Reply by Devere Group

All our advisers are fully qualified and know the benefits of each of our exclusive investment products. With 80,000 clients around the world, we are confident that we are delivering the very best service to our growing number of clients.

I signed up to a Devere scheme where I pay GBP300 per month into a Generalli fund which they then advise me on. Their commission is the first 2 years payments and during these first 2 years they keep in touch and give you loads of "advice" about which funds are best for your investments which I think they work out by sticking a pin in a list.

After 2 years, their fee is safe and you get the occasional call from them to pump you for names of your contacts that they might be able to rip off.

I am pretty gutted that I was *** enough to fall for it and that it took me so long to realise that they know no more about these investments that anyone else.

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People fall for this type of salesmanship simply because you have a fundamental right to be able to trust the professional in front of you. This is where you become prey.

The truth about these plans is that they are very front-end loaded in terms of commission. If funded for the full term they can produce a good result - however, not many expats return to their home country with the same disposable income they enjoyed as an expat, normally taking a lower salary package in a tax regime that is not as favourable. People are told that the plans are flexible, which is true, but are not told that the running costs are based on 'expected contributions from outset.' If contributions are reduced then the annual costs are a much higher percentage of the lower contributions. Expats would be better off taking only a 5 year term at outset as the plan can be extended with the provider at much lower ongoing cost.

Commissions are based on term at outset..! Do you really need a life insurance wrapper?

Many companies now offer platforms where the charges are clear, not ambiguous, and liquidity is much better.

to Anonymous #882739

There are also non-contractual savings plans out there. Much better for the consumer. It's puzzling why these contractual 25 year plans are still sold.

to Anonymous Prague, Prague, Czech Republic #883284

Don't blame de Vere for these plans, blame the insurance firms that wave all that commission at the salesmen as an incentive to flog them.