Reply by Devere Group May 29, 2013

If for any reason your financial adviser is not contactable, you can contact deVere by phoning your local office, phoning head office or by sending an email. deVere’s contact details are available at www.deVere-group.com
Author's
8 comments

My wife was contacted by an agent on the recommendation of a friend when she took her first expat contract.She then moved and found it impossible to receive further advice from the company, via e-mail, telephone or personally.

We found that her funds had been frozen and yet we had no way to divert future payments to any alternative fund.After moving country again she did manage to contact somebody who reviewed her file but then wasn't heard from again. By this time we had cancelled the bank payments so no more money was going in. A new advisor contacted us trying to sell a new 'life insurance' policy but was not helpful at all trying to do something with the funds already invested. Eventually the invested funds became available again (the trading stop must have been removed, I never found what the problem was) so we went direct to the fund brokers and after much paperwork closed it all down with a 50% loss.The original friend has maintained an investment with them and he says it is OK.

Maybe he has been lucky in staying in one place and the agent has been trustworthy and done regular reviews.Our experience with the global group has been quite the opposite.

Review #392398 is a subjective opinion of a user.

PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss Not specified / $13000
Preferred solution Not specified

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Comments

Anon
#638906

Yes, of course you are correct "me", not 1 person in the whole world has ever benefited from Generali policies...they continue to be one of the largest financial instituitons in Italy because everyone just loves giving them money and continues to do so...

Likewise "the original friend"; I bet you're right, I'm sure he just has so much money that even though his investments are performing poorly he enjoys talking to people at devere so much he carries on pretending that things are great.

In actual relevance to the OP - a fund can become suspended for any number of reasons, most commonly in order to protect the people invested. Poor customer service from an IFA however is completely different.

Simon Pratt
#655895

Fantastic reply & every word true- how do I know? Because I worked for the DeVere Group for many years. I know their operation, intent, ultimate goal-it's not to give best advice, it's to earn as much commission as possible selling 25 year Generi plans that cause financial misery globally!

DeVere have $50M of their clients money locked down in the UAM fund because of gross mismanagement & incompetence (same old story).

They've started to implode now- let's see Nigel retire to his Camen island office with Simon Pratt (HK Tax authorities searching him).

ridiculous2013
#636078

Sir, it sounds like you have been stung like so many others with this 'Group'. The advisers are not trained, accept in hard sales techniques, usually have no formal background in Finance of any sort, and are taught to be ruthless in their behaviour. If they do not hit certain levels of profit for deVere, then they are disposed of very quickly.

More importantly given your circumstances, there maybe some way of retrieving your losses.

If you post on here the following, I will advise if you have a case, and if so, which authority you should approach. These guys get away with too much!! Nigel Green the CEO is happy all the time he can buy his new cars like the Ferrari he purchased last year from his ill-gotten gains. Please follow up if you can, if enough people complain to the right authorities and pursue, the regulators and the bad press will eventually strangle the thieving b******ds.

From an authorised IFA with a wealth of experience.

Jim
#624638

What was the name of the product and the funds?Have you contacted the regulator in the country where it was sold?

Are you satisfied that the product provider and fund companies are independent of Devere (e.g.

by using Google/checking with company registration offices) or are you unable to verify because they're based offshore?In continuing to seek advice from Devere, you seem to be assuming that its representatives are qualified to advise you on your finances, and in thinking that there was a trading stop on the funds, you seem to be assuming that nothing else is possible.

madoff
#624387

sue them, i did and they were quick to settle out of court. if you can prove they lied, cheated, or took decisions without your consent, then you have a case that they will not want out in public domain.

Chuck
#623918

See "This is Money" article on Devere, 26 July 2012 (frozen fund, 60% loss, etc.), i.e. top Google search result for "Devere Group" + "peril". (Posted the link here before, but post deleted.)

deVere Muppet
#623741

Trust me I'm a devere muppet with no qualifications, I can look after your investments. ahaaa haaaa... I will read the devere script at our meeting and put you into our bosses own life company-INDEPENDENT ADVICE WE ARE NOT!

me
#622283

"The original friend has maintained an investment with them and he says it is OK."

The "original friend" is just too blind to see the sad truth that he/she lost all the money and he/she is *** enough to keep paying despite all the warnings out there.

Trust me (and the online community): THERE HAS BEEN SO FAR NOT A SINGLE CONFIRMED PERSON WHO MADE ANY REAL PROFIT WITH THE GENERALI VISION POLICY.

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