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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Shenzhen, Guangdong
1.2K views
15 comments

Hello,

I am a 27 years old boy working in Shenzhen, china since 1,5 years.

I have been contacted by a "Independent Financial consultant" who wanted to propose me an investment plan to protect my money against inflation because, according to him, due to the financial crisis the volatility and the possible inflation could rise a lot, that means my savings would drop value.

My financial consultant has always been very kind and accommodating with me, he offered me a drink on Starbucks where we spoke about many topics and he asked me about investment.

The man is about 35 years old, very good appearance, he gave me the impression to be quite expert in economy because he used technical terms and he knows the charts of many commodities (the price of commodities during the time).

He told me to be a technical analyzer, he mentioned some technical analysis methods like Elliot's waves, psychological resistance levels, supports and so on. Still the basics I mean, but he did not look like just a sales man. Actually now I realized he used psychological persuasion strategies, like drop purposely down the volume of his voice to force me to get closer and create an instant rapport, really tricky, I thought he wanted dropped down the voice because we were in a public place, but actually I do not understand why other people cannot listen him when he was just introducing me DeVere group.

At the second meeting I went to his office and he explained me how does an investment plan does work showing me some mathematical counts.

Actually I have always been strong in math and I immediately realized the number he gave me at the end was very tricky and it represents a sort of illusion: it is just the magic of the compound interest, if you see the same chart in logarithmic scale (as you should due to the inflation) you can immediately realize the yield is absolutely linear.

Anyway I trusted him because I usually trust person, I went to the third meeting also.

Here he used another trick, I called him to pick me up downstairs to his office building because I did not remember his office's location in the palace, but he walked another way coming at my metro stop; when I called him again I realized the misunderstanding and I got back to the metro station, it took more than half an hour to get him (so strange: another trick to make me feel in debt) and it was after work, I started to feel very tired.

Then he started to introduce me the generali visio plan, I usually read carefully everything before sign anything, but at the end I was still at his office and it was 11 o'clock p.m. when I got out.

At the end I signed because I know Generali and I trusted him, after a couple of days I realized something wrong inside me, like a sort of alert, I started to investigate on internet and I got the truth thanks to this community.

I just wrote both to my Financial consultant and DeVere customer service that I want to cancel my policy and I sent instruction to the bank in Hong Kong to do not pay DeVere or anyone else without my consensus.

Until now I gave them no money but I am afraid they will attempt to withdraw money from my account using the papers I signed.

Is this enough? How can I get out this trouble? Any suggestion will really be appreciated: pickwick85(at)gmail.com Thank you.

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Noneeded
Shenzhen, Guangdong, China #607593

Buy list of emails in the net, there are reasonably cheap and may help you to reach an incredible number of people in one hit.

Noneeded
#607577

To want to expose bad practice: send the link of this site and threads to everyone you know and ask them to keep sending forward...and just ask people to read and think twice before taking advise from anyone company listed in this site.

Anonymous
#528102

Its not as though this is an extensive catalgue of complaints given the broad customer base deVere has globally.

Given that this site is one of the top 10 results when you put it in to Google is probably indicative of the face that the grievences listed are probably listed by a very small percentage of customers and employess.

The industry is not regulated on the whole so everything does of course come down to trust and being sensible when approached by an advisor. If it sounds too good to be true then it probably is and give it a miss.

If someone is marketing a fund or pension product that returns %5 PA .. do the maths and look at what has to happpen for that to be true and whether you can risk the fact that the investment might not achieve is modest target. Always pay attention to fees, whether up front or long term and always read the small print when it come to cancellation.

Open your eyes.

Stuart
#502255

I doubt whether many of the complaints about de Vere are posted by competitors. There re just too many people who have been cunningly misled by de Vere's "representatives".

The FSA and the Ombudsman can be of no help as de Vere skipped suddenly to Malta and are thus beyond their jurisdiction.

Having taken nearly all my savings in the most appalling manner, Generali demand a further £11,000 to release me from my disastrous portfolio which promised so much.

Anonymous
#494191

Generali Vision has a 30 day cooling off period, you can basically change your mind without consequences.

Also with everything signed, if you dont want to pay you simply dont pay.

They have no legal right to do anything against it. Dont wrory.

Anonymous
#489932

There are more than a few jokers in your business (we have not met). Like the guy who lied to my face when flogging me Generali Vision.

Lied about the investment and lied about his background. Said anything to make the sale, and made it sound convincing, i.e. said black was white. Makes perfect sense, since he wouldn't have sold it otherwise.

Describes himself as an experienced financial consultant. Described as a professional crook by an ex-coworker.

Sounds about right.

Though the rookies in this game may initially be clueless about what they're doing, parroting the sales pitch about these "great" investments, only a *** artist and practised liar with no conscience, like the guy I dealt with, can sell these investments successfully long term. Those who have a conscience and who don't want a career making out they're something they're not and making a living flogging investments that cream off more commission from their clients' savings than the clients are ever likely to make in profit are the ones who get out fast.

Anonymous
#488085

The DeVere Financial Advisor I met in Shenzhen is working now to cancel the Generali Vision plan I signed.

I think we may have attacked him too much without any reason if he is working to cancel my plan now. Do other people in this forum also think so?

I will keep you updated about this history.

Anonymous
#487027

Rob - thanks, but don't waste your time. I'm aware of the situation with 'Pickwick'.

Torrence- Clearly we've met. I don't recall. Do be sure to introduce yourself properly next time. If you'd like to discuss your grievances with the industry, let me know. Always happy to help. And I mean that sincerely. There are a lot of jokers that operate in my industry and it does make it considerably harder to earn people's trust. I can't be held accountable for others ethical standards or professionalism. Or the level of details that they go into the structure of the products and costs, commissions etc. That's why I encourage absolute transparency.

I know these forums are designed to protect people with the best of intentions, but often they do just the opposite, as in the case of Pickwick in this instance.

All the best.........Mike 159 1403 27 37

Anonymous
#487023

Rob - Don't waste your time :-) And actually, the client was mine in this instance so I am aware of what's going on. Aren't I 'Pickwick'.

Torrence - we've met? If that's your real name of course. You guys that hide behind your aliases lurking on internet forums..... If it is your real name, come and introduce yourself properly. If you'd like to discuss any of your previous grievances with my industry let me know. Always happy to help :-) I'd like to hear what your story is to have been convinced that black is white for you to have believed it.

Best Regards.......Mike 159 1403 2737

Anonymous
#486186

Until now I gave them neither one cent: I told the bank to do not pay and they did not pay. I told the bank to do not pay also any incoming payment request.

The only reason I would not want to write generali Guernsey is that I should pay 15$ for a registered letter. I can personally go to Generali Hong Kong and I will definitely do next time I go there.

Thank you for your support,

pickwick

Anonymous
#485893

He definitely gets around. Must have a private jet.

Rob Sanchez is a funny name for a Yorkshireman, though. "Say nowt" definitely ain't his motto. Boy, he can talk! No wonder he kept Pickwick in his office until 11 p.m...

Pickwick, some of these guys are so good that they'll tell you black is white and make you believe it. Don't give them the chance.

If you want to cancel, contact Generali. You only have a limited time to cancel and get your money back.

Anonymous
#485729

This guy, Rob Sanchez, had the ability to move from Los Angeles to Guangdong in China and write a comment inside each location.

Anonymous
#485703

CL,

Sure I know what you mean. All i'm saying is you can't tar all advisers with the same brush. And I know Mike would be seriously aggrieved if one of his blokes wasn't doing their job properly. And would definitely want to know about it.

We had 4 meetings I think before I decided to move forward. And he must have spent about 9-12hrs with me, answering my questions and making sure I fully understood each part and how it operated before we could go on. The guy's really passionate about what he does and just wants to do the best for his clients. Yes of course he does well himself but actually if you think about it, if he makes a grand or even three, all up front, and you're being serviced by him for say the next 5 years before moving onto your next location, quarterly, you do the maths on an hourly rate like that and all of a sudden it's not actually that good. And given the amount of grief you get?!! I'd never want to do it!

I actually came across this site when I was researching deVere, which is partially why I keep an eye on it still just to see what pops up from time to time. In fact Mike directed me to it would you believe? He told me to go away and do some research on him, gave me the FSA link and linkedin connection and to do some research on deVere and come back with any questions, no matter how uncomfortable they may be, before making any decisions.

I think the one thing I do find sad is that you know full well that a lot of the posters on here are from competitors or people who just bare a grudge against the company. And the circumstances are always unknown really. Yes, I was hit by a complete commission hungry shark and I wasn't receiving any service after i'd signed up. So I dropped the premium to the minimum amount and stopped contributing for a while. Which I only realised wasn't the best way of going about things when I met with Mike and he explained fully how the plans worked. Mine was a Hansard. Not with deVere for the record. And the Hansard contracts are particularly penal if you don't keep contributions at the same amounnt you start the plan off in.

So I started the amount off at 1500GBP a month. The original guy told me that I should start off at that amount and then drop it to the minimum levels in 18 months if I wanted to. At least then I would have the maximum amount put away for the longest period of time. Mike told me that it was common in the industry for some advisers to work that way, because it maximises the commission they earn which he readily admits is *** annoying because it brings the industry into disrepute and makes the lives of the guys that do a good and professional job much harder because of the general lack of trust.

So anyway, the advice he gave me was to raise the contribution levels to what I had started off at so I wouldn't get whacked in charges. Mike didn't earn a penny from providing me that advice, or from ongoing management of the plan. I checked with a couple of independent people prior to taking the advice whether it was sound or not and they agreed it was.

I know a couple of other guys that have had the same experience with other advisers - and one was with devere, just not in Shenzhen.

So I was surprised to see the post here re: devere shenzhen.

I'll bring it up with Mike when I see him anyway and see if he has clocked it.

I must admit, the original post does read a little strangely. I mean it sounds as if the guy signed up with Generali, then found this site thanking the community and just not bothering. Not to mention the trick of wasting 30mins trying to find their office, as if it were something sinister??....

Nowt as *** as folk, that's all I can say!

Anonymous
#485687

Rob,

If all advisers were up front about the commissions, contract features and their pasts, then I think that blogs like this would not exist.

I guess that there are good eggs and bad eggs in every firm.

Anonymous
#485677

I live in Shenzhen and had a similar experience as Torrance clearly has had when I was working over in the Philippines.

Initially I was a little reluctant to meet with any adviser, but I gave deVere the time of day and met with a guy by the name of Mike Briggs. Not sure how many people they have working in Shenzhen, but the guy was direct and told me exactly how their industry worked, how the charges worked and he even went as far as telling me how much he would earn in commissions. Due to his brutal honesty and matter of fact nature I went with him, have been a client of his for the past 6months and am completely satisfied. He is very knowledgeable on his subject and profession and showed me how to check on his former status being regulated by the FSA UK to back up what he said about himself which I duly did.

Not sure who you are Pickwick, but anonymous postings are no good for anyone, least of all allowing a sensible response.

Get hold of Mike and speak with him if you think there is anything wrong with the advice you were given. I know he's the Senior Consultant permanently in Shenzhen and he'd want to know if any of the other advisers are not doing their job properly.

Just my thoughts.........Rob

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