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Devere Group's reply to:

Devere Group stole my family's money

deVere takes all complaints very seriously and has a team of fully qualified advisers who are dedicated to providing a high quality service. Having checked our records, we can see that no formal complaint has been made by either Mrs Preston or her husband, who is a joint policy holder. Furthermore, at no time has deVere received any of the clients’ monies, and as per their own admission, the monies were paid to Generali. All the forms and requirements to surrender the product are those of Generali. Mrs Preston has been made fully aware of the outstanding requirements from Generali which were provided directly to her husband by email on 17/07/18. As such, there is nothing deVere can do in this regard until either the client or her husband produces the necessary documentation in full. If you wish to discuss this matter further, please do not hesitate to email us on csvhelp@devere-group.com.

Review
#1305989 Review #1305989 is a subjective opinion of poster.
Product
Generali Worldwide Vision Retirement Plan
Cons
  • Fraud the company is trying to commit against my family
Reason of review
FRAUD
Loss
$105000
Preferred solution
Release of my full surrender value immediately.

My husband and I purchased a Generali "Vision Plan" #94035832 in Abu Dhabi through Devere Group, in July 2013. We are Americans who were both consulting in the UAE at the time.

For the past 9 weeks (starting on 5/21/18), we have been trying to cash out our policy, having been fully paid in all fees and having an account in good standing. Devere Group and Generali REFUSE to release the the full surrender value of our plan, despite us following every ridiculous instruction.

The Devere Acuma group in Abu Dhabi (evalyn.gomez@devere-acuma.com and jason.ambayec@devere-group.com

Tel: +971 2 509 0500, Mobile:+971 52 984 6139) required an ENORMOUS amount of forms and documentation, all originals with original signatures, to be couriered to Abu Dhabi. Evalyn and Jason received the documents, confirmed that the documents were all correct, and stated that they will forward the documents to Generali in Ireland. Then the Ireland HQs REFUSED to speak to us.

They received the documents and claimed that they were not the right documents. They (Thomas at international number 002539060222) further claimed that the plan we clearly have is illegal to purchase in the UAE. Therefore Devere broke the law selling it to us despite accepting our $3600US monthly payments for nearly 4 years. Thomas further stated that "he doesn't care what we were told." I think that is a side scam, b/c they are still asking for a completely different set of documents such as an original active lease, original utility bill, drivers' license, and a certified copy of my husband's passport...ALL TO PROVE OUR ADDRESS is what Thomas said.

I have DOZENS of emails to prove our experience with Generali and Devere. We are initiating a lawsuit against Generali and Devere for refusing to release the full surrender value of our policy.

Dear Mr.Payne, As a company, we strive to reach high standards and make sure customer satisfaction is maintained at all times. However, we understand that issues may arise and we are always very willing to clear up any queries or complaints our clients may have. Please...
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Review
#1481342 Review #1481342 is a subjective opinion of poster.
Tags
  • Strategic Growth Fund Scam
  • Qrops
Devere Group's reply to:

Dear Mr.Collins, We are extremely sorry and disappointed to hear that you are not satisfied with deVere’s services. As a company, we consistently strive to reach the high standards expected of us with our clients. Nonetheless, we do understand that issues may arise and...
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Review
#1635351 Review #1635351 is a subjective opinion of poster.
Dear Mr.Krantz, We are deeply sorry to hear that you are unhappy with our services. One of our top priorities is to ensure that client satisfaction is maintained. In the light of this, our dedicated Client Relations Department will revert back shortly on a separate...
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Review
#1624276 Review #1624276 is a subjective opinion of poster.
Product
Generali Worldwide Vision Retirement Plan
Tags
  • Devere Switzerland
Devere Group's reply to:

Devere Group in Dubai, Dubai - DeVere have lost my wife and I a lot of money and caused us a lot of stress

Dear Mr Keown,

Further to your original complaint on Pissed Consumer, we have raised your queries with the respective teams who have both been in contact with you in the meantime. Additionally, external lawyers acting on behalf of deVere Group have also made contact with you in order to give a comprehensive update with regards to the Strategic Growth fund. It is of our understanding that you replied back confirming that the explanation provided answered all your questions perfectly. Furthermore, the Financial Adviser appointed, Rashpal Rani Singh, has contacted you regarding your policy, hence why we now believe that there are no further issues outstanding at this stage. Should you, however, have anything else you would like clarification on, please do not hesitate to contact us again.
Review
#1113449 Review #1113449 is a subjective opinion of poster.
Reason of review
Bad quality
Preferred solution
Full refund of initial investment value for the 2 policies performing extremely poorly plus reparation for loss of gains on the invested value over the investment period, considering world developed mkt. equities have increased by 110% in that period.
Devere Group - DeVere have lost my wife and I a lot of money and caused us a lot of stress

The attached png.-file is a copy of a complaint (Review #1097655), which I submitted on pissedconsumer.com on Sept. 7th, 2017.

I can’t add an update to the complaint/review as I pasted it as a non-member I believe. Therefore I have opened this new complaint/review with the same title and attached the initial complaint/review as a png.-file. My update is as follows: In the response to my complaint Devere Group wrote - "...In this particular case, our dedicated Client Relations Department is now working with the client to resolve any issues they are having, not only with regards to the fund mentioned above, but their whole portfolio." To this day I still have not been contacted by the so called "dedicated Client Relations Department" from Devere Group, nor have I received any further information regarding the Strategic Growth Fund or any other funds under my policies! Furthermore, last week at least one of the policies fell almost 5,000 USD in the space of approx.

a week! The value of that particular policy is now around 16-17 thousand USD into which I had initially invested over 40 thousand USD! Please help me get these guys! They sold me this plan after I had clearly and specifically requested a safe and secure, not aggressive, investment!

My initial intention was to post this update as an update to the initial complaint on your website but I couldn't see how to do this. Best regards, Dallas Keown

Devere Group's reply to:

Devere Group in Vevey, Vaud - I was seriously misled by a De Vere Group Switzerland Advisor and have lost 20% of my investment

deVere Group provides expert independent advice to clients all over the world. Together with our high level of service, our fully-qualified financial advisers work closely with clients to help them choose the best investments based on their personal circumstances to help maximise their capital and income. We recommend products from some of the top institutions across the globe, which has allowed us to become one of the world’s leading financial advisory organisations. We take all complaints very seriously and can confirm a member of our Clients Relations team will be in contact with you shortly with details of our complaints procedure.
Review
#1030577 Review #1030577 is a subjective opinion of poster.
Cons
  • Deception and lack of full disclosure
Reason of review
Not as described/ advertised
Loss
$15000
Preferred solution
Full refund

I was an expat for a Swiss multinational for a number of years. I met with a representative, first name Tim, from De Vere Geneva who was referred to me by a colleague and as a result invested £51,280.37 from a U.K.

pension into the product he recommended which was an RBS Autocallable note based on the Russian, Chinese and Brazilian indices. This product has just matured after five years and has not done well. However the performances of the indices are such that based on Tim’s assurances at the time my capital was supposed to be 100% protected. What he actually told me in writing was ‘In March 2017, if the product has not "called" then you will receive your capital back in full, unless one of the Indices is more than 50% down.’ On the date of maturity none of the indices were down more than 50% so based on this any reasonable person would assume that I would receive £51,280.37 GBP because Tim told me I would receive my ‘capital back in full’.

In actual fact I will receive only £41,425.21 back because De Vere and their financial cronies have all taken a piece of the action i.e. nearly £10,000 or 20% of my original capital. All this from an investment that produced zero return over five years when most markets were red hot.. So clearly I was seriously misled by De Vere – receiving 80% of my original investment back is not the same as receiving ‘your capital back in full.’ I don’t think you can escape the reality that De Vere lied to me about this.

As my legal friends would say : ‘res ipsa loquitar’ the facts speak for themselves. Having worked with a number of investment advisors over the years I have never worked with anyone who was so reckless with the truth. Based on my own experience and the other reviews I have read De Vere push high risk products with huge up front commissions for them and once you have signed up they lose interest.

As a client you are only a means to an end and they appear to have zero interest in actually protecting your investments. Based on the actual facts I have noted above there is no evidence that you can actually trust what they say.

Dear Mr.Gibbs, As a company, we consistently strive to reach the high standards for our clients. However, we understand that issues may arise and we are always very willing to clear up any queries or complaints our clients may have. Kindly confirm whether you would...
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Review
#1512536 Review #1512536 is a subjective opinion of poster.
Dear Mr.Petrozzi, We are extremely sorry to hear you are not pleased by our service. As a company, we consistently strive to reach the high standards and ensure client satisfaction is upheld. Our understanding is that a representative from the Client Services team will...
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Review
#1528843 Review #1528843 is a subjective opinion of poster.
Devere Group's reply to:

Devere Group in Genève, Genf - QROPS pension ... lost £150,000

At deVere Group, we pride ourselves on customer satisfaction, which is why we have a dedicated client relations team. Having checked our records, we can see that no formal complaint has been made. However, we can confirm that a member of our team will be in contact with you immediately to investigate this matter further and to try and resolve any issues you may be having. Should you have any queries in the meantime, please do not hesitate to contact us at csvhelp@devere-group.com.
Review
#1291480 Review #1291480 is a subjective opinion of poster.
Reason of review
Bad quality
Loss
$200000
Preferred solution
Full refund

Colin Kneale, a senior partner with deVere Group (Geneva) called me in August 2010, telling me he understood I was a British citizen now resident in Switzerland.

He asked whether I had pension savings back in the UK and, if so, with how many different institutions. I confirmed that I did, and explained these funds were spread across four different funds.

He then told me that I could benefit from the QROPS programme, established by law in the UK in 2006, which allowed UK citizens no longer resident in the UK to move their pension savings into offshore accounts that met specific criteria. He explained that by doing this, I could consolidate those various savings into a single account, making things easier to manage and make my money “work harder”.

I agreed to meet him to discuss.

At that meeting, he asked me to provide details of my UK pension accounts and to sign a letter authorising him to act on my behalf. I did this.

A few months later, he told me that my UK pension funds had been consolidated and had a total value of £154,947.

He then asked what level of risk I was willing to take with those funds and I explained, several times, that as these were my pension savings, my appetite for risk was very low.

Colin recommended a plan with Providence Capital, the trustees of which were Sovereign Trust Limited. He assured me this investment was low risk, ideal for pensions as it would ensure the funds kept pace with inflation. The fund was established in February 2011. Of the £154,947, Providence Capital invested £153,197 in a bond with Royal Skandia International and deducted £1,750 for first year Trustee fees.

Royal Skandia subsequently invested those funds in Four Elements Strategic Growth Plus securities.

In March 2012 I received a valuation of the fund for year end 2011 which showed a slight decline to £145,684. At the end of 2012, the fund had reduced to £134,130 . At the end of 2013, the valuation was £109,087. At no time did anyone from deVere advise me to move my funds elsewhere. By the time I received the 2013 statement and sought to do so, I was told the account had been frozen. Today, it appears there is virtually no hope of recovering any of my savings.

Given that (a) this entire event was prompted by an unsolicited call from a deVere agent, (b) I gave specific instruction that the investment vehicle for my pension savings be low risk and (c) at no time did deVere advise me to move the fund's elsewhere (advice that was offered to other clients), I believe deVere has failed in its duty of care. I would therefore ask the company to restore my pension fund to its start value, as defined in the annual valuation certificate I receive from Sovereign Trust.

Many thanks

Contact Devere Group Customer Service

Mailing Address:
DeVere Group GmbH
281 Seefeldstrasse
Zurich, Switzerland 8008
All Devere Group Contacts

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