Update by user Oct 20
Despite the fact that this company eventually contacted me, they accept absolutely no responsibility for their employees not honouring the promises they made when I invested the money. They have offered me no advice despite the fact that they advertise themselves as investment advisors.
I still do not not know where my investments are, the status of the investment or whether they only exist on paper. The local representative says he cannot advise me. No resolution at all. Their reply to me as follows: "All complaints are assessed on the merits and this is done by an examination of the documentary evidence available.
deVere does not enter into contractual agreements with its clients that require deVere to provide an ongoing service to its clients unless required to by the relevant financial regulator in specific jurisdictions or whereby a client has (for an additional fee) requested our enhanced customer service package in countries where this is option is available. As a matter of good practice, deVere does strive to provide an ongoing service when requested to do so by its clients. Their reply as follows: I have liaised with deVere South Africa. When you first returned to South Africa it was unfortunately not possible for a local adviser to provide you with recommendations on an international product.
deVere cannot be held responsible or liable for government regulations and legislation. However, since that time I understand that Andrew Michael has now contacted you on several occasions and has explained to you that you can set up an ownership structure which would enable him to provide recommendations and make alterations to your policy. This is a South African legal requirement. If you wish to avoid paying extra fees, as your contract is with OMI, you have the option to deal with them directly avoiding any additional costs that an ownership structure would incur.
When recommendations are made to clients, several factors are taken in to consideration, for example, the past performance of the fund, the reputation of the fund manager and the underlying assets within the fund and the strategy of the fund. None of this, however, is a guarantee of future performance. There is always a risk element. Please bear in mind that deVere do not ‘Actively Manage’ and cannot make fund selections without first communicating with you and then following through the action with your full knowledge and consent.
The code of conduct read that your adviser “explained to me/us that unit fund values can go down as well as up and past performance are not necessarily a guide to future performance.” I would like to confirm that Brent Mayhew has no connections to deVere and there is no introducer, referral agreement or arrangement between Mr. Mayhew and deVere. If you have any further questions on your policy Mr. Michael will endeavour to assist you, but, with respect, we cannot uphold your complaint.
Please be advised that, if you remain dissatisfied, you have the right to seek independent legal advice. Yours sincerely Juliette Vincent Client Relations Manager deVere Group"
Original review posted by user Sep 15
I have had an uphill battle with this company without any light at the end of the tunnel. My investment advisor has provided absolutely no advice, my investments have depreciated by over 50% over a period of 10 years and the only solution is to withdraw the funds and take the loss.
Unfortunately the small print says that the funds will only be released once the investments have been sold. So for the next 10 years or so, the management fees and commissions will be paid until I suppose the investment ceases to exist. They should be strung up and shot for manoeuvring behind the smoke and mirrors of their marketing lies. I have subsequently been told that my financial advisor was thrown out of Qatar and the UAE, imprisoned in Oman and has left the company.
Through other avenues, I discovered that he still works for the same company but behind a connect "separate" entity. Perhaps all the people that have been fleeced by this company should pay a personal visit to their offices.
Product or Service Mentioned: Devere Group Financial Advisor.
Reason of review: Poor customer service.
Monetary Loss: $100000.
Preferred solution: Let the company propose a solution.