Citisolutions

joreg_2

I see the first post for this subject was sent in 2004, alsmost 2 years later, do any of you have futher opinoins or insight into the citisolutions way of working. I see the business is still going and growing!!

dunstonh

It is still going but its not growing by much. 30 regulated staff including their managers and compliance officers compared to 14 two years ago.

This business model failed with Allied Dunbar and Abbey Life. I hope it fails with citisolutions as well.

You have no doubt checked google for references and found most are bad. If you know anything about financial services, you wouldnt want to work for them.

Look at Janhbcs response above about how it wasnt a big deal to get FSA authorisation. Despite this, they got fined by the FSA and had to retrain individuals.

http://boards.fool.co.uk/Message.asp?mid=9350788&sort=whole

Good thread there on their recruitment style.

Please do not make the mistake of joining these cowboys. The sooner this type of sales process is removed from the UK the better.

lavandergirl_2

My friend is encouraging me to join though I have to investigate first the company. Reading from this thread, it seems like I should not touch it with a barge pole.

My friend says that she is a sort of a financial advisor because of the training and exam she got from citisolutions. Anyway, she told me she stopped paying her pension contributions and decided to put her money on the mutual funds offered by the company.

rossbenn

I was very reluctant to enter this discussion concerning this subject, however I may have a contribution to make.
I started my career in financial services 26 years ago when there were several large direct sales forces in the UK. To be honest it was mostly people who either couldn't get a job or were looking for a quick buck who joined.
And to be honest if you had a pulse you got the job, and we are talking about major high street names here. I think their idea was throw enough at the wall and some will stick. Having said that it did not make the applicants bad people.The training was scant to say the least and the attrition rate was high.


The problem was that after four days training," the adviser "? was let loose on the unsuspecting public to bring them the good news that they could sort out all their financial woes. Hence we have the massive misselling claims we have today, mostly down to bad training and banks/ insurance companies greed.
Bottom line is there are perhaps only one in every ten thousand people who went down that road and are still in the business today. You will have to have a thick skin and be prepared to have times when you dont get a cheque. To sum up, I think if you are serious about financial services as a career it would be best to train as an IFA. Then you can give clients proper researched advice. I wish you luck.

gyzmo

That sounds like those twogs wearing jackets marked "accident claims specialist" who hang about high street pestering people about having had an accident in the last three years blah blah blah. Such companies, I find, tend to do the bare minimum of training and focus only on numbers. The fact that they have a high staff turnover usually gives the game away. And the fact that they are commission only? Hmmm, I see mis-selling aplenty so that they can earn their pittance.

joreg_2

Hi there
from what I know from good friends who I trust and have being part of the company for some time, they do not operate a pyrimid scheme as u have explained. I am assured that nobody recieves money for inviting other top join the business. This from various individuals, particulary one quite high up whom I trust. Of course the money goes to something, and I could only imagine that it is truly towards expenses, as surely it must cost something to train people, book venues etc.. even if the training is in some's opinon second rate.
And yes they do actually have products, I have very good, affordable and competitive life cover with them myself, and have seen some of there mortgage products. so no their money is not generated by millions of people paying £140.

I am sure your feelings of being conned are valid. But more because you were expecting something that the company would have something that it is not. It is good to be sceptical as there are lots of conns out there. There are also good companies with bad people working for them that unfortunatley tarnish the view of that company in the eyes of those who have experienced poor service etc... from them.
Alas the philosophy that that a little leven levels the whole lump, rings true in these circumstances

ok let me stop waffaling... just thought I would set a clearer picture 4 y'all

dunstonh

Its fair to say that within the industry, they have a very poor reputation and most compare them with Allied Dunbar or Abbey Life. Both of whom had similar recruitment methods and high pressure sales process.

Like many other salesforces, they are a sales focused company and that is not ideal for anyone wanting to seek proper financial advice. People should avoid salesforces whether they are tied or independent.

gyzmo

The point is quite clearly made and well understood. Citisolutions focus on sales. It is a corporation and wants to bag as much money as possible - that is it's legal primary goal. The pyramid system set up clearly demonstartes that the attempt is to attract as much new business as possible, as no-one in their right mind would renew with them, never mind do any business in the first place.

moneywise_2

I find something in Citigroup website about citisolutions

http://www.citigroup.com/citigroup/oncampus/d/gcg/p3g1.htm

Seem like citigroup is supporting citisolutions but what is pyramid scheme? Is it legal ? if not how can FSA regulated Citisolutions ? How can Citigroup support Citisolutions??


"
CitiSolutions

CitiSolutions aims to help families become debt-free, financially independent and save for the future. We offer a variety of customised products and services designed to help people protect their income, get out of debt and prepare for the future"

NuclearReactor

"CitiSolutions aims to helps families become debt-free",

So how do they make money from people who are in debts?

By joining them in to their pyramid system and signing up for their mortgage or other financial services which are better than any other mortgage or financial service provider that they can make you debts free. Infact they are so good that no financial expert or media has picked it up.

And by joining them you can earn 6 figures (over 100,000 pounds) per year.

Sounds fantastic, can I join now?

Sure but you need to pay £140 admin fee.

Surely If I would be earning that much money you can deduct it from the money I make or if your firm is earning that much money I am sure you can afford £140.

Yes as you can see they do make money !! but from families in debts!!
thx