Devere Group's reply to:
Devere Group - DeVere Shanghai- Kevin the Ref moonlighting as Advisor
My Generali education fee plan was doing fine until 2011 when Kevin became my advisor. I was over the fact my wife and I had been miss sold by our first advisor, and really hopped he would be someone we could trust. He told us about his lengthy experience with HSBC and of being an international football ref and my wife and I were smitten.
Kevin enthusiastically told us that under his management our policy would realize returns of "7-9%" per year. We were ecstatic since at the time he took over we had only seen a 2% return. Which was fine with us since we were happy not losing money like so many of our friends.
Yet after a year under his management,it became apparent that he was merely a referee moonlighting as a financial advisor/salesman.
Every visit with was a repeat of the previous. So much that my wife and I laughed in anticipation of his visit and his trademarked verbage. "Markets are flying! This is the perfect time to be in the market." which was always followed by a pitch to invest more or for a new fund. For the first few visits, he was more than entertaining and a good chat. Yet I started to doubt his optimism, when markets, and our plan, were obviously not flying. Yet we gave him benefit of doubt, and in the hopes things would turn around in the coming months.
They didn't! Our policy was down 10%, yet he kept up the song and dance. It came to the point that during our review meetings, he spoke very little about our policy but more about upcoming football games and his newest "philanthropy" of teaching Chess at the local international schools. Which after meeting with the vice principal of our child's school, we found out his Chess classes weren't truly an act of "philanthropy". He was being paid to teach or "coach" the classes.
Two months later we switched to another firm. It became obvious Kevin was more interested in being a ref and "chess coach", than helping us reach our financial goals.
We occasionally still see him in the community. My wife and I still think he's a nice guy and a great ref , but not a real financial advisor.
This is our second and LAST DeVere advisor who proved to be merely a salesman playing the part of a financial advisor.