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.
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Crawley, England
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8 comments

devere group are not bona fide financial advisers, apart from devere (UK) and devere (USA) where they have no choice to accept regulation if they want to operate, everywhere else in the World they have no regulator and can pretty much do what they like, including ripping you off with advice from sales guys who have no experience and who are not qualified and a company that has little or nothing in the way of consumer protection.

Devere are known worldwide not for being the No1 international IFA that they claim but due to hard sell bully-boy cold calling tactics and the frightful commissions that they take. They sell products off-shore that are banned by the UK regulator and have no knowledge on investment performance. This is because they are just a sales company with a very nice website and sales-pitch projecting the image of a proper IFA firm. This is not the case in reality.

However they do need to obtain licences in the countries that they operate and if enough people complain they can have their licence taken away.

deVere and Partners (Belgium) Limited BVBA is authorised by the Financial Services and Markets Authority (FSMA - www.fsma.be) in Belgium and registered on the intermediaries register under number 61476; subject to FSMA supervision solely for the purposes of insurance mediation under the EU Insurance Mediation Directive. The following branches operate under the same license: Cyprus, Luxembourg, Spain and France.

deVere Germany GmbH is registered in the commercial register of the local court of Frankfurt am Main under HRB 55281.

deVere Group Limited GmbH (Switzerland) is authorised by the PolyReg General Self-Regulatory Organisation.

deVere Hong Kong Limited is registered as an Authorised Insurance Broker and is regulated by the Hong Kong Confederation of Insurance Brokers (CIB).

deVere & Partners Japan is authorised and regulated by the Kanto Local Finance Bureau, investment advisory business licence register.

deVere Investment South Africa (Pty) Ltd is an Authorised Financial Services Provider in South Africa and is regulated by the Financial Services Board.

deVere and Partners (UK) Ltd is authorised and regulated by the Financial Services Authority (469151).

deVere Malaysia is authorised and regulated by the Labuan Offshore Financial Services Authority (LOFSA).

deVere Uganda is authorised and regulated by the Capital Markets Authority (CMA).

deVere USA, Inc is authorised and regulated by the Florida Office of Financial Regulation (Florida).

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Comments

Anonymous
#541785

DeVeers in Japan has been restructured.Now I dont get cold calls anymore.

They used to hunt me down for ages.

The present Management are smarter people, qualified and experienced.

Not just English teachers turned Financial Advisors like in the past.Those guys are desperate hard core salesmen because they are married to Japanese women who are only interested in their wallets.

Anonymous
#507691

I am going to sleep now - takes me a long time still to this day even at my age

just thought i would wang this sentiment in

i started my EIB in Skandia in 200x thru DeVere and it has been a nightmare ever since i sacked them and got 5 other IFAs to try and "look after it" - they all sharks.

trust noone

end

Anonymous
#507682

A young colleague has been invited to an interview with a recruiter from the DeVere Group in Dubai. Apparently they have a subsidiary recruitement company called Forefront Recruitment that handles the hiring.

The interview will be with one of the directors in Dubai and for a 'consultant'/sales role. Has anyone had any experience with this recruitment company that is hiring for DeVere? How to find out if these guys are legit?

We have read up on alot of the negative reviews ad complaints about DeVere but would appreciate any info about this recruiter and from anyone who has been to an interview with them.

Anonymous
#507344

Hi Guys,

I have to disagree with what I read on here as I have come into contact with Devere in South Africa about my UK Pension. They are FSB regulated, they adhere to the FIAS Act and the IFA I met went through these regulations with me at the begining of our meeting, saying he had a legal requirement to explain exactly who they are, how they do business and what any next steps would be if I transferred my pension with them.

The Guy I met was British, mid thirties and came across as a nice guy, not at all pushy, not a wide boy type as described above, although I guess that depends on the luck of the draw as with any company and its employees.

In SOuth Africa, the IFAs also have to pass certain local exams to and every IFA is listed on the FSB website too (I checked).

I am not doubting some of you may have had bad experiences with people from devere but I for one did not. THey were very helpful, my transfer went smoothly and I have had a couple of quarterly reviews meetings with them since and am pleased with the level of service I am getting and the returns on my pension investments aren't bad either :-)

Happy investing

Anonymous
#491680

I'm very grateful for the info here as I was about to fall for a Wells Fargo One Year Fixed Rate Bond sold by a smooth salesperson who had sent payment details for doing a bank transfer to Wells Fargo but the notice stated that the final credit was to go to a beneficiary named Freebird Enterprises LLC, Nashville.Why would a business company dealing in 'Invoicing' receive payment from the Wells Fargo bank for its own one year bond??????

Phew!Thanks again.

Anonymous
#486293

HA YOU PROBABLY KNOW MORE THEN MOST IFA'S I'M SURE OF THAT. WELL OFFSHORE ONES AT LEAST. I REALLY.

Anonymous
#438036

The reason devere are not independent is because Nigel Green pushes certain policies. Devere own a life assurance business, devere own Inter alliance worldnet who are like a network for other expat salesmen posing as IFA and Nigel Green is a director (not disclosed to clients) of three fund managers (that I know of) who only offer funds (without a track record and huge fees) to devere clients.

However, to have been able to pull this off for so long and rip off so many people without being caught is no mean feat. The time will come when they are shut down but by then the directors will be living in the Sun on your money.

Anonymous
#437618

Thanks for that useful info. I'm a UK expat and I was cold called by these guys outside the UK. Their QROPS sales pitch made sense so I went to see them. I won't be going back, and not just because the operation is plainly a bunch of wide boys in a boiler room.

I wasn't that surprised when the 'business co-ordinator' didn't seem to understand the difference between defined contribution and defined benefit pension schemes. But then the 'partner' started pushing the same line, trying in a nice enough way to scare me with pension underfunding and 55% tax scenarios. With my small defined contribution schemes, and no intention of taking out a lump sum, these are non-issues. The only possible problem to solve is succession. That may also be a non-issue - I won't know until I write to the funds and ask them whether I can name a beneficiary. Most annuities appear to have an option to name a successor, so this is probably only important if I die early.

But don't listen to me, I'm not an IFA.

The offshore structured bonds deVere are pushing sound sensible enough but all structured products carry counterparty risk. This is fine for institutions who can spread that risk, but for an individual, with one counterparty, I'm not sure it makes much sense. Plus I'm not sure I'm qualified to tell from the contract (which I haven't seen) who the counterparty actually is. Do I have a contract with, in order of increasing nausea, Citibank; a barely regulated two-man...

DeVere play on their independence. They are independent in the sense that they are not owned by a bank, insurer or investment house. It is true that they will try to flog you third party offshore life instruments with eye-watering fees, even if you tell them you don't want them. But I didn't get the impression I would have a choice as to which funds or instruments to put my QROPS into. As it happens I would only be interested in the same mix of boring tracker funds I already have in the UK. Trackers don't pay commissions, which is partly why I'm interested in them. I wonder how long that conversation would last. I guess we'll never know.

The fact that my advisor was working for commissions was not made obvious, which is a breach of FSA guidelines. I know only that fees are 1.75% p.a. because that's all he told me. That's three times what I'm paying on my unit trusts. But structured notes have arrangement and other fees, which were also not disclosed. Since they are closed and have a finite life, they would presumably have to be rearranged every five years, for more fees. That just raises the return hurdle. If you don't understand this issue, you need to read John Kay, the Long and the Short of It. To be fair, we didn't get as far as discussing fee structures. I'm just not competent to argue the issue in real time, so I won't.

Finally: deVere & Partners (UK) Ltd is FSA registered as mentoned above. (If you look at Companies House, Nigel Green was a director for only one year, which seems odd). But if you are approached outside the UK, the FSA has no jurisdiction.

deVere Group (as they are known outside the UK) are entrepreneurial sales guys. Good luck to them. But outside the UK they are operating in the regulatory wild west, and so are you. For me, there are just too many questions.

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