money strategic growth fund growth fund devere investment advice plan funds fees
Devere Group's reply to:

Bunch of crooks | Devere Group review

Dear Mr Innes,

As this fund is the subject of a potential legal matter we are unable to comment further at this time.

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

We will contact the clients who are invested in this fund once we have reached a solution.

Please feel free to direct any further queries to sgqueries@devere-group.com and we shall be pleased to assist.
Review
#911833 Review #911833 is a subjective opinion of poster.
Cons
  • High charges
  • Bad advice
  • Lies
Reason of review
Poor customer service
Preferred solution
Let the company propose a solution
Tags
  • devere scammers
  • devere Funds
  • deVere UK

Invested in UAM Strategic Growth fund on advice of your adviser. He told me that it was medium-low risk. I even note that your founder Mr Green played a big part in UAM and knew about this funds executives. Apparently you say you advised investors to leave the fund but I for one never got any such communication.

In fact from inception of policy until I noticed that the fund was suspeneded there was zero communication form your represenatives.

Upshot--Guess what I lost the lot when the fund collapsed. Since then I've sent several emails to your client department and the adviser - latest emails get no reply

Obviously once you've got your pound of flesh the investor doesn't matter anymore

Shame on you!

Dear Mr Anon, we are very disappointed and concerned by your claims as these are issues we take very seriously at our company. Whilst we would like to stress that at no time did deVere Group own the Strategic Growth Fund, we encourage you to contact our Client...
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Review
#838925 Review #838925 is a subjective opinion of poster.
Tags
  • devere scammers
I know that they are a legit company and offer some good products, but what has happened to them they seem to be having problems with the Thai SEC they say its the whole industry but i haven't seen any other advisories having to change their names or being told to stop...
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10 comments
Anonymous
#1585459

I knew someone who worked for Devere. Sounds like they knew nothing and just sell anything they can to get their commission. They were laughing about the fools they had taken money from.

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#651614 Review #651614 is a subjective opinion of poster.
Devere Group's reply to:

Devere group from an employees perception ( Dont fall for the trap)

We pride ourselves on offering the very best training and support in the business. We promote from within meaning that dedicated people get the chance to reach the very top. Unfortunately in our business, you won’t progress very far if you just let it be, you may even have to work a hard day’s night, but the rewards and opportunities are endless.
Review
#537363 Review #537363 is a subjective opinion of poster.

not going to write an essay or anything straight to the point.

Everything the Devere group say is a fraud..

there is no real incentives.

its like working being imprisioned in a cell with no window

no travel cost or accomodations included.

they say Visa takes 3 months and it is done on purpose so you have to spend money from your own pocket..

PLease and i beg my following job hunters who seem to be interested in this so called opportunity of a life time to NOT GO AHEAD WITH IT.

if something sounds to good to be true then it probably isnt.

Devere Group's reply to:

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

Our client base continues to grow due to the trust built between our clients and our advisers. We strive to provide the very best independent financial advice to help clients reach their personal financial goals. We make sure that each and every client fully understands all terms, conditions and costs prior to authorising an investment. By signing the paperwork provided, you accepted the terms and conditions of your investment. Our plans are medium to long term investments offering potential flexibility after 5 years.
Review
#488886 Review #488886 is a subjective opinion of poster.
Loss
$35000
Tags
  • cheated
  • Ignored

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.

Devere Group's reply to:

Devere Wolfs of international investment Scams | Devere Group review from Quezon City, Manila

We offer trusted international financial planning to over 80,000 clients around the world. Our client base continues to grow due to the exclusive investment products we offer and the effective financial planning our fully qualified financial advisers provide.

As the worlds most regulated IFA, our financial advisers are well-equipped to provide you with impartial financial advice, helping you to limit your risks but maximise your returns.

Our 450 international advisers are supported by our compliance team, who call clients to make sure that they fully understand all the terms and conditions of their investment(s) and to answer any queries they may have.

If you would like to find out more, please visit our website or drop into one of our 70 offices around the world (Addresses found on our website).
Review
#477637 Review #477637 is a subjective opinion of poster.

Devere are the 'Wolfs of international investments scams'. You saw the movie Wolf of Wall St?

This is DeVere Group & most of their associated companies like PIC, DeVere & Partners. They run their opperation like a well run boiler room scam. Great glossy website, nice brochures, global coverage. There are only a handful of people (if that) in each Devere office that have been with Devere over 3+ years & have any creditable financial qualifications. For the majority it's like a revolving door with 3, 6 & 9 months being pivotal moments. Most of the Devere staff will tell you out & out lies about their financial qualifications & work history to make themselves LOOK CREDIBLE. They lean a 4 page script back tonfront which is designed to emotionally break you down into handing over 50+ % of you international expat wage package. The retirement plan that you need to save so hard for, they will tell you all the money can be taken out after 12-18 months (all lies).

If it's anything Devere then STAY WELL CLEAR!!

Devere are viewed as an international JOKE in the financial world. Some of their Managers have personally been locked up abroad for previously running boiler room scams (fact). These are the kind of people who work in their company so you can now see where all the ingrained lies come from.

Devere claim to have strategic relations with big American Banks (some of those just been fined millions of $'s for bad practice). This then gives an excuse to upfront charge you 4% to enter their 'unique invesments'. Reality is they take 10-12% for your investment, WHO DO YOU THINK PAYS FOR THAT?

Nigel Green part owns a Malta based QROPS trust which they lock your UK Pension into (READ THE SMALL PRINT). It might sound like min fees... Your money will then be invested into their own underperforming white labelled funds which are almost guaranteed to go backwards.

Devere write internet blogs about 'devere scams' in an attempt to deflect you from seeing the true extend of client/ex employee feedback which has worked its way on to the net.

The opportunity we offer to aspiring wealth consultants is tough but ultimately rewarding. Our comprehensive training programme ensures that all our advisers are fully qualified with internationally recognised qualifications. Our advisers are continuously developed to...
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29 comments
Anonymous
#941227

Anyone hear of Bernie Madoff, ripped off his friends & investors in billions, gotta do your due diligence before giving your money to complete strangers. Go with recommendations from your most trusted friends/relatives but also check past history/performance.

Don't trust anyone with your hard earned money unless you are 100% sure and even then, don't go all in until promised/expected results materialize.

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Review
#462930 Review #462930 is a subjective opinion of poster.

$50 Million of deVere Clients money Frozen- UAM FUND | Devere Group review

$50 M of deVere client money was recently locked down in Nigel Green's UAM Fund that he had his secretary Bev Yoemans front. International Advisor reported this astonishing news last week (May 2013). Nigel Green is no stranger to running his own funds into trouble, he has a track record which is documented. I bet 90% of these clients didn't even know it was a deVere fund? DeVere have a habit of being conservative with the truth (as well we know). Search International Advisor- deVere $50 Million client money frozen. You'll see the backstage antics behind the scenes, but fortunately for deVere clients authorities have stepped in. Nigel Green has taken his name off as Director (what a surprise)... There will be much more bad news coming about these thieves, just wait and see.
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23 comments
Anonymous
#1529343

$50 M of deVere client money was recently locked down in Nigel Green's UAM Fund that he had his secretary Bev Yoemans front. International Advisor reported this astonishing news last week (May 2013).

Nigel Green is no stranger to running his own funds into trouble, he has a track record which is documented. I bet 90% of these clients didn't even know it was a deVere fund? DeVere have a habit of being conservative with the truth (as well we know). |Do I have to say much more, just read what deVere is all about below.

deVere claim my claim has no merit and I seriosly disagree on this. You have not made a full investigation and I will not go away until you will sit round the table and sort out your short commings. Search International Advisor- deVere $50 Million client money frozen. You'll see the backstage antics behind the scenes, but fortunately for deVere clients authorities have stepped in.

Nigel Green has taken his name off as Director (what a surprise)...

There will be much more bad news coming about these thieves, just wait and see. Monetary Loss: $50.

Anonymous
#1488905

DeVere have lost me my pension and over£200 000 is suspended . How can l reclaim this insider trading investment? Any help out there

Anonymous
#815070

I love devere cos thay trane me proper to sell financel producs and earn loadz dosh. I ave a rite good life working like a slave for those t0ssers!! :cry

Anonymous
#795346

The deVere Group has returned almost £70,000 to an investor after an internal investigation found the client had not received the best advice.

According to an article published by This is money, the client was advised in 2010 to invest about 80% of his portfolio into a single fund called the Strategic Growth Fund (formally UAM) The fund’s value subsequently plummeted and was eventually suspended in May last year.

The client only realised there was a problem when his quarterly pension payment failed to arrive in June last year, according to the story, which added that when the client contacted deVere he was informed the current fund value was just £20,063 – and that if he wanted to withdraw all of it, he would be left with just £11,000 after charges.

DeVere has now reinstated the pension pot to the £89,000 value it held prior to the fund’s suspension.

This is money claimed deVere’s decision to reinstate the capital followed pressure it asserted, however deVere disputed this.

In a statement, Nigel Green, founder and chief executive of deVere, said: “I would like to make it clear that it was our investigation into a legitimate client complaint and our subsequent conversations with the client that led to a mistake being rectified; it was not as a result of the involvement of a newspaper, as has been suggested.” As reported previously, the Strategic Growth Fund ran into difficulties last year, although it was never entirely clear why the strategy, which was marketed as a multi-manager fund, began making heavy losses. In the early years it outperformed the market and was considered a fund with significant growth potential.

According to one source familiar with the situation, in 2012 the fund manager began investing into a South African private equity company which ultimately performed badly. The owner of the private equity firm was SHOT DEAD in September of that year but, despite this, it is believed the fund manager continued to invest into the private equity firm.

Anonymous
#781704

Liers, cheats, thieves & scum8ags - these are the decent deVere staff. Be warned, stay clear, you financial future is at risk if you deal with these parasites.

Anonymous
#732138

DeVere Group Moscow office is a drugs den full of wide boys and cheap tarts

Anonymous
#730059

Oh dear, Mr Green. Your reputation is suffering and this time is seems to be all your own fault - no jealous ex-employees to blame.

I do hope De Vere told these poor clients of the conflict of interest before they invested in this awful fund.

Perhaps a regulator might like to investigate? I'd also like to see Mr Green explaining this one in his next YouTube video but my breath is not held.

Anonymous
#724886

Read this from international Advisor about the disgraced Director Nigel Green.

http://www.international-adviser.com/news/products/up-to-50m-of-devere-client-money-trapped

Anonymous
#696383

The deVere Group has closed its offices in Cyprus and Luxembourg, and is now looking after its clients in these markets from its Financial Conduct Authority-regulated UK office, a company spokesman has confirmed.

"There will be no IFA job losses, as those previoulsy based in Cyprus [and Luxembourg] will be working within and from other deVere Group offices," the spokesman said.

The closure of the deVere Group office in Cyprus, which had been located in Limassol, and the one in luxembourg on Rue de la Grève, follows the ending, earlier this year, of the deVere Group's being licenced by Belgium's Financial Services and Markets Authority. It also comes as the company is engaged in a strategic review of its business.

As reported, deVere had used its Belgian licence to passport its services into Cyprus as well as Luxembourg.

In a statement, the deVere spokesman noted that the streamlining of certain parts of its operations due to local authorities clamping down on rouge companies, however this would enable deVere to "further strengthen its market-leading position", while enabling it to offer a better standard of services and broader range of advice and products to its clients.

Strategic review

In March, deVere Group director Mike Coady announced the strategic review, noting that as the company entered its eleventh year in business, “it seemed a good time to step back and look at which markets we want to be in (what he means is, get out of the markets where the heat has been too much) and invest in, and which we might not".

One of the first things to emerge from this was the creation of a new “executive committee” (that would be Nigel , Simon & ***)for the company's European operations, to be headed up by Coady, as part of a corporate effort to“raise standards throughout the region” while overseeing business development, best practice policies and corporate governance matters.

Since January, deVere has announced it was planning to get out of the Belgium (they were thrown out of Belgium for abuse and blatant disregard of Belgium laws)and Portuguese markets; expand its operations in the UK, Germany and Spain; and enter the Nigerian market with an outpost in the capital city of Lagos. It also said it would expand its operations in Cape Town, Johannesburg, and Accra, close three peripheral South African offices, and relocate its Dubai operation to a larger premises, so that it might increase the number of consultants there by 50%.

And, instead of a pan-US operation it is now planning to focus on making its existing New York office a “super-hub” from which to look after its American clients. (More Bull)

Anonymous
#693116

Oh dear, Mr Green. Your reputation is suffering and this time is seems to be all your own fault - no jealous ex-employees to blame.

I do hope De Vere told these poor clients of the conflict of interest before they invested in this awful fund.

Perhaps a regulator might like to investigate? I'd also like to see Mr Green explaining this one in his next YouTube video but my breath is not held.

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Review
#412159 Review #412159 is a subjective opinion of poster.
Loss
$50
Tags
  • UAM Fund frozen
As one of the most regulated IFA’s in the world, the deVere Group strictly adheres to various international laws and procedures. Our compliance team regularly contacts our clients to ensure that all deVere Group procedures have been carried out according to company...
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3 comments
Anonymous
#613991

This is all true you only have to looking it up, deVere can't deny the tsunami of evidence against the. This is not just disgruntled employees, it's clients talking and giving factual feedback. Deal with deVere your peril.

Don't say you haven't been warned!

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Review
#381536 Review #381536 is a subjective opinion of poster.
New recruits are trained to become fully qualified financial advisers, fulfilling deVere’s international regulatory obligations. deVere financial advisers do not have to pay for training or office costs. Advisers do use a predetermined introduction when meeting with...
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71 comments
Anonymous
#683502

OMG! Doesn't it just say everything when devere group IFA buy the domain name: deveregroupscam.com to get to the top of Google to try avoid the real negative results.

Surely, that's a devere own goal for anyone looking at investing with them who has any sense? Theses guys are so desperate to hide comments it beggars belief.

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Review
#334829 Review #334829 is a subjective opinion of poster.