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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.
Service
Devere Group Consulting Service
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.

Devere Group's reply to:

Devere Group - Bad QROPS Advice Cost Me $50,000

Our aim at deVere Group is to provide quality financial advice to all our clients, so we take any complaint very seriously. We are sorry to hear you are not happy with your experience therefore encourage you to provide us with your plan details so that our dedicated Client Relations Department can investigate this matter further. Kindly note that they can be reached directly on clientrelations@devere-group.com in order to further assist with your complaint.
Review
#1025111 Review #1025111 is a subjective opinion of poster.
Service
Devere Group Consulting Service
Reason of review
Misselling
Loss
$50000
Preferred solution
Let the company propose a solution

While working in Germany I was contacted by DeVeere Group who sold me on the benefits of a QROPS in Malta. At the time my country of residence was the USA where I am a green card holder.

The move of my UK company pension to a Malta plan has cost me nearly $50,000 in taxes and fees paid to the USA Inland Revenue Service.

As others have stated, as my account was under 100,000 GBP and I should never have been advised to move the account. What's worse is that now I am back in the USA, DeVeere Germany won't talk to me and DeVeere USA will only talk to me if I pay them more money.

Devere Group's reply to:

Devere Group - Poor plan performance, wish I'd never heard of Devere

deVere Group’s dedicated team of advisers spread across the globe pride themselves in providing the best solution for each client’s needs. The financial adviser who deals with your plan has been made aware of your situation and has contacted you accordingly in the hopes of fully resolving the matter. As one of the world’s leading financial advisory organisations, we recommend products from several of the best institutions across the globe. The products and services we offer are designed to be tax effective whilst also offering the opportunity for long term growth. All the companies we recommend are fully regulated.
Review
#1019544 Review #1019544 is a subjective opinion of poster.
Service
Devere Group Consulting Service
Cons
  • Fees
  • High costs
  • Unrealistic initial forecast wholly inaccurate
Reason of review
Bad investment advice
Loss
$3500
Preferred solution
Better and more transparent advice on investments, performance and fund management fees - the 'vulture' of society

At my recent policy valuation review, I was advised that my small pot plan was performing well, yet on closer inspection my plan is still worth considerably less than first invested and only after my complaining have Devere offered to review performance and look at alternative strategies. If I could turn back the clock, I'd never have listened to these guys.

Don't listen to the Devere bulls$it about market volatility and long term strategy, for small investors such as I, keep your money under your mattress because the only parties that make money from my experience, are everyone but the investor. Thanks for nothing Devere Group

Devere Group's reply to:

Devere Group in Kuala Lumpur, Kuala Lumpur - Not Happy at all

deVere Group prides itself on providing a high level of service and strives to uphold good relationships with all of its clients. Our fully-qualified financial advisers work closely with clients to help them choose the best investments based on their personal circumstances to help maximize their wealth. We take all queries very seriously and can confirm that an adviser will be in contact with you shortly to discuss this matter further.
Review
#980839 Review #980839 is a subjective opinion of poster.
Service
Devere Group Consulting Service
Reason of review
Poor customer service
Loss
$20000
Preferred solution
Full refund

Devere Advisor are the less professional i have ever seen, the subscription i made through this agency end up being a total lost of money. i was promised a 10% growth each year, after 6 year the plan value is lower of 5000USD than my total investment.

when i look at closely, i found out that i never made any profit since i started investing in that plan. if i decide to surrender now, my expectation was to get my money back, at least what is remaining, instead, i will be loosing ~15000USD. those are the kind of things Devere Advisor never tell you when approaching you.

for the last 4 years, none of the adviser never called me to advise when they said they will always be calling me or following up on my investment and advise on options. They are very bad, never even accept being approached by them.

Devere Group's reply to:

Devere Group in Basel, Basel-Stadt - Check fees carefully, strong rotation financial advisors

Dear Sir,

Thank you for your comments. deVere Group aims to recruit the very best employees and provides on-going training to ensure we can maintain the high standards we expect from all of our advisers. However, as the client, you are entitled to obtain second opinions from other advisers before choosing to invest. We are sorry that you have received unsatisfactory care following the departure of your deVere Consultant. We aim to make this infrequent transition period as smooth as possible for all of our clients.
Review
#935078 Review #935078 is a subjective opinion of poster.
Service
Devere Group Consulting Service
Pros
  • Global scope
Cons
  • Not clear about fees
  • Transparency
  • Consistency
Reason of review
Pricing issue

Hi, I was approached by financial advisors of the Vere Group (in Switzerland) and they advised Generali Vision Plan. Although the 1st financial advisor seemed very engaged and I signed up to the Generali Vision Plan short thereafter he left the company and since there has been enormous rotation leading to practically no followup, delays in portfolio changes and limited advise, which led me to have to start doing it myself.

Recently I noticed that the fees of my Vision plan were significantly higher then was explained to me by the Veere Group.

In short it seems that it will become difficult to get a positive return on this plan. This is always a risk when investing, and I am sure De Vere Group has professional advisors as well, but I would suggest to be very vigilant on what you sign up to.

Devere Group's reply to:

Devere Group in Puente Mayorga, Andalusia - DeVere is not independent

As this fund is the subject of regulatory investigation and possible legal actions by the Administrators, which we would support we are unable to comment further at this time.

deVere is working relentlessly with many parties to find a solution to this matter for the small number of its clients invested into this fund.

We will contact the clients who are invested in this fund once solutions have been found and when we have further updates.

Please feel free to direct any further queries to sgqueries@devere-group.com and we shall be pleased to assist.
Review
#931996 Review #931996 is a subjective opinion of poster.
Service
Devere Group Consulting Service
Cons
  • Questionable advice given environment and customer profile
Reason of review
Poor customer service
Tags
  • UAM Fund frozen

In 2009 we approached a firm named Siddals in UK to obtain advice on investments which were to provide an income for our retirement in Spain. We made it very clear that we were not prepared to invest in anything that put our capital at any serious risk. The questionnaire that we completed confirmed our investment profile as “cautious”, which was described as follows: “I am cautious and dislike risk. I prefer security of capital and predictable investments. I accept that this may result in low rates of return being earned on my portfolio. I also accept that interest returns from deposit based investments move up and down, and when compared with the rate of inflation may produce a poor real return.” The proportion of my portfolio allocated to this risk profile was 100%. Siddals was subsequently taken over by the deVere Group.

In November 2009 deVere produced a report that recommended four funds: (a) Aria Absolute Income Protected Fund, (b) EEA Life Settlements Fund (c) Iveagh Wealth Fund, and (c) New Earth Solutions. The Aria fund offered 80% protection of the invested capital.

In June 2010 on the advice of deVere Spain’s managing director we sold our Aria investment and invested heavily in United Asset Management Strategic Growth Fund, United Asset Management Sàrl of Port Valais, Switzerland, (UAM). At that time, and not disclosed by deVere, was the fact that the deVere Chief Executive Officer, Mr. Nigel Green, was the 100% owner of UAM. This is clearly confirmed by the registration records of the Confédération Suisse of which I have copies.

At the time we were given a factsheet that described the fund as being “United Asset Management – Strategic Growth Fund”. The factsheet also stated that “currently, Mr Kellermann acts as the fund manager to United Asset Management”. This refers to Mr Cobus Kellermann, who at that time was joint owner of the Mauritius based Belvedere Management Group with Mr David Cosgrove. In a newsletter in March 2015 deVere claimed to have had a role in exposing alleged investment fraud being carried out by Belvedere. What deVere failed to mention was that the perpetrators of that fraud, Messrs Kellermann and Cosgrove, held senior positions in United Asset Management at the time and were instrumental in the failure of the Strategic Growth Fund.

Mr Cosgrove one of has, due to his failure to comply with the codes of the FSA, subsequently been disqualified by the Financial Services Commission of Mauritius from “holding position as officer in any licensee of the FSC for a period of 5 years”.

According to its News Letters deVere boast that it is the worlds largest “independent financial adviser”. As such it has an obligation to remain completely independent. This obligation was breached by its selling of investments through a company wholly owned by its CEO who was benefiting from an additional layer of fees paid by us as the investors.

In February 2013 deVere informed us of problems with the UAM Strategic Growth Fund and advised us to sell our holdings. We completed a dealing form instructing the sale of those holdings and the purchase of holdings in an alternative fund. Unfortunately, the advice from deVere was given far too late and on 22 February 2013, only five months after Nigel Green disposed of his interests in United Asset Management, the Strategic Growth Fund was suspended. Since 27 October 2015, the fund has been in administration with no guarantee of any monies being recovered by investors.

In November 2015 we submitted a complaint to deVere’s customer relations department. We received a response, not from deVere Customer Relations, but from deVere Corporate Legal. In its various responses to our complaint deVere has endeavoured to distance itself from UAM by saying that the Strategic Growth Fund had nothing to do with UAM. Initially deVere stated that the association between the two on the factsheet was solely for marketing purposes. If that were the case then the fund was, at best, being mis-represented.

deVere then changed its stance by stating that “whilst the fund in question may be labelled as the UAM Strategic Growth Fund by SEB Life International in its statements ...” This is a blatant attempt to distort the truth as the insurer at the time of our investment in UAM Strategic Growth Fund in 2010 was Irish Life International Ltd and not SEB. We also have a series of emails directly from deVere at that time which clearly label the fund as being “United Asset Management Strategic Growth Fund”.

Despite admissions by deVere that there was a serious conflict of interest and that there were other faults on its part the deVere Corporate Legal department constantly looks for loopholes and refuses to consider our complaint on its merits.

Through its unethical approach in advising us to invest in funds that were not appropriate for our risk profile, and its poor management, deVere has caused us to suffer a substantial financial loss and years of stress. This situation warrants financial recompense from deVere to compensate us for loss and stress.

Devere Group's reply to:

Devere Group - Bunch of crooks

Dear Mr Innes,

As this fund is the subject of a potential legal matter we are unable to comment further at this time.

deVere is working relentlessly to find a solution to this matter for the small number of clients invested into this fund.

We will contact the clients who are invested in this fund once we have reached a solution.

Please feel free to direct any further queries to sgqueries@devere-group.com and we shall be pleased to assist.
Review
#911833 Review #911833 is a subjective opinion of poster.
Service
Devere Group Consulting Service
Cons
  • Lies
  • Bad advice
  • High charges
Reason of review
Poor customer service
Preferred solution
Let the company propose a solution
Tags
  • devere scammers
  • devere Funds
  • deVere UK

Invested in UAM Strategic Growth fund on advice of your adviser. He told me that it was medium-low risk. I even note that your founder Mr Green played a big part in UAM and knew about this funds executives. Apparently you say you advised investors to leave the fund but I for one never got any such communication.

In fact from inception of policy until I noticed that the fund was suspeneded there was zero communication form your represenatives.

Upshot--Guess what I lost the lot when the fund collapsed. Since then I've sent several emails to your client department and the adviser - latest emails get no reply

Obviously once you've got your pound of flesh the investor doesn't matter anymore

Shame on you!

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