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deVere Group's reply to: deVere Group - Avoid at all costs

Dear Ms Friant,
As a company providing expert independent advice, we take customer satisfaction very seriously and always aim to provide a high-quality service.
As you are aware, your complaint was fully investigated, and based on all paperwork in your and our possession last month, your complaint was found to be without merit.
Should you be able to produce new evidence, complaints can always be reviewed in light of such new evidence.
Regards,
deVere Group

author's review

carolyn f Fdg

carolyn f Fdg | |

Paris, Ile-De-France

Avoid at all costs

Oct 11, 2023

I was sold a product that is in now way suitable to my needs. I made clear from the outset that I di not understand the paperwork and was trusting the advise my advisor was giving, to me.

She even filled in the forms for me. It is more than clear in my written correspondance with Amanada Bloomfield that I wanted a short term low cost investment, and find myself locked into a high cost investment for 10 years. I have started a complaints procedure, I was initally just told that I had fillen in the forms so that was that. I am awaiting a reply to my second email before contacting the omdudsmun.

I see from the comments I am not the only one with this same problem. Maybe time to act deVere

Loss:

$5000

Cons:

Advisor is dangerously bad and no support frm the company

Preferred solution: take my money out and refund high costs

User's recommendation: avoid

Anonymous

Guest-5130892

Money. It is a decisive currency

Sep 20, 2023

My experience with DeVere has been generally positive. Advisors have access to a diverse set of instruments. A good advisor will offer those that are suitable to your own circumstances. Ultimately it is up to the client to carry out his due diligence on the advisor and the product. Ask questions and make sure you understand the risks and charge structure of what is being offered. Many people will complain about the advice or advisor if the returns are not what is expected. Nobody likes to lose money and this is human nature. If there is a no personal connection between you and your advisor then ask to be serviced by another. Try to talk to other clients.

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User's recommendation: It’s your money and ultimately your responsibility.

Mony d Bob

Mony d Bob |

New York, New York

Awful service, bad avisors and 100% unaccountable

Aug 24, 2023

I've been a client of deVere (well, at least they have charged their commission accordingly) for three years already. During this period I have dealt with four different advisors. Every time my advisor leaves, I it's me who have to look for them to assign me a new one. Every time an advisor arrives, he or she suggest I should follow a different strategy that the one suggested by the gone advisor. Every time I complain (not for loosing money which of course has been the outcome, but because of a pathetic service) the say this it's going to change. It never does, of course. While customers are loosing money deVere is making millions. Obviously interests are not aligned here to provide a good service or to advise professionally.

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Loss:

$5

Preferred solution: Completely change your service standard in Mexico City

User's recommendation: DON`T DO BUSINESS WITH deVERE

Anonymous

Guest-4827915

Charlatans

Jul 19, 2023

P***Ro***** of the manila branch sold me a 25 year savings plan but forgot to mention the exorbitant fee structure. A classless brummy who is better off selling bus seats rather than financial investments. Im not sure who does the recruiting at devere but they should strive to do better!

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Preferred solution: Full refund

User's recommendation: Don’t bother!!!

Benjamin H Plb

Benjamin H Plb |

Nages-Et-Solorgues, Occitania

Avoid this group of Charlatans

Jun 25, 2023

I live in France and I wanted to transfer my UK pensions to a more tax efficient private scheme. I transferred 75 000 to DeVeres for investment in 2016, in 2023 the payout was 54 000. Amanda Bloomfield acting with the full knowledge and approval of her DeVere managers, deliberately and knowingly mis-sold me a QROPS plan that was TOTALLY UNSUITABLE for my needs. The charges imposed by the external fund managers were crippling. DeVere will say that I was responsible for signing the contract that detailed these charges, but I trusted them to setup an investment scheme that, Ms. Bloomfield claimed, would earn me +ca 4% per year. They have BETRAYED THAT TRUST and in so doing have acted DISHONESTLY. Failing to include the effect of charges on the illustrations provided to the client is a criminal offence in France where this investment plan was sold. I have received no apology from DeVeres for their behaviour. They dismissed my complaints with an internal investigation absolving themselves of any wrongdoing. When I requested a copy of their code of conduct I was told that this is not made available to the general public. My advice is that you learn from my experience and do not invest with DeVeres.

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Loss:

$20000

Preferred solution: Full refund

User's recommendation: My advice is that you learn from my experience and do not invest with DeVeres.

2 comments

carolyn f Fdg

Oct 11, 2023

are you taking this any further, I have exactly the same problem with Amanda Bloomfield, she did the same think, wanted short term low cost investment, am in high cost and locked for 10 years. Same arguments come back to me. I am taking the matter to the french ombudsmen complaints service if I have no reply from my last email to Devere's complaints service

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1

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Anonymous

Guest-4609372

London, England

Instagram Adverts

May 21, 2023

Encouraging people to invest sums of money promising to turn it around in a few hours for 10 times the investment, then demanding a release fee of double initial investment.

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User's recommendation: Be cautious

Ma H Hzx

Berlin, Land Berlin

I’m being systematically ignored by my advisor

Jan 07, 2023

Despite multiple attempts of contacting my advisor and his exec assistant, Im being ignored. Im not sure where to turn- Ive been trying since September I have no idea what is happening, so Im resorting to this pitiful attempt to get some sort of response from the company that is currently charging me 5pct fees on my invested assets thanks to the structure set up by said advisor - 25k euros in fees and no one can be bothered to even answer Can someone please at least acknowledge my many emails

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1 comment

Izora Cuy

Feb 06, 2023

There are many ways to go about it

Reply

Helpful

deVere Group's reply to: deVere Group - New investor sold incredibly complex and inappropriate 25-year policy

Dear Mrs.Balaski,
We are sorry your experience didn’t match your expectations. As a company, we consistently strive to reach high standards and ensure client satisfaction is upheld. We understand the above-mentioned issues only have been raised on 12th December as a form of complaint. We will immediately furnish you with our complaints procedure and ensure we deal with all of your questions in a timely manner. If you require any further assistance, please do not hesitate to contact us.
Regards,
deVere Group

author's review

Monica B Lla

Monica B Lla |

Sydney, New South Wales

New investor sold incredibly complex and inappropriate 25-year policy

Dec 05, 2021

Updated by user Dec 24, 2021

Following on from the comments from Devere, I can confirm that this complaint was not originally raised in December 2021. I raised the matter to my adviser in April 2018, when he responded to one of my emails with the following excerpt "I have flagged you as having made a complaint, and the relevant team will now address your concerns." He also indicated that his manager was advised of the matter, was reviewing the correspondence and would respond.

I did not hear from either. Upon moving out of the UAE, I reduced my contributions significantly (to the minimum) and engaged a local financial adviser and tax adviser to assist me in understanding this Zurich insurance policy. It was only then that I fully understood that my fees had gone up exponentially when I agreed to increase contributions for a new initial period. It was only then that I understood that those increased fees would apply for the balance of the policy, even if I decreased my contributions.

This was never fully explained to me.As my circumstances changed (which should have been anticipated by my original adviser when I entered into a 25 year policy) it became clear that I was in the entirely wrong investment product. I asked my adviser to see if there was a way to agree with Zurich to decrease my term, but I was told there was no way, but I could pull out monies from the policy if I needed them. Yes, but I would have to to continue paying the fee (based on a contribution that was 14 TIMES more than the minimum I now paid).

My adviser has asked me to remove this review, but I will not do so until this matter is adequately resolved. Despite the view of Devere, this matter is no where near resolved.

Original review Dec 05, 2021

When I lived in Dubai, I was sold a policy so complex that it took significant time for a senior financial advisor and tax consultant in Australia to sort out what fees I was actually paying. As a brand new investor, I should have been told about the complexity and the problems with such a long-term investment.

Even as a lawyer, I did not comprehend just how convoluted and tricky the investment was. For example, I was never told that my fees would multiply exponentially when I increased my contributions. I was just told about the bonus and that I had to pay for 18 months. I should have been told that if I decrease my contributions later, my fees would still be calculated at the higher rate.

Furthermore, I raised this with my financial advisor and asked for his boss to contact me and have been simply ignored. That was years ago. They received full commission long ago, so there seems no incentive to provide customer service or to actually deal with my complaint.

If you don't know all the right questions to ask, Devere advisors are definitely not going to make sure you ask the right questions. As an inexperienced investor I needed guidance and my Devere/Acuma advisors instead just took advantage.

Loss:

$200000

Preferred solution: Let the company propose a solution

User's recommendation: Thankfully, I never did recommend them to anyone and I never will.

deVere Group's reply to: Marketing fees

Dear Mr.Mondschein,
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. We noticed your post to the ‘’deVere team’’ appears to be about issues primarily related to Providence Life Insurance and STM, your provider and Trustee respectively with whom you had contracted directly. We respectfully suggest you write to these companies directly and/or their regulators.
Regards,
deVere Group

author's review

Kevin M Ayj

Kevin M Ayj |

Johannesburg, Gauteng

Marketing fees

Nov 10, 2021

I am extremely irate with having 1% pa deducted from my pension fund (8% in total), by STM / PLL. I have requested documentation to indicate that I was made aware of this at the time of account opening and yet to receive?

I have the account opening documents and this was not disclosed to me.

Please will you advise re regulator that I can approach re PLL and STM. I plan to also go to the SA regulator.

Loss:

$30000

Preferred solution: Full refund

Brian C Zna

Brian C Zna |

Brisbane, Queensland

Dodgy as *** Don't give them your time or money

Aug 22, 2021

Several Dealing Instructions over 18 months and only two signatures, some made from a death bed. Poor records and paperwork. Trying to withdraw funds funds from clients bank account without permission. Incorrect dates on meetings. Mis selling the product. Not giving the client paperwork relevant to his plan. Athetic complaints department. There's more and we'd love to publish them.

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Preferred solution: Spanish regulator and police

User's recommendation: Stay away

2 comments

Keiran Gay

Oct 25, 2021

Just dodged a serious bullet with my divorce settlement pension carveout. Thankfully now found a decent, sound advisor to assist me going forward.

Buyer beware, DeVere's recent expansion into the ex-pat communities in Spain & Portugal, opening new offices & "employing" entirely likeable & plausible "advisors" in Barcelona etc. They target you when you're at your lowest ebb, push the right buttons & then the transfer advice arrives via email from someone in Hong Kong, again plausible advice, but in my case not legally sound to my tax position in Spain/UK and would have hit me financially like a wounded rhino should I have chosen to move my assets elsewhere at a later date.

Then the cold-calling from some random dude in "London" commence, asking why I haven't followed up with my advisor in Spain - whilst I'm actually in the middle of a polite WhatsApp convo with my advisor in Spain & have been for weeks leading up to me (confidentially) seeking alternative advice. AVOID AT ALL COSTS.

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Tuboandy

Wolves in sheeps clothing

Aug 18, 2021

After being completely misled into transferring my pension to a QROPS with DeVere, i find myself trapped into a pension for another 8 years where i am paying fee's of 4% per year. This is fundamentally and morally wrong and my pension will stagnate at best. DeVere use STM Malta as the pension "trust", but there is a conflict of interest as the owner of DeVere is also the owner of STM. This was never disclosed along with the eyewatering fee's that i am paying when i signed up for the QROPS. Do not use a financial advisor that doesn't have its base in the UK etc. They are based in the ME for a reason and that reason is not for the benefit of the investor. Also, i cannot believe the number of 5* reviews on trust pilot for DeVere's. They are clearly fake as they all follow pretty much the same format....this is laughable. Just look how many 5* reviews there are on May 25th 2021...all praising the same person. This is another example of deveres manipulation, truly pathetic. For anyone who wants to see proof of DeVeres CEO Nigel Green discuss ownership of STM, please search Nigel Green interview with Martin Stanford on YouTube where a conflict of interests are discussed. Deveres, in respect to complaints I did make a complaint directly to James Green when it became apparent what a scam my pension policy was. I had emailed him prior to signing the agreement asking for a clear understanding of the policy fees, his response failed to mention most of the fees involved. The emails quite clearly show deliberate deception and I can forward them to you if you wish. If the fees were fully disclosed nobody would agree to these policies. The majority of my pension is in a fixed bond of 7% and with 4% fees and 3% inflation the policy can only stagnate. Why would your financial advisor recommend this to a client? Its certainly not for the clients benefit is it? Seriously deveres, why are you selling pension products with such high fee's and long lock-in clauses? in total my lock in clause will last 14 years, unless i want to pay my way out. STM/Providence life want 10% of my policy value to leave and this is after being with them over 5 years. Please feel free to enlighten me why, if deveres are such a legitimate financial advisor why would you lead your clients into such a huge trap? Oh....i just found out that Deveres are paid 7% commission on QROPs transfers, that would be why. That would be 7% of the fund that unsuspecting clients convert to QROPs. I think anybody reading this can see you are nothing but cowboys, based in the UAE to avoid laws that expose companies like yourselves.

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Cons:

High costs
Losing pension money to an inappropriate product
Product sold was a scam

Preferred solution: Let the company propose a solution

User's recommendation: Avoid like the plague

11 comments

Sybren S

Nov 29, 2021

Sounds familiar, our family capital went down the drain thanks to advice from a guy called Stephen Cotterill of DeVere. I can only advise anybody to stay away as far as possible from DeVere.

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2

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deVere Group's reply to: DeVere Group Zimbabwe should be ashamed of themselves. Con artists who broker products and manipulate the client for their self gain. Their end game is bases on commission's

The poster has posted such accusations before which have been denied and we simply have nothing further to add, which saves to repeat what we have said before. The poster is fully aware that her complaint has been thoroughly investigated and found to be entirely without merit.

author's review

Coreen K Kqs

DeVere Group Zimbabwe should be ashamed of themselves. Con artists who broker products and manipulate the client for their self gain. Their end game is bases on commission's

Jul 31, 2021

deVere Group Zimbabwe is unscrupulous. Their existence and purpose is to conn their clients into thinking that they are guiding you into financial security!

You will be financially ruined and dare you try sort this out you will be given a generic standard response.

Dare you continue in your pursuit for the truth you will be contacted by lawyers representing devere with threats and accusations of defamation of character. lawyers with threats

Loss:

$40000

Preferred solution: Everything back including the 48 months of my life and an apology for their despicable attitude

User's recommendation: Please do due diligence on devere group world wide. And just dont do anything with devere group

deVere Group's reply to: deVere Group - Attempting to Withdraw Funds - Resolved

Dear Mr.Evans,
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 our clients may have. Kindly note deVere does not hold client funds, the investment is through a third-party investment platform. We are aware you are currently being assisted by your adviser and our platform liaison department to ensure the encashment can proceed as swiftly as possible.
Regards,
deVere Group

author's review

Resolved

Brian E Jlm

Brian E Jlm |

Resolved: Attempting to Withdraw Funds

Jun 29, 2021

Updated by user Jul 29, 2021

About 2 days after posting I received emails and a couple of phone calls and the matter was resolved in a few days. The main issue for me really was the lack of follow-up from Devere with their provider and the lack of response to my emails..

Original review Jun 29, 2021

A few years ago I invested into an auto-callable fund on the investment platform. Its only a small investment worth $74,000 and it has now matured, and for 2 months Ive been trying to withdraw the funds.

Before they could refund they wanted tax status information and then employment information prior to my retirement. Ive supplied that information and then was asked for the source of funds. I replied about a month ago and supplied my pension fund statement together with details of other investments.

Since that time Ive written repeatedly asking what further information they require as their website still shows waiting for proof of funds, but Im no longer receiving responses to my emails, from the platform help desk or my financial advisor.

I find it a bit odd as Ive used Devere in previous years without issue, but Im now at a complete loss as to what to do. strhould ask that when making the investment.

Preferred solution: Deliver product or service ordered

User's recommendation: Caution

deVere Group's reply to: The worst investment decision of my life.

Dear Mr.Aquilina,
We are sorry to hear about your situation and that your experience didn’t match your expectations. At deVere Group, our aim is to provide expert advice to clients all over the world and we take complaints very seriously. We understand that the company you had invested your money with (which was not deVere), transferred your surrendered monies to you on 5th March with a full statement.
Regards,
deVere Group

author's review

Peter A Skr

The worst investment decision of my life.

Mar 15, 2021

The worst investment decision of my life. The 2021 Stockmarket is at record high's and a 16yrs (based on their advice) old invest through Devere Indonesia the investment is at 40% of its initial value.

Is it high management fee's or bad advice? I will never know because they do not give you statements and it is very difficult for them to return correspondence. Once your money is there you will not get any management or correspondence. I am now jumping through hoops (5+ months) as they shift my file to and from office's around Asia, to retrieve a savings fund for my son education.

He is now close to graduation. So the idea of the fund was a joke. I am still wondering if I will see my money.

Devere has cost me more time and money... Stay away.

Loss:

$12000

Preferred solution: Deliver product or service ordered

User's recommendation: Avoid.

deVere Group's reply to: Total of loss of investment

Dear Mrs.Briggs,
We are sorry your experience didn’t match your expectations. As a company, we consistently strive to reach high standards and ensure client satisfaction is upheld.
It appears we don’t have any record of a complaint, therefore we will arrange for you to be contacted as soon as possible to discuss your concerns and give full details of our complaints procedure if your concerns cannot be successfully resolved.
Regards,
deVere Group

author's review

Susan B Tkm

Total of loss of investment

Aug 21, 2020

The Four Seasons Growth Plan.

A substantial Investment was made into an unregulated scheme, which was not suitable for my portfolio. I was not advised, not made aware of the risk and no communication followed during the suspension, it also appears that no action was/has been made by Devere to recover my investment.

Loss:

$25000

Preferred solution: Full refund

Welcome to the deVere Group Community

deVere Group's reply to: deVere Group - Avoid at all costs

Avoid at all costs

Money. It is a decisive currency

Awful service, bad avisors and 100% unaccountable

Charlatans

Avoid this group of Charlatans

Instagram Adverts

I’m being systematically ignored by my advisor

deVere Group's reply to: deVere Group - New investor sold incredibly complex and inappropriate 25-year policy

New investor sold incredibly complex and inappropriate 25-year policy

deVere Group's reply to: Marketing fees

Marketing fees

Dodgy as *** Don't give them your time or money

Wolves in sheeps clothing

deVere Group's reply to: DeVere Group Zimbabwe should be ashamed of themselves. Con artists who broker products and manipulate the client for their self gain. Their end game is bases on commission's

DeVere Group Zimbabwe should be ashamed of themselves. Con artists who broker products and manipulate the client for their self gain. Their end game is bases on commission's

deVere Group's reply to: deVere Group - Attempting to Withdraw Funds - Resolved

Resolved: Attempting to Withdraw Funds

deVere Group's reply to: The worst investment decision of my life.

The worst investment decision of my life.

deVere Group's reply to: Total of loss of investment

Total of loss of investment

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