Devere Group's reply to:
Devere Group - DeVere advisor recommended unsuitable product for personal benefit
In 2013, whilst working abroad, I was verbally (face-to-face) advised by a deVere advisor to invest in a specific product based on my specific requirements, specifically my ability to easily access the money at any time in the future with no/minimal charges.
After paying monthly into the recommended product for nearly 3 years I quit my job and moved back to the UK. It was at this point that it became apparent that the investment product I had invested in was a long term investment fund with a 25-year term, and accessing my funds prior to the end of the term in 2028 would result in massive losses, akin to over 75% of the total value of the fund.
As I am no longer in a position to keep up the monthly payments and in no way verbally agreed to such an inflexible product I can report that I was badly, if not fraudulently, advised by deVere.
According to the deVere group their specific group company that provided the advice is based in Switzerland, which, funnily enough, doesn't have a financial ombudsman like the UK that would take up such complaints. As such I have no other alternative but to employ a solicitor in Switzerland to pursue the matter through the courts.
Given my experience I would advise against using deVere for any financial advice. It's clear their only aim is to benefit personally at the detriment of their clients. Avoid.
Reason of review: Bad quality.
Monetary Loss: $25000.
Preferred solution: Full refund.
I didn't like: Transparency, Bad advice.