I was an expat for a Swiss multinational for a number of years. I met with a representative, first name Tim, from De Vere Geneva who was referred to me by a colleague and as a result invested £51,280.37 from a U.K.
pension into the product he recommended which was an RBS Autocallable note based on the Russian, Chinese and Brazilian indices. This product has just matured after five years and has not done well. However the performances of the indices are such that based on Tim’s assurances at the time my capital was supposed to be 100% protected. What he actually told me in writing was ‘In March 2017, if the product has not "called" then you will receive your capital back in full, unless one of the Indices is more than 50% down.’ On the date of maturity none of the indices were down more than 50% so based on this any reasonable person would assume that I would receive £51,280.37 GBP because Tim told me I would receive my ‘capital back in full’.
In actual fact I will receive only £41,425.21 back because De Vere and their financial cronies have all taken a piece of the action i.e. nearly £10,000 or 20% of my original capital. All this from an investment that produced zero return over five years when most markets were red hot.. So clearly I was seriously misled by De Vere – receiving 80% of my original investment back is not the same as receiving ‘your capital back in full.’ I don’t think you can escape the reality that De Vere lied to me about this.
As my legal friends would say : ‘res ipsa loquitar’ the facts speak for themselves. Having worked with a number of investment advisors over the years I have never worked with anyone who was so reckless with the truth. Based on my own experience and the other reviews I have read De Vere push high risk products with huge up front commissions for them and once you have signed up they lose interest.
As a client you are only a means to an end and they appear to have zero interest in actually protecting your investments. Based on the actual facts I have noted above there is no evidence that you can actually trust what they say.
Product or Service Mentioned: Devere Group Consulting Service.
Reason of review: Not as described.
Monetary Loss: $15000.
Preferred solution: Full refund.
I didn't like: Deception and lack of full disclosure.