Reply by Devere Group

The deVere Group prides itself on offering fully accredited training to all our consultants gaining them a CISI qualification in Wealth management. In the highly competitive financial service industry, your future as a consultant is in your own hands. The better and more trusted advice you give to clients, the better your prospects will be. deVere Group offers a strong support structure to all consultants, providing ongoing training and advice whenever necessary. Our impeccable service has resulted in deVere Group becoming one of the most regulated IFA’s in the world.
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I worked within the deVere organisation for a number of years and experienced first-hand the grubby mechanics of this mega money making machine. I was trained to target high net worth expats and take all their money/savings. deVere have a saying that if your client only has one product through you, you are the one chasing him. If you go back time and time again and sell in different products, that client is beholden to you. This is the deVere philosophy. You are trained to put your client in a financial stranglehold.

I have seen some Consultants begging for advances (because deVere ran them out of money). deVere hold back commissions for consultants because they believe it makes them more hungry to sell. What I witnessed was no short of what the Romans did to the Christians when they threw them in with the lions at the coliseum. I witnessed a consultant sleep in one office because deVere made him so destitute. The Manager took a disliking to this particular person and decided he would be his entertainment for the next 6 months. This is the reality at most deVere offices.

Many deVere Managers are ex-football thugs that were on the terraces fighting & selling drugs before they worked their way in to Nigel Greens inner circle. Nigel Green now has a box at... wait for it... Chelsea football club.

Prior to QROPS/QNUPS taking off these last couple of years deVere consultants were like monkeys, always targeting a front loaded savings/retirement plan for the client because of the very high commissions they receive.

Nigel Green now has his own life company & Fund Platform. This means you get screwed even more, they will entice you in with low looking charges for your QROPS, but beware you will be financially ruined by the time they've finished with you. deVere structured Notes all have a 4% upfront charge. You lose money on your investment immediately. deVere get paid 6-8% on top, so up to 12% - who do you think will pay for this?

Do your due diligence before getting in to bed with these scammsters you owe it to your family. Start with BBC Panorama documentary ‘WHO STOLE MY PENSION’.

If it's anything deVere, run for the hills

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Comments

Anonymous
Margate, England, United Kingdom #595575

I just looked at that link for Providence Life. No idea who owns it, but that is not the issue that I want to raise.

Why would someone transfer their UK pension into a QROPS, then into an insurance bond and then buy investment funds? What is the bond for? Since the funds grow in a tax exempt environment in a QROPS? Seems total nonsense to me.

I do hope that commission is not taken as the reason for this. If so, what commission is paid to the salesman for this? And, what additional commission is paid for the purchase of the funds in the insurance bond? With the QROPS fees on top, how is a transfer going to benefit a UK pension holder in the long term?

Anonymous
to Logic of an investment bond in Hamburg, Hamburg, Germany #603771

The only reason is for commission.

Anonymous
Hamburg, Hamburg, Germany #603768

Green owns the company.

The consultants have to use Providence for QROPS. It is insisted upon.

Devere is pushing QROPS very hard.

Most IFAs have agreements with structured providers such as MS, RBS, CITI, etc however Green/Devere adds on an extra 4% entry fee whilst nearly all others do not.

The banks already pay 4% to Green that is built into the product which he keeps. He merely tags on a further 4% entry fee and pays 2% to the consultant. It means Green makes 6% per product and the consultant makes 2%.

To give you an idea of how much that is worth to Green the company sold over £500,000,000 of structured notes in 2011.

Anonymous
#595400

Devere own providence life 100% stay away from them, scary to think they market themselves as independent yet they OWN THE COMPANY THEY ADVISE TO PUT YOUR LIFE SAVINGS INTO do not deal with devere, they will rob you blind :(

Anonymous
to Hate devere Hamburg, Hamburg, Germany #603774

As well as owning Providence Green also owns United Asset Management and Valais otherwise known as VAM and UAM. So working with the worlds largest independent offshore brokerage you are actually buying their own product and their own funds which the sales guys are expected to push - is that independent????

Anonymous
#595181

Great post...and absolutely true.

It mirrors exactly the behavior I have experienced as a high worth expat who was lied to and cheated by deVere group. Their so called IFAs sell structured notes but they have no idea of how they work and how complex they actually are. If you are considering doing any business of any kind with them... think again and dont do it.

A better deal can be found.

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