Reply by Devere Group

As the most regulated independent financial consultancy in the world, deVere Group strictly adhere to international regulatory laws. By partnering with some of the world’s most respected investment providers, deVere are able to provide clients with trusted financial products helping them to achieve their financial goals and aspirations. Working in financial services can be hard but very rewarding; we provide full training turning our advisers into fully qualified financial planners gaining CISI qualifications.
Author's
Sao Paulo, Sao Paulo
1.6K views
14 comments

So far, I have seen many complaints against deVere Group but unfortunately many of them are from anonymous posts. However, this time, the post will be from a former employee which witnessed the true reality of this company and paid the price for having my CV and career completely tarnished.

In the post I will be bringing a series of REAL LIFE cases of clients from this company who lost a lot of money in their investments. Most of these clients did see or spoke or where contacted by some from deVere for years...when I took up the role I decided to contact all clients totally unaware of their their situations...went to meetings and suddenly I found myself in situation in which I was called dishonest and deceiver for these people...I immediately reported the situations and got...well, nothing but an email from Mr Nigel Green himself calling me lazy for not closing deals...

In the years I have been working in this field in Brazil I have to say without a doubt that IFAs with very very few exceptions of professionals are a bunch of very untrustworthy people. They are not professionals in finance - specially the English contingent who are average guys, determined to make money! Not advise anyone! simply because the great majority is looking to stay around for a short period of time so they will advise on anything that can give them best commission possible...

In the case of deVere - kicked out of Brazil twice and their 3rd time lucky attempt they hired me, never mentioned that the company have tones of clients (more like ex-clients) who lost a lot of money. They pay the worst commission in the market and clients who invest through them in the fund platform or structured notes - well, they have to be very uninformed people because deVere´s platform is very expensive and their structured note has a 4% upfront commission...when I showed this option to a well respected asset management firm owner in Brazil he literally laughed at my face and said NOBODY in the right state of mind will ever pay this. I myself charge 1% and there are options without no charges...that was the first alarming bell ringing in my head...that was just the beginning!

I hope to hear so feedback on my posting and I will be continuing with more evidences on deVere Group in few days.

Regards to all

Pedro Araujo

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Anonymous
#657047

I was told to open two bank accounts. A local country one where a small amount of commission was to be paid as the authorities would expect some income and a secretive offshore one so I could avoid tax. I know the country manager of my office had a complicated arrangement to avoid tax.

Starshollow
to Tax advice Munich, Bayern, Germany #657529

I have seen some similar evidence in Germany - but am still collecting further proof. Would you be brave enough to send me such information by email? That would be grand....

Starshollow
Munich, Bayern, Germany #594699

to all former DeVere "advisors": since DeVere is always offering in their adds when they try to find new salesmen that the commission income is "tax free" - which can only be if you hide your income from the tax authorities where you are a legal resident as most countries tax worldwide income - can you confirm information I have obtained that new advisors are told to keep a low profile in the countries where they work, if possible not to register a local address officially, not to open local bank accounts etc in order to receive their commission payments paid out at the seat of the product companies (like Guernsey in the case of Generali Vision) ? That would explain a lot and would also be important evidence in many countries to get the authorities moving....

Appreciate any emails especially from EU based advisors past and present

Anonymous
to Starshollow Cape Town, Western Cape, South Africa #656996

Starshallow. This is correct I have read nearly all of your posts on PC and you certainly seem well informed.

There is a lot of talk by many people on this site but no action so it is refreshing to see someone trying to do the right thing.

In Europe the employees are told by senior management to use pay as you go mobiles, rent cheap apartments with no references required so usually that means paying 6 months up front, or live with others and generally keep a very low profile.

Taxes are certainly not paid. There is plenty on PC about Mr Pratt being on the run from the HK authorities due to non payment of taxes. Most in Europe declare around 30% of their real earnings and pay the tax on that. The rest is sent offshore untaxed.

Devere offer no tax advice or assistance and expect employees to arrange this themselves. Most have no idea how to do this so just dont.

Starshollow
to to be sure Munich, Bayern, Germany #657534

same as above - if you feel brave enough to submit some documents/rpoof about the above to me, it will make it soooo much easier for the authorities in EU countries to come down on them. you can black out names and personal reference, just the basic info would be sufficient for now.

Cheerio

Anonymous
#573922

I went on the "course"to Switzerland.

Got kicked off because I was too honest. The two jerks that ran the course only talked about football and the north/south divide !

What a load of junk this company is !

Keep away !

truthaboutdevere
#572447

To add, Nigel Green himself abused my on a racial level seeing that Brazilians are lazy.He did verbally in my face when I went to Malta to meet him.

I was with my consultant John Belcher who is now working for the United Nations.

Then after asking for the zillion time some sort of action in regards to the problems with clients and the losses they had I was told again, this time in writing.Nigel tried to mitigate the problem by writing an email which deVere lawyer is fully aware saying that he was sorry...but not sorry enough for destroying my career, ignore my pleas for clients who lost most of their money or once they sign didn´t see anyone for years - unless to ask them if they want to invest on something else...I hope my nightmare becomes a good reference to everyone.

truthaboutdevere
#572445

In regards to comment made by Interesting on November 15, 2012 From Bangkok, Krung Thep, TH

Perhaps it would be of interest to people to know that the former area manager above, was actually dismissed due to gross misconduct.

CAN YOU EXPAND AND EXPLAIN TO EVERYONE THE REASON FOR MY APPARENTLY DISMISSAL? LET´S SHED SOME LIGHT: I EXPOSED SEVERAL CASES OF CLIENTS WHO WERE LEFT UNASSISTED FOR YEARS AND MOST OF THEM LOST A LARGE PART OF THEIR SAVINGS...I MYSELF INTERVIEW 2 AND BOTH HADN´T SEEN ANYONE FOR 4 AND 5 YEARS RESPECTIVELY...ONE OF THEM WAS PERSUADED TO INVEST IN 4 DIFFERENT SAVINGS PLANS...AND DOESN´T HAVE MUCH LEFT...AS I WRITE THIS, I HAVE BEEN BULLIED MY DEVERE LAWYER NOT TO PUBLISH ANYTHING OR I WOULD BE SUED. I ACTUALLY ASKED HIM TO SUE ME I DON´T HAVE ANYTHING TO HIDE. MY NAME IN THE INDUSTRY IN BRAZIL HAS BEEN COMPLETELY TARNISHED AND CONSEQUENTLY MY REPUTATION...I ASKED FOR COMPENSATION AND THEY SAID CLEARLY NO! I ASKED FOR A STATEMENT THAT THEY WOULD REVIEW ALL CLIENTS´ CASES ON MY REQUEST AND THEY INITIALLY SAID YES AND THEN NEVER TOUCHED THE SUBJECT...THE BIGGEST MISTAKE IN MY PROFESSIONAL CAREER. LOOK THIS ARTICLE BELOW AND THINK VERY CAREFULLY BEFORE YOU, POTENTIAL CLIENT OR EMPLOYEE, MAKE ANY DECISION...

Anonymous
#570094

Believe it or not, I just came from a Devere presentation, hosted by Andy Chalklin, at the Hilton hotel - Heathrow. My story started just late last week when I was contacted by a recruitment agency - called Forefront Recruitment.

Anyway, considering the fact that I am unemployed at the moment with "some" sales experience, definitely not in the finance sector, I was curious to see what the job was about and if it was for me.

It all sounded way too good to be true, with loads of "success stories" clearly made up, though I have to say the guy was able to answer most questions - but I guess it's fairly easy to *** people who have no, or very little knowledge, of such well hidden business activities.

The most obvious thing that caused me to question their financial commitments was the fact that you would have to pay for your relocation costs, rent, flight tickets..etc no decent company in the world would do that, let alone financial companies that can pay their employees in 6 figures.

The second thing that did not make sense was the fact that our decisions to attend an interview would have to be made by Monday noon 19/12/12 - I personally asked for more time, and the best he could do with me was Monday end of the day! This is clearly an attempt to limit people's time to make any sort of contact with other people out there - during the week end - which means the desire to earn loads of money would be the bigger factor in saying YES to them...

There is another worrying thing, which is there were quite a few attendees, older than 50. Though I am in my 30s, meaning I could still find some sort of energy to lift myself up if things did go wrong, but what about those in their 50s.

To shed more light, and after we left the hotel, I had a quick chat with this lady - who was with us - and I can assure you that I have now seen all these posts, I wish I had known anything about her to contact her. I am not trying to say I was a bit clever to crack their code, but I did tell her - while on the lift - that we heard all the good things, and if there was another side to the coin. Her answer was that there was no other side. She went to express her concern about leaving her flat here in London - while still paying mortgage - and over for her stay overseas, though I sensed she was willing to do just that as the temptation seemed to be a lot stronger.

I am glad I came across this website, as the first thing I did taking the tube to central London was to browse the internet and see if there was any form of feedback or more info from a non-DeVere source .. I guess there’s more than enough to make up our minds – which is something I personally enormously appreciate having and at click of the button.

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Anonymous
#569931

This is absolutely hilarious and about time someone actually told the truth and was brave enough to name themselves... I would rather change career and work in a factory than be labelled as a De'vere employee

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