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Devere Group's reply to:

Devere Group in Durban, Kwazulu-Natal - Action has been taken by deVere

Following a posting on Pissed Consumer about the performance of the Durban Office, I had a meeting with the Area Manager. They have gotten a wake up call and have promised to be more proactive with the review of my portfolio. They acknowledged there error in that handling of my portfolio which has cost me, they have committed to having a quarterly review with me. Disappointed when they acknowledged they had been less than active in managing my account that they didn't offer to refund fees for not doing what they should of been doing. After all when I make a mistake in my line of work it costs me. They have an opportunity to redeem themselves.
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#510448 Review #510448 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group - Job offer

I wouldn't trust a company that failed to make their own appointments twice...and its seems that I was right. This type of company that trawl job sites for CV's and contact you to make an appointment, if they have enough fish in the net they don't call you. They are not IFA's they have more in kind with Bucket Shops, Boiler Room, time share sales etc. Is it any wonder that they are based abroad? The CEO will probably appear on watchdog sooner or later....nice trip for the watchdog team when they knock on his door in some remote location away from the financial regulators.
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#509021 Review #509021 is a subjective opinion of poster.
Tags
  • deVere recruiters
  • deVere job offers
Devere Group's reply to:

Devere Group in Durban, Kwazulu-Natal - Portfolio Performance and none return of e-mails asking for an explanation

I received a statement update that reported a pathetic performance of my holdings from Sasha Mohanlal, who is a Financial Coordinator. I e-mailed her back asking for an explanation, all I got was another mail saying they will forward a review next quarter. I could not believe there dismissive nature with which they pertain to say they are managing my portfolio by sending an e-mail, that in my mind is a cop out of there regulatory obligations. I expect that my portfolio is managed by a certified and qualified financial advisor and not some clerk!!!! They are just plain incompetent at customer service and listening to the what there customers are saying. I'm still waiting for a reply!!! Previously, they sent out an line customer survey, I marked them negatively, they did nothing to follow up on responses, staggering!! They cannot be taken seriously! They are incompetant
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#501899 Review #501899 is a subjective opinion of poster.

Devere Group in Shanghai, Shanghai - I enjoy working with deVere and made 29% last year!

I think most of us should have read the product brochure. I was dearly unhappy and the investments did not work then I meet with one of devere's advisors. He is looking after me and performed fantastic last year.29% in one year! He explained that 2014 will probably not be the same and made some changes to the portfolio.Currently we are investing in Frontier and Emerging Markets. He was right again. India went up by 21% in 3 month...Guys I recently think it depends on the individual you are working with. My guy is a german. He is really good.
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#497548 Review #497548 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group - Devere Shanghai- mis-informed, ignored, lied to

Devere Shanghai =bad bad bad. Summary- my wife and I were told our policy had flexibility (i.e.- withdraw funds up to 50% of net worth at any time in ten working days) when in fact the policy Devere Shanghai sold us has no flexibility. Fees? Exorbitant! 2400 USD per year! Not in writing or in any literature. You thinking about using Devere as your broker for FPI? Get every detail you can possibly think of in writing. Read on for our sob story and beware Devere Shanghai. They are sales-man. They are NOT financial advisors, not friends, and in my opinion, not to be trusted. --- My wife and I opened a ‘retirement / college’ fund account in 2012 through DeVere in Shanghai, China. One of the good points of the product our broker recommended to us was it’s ‘flexibility’, according to our Shanghai Devere broker. "At any time (after the initial 18 month start-up period) you can withdraw up to 50% of the funds in the account for any reason and receive the funds within 10 working days." He knew that was a sales-closer for us. My wife and I wanted that flexibility. He said it did. We signed. 18 months went by. We had an emergency in the family and needed to withdraw some funds. We contacted our broker at DeVere Shanghai multiple times via email and phone, even had him over for dinner twice and explained that we needed to withdraw 10,000 USD of our holdings (less 50%). We were ignored. After 2 months, we finally were able to set up an appointment at the DeVere office in Shanghai. We met with our broker at which time he asked us ‘why’ we wanted to do withdraw funds (like it’s any of his bloody business), and that we ‘shouldn’t’ withdraw funds as this product wasn’t made for this type of flexibility. In the end he agreed to let us withdraw a paltry 5% of our policy’s net-worth. We were shocked and frustrated. We decided to go with this investment because we were directly told in no uncertain terms that we could pull funds up to 50% at any time after the initial 18 months. We knew that we would need to do this for our girls’ college education expenses and of course in cases of emergencies. We felt comfortable investing our money knowing that we had access to some of our money throughout the life of the product for these two reasons (college tuition and emergencies). We even spent time working out a tiered plan with our broker (i.e.- in 5 years, withdraw to pay tuition, in ten years, withdraw to pay tuition, etc…). This plan along with the figure we wanted as a final goal for retirement was what determined how much we would contribute every month. A total farce. We asked DeVere how much we were being charged for their services. It took our broker 6 weeks to provide us with an arbitrary verbally spoken (un-written) answer- "about 2400.00 USD" for the first 18 months, and similar charges annually no matter how small a monthly deposit might be for the length of the investment (which is different from what we were told by our broker initially which was that "the charge after the first 18 months would be $120 annually". Those charges never appeared in a statement or on our credit card that we used for payment. They just pulled it from our ‘funds’, is how our broker phrased it. "You’ll never see it," he said. "It’s built in." When pressed, the arbitrary figure popped up. They cannot show us how they got it and won’t put it in writing. Again, we were shocked. NONE of this is mentioned in our agreement or the policy paperwork that we were given and signed off on. We asked our broker at DeVere Shanghai for an itemized list of annual service fees and any other ‘charges’. To this day they have not provided us with one. In the end, DeVere Shanghai gave us verbal, un-documented, arbitrary amounts. I’ve gotten a very clear feeling that they have no clue or more than likely simply do not want anyone to know. They hide their service fees as much as they can. They are NOT transparent with their fees. DeVere has never showed us ‘how’ they came up with their figures. Nothing is in writing. No receipt. No itemized charges. Magical figures pulled from the air. Not acceptable. We asked to close the account. DeVere Shanghai told us that we would surrender almost all of our savings and the majority of our earnings if we were to do so. It took them 5 weeks to figure that out and get back to us. Again, none of this is in writing in our policy. Nowhere does it state in the policy given to us by DeVere, or the Friend’s Provident literature, that in closing the account we would forfeit our entire investment and savings. No-where. Those words do NOT exist in any paper work provided. Of course we don’t want to lose our savings. We asked if we could stop payment for a time. The broker said that that could be arranged. They would contact us. They have not contacted us but, as of now, Devere has not charged us for the month of March or April 2014 but again, nothing is in writing. We have requested a document from DeVere stating that we requested a ‘holiday’ from payment but again we have been ignored. Nothing is signed. Nothing is in writing for this and we fear other charges or financial repercussions. I wrote Friend’s Provident in London and asked for answers to the questions below. In a nutshell our experience with Devere in Shanghai has been horrible. The *** is the guy who sold us this product walks around our school as a community volunteer, rubbing shoulders with others trying to groom future sales. I want to stand up and shout his name but I am not doing that. Why slander his name when it won’t accomplish anything? At this point it's a 'he said vs. he said' situation. Best thing is, dear reader, if you regard my complaint with any seriousness to simply avoid Devere Shanghai completely. Then maybe management will deal with their own weaknesses in their own ways as they see a loss of sales. We are in communications with FPI in London trying to sever Devere from our product. At least in that regards we don’t have to pay Devere a penny for services un-rendered. Avoid Devere Shanghai. If this is the best they can do then they deserve absolutely no business from anyone. We requested the following from FPI in London. We are in the midst of determining how to self-manage our FPI account. Blessings to those willing to read through my long-winded diatribe. - Complete breakdown of fees and annual charges of our investment. We want to know that if we have ‘X’ amount in our portfolio, then what is the ‘Y’ amount that Friends’ or a broker will charge per year.o Decreased pay-in: what is the procedure? What are the changes in annual fees? o Increased pay-in: How to increase our monthly contribution or add a lump-sum contribution? Procedure? Costs? Changes in annual fees?o Hiatus- are there options to take a holiday from payments? What are those details? What are the changes in annual fees? Can we get something in writing? - Self managed vs. managed. o Self managed? • What are the practical functions we have to self manage our investment, such as a change of Funds, decrease or increase monthly pay-in, and funds- withdrawal? • What are the differences in annual charges between self-managed or broker-managed? • What are the costs to any changes we make through self-management?- Flexibility options- details on withdrawing funds.o How much? Include both minimum and maximum amounts.o When? Time period(s) withdrawals can be made.o Time from a request to seeing the money in our personal bank account?o How to withdraw? Procedure?o Complete costs, if any, associated with withdrawals.
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#488886 Review #488886 is a subjective opinion of poster.
Tags
  • cheated
  • Ignored
  • friends
  • provident
  • mis-informed
Devere Group's reply to:

Devere Group - DeVere gross lies

Unfortunately these lot really are a bunch of conning b******rds. Due to the lack of a need for financial qualifications, and the lack of enforcement by domestic authorities in jurisdictions like philipines, indonesia, thailand etc 90% of those that work there have no qualifications and no real understanding of the financial system or care for their clients wellbeing.The life assurance linked investments that they peddle all pay huge upfront commissions and what most investors dont realise is that they can only get to there initial 18 months investment at the end of there 25 year plan or similar. They all peddle 25 year plans because of the huge commissions, which will cost you money unless you see it out till the end. A 5 year plan is a much better option in all cases but they keep this quiet as it does not pay.Much of the upper management were involved in boiler room scams in the late 90's early 2000's and know every trick in high pressure sales.they treat staff like *** and bully and lie. They'll say that it is only those that fail that complain about them on websites like this. Infact they are a morally degenerate organisation who continually tell there staff that what they are doing is ok. They say this over and over and start to believe there own lies. its an absolute scandal that they've been allowed to operate for so long. kidding hard working expats with there sales patter. it's about time someone exposed these crooks for what they really are.
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#483809 Review #483809 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group in Abu Dhabi, Abu Dhabi - Failure of a QROPS fund with DeVere

I transferred my UK Pensions across to DeVere in early 2012 into a "safe and well managed fund". 1st year seem to go well, although the annual statement was late in coming through (Aug 2013). However, this year in 2014 things turned completely. Two of the UAM funds had lost around 18% of their value, this equated to around 24,000 pounds GBR or $40,000. There were no explanatory notes, apologies, nada. When I called the sales guy from PIC (also part of DeVere), I was told briefly what happened. I then requested hard copies of what happened. This only came through after a lot of pushing and the documents were dated before the date of my first statement!!!, so they knew for an awfully long time that things where wrong. Surfing the net gave me no pleasure as this same route had been gone down many times by DeVere before, with the same people involved time and time again. The more I look into this, the more it is clear that DeVere have been negligent, and are accused of self investment and insider dealing. I'm now considering reporting the issue to the Financial Investigations Unit of the Abu Dhabi Police or going straight for legal action. DeVere's response to my queries has been awful. In effect, we have your money, and it's now ours. Avoid them.
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#482501 Review #482501 is a subjective opinion of poster.
Tags
  • UAM Fund failure
  • expat pension failure
Devere Group's reply to:

Devere Group - Serious Exaggeration!!! deVere Cape Town Office

I was recently phoned by a "headhunter" form this organisation who asked to meet with me (having seen my details on a job search website) and I agreed to. I then did some research, including this site and decided not to. It was for the deVere Cape Town office and he said a consultant there had earned GBP 75, 000 the previous year! There are probably a handful of people in SA who earn that sort of cash and let me tell you, a financial consultant will never be one. Big promises? Lies? Didn't go to the interview!! If they start with lies, where will it end?
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#480539 Review #480539 is a subjective opinion of poster.
Devere Group's reply to:

SCAMMED by Devere Group

I have been a client of DeVere since 2008. I invested a huge amount of money in their so-called "Investment Policy/Plan" Unfortunately, it turned out to be a huge scam. Too many nuances were not explained to me from the beginning. As time went on, these "nuances" seemed to keep popping out of nowhere. Whenever I called them to find out what the problem with my policy was, I was given yet another reason why my policy has "lapsed", and why I need to pour yet more money into it. I have decided that I simply want my money back............one way or another. I am aware that I am probably not the first person who is seeking legal action against DeVere. Still, I have no other option. The amount of money I threw down the toilet with DeVere may not seem much (11,600 euros)..............but it's a huge amount of money to me. And I want it back. I have already informed the UK Ombudsman, who has opened an official investigation. I also contacted the Financial Supervision Authority here in Finland, to report the matter.
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#480325 Review #480325 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group in Dublin, Dublin - Bogus article on MH370 to attract hits on DeVere website

Devere Group - Bogus article on MH370 to attract hits on DeVere website
DeVere Group has today published a completely unattributed "news" story on their website claiming that relatives of passengers on the missing MH370 flight had successfully called the passengers phones and had them hung up. https://www.devere-group.com/news/missing-malaysia-airlines-passengers-phones-ring-but-no-answer.aspx Quite what "Market" this news affects or why it should be on an market analysts site at all beats me. It seems highly inappropriate. The story has no by line and cites no reputable news agency. It lists a few unidentified relatives who have made these calls and then says "Relatives of the passengers are urging the authorities to search for the location of phones that rang using GPS." The brains trust at DeVeres seems unaware that GPS cannot be used to track a lost phone (it enables a phone to track its own location) and that the network HLR of any mobile phone network must have a record of its location before it can route a call to it. So if the phones were ringing, the Chinese authorities would easily identify which country they were in and stop wasting tonnes of aircraft fuel. This is a bogus story used in a scurrilous attempt to draw traffic to their site and get followers. Such tactics lead me to distrust every item of information from their website. How low will they go?
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#479715 Review #479715 is a subjective opinion of poster.
Tags
  • deVere Asia
  • MH370