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Devere Group's reply to:

Devere Group - Bad QROPS Advice Cost Me $50,000

Our aim at deVere Group is to provide quality financial advice to all our clients, so we take any complaint very seriously. We are sorry to hear you are not happy with your experience therefore encourage you to provide us with your plan details so that our dedicated Client Relations Department can investigate this matter further. Kindly note that they can be reached directly on clientrelations@devere-group.com in order to further assist with your complaint.
Review
#1025111 Review #1025111 is a subjective opinion of poster.
Reason of review
Misselling
Loss
$50000
Preferred solution
Let the company propose a solution

While working in Germany I was contacted by DeVeere Group who sold me on the benefits of a QROPS in Malta. At the time my country of residence was the USA where I am a green card holder.

The move of my UK company pension to a Malta plan has cost me nearly $50,000 in taxes and fees paid to the USA Inland Revenue Service.

As others have stated, as my account was under 100,000 GBP and I should never have been advised to move the account. What's worse is that now I am back in the USA, DeVeere Germany won't talk to me and DeVeere USA will only talk to me if I pay them more money.

Devere Group's reply to:

Devere Group - Breaking the law

Our aim at deVere Group is to provide quality financial advice to all our clients, so we take any complaint very seriously. We are sorry to hear you are not happy with your experience, however we can confirm that your matter has been investigated and a response given to you. Should you have any further concerns, please feel free to get in touch with our Legal team directly who will be more than happy to assist.
Review
#1026963 Review #1026963 is a subjective opinion of poster.
Cons
  • Unclear on fees
Reason of review
Poor customer service
Loss
$150000
Preferred solution
Full refund

I was sold a Generalli Vision product in the UAE in 2011 which includes an insurance element. At this time Deverre (PIC) were not licensed to sell insurance products in the UAE and hence I feel this sale should be null and void under UAE.

I have written to both Deverre and Generalli on this matter but neither has had the courtesy to respond. I just wanted to warn others the extent this company will go to to make commission.

I have consulted with my legal advisors and am told that the company breached both Articles 24 and 26 of Federal Law No 6 of 2007. I would be interested if they would respond on here.

Devere Group's reply to:

Devere Group in Wil, Sankt Gallen - USE COLLECTIVE POWER TO STOP DEVERE IN SWITZERLAND

deVere Group provides expert independent advice to clients all over the world, helping them to maximise their capital and income. As one of the world’s leading financial advisory organisations, our dedicated team of advisers spread out across the globe are on hand to find the best solution for each client’s needs. The products and services we offer are designed to be tax effective whilst also offering the opportunity for long term growth. All the companies we recommend are regulated within their own right and any trades undertaken by deVere on behalf of its clients are only done with the client’s understanding and approval. deVere Group is working with the Regulator and Joint Administration Managers in Guernsey to ensure that its affected clients are kept regularly up to date with the Fund’s progress.
Review
#1007808 Review #1007808 is a subjective opinion of poster.
Cons
  • Scam
Reason of review
Poor customer service
Loss
$200000
Preferred solution
Full refund

I feel like I have been raped by Devere. The advisor William Offen was indeed friendly and had all the right words and illustration and convinced me to change my UK pension into a QROPS pension.

In fact he was nothing more than a confidence trickster. The low risk investment he claimed was needed for access for the annual pension, was in fact a high risk and not only that ,it appears that Nigel Green of Devere had his hand in the investment fund ( insider trading). My pension investment is frozen (im talking in several £100’000 capital)and is in the courts of Guernsey, but it is hard to say how long it will take to release this funds. In the meantime I have lost my annual pension.

Devere claim, that they are regulated by PolyReg in Switzerland, but PolyReg only refer you to Swiss lawyers and they want several thousand up front before they even talk to you.

On top of that I have not found one that actually knows what a QROPS pension is. If you have a similar situation, I feel collectively we could make Devere pay.

Devere Group's reply to:

Devere Group in London, England - Devere & partners / Generali

deVere Group prides itself in providing expert and personalised financial advice to clients around the world.

As one of the world’s leading independent financial services organisations, deVere Group does not directly deal with clients’ money but only provides the best possible financial advice to suit your needs. Therefore, only Generali would receive money directly from a client for their investment.

Having gone through our records, we have been unable to locate your details. However, you are more than welcome to contact our dedicated client relations team and provide them with your Generali policy number for reference so that we may try to resolve your issues.
Review
#1046013 Review #1046013 is a subjective opinion of poster.
Product
Generali Worldwide Vision Retirement Plan
Cons
  • Being lied to
  • Being scammed out of 11600 euros
Reason of review
Bad quality
Loss
$11600
Preferred solution
Full refund
Tags
  • devere scammers
  • deVere London
  • Generali international scams fraud

I was scammed out of several thousands of euros by Devere & Partners, who sold me a so-called Generali Policy. This happened as far back as 2010.

I know that there are literally thousands of people who have fallen prey to this scam. The problem is: a lot of people seem to want to TALK about it; but nobody is interested in actually doing anything about it. I went as far as hiring a lawyer, who was based in London (UK). Mainly because that's where DeVere was when they stole my money!

My lawyer understood my situation, but he advised me that to let it go, because: the legal fees alone would exceed the money which Generali had stolen from me. His advice: find as many people as you can, who were also scammed, and organize ourselves into a group. Then, launch a legal battle. I have been searching for anyone who is interested in taking this matter further.

But, so far, have not found anyone with the balls to get up and fight these animals! As in: launching a legal attack on Generali and somehow getting back the money they stole from us.

!! If anyone is serious about getting together to hire a lawyer, here's my email: darwell.steve@yahoo.com

Devere Group's reply to:

Devere Group in Kuala Lumpur, Kuala Lumpur - Not Happy at all

deVere Group prides itself on providing a high level of service and strives to uphold good relationships with all of its clients. Our fully-qualified financial advisers work closely with clients to help them choose the best investments based on their personal circumstances to help maximize their wealth. We take all queries very seriously and can confirm that an adviser will be in contact with you shortly to discuss this matter further.
Review
#980839 Review #980839 is a subjective opinion of poster.
Reason of review
Poor customer service
Loss
$20000
Preferred solution
Full refund

Devere Advisor are the less professional i have ever seen, the subscription i made through this agency end up being a total lost of money. i was promised a 10% growth each year, after 6 year the plan value is lower of 5000USD than my total investment.

when i look at closely, i found out that i never made any profit since i started investing in that plan. if i decide to surrender now, my expectation was to get my money back, at least what is remaining, instead, i will be loosing ~15000USD. those are the kind of things Devere Advisor never tell you when approaching you.

for the last 4 years, none of the adviser never called me to advise when they said they will always be calling me or following up on my investment and advise on options. They are very bad, never even accept being approached by them.

Devere Group's reply to:

Follow up to review #1019544; Devere Group - Poor plan performance, wish I'd never heard of Devere.

Dear Mr. Platts,

We are very sorry to hear this, we can assure you that your queries above have been noted and our dedicated Client Relations Department shall be in contact with you shortly in order to provide you with the information you have requested.

Regards
deVere Group
Review
#1023487 Review #1023487 is a subjective opinion of poster.
Cons
  • Lack of transparency
  • Fees
  • Commission
Reason of review
Lack of transparency, leading to suspicion and lack of confidence

Many thanks for your kind response to my initial review team Devere. Indeed, it would appear that you have been transparent in stating that one of your advisors has been in contact with me, however, I've asked for the same advisor to disclose all interests that Devere have now or previously held with my plan provider, STM Malta so as to rule out any potential conflict of interest, but I suspect that if the Malta Financial Services Authority cannot extract this information out of you guys, I guess I've not no chance....

I've also asked the same advisor to be transparent in sharing the commission Devere have received in connection with my interests, but again, no response. So team Devere, lets see some transparency...

Devere Group's reply to:

Devere Group in Puente Mayorga, Andalusia - DeVere is not independent

As this fund is the subject of regulatory investigation and possible legal actions by the Administrators, which we would support we are unable to comment further at this time.

deVere is working relentlessly with many parties to find a solution to this matter for the small number of its clients invested into this fund.

We will contact the clients who are invested in this fund once solutions have been found and when we have further updates.

Please feel free to direct any further queries to sgqueries@devere-group.com and we shall be pleased to assist.
Review
#931996 Review #931996 is a subjective opinion of poster.
Cons
  • Questionable advice given environment and customer profile
Reason of review
Poor customer service
Tags
  • UAM Fund frozen

In 2009 we approached a firm named Siddals in UK to obtain advice on investments which were to provide an income for our retirement in Spain. We made it very clear that we were not prepared to invest in anything that put our capital at any serious risk. The questionnaire that we completed confirmed our investment profile as “cautious”, which was described as follows: “I am cautious and dislike risk. I prefer security of capital and predictable investments. I accept that this may result in low rates of return being earned on my portfolio. I also accept that interest returns from deposit based investments move up and down, and when compared with the rate of inflation may produce a poor real return.” The proportion of my portfolio allocated to this risk profile was 100%. Siddals was subsequently taken over by the deVere Group.

In November 2009 deVere produced a report that recommended four funds: (a) Aria Absolute Income Protected Fund, (b) EEA Life Settlements Fund (c) Iveagh Wealth Fund, and (c) New Earth Solutions. The Aria fund offered 80% protection of the invested capital.

In June 2010 on the advice of deVere Spain’s managing director we sold our Aria investment and invested heavily in United Asset Management Strategic Growth Fund, United Asset Management Sàrl of Port Valais, Switzerland, (UAM). At that time, and not disclosed by deVere, was the fact that the deVere Chief Executive Officer, Mr. Nigel Green, was the 100% owner of UAM. This is clearly confirmed by the registration records of the Confédération Suisse of which I have copies.

At the time we were given a factsheet that described the fund as being “United Asset Management – Strategic Growth Fund”. The factsheet also stated that “currently, Mr Kellermann acts as the fund manager to United Asset Management”. This refers to Mr Cobus Kellermann, who at that time was joint owner of the Mauritius based Belvedere Management Group with Mr David Cosgrove. In a newsletter in March 2015 deVere claimed to have had a role in exposing alleged investment fraud being carried out by Belvedere. What deVere failed to mention was that the perpetrators of that fraud, Messrs Kellermann and Cosgrove, held senior positions in United Asset Management at the time and were instrumental in the failure of the Strategic Growth Fund.

Mr Cosgrove one of has, due to his failure to comply with the codes of the FSA, subsequently been disqualified by the Financial Services Commission of Mauritius from “holding position as officer in any licensee of the FSC for a period of 5 years”.

According to its News Letters deVere boast that it is the worlds largest “independent financial adviser”. As such it has an obligation to remain completely independent. This obligation was breached by its selling of investments through a company wholly owned by its CEO who was benefiting from an additional layer of fees paid by us as the investors.

In February 2013 deVere informed us of problems with the UAM Strategic Growth Fund and advised us to sell our holdings. We completed a dealing form instructing the sale of those holdings and the purchase of holdings in an alternative fund. Unfortunately, the advice from deVere was given far too late and on 22 February 2013, only five months after Nigel Green disposed of his interests in United Asset Management, the Strategic Growth Fund was suspended. Since 27 October 2015, the fund has been in administration with no guarantee of any monies being recovered by investors.

In November 2015 we submitted a complaint to deVere’s customer relations department. We received a response, not from deVere Customer Relations, but from deVere Corporate Legal. In its various responses to our complaint deVere has endeavoured to distance itself from UAM by saying that the Strategic Growth Fund had nothing to do with UAM. Initially deVere stated that the association between the two on the factsheet was solely for marketing purposes. If that were the case then the fund was, at best, being mis-represented.

deVere then changed its stance by stating that “whilst the fund in question may be labelled as the UAM Strategic Growth Fund by SEB Life International in its statements ...” This is a blatant attempt to distort the truth as the insurer at the time of our investment in UAM Strategic Growth Fund in 2010 was Irish Life International Ltd and not SEB. We also have a series of emails directly from deVere at that time which clearly label the fund as being “United Asset Management Strategic Growth Fund”.

Despite admissions by deVere that there was a serious conflict of interest and that there were other faults on its part the deVere Corporate Legal department constantly looks for loopholes and refuses to consider our complaint on its merits.

Through its unethical approach in advising us to invest in funds that were not appropriate for our risk profile, and its poor management, deVere has caused us to suffer a substantial financial loss and years of stress. This situation warrants financial recompense from deVere to compensate us for loss and stress.

Devere Group's reply to:

Devere Group - Bad, Worse, Devere Shanghai

Dear Mr. Guba,

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. We believe that your financial adviser is in contact with you, giving you all the updates we are receiving to ensure you are fully informed as soon as we are.

Should you however require any further assistance, please do contact our Clients Relations Department on clientrelations@devere-group.com

Regards
deVere Group
Review
#963252 Review #963252 is a subjective opinion of poster.
Reason of review
Bad quality
Loss
$1800
Preferred solution
Full refund

First the guys are trying to sell you the products where they can get the highest commission (25 years retirement plan) and not listen to the customer needs. Second, some fonds are frozen and I can't sell them since 5 months already - but I need the money now for finacning my house for the family.

Excuses here and excuses there, bla, bla, bla. No understanding for the mistakes they have done. Postpone the problem again and again - "next month, we will review in December". Bad service, bad communication, bad performance.

Never ever again Devere.......

Thank you for this great service and support it confirms finally what I was expecting in the beginning. Morten Guba, Shanghai

Devere Group's reply to:

Devere Group in Dubai, Dubai - DeVere use positive comment 'flooding'

We have no record of any client by this name. If you have a genuine complaint, please email us at clientrelations@devere-group.com
Review
#929878 Review #929878 is a subjective opinion of poster.
Reason of review
parasitic behaviour

A word to those looking for information on scams & unethical dealings by DeVere.They engage in careful content management and 'flood' sites like these with their responses which then rank first....knowing that people are lazy researchers.

Google's own research shows 53% of people do not look beyond the first two responses and 89% do not look past page one. They are 'managing' (read: manipulating) this site to bury their sins. This company is the worst of the worst- incapable of change as the corporate culture is rotten top down to bottom. They do employ naïve & desperate sales people who may appear plausible.

Tough times are coming to Dubai (Oct 2016) - hopefully this parasitic company will finally fold in this time- and never be heard of again.

Caute!

Devere Group's reply to:

Devere Group in Basel, Basel-Stadt - Check fees carefully, strong rotation financial advisors

Dear Sir,

Thank you for your comments. deVere Group aims to recruit the very best employees and provides on-going training to ensure we can maintain the high standards we expect from all of our advisers. However, as the client, you are entitled to obtain second opinions from other advisers before choosing to invest. We are sorry that you have received unsatisfactory care following the departure of your deVere Consultant. We aim to make this infrequent transition period as smooth as possible for all of our clients.
Review
#935078 Review #935078 is a subjective opinion of poster.
Pros
  • Global scope
Cons
  • Not clear about fees
  • Transparency
  • Consistency
Reason of review
Pricing issue

Hi, I was approached by financial advisors of the Vere Group (in Switzerland) and they advised Generali Vision Plan. Although the 1st financial advisor seemed very engaged and I signed up to the Generali Vision Plan short thereafter he left the company and since there has been enormous rotation leading to practically no followup, delays in portfolio changes and limited advise, which led me to have to start doing it myself.

Recently I noticed that the fees of my Vision plan were significantly higher then was explained to me by the Veere Group.

In short it seems that it will become difficult to get a positive return on this plan. This is always a risk when investing, and I am sure De Vere Group has professional advisors as well, but I would suggest to be very vigilant on what you sign up to.