London, Ontario
2 comments

Until a few months ago, I was a fairly satisfied client of deVere. My wife and I had had a small plan for several years. Performance was not stellar, but we felt good about regularly investing.

When I was transferred to Singapore, I needed to set up an independent pension plan. My deVere agent was very accommodating to very quickly set up a 18 year, $2300 per month plan. I signed the forms at a cafe on my way to catch a plane to Singapore. Two years passed and $50 k was invested. Recently, I noticed that the fees were elevated and started asking questions. I found out the following:

1) deVere cannot legally do business in Singapore. This troubling as my agent had full knowledge I was moving to Singapore.

2) The surrender value of my account is less than $10 k!!!

When questioned, my account manager (in Jakarta) immediately produced copies of the contracts I signed. Big red flag here that the first response was to start covering his behind.

I was sold an investment. The fee structure as well as the fact that I would surrender a majority of that investment if I decided to withdraw early was not discussed during the "sale" of my policy. In seems to have been a "don't ask, don't tell" sales tactic. I would have never committed to the deVere policy had I known or understood the terms. They are excessive and beyond reasonable. In my opinion, my deVere agent deliberately hid the full details of the policy. I now consider that investment a loss.

Posting on this site may do nothing. But I walk in a lot of expat circles in South East Asia. Most social gatherings always have discussions on expat benefits and retirement plans. DeVere gets a very poor recommendation from me.

Review about: Devere Group Independent Pension Plan.

Review #662793 is a subjective opinion of a user.

1.3
Product or Service Quality
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PRODUCT OR SERVICE Not specified
Reason of Review / Monetary Loss Poor customer service / Not specified
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Anonymous
#1137508

devere have never and will never be licensed in singapore and the place is a safer haven for the unsuspecting public.but it doesn't stop devere people from "tripping into singapore" from all over the place to do business.

Anonymous
#1009225

You are not alone. Posting here is great, but consider reporting your experience to the regulators in Canada, Singapore, and Jakarta.