Devere Group's reply to:
Beware DeVere Group dodgy Financial Advisors
Beware Financial Advisors on the prowl!
Hello, I am sending this email as a responsible Basel citizen, so please bear with me.
I work for one of the large pharma companies here in Basel and I have been cold called on quite a few occasions by two companies called (name removed) and (name removed), and they describe themselves as Independent financial advisors in the offshore market who help ex-patriots with their long term financial stability, I have been pestered by these guys and have looked into them more closely, they are in fact just salesmen targeting the professional employees of the pharmaceutical industry here in Basel.
Because a lot of professional employees in Basel are considered ex-patriots (people working in a different country than where they were born) they are targeted by these financial salesmen because they qualify for investments in the offshore investment houses. This is all fine but you should be aware that the charges in these investments are very high and these salesmen and women are not qualified to give advice in Switzerland and many not qualified in finance at all. If you sign up with these companies, in five years will they still want to know you? they will have moved on, they have your commission and the funds they have put you in will be very badly managed if at all.
As I say I am a financial professional with a large pharma company and it annoys me when I see people being sucked into these long term, (sometimes 25 year arrangements) with very high and hidden charges to salesmen with no qualifications. I understand, any policies you take with these guys, you pay a monthly premium and for the first 18 to 24 months they take all this money as their charges, hideous charges, which takes care of their commssion. And they do not always tell you this!
So this is just a warning that if you are cold called in your office or at home then be aware of the above and make your choice as an informed consumer. (dont touch them at all)
Please pass this message on to your colleagues so that people are not misled into investment arrangements that may not be suitable to them, as I only know a few people i thought it would be wise to post this to the forum and see if anybody else had any experience with these sharks.
Thanks for your time, feel free to reply if you have had any experience of this