Reply by Devere Group Jun 12, 2013

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.
Author's
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.

Review about: Investment Plan.

Review #320270 is a subjective opinion of a user.

PRODUCT OR SERVICE Not specified
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Comments

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.

Aaron B
#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.

Not important
#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.

Jokers
#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.

Pickwick
#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.

Mike Briggs - Partner & Senior
#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

Mike Briggs
#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

Get the money back
#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

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