The Vision Savings Plan is an investment-linked regular payment savings plan from Utmost International.
It was mainly intended for expats searching for savings options and was made for mid- to long-term investments.
However, many customers claim that the plan wasn’t worth it, which we’ll talk more about later on.
While existing investors can continue with their plan, new clients can no longer subscribe and are better off looking for alternatives.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).
This includes if you are looking for a second opinion or alternative investments.
This article is here for informational purposes only, and some of the facts might have changed since it was written. So, potential investors shouldn’t invest or decide not to invest based on this review alone.
For updated guidance, please contact me.
What is Utmost Vision Plan?
The Vision Plan was an offering from Generali Worldwide which global life insurance and investment firm Utmost International acquired in 2019.
The plan makes investments in accumulation units, the value of which fluctuates according to market outcomes.
Roughly 200 choices for investing were available, including both internally and externally managed funds.
The policies were available in British pounds, euros, Hong Kong dollars, and Japanese yen.
On top of a minimum contribution requirement per month, the plan has various fees, such as an upfront cost and recurring management fees. These expenses may have a major effect on total returns.
Pros and Cons of Utmost International Vision Savings Plan
Some reported that although they did not suffer any losses, their profit was not as great as they had anticipated. The plan has drawn criticism from users for performing poorly vs industry norms.
Many reviews point to excessive fees that eat up a significant amount of payments; others claim that charges accounted for more than half of their payments instead of growth in investments.
Many also talk about how hard it is to get satisfactory answers to their questions from customer service.
The main issues with the rather contentious Utmost International Vision Savings Plan are its exorbitant fees and subpar investment results.
Pained by financial indecision?
Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
I’m not sure what date this blog was written, but I’ve stumbled on it while going through my accounts. Admittedly, I have been reluctant to look at my Utmost Vision account because it causes so much anxiety. I was massively mis-sold the plan by a financial advisor while living in Geneva. He basically lied to every question and concern I had. Furthermore, he did not provide me with the complete T&Cs.
I now have £40k in my Vision Account which has been accruing for 15 years. After fees (which last year amounted to more than my £200/month contributions) the plan is ‘returning’ +2.7%. At least it is a positive return.
But, yes, the return would be more like 8 – 12% if the fees were ‘normal’.
I have another 15 years to run on this plan, or I surrender it and lose £14,000 in surrender fees! (I was told there’s no fees for early closure by the dodgy FA) If I make changes to the plan, I accrue even more fees (fees for the funds I moved from and fees for the plan I move to!)
So, I’m stuck putting in the minimum £200/month for another 15 years and hope that it at least breaks even, including inflation. But currently, it’s not the case.
I will never trust a financial advisor again.
Sorry you had this bad experience Alan.