Reply by Devere Group Jul 19, 2013

New recruits are trained to become fully qualified financial advisers, fulfilling deVere’s international regulatory obligations. deVere financial advisers do not have to pay for training or office costs. Advisers do use a predetermined introduction when meeting with clients; this is done to ensure that all facts about the company are correct. The main part of the meeting consists of what we call a ‘Fact Find’. This is where a deVere adviser will ask the client a set of questions to help us build a picture of where a client is today financially and where they want to be in the future. This can be as detailed as a client wishes and tends to be different with each and every client. The adviser will then be able to offer investment suggestions in line with the client’s goals. Working in financial services isn’t for everyone, but for those who work hard and offer sound financial advice, it can be a very rewarding career.
To find out more about working with deVere, please go to www.deVeredestinations.com. To find out more about the performance of deVere Group products, please click this link - http://bit.ly/12fXwiK
Author's
Temple, Texas
40.1K views 71 comments

I went on the course. Interview, Joined an office in Europe and then left sharpish. Here is why.

I went to the presentation for devere and I have to say Nigel Green was mega enthusiastic about devere. He did lay it on the line about it being commission only and hard work, but he also said that I would be guaranteed two appointments a day, a coordinator when I arrived at my office and 50K in the bank within 10 weeks. I almost believed him, which was naïve and ***.

Next I had an interview was with a guy who said he was the former coordinator for Nigel Green. He was a real *** and I was a bit miffed as I had travelled a long way to Birmingham for what was in essence a 10 minute chat and a *** aptitude test for 10 yr olds, he was really only interested in whether I had the money to fund myself while abroad and that I was breathing.

Next I went on the course. It was mainly based on learning a sales pitch. I was stunned at the lack of financial training given. It was just a comedy sales course about learning a sales pitch to lead a customer into saying "˜yes' .

It would be almost impossible to fail the course. My trainer gave everyone the answers to the final day tests. The trainer on my last day sat down and he called the manager of my office and confirmed I had passed the course and that I would have a coordinator on arrival.

I started as an IFA not a coordinator. I arrived at my office a couple of weeks later. There were terrible morale issues from the start. Staff were coming and going all over the show, arguing and shouting. There was unbelievable racial abuse towards one black and one asian coordinator by the managers. I was told on the training course I would get help with finding accommodation but when I arrived I was simply chucked a couple of rental website links and told to get on with it. Contrary to what I was told at the presentation, interview and by the trainers, I was told by my office manager I would only get a coordinator after a couple of months and in the meantime, I was handed a list of 100 or so people to cold call and get some appointments for myself. After I had spent the 100 names I was to then find my own clients and was offered no help from anyone apart from some sympathy from some of the other guys in the same boat.

I was told by my manager that I would have to contribute towards office costs which I had no idea about before I arrived. I was told that the training course was free but my manager told me that I had to pay an additional 5% of my commission away on my first few deals to pay for the cost of the course and hotel. Most of the guys in the office said you would only get support once you started earning. It wasn't a good atmosphere. Most just felt they had been sold up the river and everyone was backstabbing everyone else. Some of us newbies would go to the pub after work and laugh about how we were tricked, honestly, you couldn't make it up.

I left devere within a short period because of all the deceit. Ok, all companies make things look a little brighter to get you on board but devere are n a different league and I had a problem working for a company that was happily willing to deceived me from the very beginning starting with the MD in that presentation. This might be the problem; the deceit comes from the top down. This isn't a company you can trust.

The final straw was watching as the manager and a so-called IFA laughed came back from an appointment having taken some guy for 10K in commission for a plan he didn't need and (as they pointed out with more laughs) was underperforming anyway. I didn't think there were really people like that but devere had plenty of them.

Now don't get me wrong, there were one or two guys in that office earning good money but in all honestly, even they agreed with me that within devere there was a culture of lies and deception and you had to put your conscience away in a locked room because you were taking clients for a commission rollercoaster ride. Most people were struggling big time and some had some frightening financial problems spending lots but not earning. Remember devere give you nothing, you pay for everything and some people didn't want to let go because they kept thinking the next deal was just around the corner. I met one guy who had spent near 15K chasing his illusive next sale! During my short spell 7 IFAs left and 6 coordinators walked all broke.

I spent about 3K on my trip and didn't make a bean. I had already decided it was gambling money, set my limit and I was prepared to lose it if it went wrong. I blame myself more than anything for not questioning some of the info I was given which always sounded a bit iffy. The trouble is you are blinded by the thought of earning all that money and it distorts your reasoning, but as one of the guys said to me "If you don't believe anything you are told, then you wont be disappointed'.

My advice for what it is worth is that for a chosen few it will be a risk worth taking but proceed with extreme caution and only do this if you have money you are willing and prepared to lose if it doesn't work out. Whether you make it or not, this isn't your average IFA business in fact it's not an IFA business it's just a sales outfit in IFA clothes. If you think you are walking into a professional IFA company, think again, it's just a direct sales company selling financial products that are poor performing and high paying in commission. Remember the products they sell abroad are banned in the UK. Ask yourself why.

So if you do go for it you have a 10% chance of making money and 90% chance of going broke but if you do want to make it, be sure you leave your morale's at home because you won't need them at devere

Provide as much information as possible, you will not be able to edit your review but you will be allowed to add on to it if you create an account during the submission process.

Review about: Training Course.

Review #334829 is a subjective opinion of a user.

PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss Not specified / $1
Preferred solution Not specified

Had an Experience with Devere Group?

Write a review

Comments

DaveP
#683502

OMG! Doesn't it just say everything when devere group IFA buy the domain name: deveregroupscam.com to get to the top of Google to try avoid the real negative results.

Surely, that's a devere own goal for anyone looking at investing with them who has any sense? Theses guys are so desperate to hide comments it beggars belief.

Noneeded
Bishops Waltham, England, United Kingdom #682201

If someone has invested a single penny in this company in spite of all the websites of complaints, videos and a clear history of dubious acts of this company, HE or SHE deserves to get ***...you have been warned...the same goes to those taking up a job with this company...

Neo
#682060

Absolutely true and accurate.I have met Nigel Green and was an employee when the UAM fund was suspended.

The reason it was suspended? Well, originally set up to mirror 2 JP Morgan funds (so in essence completely unnecessary as you could just buy the funds directly and save yourself paying commission to your "adviser"), at some point in time it decided to step out of its remit entirely and invest in risky property assets. When the rumor came out that the fund was suspending, there was a (futile) rush to pull clients out, but it so happens that this was impossible due to Nigel Green and Mike Coady (both directors) getting preferential treatment allowing them to pull their funds out before every one of their clients. Treating customers fairly?

HHmmmmmmm I will let you decide. I have seen advisers "guarentee" returns of 10% per year, 100% immediate uplift in value when transferring a pension into a QROPS, its criminal what they are doing. I worked as an advisor for 2 months before needing to leave due to the massive hole in my pocket and conscience.

Dispicable company that relies on its international status and transient nature of its client base to avoid repercussion (after all if you get in a bit of a sticky situation, all you do is close down in that country as they did in Belgium and Cyprus or change your name and company structure) It makes me sick that people like this exist, honestly, stealing from pensioners just before retirement.They should...

Show more
Ronaldo
Moscow, Moscow, Russian Federation #674352

I disagree as im doing this now and im flying high, seems to me that you just wernt cut out to be successful

Neo
to Ronaldo #682065

Really Ronaldo? Because I still have access to the deVere weekly sales figures and I have never seen your initials there. Also, to be cut out for success at deVere you must be seriously lacking in morals, you and I both know this, and if you don't, you will eventually.

Cold calling
Roubaix, Nord-Pas-De-Calais, France #661928

Starhollow.I admire your efforts to get the truth out about devere group but I worked for them in Europe and they simple had caller withheld when dialing out.

They knew full well it was illegal but also knew it would be pretty much impossible to pin this on them without proof of a call coming in from them.

The practices in the office I worked at would be criminal in the UK but they are slippery conmen.I could fill you in on lots of info about them but at the end of the day you need evidence.

Person
Muenchen, Bayern, Germany #661904

A bunch of us in our office had random calls from them, they would not say who referred them to us without meeting us in person.

They are thieves, steer well clear.

Starshollow
to Person Munich, Bayern, Germany #661916

could you please PM me your contact information?I am collecting proof of the illegal cold-calling activities in Germany in order to have the Bundesnetzagentur (authority supervising this) place a 50.000 EUR fine on them for constantly violating German consumer protection laws with their cold-calling.

And yes, stay away from them....most what they do is not legal in Germany and not even remotely considered to be "advice".Cheerio

Anonymous
#655992

I just don't get how people are still investing with these guys.

So the UAM fund, owned until recently by Nigel Green, the CEO devere, and now run by Beverely Yeomans, a devere PA, has gone under with £50Million of clients money.

So the devere sales force were flogging a fund that the boss owned! So, no conflict of interest then. Of course this isn't the only fund he has had interests in. Anyone remember the imperial consolidated fund he was involved with, that lost investors £250million in 2002.

I'm sorry to say that the only winner here is Nigel Green, and there are going to be a lot of unhappy investors with big losses.

But then why would you place your investment with a firm wholly unregulated outside of the UK and with commission only salesmen with double glazing backgrounds. Quite amazing how a good sales script and flashy website can extract cash from expats across the world.

Bullshit
#655597

The *** score looks to be a good guide to how much this complaint has hit a nerve. All the sales reps clicking away... :grin

comments