Update by user Mar 31
I received a call in the second week of January by the COO of Devere, I was extremely hopeful of a positive resolution to my complaint. Since that call I have repeatedly followed up on the proposed resolution, but to date nothing has materialised and my dispute with Devere Group is still ongoing. I reviewed Devere Group initially based on the fact that we were lied to, I believe that this is common practice at Devere Group and that prospective clients should please take care and guard your hard earned money.
Update by user Jan 11
Yes thank you, contact has been made and I am very happy with the solutions offered. Thank you for your ongoing professionalism.
Original review posted by user Dec 17, 2017
I normally respond in the same way to any cold call, "How did you get my number?" and "Please don't ever call me again" After hearing of the Devere Group via an acquaintance, I accepted a meeting against my better judgement with a Devere Group Representative.My wife and I sat down with the Devere Group Representative and listened to everything he had to say, we answered all his questions truthfully and honestly.
We chatted about various investment strategies and options, amongst these was a long term retirement investment product, life insurance and property investing. We've had two previous property investments go south on us and so explicitly expressed that we were not interested in any projects with "milestoning", a practice where your inflated deposit of 30-50% is released to the developer during construction and so is unprotected should the developer go bankrupt. We are not a bank and with two failed transactions previously we felt very strongly that any property investment we pursued should not have any form of milestoning. The Devere Group Representative explained to us that things work very differently at Devere Property.
He said the company purchases the units from a developer in bulk, they then sell those units to clients at a discount, splitting the bulk saving 50% to Devere and 50% to the client; thereby effectively removing the possibility of a loss of the clients capital. About a week later feeling more comfortable with the Devere Group Representative we sat down together, completed the insurance questionnaires, discussed the long term investment and a property investment. Alarm bells started going off during the long term investment discussion regarding fees. I was unhappy with the fee structure and when I queried it, the representative literally scribbled out the line of his notes quoting the 0.5% fee would run for the continuous period (15 years) and changed it to read during the ICP only (Initial Contract Period of 18months).
This is a massive fee adjustment, $1350 vs $1350 every year for 15 years… a total of $20,250. I left it there knowing there would be a further compliance call to verify to fee period. When I received the compliance call later in the week I was proved correct, the representative had either not understood his product, not understood my question or just lied to me. We did not proceed with the long term investment as a result of the high fees.
We gave the representative the benefit of the doubt and decided it might have just been an miss-understanding. During the second meeting we also discussed property investments. The Devere Representative presented us with a super property investment. Having already discussed the fact that we did not want to invest in a property development that gave the developer access to our deposit during construction, we reserved the property and paid the NON REFUNDABLE deposit fully confident we were in safe hands.
A few weeks later we received the Report on Contract and Title from the lawyers. I could not believe my eyes when I started to read the report and it confirmed worst nightmare...we had bought into a milestoning project once again! I immediately contacted the Devere Group Representative for clarification. He got the Head of Investment of Devere Property, Devere Group to give me a call and allay my fears and suspicions.
While chatting to the Head of Investment I found out that Devere Group does not actually purchase the units from the developer, they only agree to purchase any units that are not sold to investors. I explained that we are extremely uncomfortable with investing this way and that we would require sugnificantly more information about the developer should we decide to proceed. He said he would send me as much information as possible. I was subsequently sent an email with a referral from the solicitors, a glossy prospectus for IP Global, a company Devere Property has partnered with and a link to the Developers “about us” page.
I've been extremely disappointed with the service I've received from Devere Group. We now sit with the decision of either having to continue with this property purchase and take the very real risk of loosing our entire deposit or just loosing the "Non Refundable Deposit" of £5000.
I'd like to take this opportunity to advise all potential clients and current clients of our experience to date.Please take care and guard your hard earned money.
Reason of review: Not as described.
Monetary Loss: $5000.
Preferred solution: Full refund.
I didn't like: Being lied to.