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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.

User's recommendation: Be cautious.

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ID
#4609372 Review #4609372 is a subjective opinion of poster.
Location
London, England
New Reviewer

I’m being systematically ignored by my advisor

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
#2305785

There are many ways to go about it

ID
#4278420 Review #4278420 is a subjective opinion of poster.
Location
Berlin, Land Berlin
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
ID
#3125505 Review #3125505 is a subjective opinion of poster.
Loss
$200000
Preferred solution
Let the company propose a solution

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer
Update 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 posted by user 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.

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
ID
#3053610 Review #3053610 is a subjective opinion of poster.
Loss
$30000
Preferred solution
Full refund

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

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.

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

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

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. User's recommendation: Stay away
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2 comments
#2082740

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.

#2097204
@Keiran Gay

Kieran Please join us on our Facebook Page 'Financial Ruin by DeVere Advisers in all corners of the world' We are intent on getting our questions answered by this company

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ID
#2799120 Review #2799120 is a subjective opinion of poster.
Location
Brisbane, Queensland
Preferred solution
Spanish regulator and police

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

Wolves in sheeps clothing

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. User's recommendation: Avoid like the plague
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11 comments
#2097224

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.

#2097202

Please join our Facebook Page 'Financial Ruin by deVere Advisers in all Corners of the World'. Pissed Consumer cannot accept an FB address, but you can find us easily using the title

#2089955

Your situation is very similar to ours. QROPs, STM Malta and Quilter.

Hidden commissions, untrue claims that we were entitled to a tax-free lump sum, untrue claims that the NHS were offering incentives to leave. Lots of questions that deVere refuse to answer, threats of legal action.

We have started a Facebook Page - Financial Ruin by deVere advisers in all corners of the world. Please join us and publish your evidence as we have done

#2089863

Very sorry to hear of your misfortune. It has recently come to light there are even more hidden fees and charges to be deducted and BACK DATED 7-8 years!

This is a 1% pa "Marketing Fee" with a Pension fund called "Horizon", which was issue by Devere through an associated company or subsidiary of theirs - Providence in Mauritius, who use STM Findec in Malta and Gibraltar as the "Trustee".

Although many many clients have no recollection of this, nor can this hidden fee or clause be found on the original paper work. Another scam which many pension funds this week will be reduced by as much as 10%.

#2089959
@Elicia Cwv

I too have had similar issue, GBP 30000 deducted from my Pension, without providing me with documentation to indicate that I had agreed, at time of taking out the pension that there was an 8% marketing fee. I plan to go to the regulator.

#2090697
@Kevin M Ayj

Would you care to discuss this with me and perhaps we could both help each other. I have information from a reliable source and there are 8 others in a very similar position. Here is my email browntiger1956@***.com Thank you kindly and good luck.

#2097203
@Elicia Cwv

hello Elicia Cwv....it would appear that we are in the same boat, Providence Life not submitting the correct annual figures and now trying to charge the 1% marketing fees for the last 8 years. I have an email from them stating their error and have spoken to a third party advisor employed to deal with this sorry story...in essence they are hiding behind the regulator but have yet to answer questions I have posed concerning the fact that had the figures been correct annually then my strategy regarding my funds would have been entirely different, I understand that there is 1000s of people in the same position.

#2055637

You are not alone, 'me too'! Please join us https://www.facebook.com/groups/101125****362288

#2097194
@Diane B Gdv

could you reconfirm your facebook group address please.I would like to join your group having suffered from the 8% marketing fee deduction on my pension as suffered by others above.

#2097211
@PissedConsumer2097194

It's Facebook and called 'Financial Ruin by deVere Advisers in all corners of the World'. This site doesn't seem to accept the full address

View more comments (10)
ID
#2785865 Review #2785865 is a subjective opinion of poster.
Cons
  • Losing pension money to an inappropriate product
  • High costs
  • Product sold was a scam
Preferred solution
Let the company propose a solution
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.
ID
#2728217 Review #2728217 is a subjective opinion of poster.
Loss
$40000
Preferred solution
Everything back including the 48 months of my life and an apology for their despicable attitude

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

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

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

Resolved
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
ID
#2642553 Review #2642553 is a subjective opinion of poster.
Preferred solution
Deliver product or service ordered

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer
Update 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 posted by user 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.

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
ID
#2458116 Review #2458116 is a subjective opinion of poster.
Loss
$12000
Preferred solution
Deliver product or service ordered

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

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.

User's recommendation: Avoid.

Contact Information

Website:
www.devere-group.com
Mailing Address:
Office 401, 1 Sheikh Zayed Road, H Hotel, Office Tower, Sheikh Zayed Road
Dubai, Dubai 23940
United Arab Emirates
Phone:
+6 129 231 3244
Contact deVere Group Customer Service

Latest Question

Urgent request for statement of account. I was a client with the HCMC office and moved back to US in September of 2016. I have not had a US contact despite numerous request when first back. I have triedto contact HCMC office my...

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
ID
#2128818 Review #2128818 is a subjective opinion of poster.
Loss
$25000
Preferred solution
Full refund

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

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.

deVere Group's reply to:

DeVere sold me a 'stable' pension in defunct Strategic Growth Fund

Dear Mr.Pitt,
We would like to reiterate how sorry we are and extremely disappointed to hear about your experience. We are aware that you had filed a formal complaint back in 2018 and already had been contacted by the Head of Risk and Compliance, stating that deVere SA operated on a different FAIS License up to beginning of 2015. This license allowed them to sell the product you had invested in. deVere changed to a different FAIS licence and were no longer able to provide advice on your product. However you had the option to deal directly with the product provider.
Regards
deVere Group
ID
#2020050 Review #2020050 is a subjective opinion of poster.
Loss
$10000
Preferred solution
Apology

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

Like many it seems I was given misguided advice from deVere in South Africa. In particular the failed Strategic Growth Fund. This was through what was called Generali Vision and now Utmost Vision.

Having finally seen a statement today it seems my ‘Pension’ that I was being sold has lost 50% of its value in a decade.

User's recommendation: Don't use!

deVere Group's reply to:

Total scam

Dear Mr.Chapman,
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. As you are fully aware, we have already pointed out to you that your complaint had been fully investigated and found to be without merit. In June 2019 we asked you on a different platform, to supply evidence to support your allegations, which you did not. We cannot add anything further.
Regards
deVere Group
ID
#1983798 Review #1983798 is a subjective opinion of poster.
Loss
$13000
Preferred solution
Let the company propose a solution

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer
deVere Group - Total scam
deVere Group - Total scam
deVere Group - Total scam
deVere Group - Total scam

My dissatisfaction is well documented the continuous message that DeVere strive to excel in their advice is mind blowing. Are all the contributors to this site liars ?

Again I say to De Vere ,WHAT DO THE FOLLOWING WORDS MEAN TO YOU "THIS ADVICE REPORT IS VALID FOR 3 MONTHS" .

What do DeVere do ? buy very poor high commission funds 6 months after the report expired !and without any notification whatsoever quarterly reviews hav,nt had one yet even after 4 years, TAKE A LOOK AT THE ATTACHMENTS

User's recommendation: IF YOU ARE RETIRING TO SPAIN THEN KEEP AWAY FROM DEVERE THERE IS NO TAX BENEFIT UNLESS YOU ARE A MILLIONAIRE.

deVere Group's reply to:

Frustrated with process of getting paid surrender value of my policy!

deVere do not own any entity in SA and the client is in error, her issues are with Brite Advisors, to whom the entity was sold at the start of this year and changed its name in January.
ID
#1961521 Review #1961521 is a subjective opinion of poster.
Loss
$29000
Preferred solution
Full refund

This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.

Verified Reviewer
New Reviewer

I sent a request to surrender my policy on the 8th of May, I was asked to send more information which did not make sense and was from an automated email with little explanations. After several emails, I sent the required information on 13th May and I am still waiting for my funds!

It's bad enough that I have lost over $29,000 but they are taking forever to repay me whatever little they claim I am entitled to. This company is a huge scam and I will definitely warn anyone and everyone about investing their hard earned cash through one of their products. The response to m initial review proves my point, how can I not know what I am talking about. When I took this policy with Devere I was based in Dubai, not South Africa.

Devere does have offices in Dubai.

I have been contacting the Dubai office to get back my money so I know what I am talking about. Instead of asking for more information they come back with a stupid response.

User's recommendation: Do not waste your hard earned cash on them! Bunch of scanners!

deVere Group's reply to:

Financial Advisor

Dear Sir/Madam,

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. Unfortunately, we cannot find your details as a client on our database. Therefore, would you be kind enough to make direct contact with us on clientrelations@devere-group.com to provide us with further information so that we may identify you and receive any evidence in respect of your experience?

Regards,
deVere Group
ID
#1876913 Review #1876913 is a subjective opinion of poster.
New Reviewer

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

I still do not not know the status of the investment or whether they only exist on paper.

The local representative says he cannot advise me. No resolution at all.

User's recommendation: Do not invest.

deVere Group's reply to:

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
  • Global scope
  • First contact was very professional
Cons
  • Questionable advice given environment and customer profile
  • Take no responsibilities for own mistakes
  • Do not side with clients
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
New Reviewer

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.