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Devere Group's reply to:

Devere Group in Abu Dhabi, Abu Dhabi - Lack of transparency, mis-sale, devere in UAE

I am devastated by the way deVere took advantage of me and my investments. The company was not transparent with the charges and they chose funds so they can get the biggest commission (the purchase fee + annual charges are huge). Also deVere is not really independent - Nigel Green had shares with STM which is why customers were put into this investment without disclosing this information . In 2015 , deVere only had 1 review with me and they used that time to sell me another product - structured note and I immediately lost 30k US dollars. When I complained they sent me a paper proving I signed and it was my problem. The customer care is outrageous
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#791027 Review #791027 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group Qrops Pension Transfer Review from Leipzig, Sachsen

My personal experience. Company run by idiots for idiots. I foolishly opted for a QROPS. Against my better instincts, I allowed Devere to progress my QROPS into an STM portfolio. Problem is, after 2 years, not only is my valuations depreciating at an alarming rate, but when trying to surrender, nothing happens. I just get shunted from one person to another. Having filled out all the required forms, after a month, I'm no further on. Lots of promises. The paperwork is courierd to Malta, it's all in hand, etc etc. In truth, nothing has happened. My opinion? Once they have the money you'll never see it again. It's probably not even invested and just goes to pay staff and bonuses. Just my opinion. Draw your own conclusions S to whether this firm is for you.......
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#784206 Review #784206 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group - Not impressed

I was contacted by a representative who gave me the hard sell over 2 or 3 calls insisting it was in my best interest to meet up and discuss my future pension savings. Foolishly i agreed to meet this Devere expert and was idiotically drawn into the web. I explained that I was not risk averse but was looking for safe areas in which to invest. I was recommended one of Devere's "special" products. After some years of investments the fund was suspended and all the asset suspended. Devere say they informed their investors to withdraw. That is a joke. I only found out after looking into my policy myself (none from Devere contacted in the five years after opening the policy for any reason at all! My opinion - devere - poor advice, poor customer service, poor follow up. Just poor! Doi noty invest with them!!
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#776199 Review #776199 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group in Kuala Lumpur, Kuala Lumpur - Truth Of deVere savings plans in plain numbers- AVOID

Country manager Terry Howes (Malaysia) and Tariq Mizra do not recommend any clients nor colleague advisers to place single premium lump-sum investments in to viable portfolio bonds. Instead the clients are fooled in to splitting the lump-sum single premium in to high monthly regular savings premiums with maximum length maturity periods (25-30years). The truth is that in over 95% of these plans, the client circumstances change and either stop contributing or substantially lower the monthly contributions. Here are the TRUE numbers: “Positive” Scenario: Client is advised to split a £400,000 lump-sum investment in to £15,000 monthly contributions over 25 years with Generali and told that the monthly contributions can be lowered after the 25.6 month initial period due to sales bonuses. The initial period determines the total cost of the plan ie total client investment is only £384,000. If the client lowers the monthly contributions after 25.6months to £4,000 and continues paying until the 25 year maturity total payments equal £1,481,600. The total cost of plan for client is 26% and the “adviser” received £86,400 in commission. [300months (25y X12mnths) X £15,000 = £4,500,000 X 1.92%] Negative Scenario 1: Client stops contributing before 25.6months and receives £0. Negative Scenario 2: Client contributes £15,000 for 25.6months and then stops contributing. The total contributions are only £384,000. Over 25 years this means an annual 4.9% deduction of capital growth ie the growth has to be minimum 4.9%pa to receive any return. When adding a 3% annual inflation over 25 years it most probable that the client receives £0! CAN NOT HIDE THE TRUTH- NIGEL GREEN
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#750140 Review #750140 is a subjective opinion of poster.
Tags
  • Mauritius
  • Providence Life
Devere Group's reply to:

Devere Group - DeVere ...don't trust, or say bye bye to your "investment"

deVere is supposed to be a financial company that helps people to invest safely their money, create an extra pension and so on. When you claim your money back, forget it, with all possible excuses, they won't give you back a cent. They are not able to guarantee their clients to their partner, such as Generali, and you'll trash a lot of time and money to send document all over without any result. It's quite frustrating and my personal advice is to stop immediately to pay for pensions or any kind of insurance you have in place. Please be advised before to make a contract with one of their "professional" consultant (deVere Germany in particular).
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#739574 Review #739574 is a subjective opinion of poster.

Devere Group - Toby Williams - in cuckoo land

Here is a "qualified" advisor who feels an outdated mortgage qualification is sufficient to provide complex financial advise about a pension transfer and investment planning. He feels he is worth commission of £130,000 plus and his idea of flexibility is to invest via a portfolio bond which has hidden fees and commissions as well as exit fee penalties. I would now question the logic of anyone undertaking a QROPs transfer, unless they are within 6 months of retirement and under very unique circumstances. The argument concerning being able to pass your fund to a beneficiary.... why on earth do advisers in BKK not suggest life insurance instead (subject to underwriting). The emails Toby Williams sent me show a very inexperienced and very very unqualified financial advisor. I shall wait for the threats from the deVere legal department which will surely come.. Oh..... deVere also altered emails after they had been sent! Some advice for potential deVere clients: 1. any investment should not have exit charges... if `00% of your fund is not available to you on day 2... walk away 2. check the funds being invested into.... deVere have this ability to charge you up to 7% for the portfolio bond PLUS up to 5% for each investment fund... which they will try to churn as often as possible. 3. deVere are NOT independent... you can not be independent when you earn from the client and the product provider 4. Toby Williams claims to be able to act as a discretionary investment manager... ask him to show he is qualified 5. He will claim to be regulated and licensed by the SEC... he is ... but NOT for pension transfer business..
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#739418 Review #739418 is a subjective opinion of poster.
Pros
  • Appalling
Cons
  • Toby williams
Reason of review
Not as described/ advertised

Devere Group - DeVere's global miss-selling

To get an idea of exactly how deVere rip their clients off, view this (very accurate) YouTube video - https://www.youtube.com/watch?v=xy6ePtf7q2k Although it only relates to Qrops business, it's common across all their offerings. Hidden fees, undisclosed conflicts of interest, no advice, etc. The vast majority of their advisers aren't from the financial services industry and are only taught a sales pitch, so they're often ignorant of these facts. Do business with this company and you'll lose a big chunk of your initial investment on day one with no means of recourse. You're also likely to get stuck in an inappropriate product/structure with ridiculous penalties for early redemption, or even worse, no accessibility whatsoever. Don't rely on the regulators to protect you either, many of the jurisdictions don't have investors protections in place and the product providers like Generali, Old Mutual International, Friends Provident, etc., won't be of any assistance.
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#738420 Review #738420 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group in Brussels, Brussels Hoofdstedelijk Gewest - DeVere - Claim # 717276

I am upset with the way the consultants in charges are giving me support. The Commodity fund in which I was advised to invest en 2012 suspended quotation on March 2015, 18 while my order to sell was send in writing on Jan 2015, 28 and on hold on Jan 29 as shown by the Portfolio valuation.The fund then went into liquidation on October 2015, 6. No information was given to me on the chain of events in between leading to the critical situation in which about 25 KGBP are on stake. Questions raised on October 26 remain unanswered. I also happen to discover the fund is an hedge fund which cannot be proposed in Belgium, my country, within a Life Insurance policy. It also does not fit my profile. It finally became obvious the fund is not easily tradable, I mean here not having the liquidity to match the redemptions, which is contrary to my expressed wishes. Again such lack of liquidity does not fit the portfolio's purpose which requires, at least in Belgium, tradability. This Fund was sold by deVere Belgium just before their unexplained closure en 2012, of which I have been kept ignorant until february 2013. The compliance with Belgian regulations has to be addressed.
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#733214 Review #733214 is a subjective opinion of poster.

Devere Group in Dubai, Dubai - If They're good Enough

There are a few bad reviews about deVere online, most of it undoubtedly by the competition but I am sure at least some of it is from people who have been contacted by deVere. I noticed none of the comments are by actual clients though... hmmm. Much like stating "the steaks at XXXXX restaurant are terrible, as is the service... I mean I've never had the steak or even been there, I don't even know where they are, for all I know XXXXX could be a sushi restaurant, but they definitely offer the worst steaks ever. I know because I read it once online, plus someone I met once went to another restaurant in the same area and the steak there really was terrible". That said there very well may be some clients who have had a bad experience, what do you expect with the worlds largest IFA firm. At the end of the day they are humans doing a job, they won't get it right 100% of the time and not all the advisors will be as focused on 'best advice' as they should be even if they are independent. But my comment to you is this, bearing in mind that for large corporations image is VERY important, if deVere are good enough to be the partner of choice for Goldman Sachs (with all their due diligence and compliance requirements), I'm pretty sure they're good enough for you. My experience with Acuma has been excellent. I have met a few of their advisors and so far they all seem genuine and good willed people. I hope this helps put things in perspective for anyone reading.
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#721463 Review #721463 is a subjective opinion of poster.
Reason of review
Good quality
Tags
  • Acuma
  • Financial Advisor
Devere Group's reply to:

Devere Group in London, England - Customer service

This week I send a review describing the recent poor customers service. Why is not published ? This was a factual text quietly emphasizing the lack of replies in difficult cases. Again I want to outline it is now 5 weeks I have no replies from my adviser on a delicate situation he seemingly has problems to explain. Since he is the fourth adviser I am in contact since the closure end 2012 of the deVere Brussels office, I required a letter at managerial level to shed light on the events ( pending order and accounting thereof ) and tell me when the situation will be deblocked. The least I may expect is a phone call about what happened and why.
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#717276 Review #717276 is a subjective opinion of poster.
Tags
  • no answers