’t like it.
Most People Will Fail
The truth is that MLM’s don’t really have the best track record when it comes to producing successful people in their company. The reality is that only a very small portion of individuals make up the majority of the income the company generates.
In terms of the success rates, around 70% of members tend not even to break even with around 5% of members generating a decent income of $1k/month and an even smaller 1% making $2k+/month (full time income)
So, if you do join Genistar expect to see very similar results to this if not worse.
THE GOOD THINGS
It’s Been Around A While
Being around since 2007 (so 12 years old) definitely adds a lot of credibility to Genistar. The reason I say this is because the majority of businesses tend to collapse within a decade so, being quite a bit older must mean the company’s doing something right–right?
The Extra Steps Do Make It More Secure
Although there are more hurdles to jump over and the necessity to study an exam paper in order to become an official Genistar consultant, I still do believe there’s a legitimate reason why the test should be mandatory.
I understand that someone who isn’t very competent shouldn’t be trying to sell financial services to others who may be in need of it.
In fact, on trustpilot it seems that because of this test, it does seem like customers are getting a pretty solid experience from consultants of the company and I’d say that’s partially due to the vetting process in the beginning.
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IS GENISTAR A PYRAMID SCHEME/SCAM?
The good news is that Genistar is neither a pyramid scheme or a scam, it’s a legitimate MLM business with a couple positives to it, some that may even make it a somewhat decent MLM to join.
Genistar being in business for over 10 years provides a lot of credibility to it and the fact people seem to have had a very good experience with consultants on the other side does mean that Genistar atleast care to train their consultants and have them be solid performers.
Of course the high barrier of entry may be a turn off to some, the tedious steps to access the compensation plan is annoying too whilst the biggest issue is probably the really low success rate many tend to have with MLM companies in general.
I’m not saying that Genistar would be my first recommendation when it comes to making money online or off but, it doesn’t seem to be a badly run company. Therefore, if you like what you see and are obviously willing to work hard in order to learn about Genistar and how to make it work, I don’t think it’s all that bad an opportunity to pursue.
MY PERSONAL RECOMMENDATION
I personally will always recommend against using a MLM business model to make money, not because you can’t make money through it (you totally can) but, the system has always seemed shady to myself and is kinda synonymous with the likes of a pyramid scheme or scams (MOBE and Digital altitude).
Instead I prefer working with something created through ones own means and is ultimately dependent on yourself and your work ethic alone.
This method I’m talking about is affiliate marketing.
The reasons as to why I recommend it over MLM based structures are because
– there is no need to recruit constantly
– it is a legitimate method that has been working consistently and continues to grow as more businesses want individuals to promote products
– and because it is free to start up, no unnecessarily large start up funds needed.
The service I recommend is Wealthy Affiliate. It’s free to sign up to and will get you set up and ready to start your affiliate marketing journey within minutes, as it did for me when I begun my journey.
If you have any questions that you would like to ask me regarding Genistar, feel free to do so in the comments section below and I will get back to you as soon as I can. If you have your own thoughts about Genistar and would like to talk about it, again feel free to do so in the comments below!
Thanks
Amhil