Reply by Devere Group

As one of the most regulated IFA’s in the world with offices in locations such as London, Pairs, New York, Dubai and Tokyo, deVere Group are required to strictly adhere to international laws and regulations. All deVere consultants receive comprehensive training, gaining them an industry standard qualification meaning that they are fully qualified to deliver trusted international financial advice. deVere Group strive to provide both clients and consultants with the full support they deserve and as such, deVere do not take a commission on any estate agents fee’s when consultants relocate to a new country. deVere pays competitive introductory fees for business and there are no concealed charges.
Author's
Moscow, Moscow
1.2K views
8 comments

I worked at Devere Moscow and left at the end of last year.The staple diet was lies, lies and more lies.

FACT: There is no ongoing training given to new recruits. You are responsible for all your own costs including office costs.

This is cunningly concealed in the reduced commissions received until you have passed your exams.Devere do not let you sit these exams for 18 months, during which time the 85% commission received has paid for your original training course in Malta, office costs and Darren Heights expensive "recreational" habits...The area managers even take a cut of the registration payment and commission on estate agents fee...So new recruits, ask yourself this, how come 44 consultants have left in the last 14 months and why are the company not allowed to operate in many countries other than un regulated territories?

Monetary Loss: $11000.

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Comments

Anonymous
San Jose, California, United States #674852

Coke heads are common in deVere Group.My manager used to do coke and E's washed down with copious amounts of beer & hard spirits.

One consultant that was out with us urinated himself in the club he was so intoxicated.

Devere couture is smash and grab on clients, learn the sales script back to front, do the best presentation & get the deal signed on the 2nd meeting.

I know because I did it!

Anonymous
Paris, Ile-De-France, France #674791

The problem with a site like this is it is not possible to seperate fact from fiction.

How about moving this in a more positive direction?

The last poster says that 90% of advice firms are the same, if so it is a bit unfair to just pick on one. What about the other 10%? How do we find these people?

Since everyman and his dog spins the line that they have qualifications coming out of their ears, how can us mere mortals sort the wheat from the chaff?

What is an acceptable professional level qualification in the insurance , pension and investment world? I am referring to qualifications that would be seen as similar to legal and accountancy qualifications.

Is there some accepted " standard" to be seen as someone who is above the rest? Professional associations always have a code of ethics and best practice that members must sign up to, no doubt there must be the same in the financial advice arena. Shouldn't these be the people we should be talking about on these forums.The ones that cannot make the mark would then fall by the wayside and there would be a lot less poor advice.

To my mind, the giving of professional advice is based on a time sheet and charged with an hourly rate. Commission has no place in a profession and should be banned. Perhaps that could be the first question to sort the wheat from the chaff, " Are you prepared to design a financial plan for an agreed fee and can the commission stay inside my...

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Anonymous
#674329

It is the same old story.

I've dealt with deVere and the use of "recreational" substances is certainly rife in many places.

The whole business model is built around charging clients very hefty fees and not telling them. If anyone understood the fees being taken they wouldn't invest. It is that simple.

To be fair, deVere are not the only ones at it. They get the grief because they are the biggest but the truth is pretty much 90% of the companies working outside the UK giving "advice" are operating similar models.

Anonymous
#671876

Classic devere. The min premium for 10 years or more on this plan is $150pm. However, a ten year plan doesn't give as much commission as a 25 yr plan, so if they can't get you to go long term then they tell you the min is $750pm in order to hike the commission up.

Anonymous
Abu Dhabi, Abu Dhabi, United Arab Emirates #671324

Okay, so I met a salesguy from the firm who offered me a savings scheme with Generali.Between the first meeting and the next meeting this morning I am told that if I want to save for only 10 years I will have to pay at least 750 dollars a month.

Seems that the insurance firm have hiked the minimums,. I am assuming that he was telling the truth. If I want to save for 25 years then I can pay as little as 300 dollars a month. I ain't got a clue if my services will be required in a few years, so I ain't going to agree to sign up for a 25 year committment.

Seems to me that these insurance firms are using the premiums to force you to sign up for a lifetime. What normal guy can sign for 750 bucks a month for 10 years?

Of course, people are going to go for the smaller monthly option and the longer term.

Not so much a dig at de Vere as my guy said he wished the 10 year plans had a lower minimum as he could sell more if they did.

Anonymous
#665499

How can this be true?Devere is regularly interviewed on the BBC.

Check their YouTube channel. CEO Nigel Green says on his websites that he's been interviewed by Radio Five Live. The BBC thinks Devere is a company that advises clients and companies on their tax situation. You've got to hand it to Devere.

They really are very good at what they do.:grin

Anonymous
Mayfair, England, United Kingdom #661134

I have nothing but respect for James Wilson and deVere...

I am an ex colleague and I have people on LinkedIN who are doing really well...

Scammers? Surely they would have been shut down by now!

They do operate in the UK...

Grow up and stop fabricating stories.

I would happily give DEFENCE in court on my knowledge of the company.

I AM NOT, still working there... but I have nothing but respect for them :grin

Anonymous
#659948

This is a deVere consultant talking from personal experience. The recreational usage is rampant throughout deVere, in fact I'd say epidemic. I have experienced this 1st hand at 3 different locations with deVere.

I would stand up in any court in the land & tell the truth about these parasitic sh*tsters.

What happened to deVere UAM Fund that has just been Frozen with $50M of client money inside? DeVere couldn't even tell investors what the underlying was... Disgrace! :eek

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