Swiss Life Select
 | |
| Company type | Public |
|---|---|
| Founded | 1988 |
| Headquarters | Hannover |
Swiss Life Select Deutschland GmbH, headquartered in Hanover, is a known MLM pyramid scheme, parading as a financial advisory firm offering consultation in insurance, investment and real estate matters.[1]
It was initially created under the name AWD Holding by Carsten Maschmeyer and acquired in 2007 by Swiss Life.[2] Via Swiss Life Deutschland Holding, Swiss Life Select is a wholly owned subsidiary of the listed Swiss financial advisory and insurance group Swiss Life.
Swiss Life Select often hires individuals with no background in financing. They train their employees for a cost, and then allow these people to work as "financial advisors" for real clients within 2 months of training. Swiss Life Select employees largely earn salaries via commission. The more clients they have, the more they can rise in the company, to eventually become able to hire workers under themselves. When they do this, they benefit financially from the commissions of their subordinates, forming a pyramid business structure.
Clients are typically offered to save money via applying for the 3a pillar program. As part of the payment for Swiss Life Select Services, clients are required to provide a list of 10-20 additional people who the advisor can contact with their 3a pillar offer.
Reviews of the company on various platforms reveal that clients often lose significant money via the 3a pillar. They additionally face difficulties obtaining their money from Swiss Life Select when the time has come for the company to pay the investments.
Key figures[edit]
Swiss Life Select does not publish separate financial figures, but is included in the consolidated financial statements of Swiss Life Deutschland Holding. In the consolidated financial statements of Swiss Life Deutschland Holding, the four financial distributors Swiss Life Select Deutschland, tecis, HORBACH and Proventus generated sales of 385.5 million euros in the 2018 financial year.[3] The number of consultants on December 31, 2017, is reported as 3538 consultants licensed under commercial law.[4] Around 750 permanent employees currently working at the Hanover location, the back office for all sales.[5]
History[edit]
The AWD company was founded in 1987. There is a popular belief that Carsten Maschmeyer founded the company alone, together with his later wife Bettina or her brother Kai Lange, but the official founder was Kai Lange, alone or with his girlfriend Ulrike Schröter.[6][7]
References[edit]
- ^ Corporate purpose according to Handelsregister beim Amtsgericht Hannover HRB 55324 (in German). 28 July 2015. Retrieved 26 August 2020.
- ^ "Swiss Life to buy German AWD in $1.7 bln deal". Reuters.com. 3 December 2007.
- ^ Cash.-Hitliste der Finanzvertriebe 07/2019
- ^ Bundesanzeiger (Konzernabschluss zum Geschäftsjahr vom 01.01.2017 bis zum 31.12.2017 der Swiss Life Deutschland Holding GmbH)
- ^ life PR: Vorsorge-Report: Frauen sorgen seltener fürs Alter vor, aber dafür immer früher, 15 July 2021, retrieved 19 July 2021.
- ^ Albrecht Scheuermann: Finanzmakler: Jörg Jacob wechselt von AWD zu Formaxx. In: haz.de, 17 August 2009. Retrieved 26 December 2011.
- ^ Michael Fröhlingsdorf, Markus Grill, Christoph Schwennicke (2011-03-05), "GELD: Mitten im größten Geldklumpen", Der Spiegel (in German), vol. 10, retrieved 2018-01-15
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Personal Communication with a friend turned Swiss Life Select Financial Advisor