Devere Group Independent Pension Plan Review from London, Ontario
Until a few months ago, I was a fairly satisfied client of deVere. My wife and I had had a small plan for several years. Performance was not stellar, but we felt good about regularly investing.
When I was transferred to Singapore, I needed to set up an independent pension plan. My deVere agent was very accommodating to very quickly set up a 18 year, $2300 per month plan. I signed the forms at a cafe on my way to catch a plane to Singapore. Two years passed and $50 k was invested. Recently, I noticed that the fees were elevated and started asking questions. I found out the following:
1) deVere cannot legally do business in Singapore. This troubling as my agent had full knowledge I was moving to Singapore.
2) The surrender value of my account is less than $10 k!!!
When questioned, my account manager (in Jakarta) immediately produced copies of the contracts I signed. Big red flag here that the first response was to start covering his behind.
I was sold an investment. The fee structure as well as the fact that I would surrender a majority of that investment if I decided to withdraw early was not discussed during the "sale" of my policy. In seems to have been a "don't ask, don't tell" sales tactic. I would have never committed to the deVere policy had I known or understood the terms. They are excessive and beyond reasonable. In my opinion, my deVere agent deliberately hid the full details of the policy. I now consider that investment a loss.
Posting on this site may do nothing. But I walk in a lot of expat circles in South East Asia. Most social gatherings always have discussions on expat benefits and retirement plans. DeVere gets a very poor recommendation from me.
Reason of review: Poor customer service.