London, Ontario
Customer service
Price Affordability
Product or Service Quality

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.

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devere have never and will never be licensed in singapore and the place is a safer haven for the unsuspecting public.but it doesn't stop devere people from "tripping into singapore" from all over the place to do business.


You are not alone. Posting here is great, but consider reporting your experience to the regulators in Canada, Singapore, and Jakarta.

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