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Devere Group - De Vere, please return my lost money and loss of interest

Regarding: https://www.moneyweb.co.za/in-depth/investigations/deveres-backtrack-on-kellermann/ de Vere, please just return all of the money lost on the 2 policies (one under my name and one under my wife's name) + a mere 5%/PA interest (despite being told I could expect returns of 25%PA and above) and I will not go to the press (Mr. Tony Hetherington for example) or a lawyer.
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ID
#1715847 Review #1715847 is a subjective opinion of poster.
Reason of review
Bad quality
Preferred solution
Full refund
Devere Group's reply to:

Devere Group - 5 Years I lost money and the investment companies made £6250.

Dear Mr.Powell,

We are extremely sorry to hear you are not pleased with our service. As a company, we consistently strive to reach the high standards and ensure client satisfaction is upheld. Our understanding is that you have already been contacted on a separate platform and the matter is currently being looked into. However, should you have any inquiry or require further assistance, please let us know.

Regards,
deVere Group
ID
#1699752 Review #1699752 is a subjective opinion of poster.
Pros
  • First contact was very professional
  • Global scope
Cons
  • Do not side with clients
  • Questionable advice given environment and customer profile
  • Lack of transparency
Reason of review
I lost money over 5 years of them advising me. They suggested a 7% growth which would mean 58,000 would become 81,348 over 5 years.
Loss
$23000
Preferred solution
Let the company propose a solution

I moved my small QROPS of £58000 and 5 years later in a period of financial growth of about 10% per year I made a loss and they took £6250 in fees. How can this be legitimate.

So disappointed and a little angry. Trust once lost is never recovered.

Resolved
Devere Group's reply to:

Resolved: Devere Group - Appalling Quality of Financial Advisors

Dear Mr.Ednei Romano,

Our understanding is that a representative from deVere Group will make contact and shall be assisting you with your complaint. However, should you have any inquiry or require further assistance, please let us know.

Regards,
deVere Group
ID
#1674556 Review #1674556 is a subjective opinion of poster.
Cons
  • Intransparent
  • High charges
  • Anything once they had my cash
Reason of review
Poor customer service
Preferred solution
Let the company propose a solution

Update by user Oct 09, 2019

I was contacted by their Costumer care representative with an adequate solution to my concerns.

Original review posted by user Oct 08, 2019

It seems like I only contact by the Finacial Advisor when it is of their interest to sell new products or if I provide the contact number for potential new clients.

It is VERY DISAPPOINTING!

Devere Group's reply to:

Devere Group - Devere are the worst

Dear Mr.Collins,

We are extremely sorry and disappointed to hear that you are not satisfied with deVere’s services. As a company, we consistently strive to reach the high standards expected of us with our clients. Nonetheless, we do understand that issues may arise and we are always very willing to clear up any queries or complaints our clients may have. Kindly note, Client Relations will contact you directly.

Regards
deVere Group
ID
#1635351 Review #1635351 is a subjective opinion of poster.
Cons
  • Losing pension money to an inappropriate product
  • Pressure applied by the consultant and his assistant
  • Anything once they had my cash
Reason of review
Bad quality
Loss
$13000
Preferred solution
Full refund

Update by user Oct 09, 2019

Client Services for DeVere did contact me after my post on this site and investigated my complaint.Regarding my GB 14,000 + loss from the Strategic Growth fund they write that "with Hindsight and knowledge that the advice given by DeVere appeared to be poor"... Opening a new generali Savings fund in place of topping up existing fund was Suitable for my needs and that full policy details were provided.

The end paragraph from DeVere was that if I have any further evidence in my dispute they would be prepared to reconsider but if I remain dissatisfied then I should seek legal advise!In my humble view it looked like a lawyer had written the e-mail.If they had offered a gesture of good will for my losses it would have been welcomed, but they don't have the common sense to understand that I would never ever return my portfolio to Devere or recommend the company to colleagues or contacts who might ask for advise or add this damming conclusion to be shared world wide. ...….

Original review posted by user Aug 25, 2019

Several years ago DeVere moved assets in my QROPS, without approval, then lost money by opening a new savings account with Generali instead of Amending the existing simply to get commissions, I find this out at a later date when I finally found a trustworthy Adviser, but the really difficult part is DeVere keep calling me and asking me to return which is no only unprofessional but extremely annoying ..

Devere Group's reply to:

Devere Group - Generali Vision sold by deVere

Dear Mr.Krantz,

We are deeply sorry to hear that you are unhappy with our services. One of our top priorities is to ensure that client satisfaction is maintained. In the light of this, our dedicated Client Relations Department will revert back shortly on a separate platform.

Regards,
deVere Group
ID
#1624276 Review #1624276 is a subjective opinion of poster.
Product
Generali Worldwide Vision Retirement Plan
Pros
  • Keeps contact
  • Good first impression
Cons
  • Intransparent
  • Do not side with clients
  • Poor advice
Reason of review
Damaged or defective
Loss
$10000
Preferred solution
Full refund

As many others i hav lost much money due to the misguided advice from deVere. In particular the failed Strategic Growth Fund, but also manual processing errors on deVere's side are main contributors.

Apparently the Generali Vision is called now Utmost Vision, without any information, and today i got informed that Utmost Wealth Solutions have made calculations mistakes and as a result must adjust my plan value down 10kEUR.

Outrageous! Can anyone be trusted in this industry?

Any advice on good legal support for this case welcome.

Devere Group's reply to:

Devere Group - Unauthorized Charges to GAM Star Growth Strategy Fund C

Dear Mr.Petrozzi,

We are extremely sorry to hear you are not pleased by our service. As a company, we consistently strive to reach the high standards and ensure client satisfaction is upheld. Our understanding is that a representative from the Client Services team will make contact and shall be assisting you with your needs. However, should have any inquiry or require further assistance, please let us know.

Regards,
DeVere Group
ID
#1528843 Review #1528843 is a subjective opinion of poster.
Reason of review
Damaged or defective
Loss
$10
Preferred solution
Full refund

My name is Armando Petrozzi, with Plan Number 94029716. Invested US$62000 but now my plan value is US$52,000.

Despite the fund itseflf has shown 25% profitability in the last 5 years the value of my plan has shown LOSSES of US$9000 due to charges made by DeVere.

I have written my assigned relationship with no response.

I will wait until this week for a formal response. If negative, will start legal actions to recover the funds.

Devere Group's reply to:

Devere Group - Devere Unsolicited Calls - STOP USING LINKEDIN AS YOUR TELEPHONE BOOK

Dear Mr.Gibbs,

As a company, we consistently strive to reach the high standards for our clients. However, we understand that issues may arise and we are always very willing to clear up any queries or complaints our clients may have. Kindly confirm whether you would like our Client Services team to contact you directly to discuss the matter.

Regards,
deVere Group
ID
#1512536 Review #1512536 is a subjective opinion of poster.
Reason of review
Unsolicited Calls, Using LinkedIn for Sales
Preferred solution
Let the company propose a solution

Hi,

I'm on Linked in as are many millions of others.

Like many millions of others I have moved around due to my senior roles; this is demonstrated by my role locations in my profile.

Every week I seek your people stalking my profile.

Devere - This does NOT give you the right to screen my profile, obtain my details and then continue to call every 2 weeks asking about where my pension is - I know you are doing this to many others.

I've been polite 30 times and explained NO and asked for you to remove me from your lists...only to find a different person then calling me a week later.

Completely Unprofessional. I will be speaking with LinkedIn about your practices including obtaining contact information & asking for your company to have access removed

Devere Group's reply to:

Devere Group - Please stop calling! Your agents are rude and disingenuous

Dear Mr.Kay,

We are tremendously sorry and extremely disappointed to hear that you are not satisfied with deVere’s services. As a company, we consistently strive to reach the high standards expected of us by our clients. Nonetheless, we do understand that issues may arise and we are always very willing to clear up any queries or complaints our clients may have. Please confirm whether you would like our Client Services team to contact you directly to discuss the matter.

Regards,
deVere Group
ID
#1509105 Review #1509105 is a subjective opinion of poster.
Reason of review
Poor customer service
Preferred solution
Just stop calling me and remove my information from their database

Despite repeated requests over the last 2 1/2 years to stop and remove my name and number from their database, the cold-call team in Dubai just will not desist.

After first moving to Dubai over 2 years ago, I received a call from an agent who was very rude when I told him I wasn't looking for financial advice so I requested that no-one from de Vere contact me again.

Unfortunately, they have persisted to call my office regularly, and only today a woman called "Anna" phoned my colleague asking to speak to me and that she knew me.

When I called back, (clearly she did not know me) she made up some BS about me liking a de Vere Facebook post about UK tax advice and tried to sell their financial services.

I understand that the market is competitive but to have agents be rude when declining their services or deceptive when trying to sell services is not the way to go about it. Equally, to continue calling even after having been asked to stop has now led me to write this review.

I'm pretty sure that having requested to have my name removed from their database, still being contacted is likely to breach GDPR

Please stop, this is not the way to do business

Dear Mr.Payne, As a company, we strive to reach high standards and make sure customer satisfaction is maintained at all times. However, we understand that issues may arise and we are always very willing to clear up any queries or complaints our clients may have. Please...
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ID
#1481342 Review #1481342 is a subjective opinion of poster.
Location
Geneva, Geneva

Contact Devere Group Customer Service

Website:
www.devere-group.com
Mailing Address:
281 Seefeldstrasse
Zurich, 8008
Switzerland
Contact Devere Group Customer Service

Devere Group Products and Services Reviews

Devere Group's reply to:

Devere Group - Strategic Growth (sic) Fund fiasco

Dear Mr.James,

Please send over your details and complaint to Andre Vorster andre.vorster@devere-acuma.co.za so he can assist you further. Once received, we can assure you that it will receive his urgent attention.
ID
#1467143 Review #1467143 is a subjective opinion of poster.
Pros
  • Assistance by nathan lennox
Reason of review
Poor customer service
Loss
$50000
Preferred solution
Let the company propose a solution

Like many UK citizens living in South Africa around 2009/10 I was persuaded by DeVere SA (Tim Sant) to transfer my UK pension funds into an off-shore QROPS account. A significant portion of this was deposited into the now defunct Strategic Growth Fund. I am still paying fees as if the fund is still growing, which, as the fees are far more than the residual growth, will ultimately deplete the total value of my investment.

I have read various press articles about the SG fund fraud and dodgy dealings of DeVere executives in South Africa, and now read that, unsurprisingly, there are no recoverable assets from the Fund. To be honest I would like just to draw what little I have left in the two remaining small QROPS deposits.

My contact at DeVere in South Africa was Richard Pretorius, who no longer replies to emails. I spoke to Nathan Lennox at DeVere UK who was very helpful and explained the details of the issue around the SG fund, but which in effect was 'your f**cked!' It was not worth his while to deal with such a relatively small investment.

I will try to contact the Sovereign Trust in Guernsey directly, where my funds are managed, but not being in any way financially savvy, it would be nice if DeVere were to offer some final assistance for an unhappy former customer in order to close this sorry affair. Ian James

Devere Group's reply to:

Devere Group Legalised robbery

Dear Mr.Morton,

We are deeply sorry to hear that you are unhappy with our services. One of our top priorities is to ensure that client satisfaction is maintained. In the light of this, our dedicated Client Relations Department will revert back shortly on a separate platform.
ID
#1454485 Review #1454485 is a subjective opinion of poster.
Pros
  • Initial contact
Cons
  • Anything once they had my cash
Reason of review
Bad quality
Loss
$18000
Preferred solution
Full refund

How can the Ombudsman sleep at night when he allows the Devere group to carry on trading? T.W.M.

Devere Group's reply to:

Devere Group - Strategic Growth Fund Disaster

As a company, we consistently strive to reach the high standards and ensure client satisfaction is upheld. However, we do understand that issues may arise and we are always very willing to clear up any queries or complaints our clients may have. Our Client Relations Department is currently in contact with Mr.Bennaceur dealing with his complaint.
ID
#1408874 Review #1408874 is a subjective opinion of poster.
Cons
  • Losing quarter of funds to a scam compared to a ponzi scheme
Reason of review
Poor customer service
Loss
$70000
Preferred solution
Let the company propose a solution

In 2010, my wife and I received a request from the DeVere representative handling the account to switch a significant part of the mutual funds we had to a group of new funds. This included allocating a quarter of the proceeds to the Strategic Growth Fund.

Three years later, came the debacle which over the last 4 years became a disaster, as it is now almost sure that we have no chance of money recovery. Therefore, under the advice of DeVere, we lost at least a quarter of our savings.

We have contacted DeVere officially, and their response has been simply shocking, denying first any involvement from DeVere, and when confronted with the facts, recommending to seek legal advice !!!

deVere Group provides expert independent advice to clients all over the world and our consultants are fully qualified financial professionals with internationally recognised qualifications. The client’s complaint was fully investigated in April 2017 and found to be...
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ID
#1394179 Review #1394179 is a subjective opinion of poster.
Location
Frankfurt, Hesse
Product
Generali Worldwide Vision Retirement Plan
Devere Group's reply to:

Devere Group - Couldn't be more dissatisfied

Dear Mr. Hillman,

We are deeply sorry to hear you are not satisfied with your experience. At deVere Group, our aim is to provide expert advice to clients all over the world and we take complaints very seriously. Kindly note our Client Services Team has been in touch with you on Thursday 8th November and advised that Generali require up to date and original signed paperwork to complete the surrender request. Kindly let us know if you have any inquiry or require assistance.
ID
#1390954 Review #1390954 is a subjective opinion of poster.
Reason of review
Poor customer service
Preferred solution
I want what few dollars (Around $2700) are left in my account.

I was lied to by the Devere rep that signed me up. I've lost a lot of money (for me) based on their advice in a fund that was "frozen" for a number of years but my fees still continued.

I've now reached the 8 year point which gives me the right to get out and I've spent 3+ months getting the run around from a Callum Gracie on what was needed to close the account. I've sent in form after form. Waited for undue time for responses. Then told more forms were needed.

Two weeks ago I asked him to clearly and specifically tell me what forms were needed for a currier to pick up. He sent a list and the currier picked them up as arranged.

Today I receive a list of additional forms that are needed. They are either scamming me or highly incompetent.

1 comment
Anonymous
#1595103

Sounds similar to my situation, if it’s held with Old Mutual IoM contact them directly to withdraw what’s left of your money.

Devere Group's reply to:

Devere Group - Disgusting thieves.

As the poster has published the deVere response it can be clearly seen that an offer to assist has been made but was not accepted by the poster.
ID
#1356271 Review #1356271 is a subjective opinion of poster.
Reason of review
Poor customer service
Loss
$100000
Preferred solution
Let the company propose a solution

Update by user Oct 20, 2018

Despite the fact that this company eventually contacted me, they accept absolutely no responsibility for their employees not honouring the promises they made when I invested the money. They have offered me no advice despite the fact that they advertise themselves as investment advisors.

I still do not not know where my investments are, the status of the investment or whether they only exist on paper. The local representative says he cannot advise me. No resolution at all. Their reply to me as follows: "All complaints are assessed on the merits and this is done by an examination of the documentary evidence available.

deVere does not enter into contractual agreements with its clients that require deVere to provide an ongoing service to its clients unless required to by the relevant financial regulator in specific jurisdictions or whereby a client has (for an additional fee) requested our enhanced customer service package in countries where this is option is available. As a matter of good practice, deVere does strive to provide an ongoing service when requested to do so by its clients. Their reply as follows: I have liaised with deVere South Africa. When you first returned to South Africa it was unfortunately not possible for a local adviser to provide you with recommendations on an international product.

deVere cannot be held responsible or liable for government regulations and legislation. However, since that time I understand that Andrew Michael has now contacted you on several occasions and has explained to you that you can set up an ownership structure which would enable him to provide recommendations and make alterations to your policy. This is a South African legal requirement. If you wish to avoid paying extra fees, as your contract is with OMI, you have the option to deal with them directly avoiding any additional costs that an ownership structure would incur.

When recommendations are made to clients, several factors are taken in to consideration, for example, the past performance of the fund, the reputation of the fund manager and the underlying assets within the fund and the strategy of the fund. None of this, however, is a guarantee of future performance. There is always a risk element. Please bear in mind that deVere do not ‘Actively Manage’ and cannot make fund selections without first communicating with you and then following through the action with your full knowledge and consent.

The code of conduct read that your adviser “explained to me/us that unit fund values can go down as well as up and past performance are not necessarily a guide to future performance.” I would like to confirm that Brent Mayhew has no connections to deVere and there is no introducer, referral agreement or arrangement between Mr. Mayhew and deVere. If you have any further questions on your policy Mr. Michael will endeavour to assist you, but, with respect, we cannot uphold your complaint.

Please be advised that, if you remain dissatisfied, you have the right to seek independent legal advice. Yours sincerely Juliette Vincent Client Relations Manager deVere Group"

Original review posted by user Sep 15, 2018

I have had an uphill battle with this company without any light at the end of the tunnel. My investment advisor has provided absolutely no advice, my investments have depreciated by over 50% over a period of 10 years and the only solution is to withdraw the funds and take the loss.

Unfortunately the small print says that the funds will only be released once the investments have been sold. So for the next 10 years or so, the management fees and commissions will be paid until I suppose the investment ceases to exist. They should be strung up and shot for manoeuvring behind the smoke and mirrors of their marketing lies. I have subsequently been told that my financial advisor was thrown out of Qatar and the UAE, imprisoned in Oman and has left the company.

Through other avenues, I discovered that he still works for the same company but behind a connect "separate" entity. Perhaps all the people that have been fleeced by this company should pay a personal visit to their offices.