Reply by Devere Group

deVere Group are the world’s most regulated IFA. This means that deVere Group must strictly adhere to international regulatory laws providing sound financial advice to its clients. As a result deVere now has in excess of 70,000 active clients around the world with over $9 billion under advice and management.
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Bangkok, Krung Thep
1.5K views
29 comments

Update by user May 01, 2011

******please refrain from sending anything to the email address pertaining

to this posting as this is mis-represented by the original Author. This

posting has nothing to do with the person associated with the said email

address******

Update by user Apr 30, 2011

************I will be looking to remove this post ASAP due to personal reasons***********************

Original review posted by user Apr 22, 2011

I am an ex-employee of deVere and am interested in putting together a Class Action through the Courts. All disgruntled Investors/Clients/ex-employees are welcome to help me carry this out even if it is just incriminating evidence/experience you can help me with building the case.

I intend to close them down and see Nigel Green behind bars.

Please contact me on Pn_Fleming@Yahoo.co.uk

I have 30+ years of Investment Banking experience and have contacts with many Financial Regulators so am perfectly placed to see this through to the end.

I will be successful, and anyone who contributes will enjoy the down-fall of what I consider to be the most unethical, unprofessional company I have ever encountered. They make a corrupt second hand car sales force look like angels.

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Anonymous
#482897

cloggies, please ead my posting. I will help you for sure. My email address is in the posting

Anonymous
#481640

Dear all,

Should anybody wish to recieve good honest advise about this company as a potential employer or even more importantly, a potential investor, or some one who needs honest help in exiting from whatever you have been sold, please feel free to contact me on my email address - jon.andersonvic@gmail.com

an and will help in any way I can.

I am not selling anything, but c

Anonymous
#481106

Help us please we have lost our life savings of £200,000.00 after being conned by Spencer Lodge

six years ago while working in the Netherlands

Anonymous
#474529

I have too been ripped off by these crooks; they told me a pack of lies to get me to sign up, and now they have completely changed their story. Even *** Turpin wore a mask; these gits rob you in broad daylight, I should have known when the I met with the first snide.. I would be more then happy to bring them down.

Anonymous
#433390

I am a recent customer of DeVere and have signed up for the Friends Provident plan. I am anxious to hear the details of your issues with this plan (I appreciate they may be tyrants to work for, but in terms of the 10 year FP plan, I would like to hear any experiences of people who have cashed in etc).

Thanks alot,

Thank God
#383102

Thank God for all those good people out there who have spoken their views on deVere on the internet.

I went through the whole dazzle "interview" process of making deVere seem reputable and - more importantly - making the future consultants feel important by passing all the "tests" set by them.

I will NOT be working for a company such as this.

No wonder they have 5 - 20 people in EVERY WEEK for "training". EVERY WEEK". Imagine the turnover rate.

I am so, so grateful for all the people who have named and shamed deVere. Without you, it seems like I would have wasted a huge amount of money, time and dignity.

I just wish these guys were shut down before they ruin more people's lives.

Anonymous
#380099

Hi "My devere experience", I have found your article very useful. I was contacted few days ago by the devere group and went for the interview.

I now have to fill in some documents for the application.

Since you have gone till the end of the process could you please contact me on alka08@gmail.com . Thank you

Anonymous
#374741

Anonymous wrote: "Thanks for the Heads up. Sorry for your loss."

Huh?

What's this about? Looks as if something has been deleted.

This seems to happen regularly in these threads on Devere. (Watch this space: this post will probably soon be "disappeared".)

Anonymous
#374143

Hi Bones

Can you contact me on thai@talk21.com

Have I a *** of a story on FPIL

Anonymous
#355306

Thanks for the Heads up. Sorry for your loss.

Anonymous
#329331

deVere Group or deVere & Partners are out and out thieves. They steel from the consultants as well as clients, they have no morals & the fat bald headed double glazing salesman will have his comeuppance soon this I am sure of.

Anonymous
#325200

So pleased the internet exists, thanks :-)

Anonymous
#291966

Guardian wealth although not as big is another in the model of devere...

Watch out for the Friends Provident International premier plan, same thing and equal value to the customer as the General Vision plan...

be aware and never take 'advice' from someone you don't know very very well...

Anonymous
#290961

Based HERE in Dubai??? 24 carat mug!! What a looser!

Anonymous
#288045

Here is my story and I hope to be as factual as possible, if not a bit protracted!

I’m a qualified IFA and at the time about 2 years ago I was looking for a new challenge and noticed a deVere advert. It sounded right up my street. Loads of money, less regulation, appointments booked for me and a new Country. Perfect! I went to the interview, presentation and course and worked in a deVere and Partners office in Europe for a bit.

So, from the beginning:

I went to the presentation and Nigel Green, the MD was very enthusiastic about the business. He did lay it on the line about it being self employed and commission only but he did say 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 was sceptical but believed it was possible, which some will say was naïve or ***. It probably was.

I was then told if I wanted to proceed to call this guy for a formal interview. I was a bit miffed as I had travelled a long way to Birmingham for what was in essence a 10 minute chat. He said it was great I had some qualifications and experience but he didn’t care too much as long as I could sell. He said most people they take on have no experience whatsoever. He was really only interested in whether I had the money to fund myself while abroad and whether I could sell sand to Arabs.

I went on the course. It was mainly based on learning a daft sales pitch and I was shocked at the almost complete lack of financial training given to the students, who in the main had no financial experience whatsoever. The trainers were financially clueless as well but gave a good spiel and it was all about tricking the client with a set of set questions to get them to say, yes. It had nothing to do with giving advice. Just a standard sales pitch course.

I arrived at my deVere office a couple of weeks later. There were terrible morale issues from the start. Staff were coming and going all over the show with arguments and verbal abuse. One guy just up’d and walked out the day I arrived. I was told on the training course I would get help with finding permanent accommodation, but when I arrived I was simply given a couple of rental website links a yellow pages 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. My manager laughed when I told him I had been promised two appointments a day and a coordinator.

After I had spent the 100 names I was then told to 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 as me. I was told to walk the streets and knock on doors of businesses and get names or get a plane back home.

It wasn’t a good atmosphere. Just one or two guys were doing fairly well, but still not earning the big bucks I was told. Most of the others were doing really badly or just getting by and just felt they had been sold down the river. Everyone was backstabbing everyone else. On top of this there was incredible racism and sexual discrimination. Some of us newbies would go to the pub after work and laugh about how we were tricked, and who would be booted out next. You had to laugh or you would want to strangle someone!!

I left devere within a short period, mainly because of all the deceit from day one. Ok, all companies make things look a little brighter to get you on board, but devere were in 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 easily.

I also had a big issue with some of the products they sold. It was all about commission and nothing to do with advice. Most of the guys in the office were ex car sales etc and didn’t have a clue about what they were talking about. It was laughable but some poor expat was handing over his money to these guys because they had a good sales pitch. It was madness.

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 this applied to employees and clients. 90% of the staff were struggling big time and some had some frightening financial problems spending lots but not earning anything.

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 and lost the lot! During my 4 week spell 4 IFAs and 3 coordinators walked or were pushed out, all of them broke and despondent. It was a saddening place to be but the deVere bosses just didn’t give a stuff who lost money and who went home.

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.

Am I bitter? Honestly? No I’m not. 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 ‘so-called’ top earners 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 very 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. Remember, this company has an 80% staff turnover. Whether you make it or not, this isn’t your average IFA business. If you think you are walking into a professional IFA company giving good advice, think again, it’s just a business with a flash marketing team giving the impression of a global IFA.

It’s basically a direct sales company selling unregulated financial products that pay the highest possible commission to gullible expats.

And that’s the truth of the matter….

Anonymous
#288007

REST IN PAIN DEVERE!! :(

Anonymous
#284309

deVere and partners have now changed there names, I wounder why???

Does anyone know moving your pension offshore with deVere and the company gets over 12% commission.

Not bad hey no wounder why htey push this so much

Anonymous
#284308

Does anyone know over 12% goes to deVere when they sign anyone up for a QROPS moving a UK pension offshore, not bad hey?

Anonymous
#281405

Does the message above mean that the original poster has decided against pursuing a class action? If so, please tell us why.

Anonymous
#280553

Very interesting about the funds. I heard but didnt know which ones he was involved with.

Thats the great thing about being offshore and unregulated - nobody can do much about the conflict of interest - apart from maybe Hong Kong. Should be worth winging an email over to the authorities there.

Devere Group also get roughly 7% commission on lump sum investments. so a 200K investment would make devere about 14K. This is non clawbackable commission from the date of investment so if you withdraw the money after a few weeks you get your money back minus the 14K. Nice work!!

If the adviser is lucky he gets about 30% of the gross commission (devere tell them 50% but this is BS as they dont disclose the full commission they recieve, so the adviser THINKS he is getting 50%) Trouble is they dont pay for a few months and by then they have managed the adviser out unless he is really banging in the sales. 80% of advisers and coordinaters are booted out of the door within 3/4 months.

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