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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I recently attended a presentation in the US for the DeVere IFA role and it was as professional as could be and they clearly expressed the knowledge of the sophisticated tax sheltered products they offer. I've been licensed in the securities industry for just over 10 years, first with a major bank that only allowed you to sell their own products, then for independent brokerages and at the end of the being a financial advisor is a SALES JOB!

It seems that all of the complaints here are from people who were just looking to collect a paycheck. The saying in this industry at least here in the US is "YOU EAT WHAT YOU KILL" this business isn't for the weak and weary.

I was just offered a job by Merrill Lynch they require you to bring in 10 million in investable assets annually or they kick your a** to the curb. You operate in this industry essentially as an independent running your own business (under the flag of a major brand in some cases) and if you don't cut it you fail and find a new career. This is industry isn't for anyone.

I find it unfair to any person or organization where people make baseless claims. There's always 2 sides to a story!

Now with that being said, what I heard at the presentation I did find interesting. If what these boards are spatting are true how does Devere hold exclusive management agreements with Goldman Sachs, Morgan Stanley, JP Morgan. These are agreements where those firms actually manage the assets of the client. Plus,offer the Charles Schwab platform and products to US clients.

To make claims like that in the US and for them to not be true would result in raising the eyebrows of FINRA investigators which would lead to immediate revocation of licenses and criminal consequences.

If what I've read in the numerous posts is true why hasn't the FSA shut them down? If this is a scam why aren't the 60k customers flooding the message boards? How did they receive licenses in in NYC and Florida? How did they enter into agreement with Goldman Sachs, Morgan Stanley, JP Morgan and Charles Schwab (which as a firm you need to house $10 million in assets for clients)?

Just some questions that I have that haven't been answered in the numerous posts flying around this site. It seems like just pissed off ex employees who failed at their job and cant provide any real proof to their claims are on here.

I haven't read one post from a Pissed Off client, have you?

I dont' work for DeVere but am considering the opportunity and I'm just looking for real proof of the claims that I've found here.

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Anonymous
#600689

they were also fined in their China office.They were ''employing'' staff without proper visa's and were raided a couple years ago.

The boss had to pay a bribe to the police. He then got shipped off to another office.

This company is an absolute scam and any *** defending it obviously works for them and has been sold the ''dream''.Dont worry, it will soon turn into a nightmare.

Anonymous
#600212

cpt, you are a prat.more than half of the hundreds of compliants on this board are from pissed off customers.

I am one of them.

One of your stinking colleagues, perhaps it was even you, sold me the worst possible range of crappy products from Generali which have DESTROYED much of my personal hard earned lifetime wealth.you are all dishonest ignorant people.

Anonymous
#600100

HAHAHA what a joke.If deVere was so bad they would've been shut down and sued.

Certain viruses(employees) think they going to come in sit back and make their money, unfortunately that is not possible otherwise everybody would do it. 8) This is a hard working and fast pace environment where you actually have to bust you as** but hey it pays of.

We respect all our clients and take care of their investments.The ones that don't cut this fast pace environment are the ones that are moaning because they are sore losers as easy as that.

Anonymous
Bangkok, Krung Thep, Thailand #598627

You monkies from devere posting your own silly submissions...It's so blatantly obvious to anyone who reads this garbage.

deVere have some Structured Investment Notes from the companies you mentioned, no more no less. Because of this they are claiming to have strategic alliances, ha haaaa... deVere charge 4% upfront fee to clients investment on these then get paid another 6-8% from *** & Co.

That's 12% drop on your investment right away home boy!!You must be the deVere PR machine working overtime old bean!!

Starshollow
Munich, Bayern, Germany #598055

@justthefactsplease

I can't speak for what they do or don't in the US. If they are duly registered, as you say, for fee based advice it will be interesting to learn along the road how this works with their purely commission based business model (same as now in the UK where I can't believe that they will be able to function under the new rules).

If you like to learn more about their constant practice of violating consumer protection laws and acting without advice in Germany (or other European countries, for that matter), feel free to contact me directly. There is ample proof for that - and trust me, if you act like this in an important market like Germany, you do so everywhere, it is not just a little aberration, it is their modus operandi.

sloomi
to Starshollow #607049

Hey Starshallow

I would like to hear more about Devere's practice of violating consumer protection laws and acting without advice in Germany. I have a meeting with one of their representatives tomorrow and have great hesitancy already about IFA's. The only reason I agreed to a meeting in the first place was because of how insistent they were.

However, after doing a bit of research, I'm

sloomi
to sloomi #607050

(sorry...comment failed)...

after doing a bit of research, I'm getting really suspicious about the company. I would like to go into the meeting prepared.

Would you be able to provide proof of their violations and any unethical behavior on Devere's part?

Thanks!

Starshollow
to sloomi Munich, Bayern, Germany #607052

List of violations as known/can be proven with evidence:

- constant use of cold-calling. Cold-Calling in Germany is utterly illegal and there are no loopholes, as they often claim, that wold allow them to call you based on (usually bogus) references or at your office place. Even based on a reference you may only call someone who has beforehand given his EXPLICIT permission. Calling at the office to offer private advice (i.e. investments, pension plans) is also stricly illegal. You may only call B2B if you have something direclty to offer for the business you are calling. I.e., you may call a car dealership if you can offer them very cheap tools or tyres, but you must never cal them to offer the owner or one of the employees investment advice.

DeVEre Germany know that this is illegal but they still do it.

License to offer advice in Germany:

- they have no license to offer advice about derivatives/structured notes in Germany - one of their currently most beloved products to sell. While they have been issued passporting rights from the UK FSA for this, it is only for outbound/cross-border activities. They have, however, for along time now estbalished a branch in Germany with local advisors, all of which MUST have the appropriate licenses under Germany laws. Which they haven't and that means not only is their offering of these financial services illegal in Germany, the potential clients are not properly protected as requested under German laws...

- furthermore they have no license to offer insruance advice in Germany neither. This can be easily checked at the online insurance intermediary register of Germany. Their most beloved cash-cow, the GENERALI VISION pension plan, is an insurance plan (whole life insurance) and thus giving advice falls under the restrictions set by German and EU laws. In the past they claimed that they have passporting rights issued by the Belgium authorities, but I have been duly informed by the Belgium Finance authority that this was never the case. And anyway: a German branch and local advisors fall under the "freedom of establishment"rules which require that the local branch has to follow and obey by the local rules of the host country.

- it is even questionable if they have ANY valid license to offer financial advice at all. But I am waiting of proof from he relevant authority in Germany to this regards.

Other than that I have seen enough evidence of their giving "advice" to have noted (and proof for that) that they constantly violate the most simple rules of customer protection as required by EU rules AND German laws, such as setting up a real budget/balance for the clients, checking for personal grade of risk affinity or aversity, disclosing the costs of the products recommended in full EUR before having clients sign a contract and more.

That enough for you? Feel free to contact me directly for more

Cheerio

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Starshollow
to sloomi Munich, Bayern, Germany #607553

As promised, here is a final fact about DeVere in Germany and since I always try to give fair facts and information, here is it: the city of Frankfurt confirmed to me that DeVEre Germany has been issued in the past a license for financial advice thru the city. However, it is doubtful - also according to city officials - if this license is extended to the local advisors or not.

So, in a nutshell: DeVere Germany is NOT licensed to offer derivatives/structured notes in Germany nor are they licensed to offer insurance advice (Pension plans).

The only license they currently hold - which I am trying to get revoked soon enough, though - is for basic financial advice which includes advice on such things as investment funds (as long as they are not wrapped up in a life insurance umbrella).

Since they mostly offer GEnerali Vision pension plans in Germany (i.e. insurance products they have no right to offer here) and "autocallable notes"/derivatives, most of their activities are not covered under German/EU laws as it is - plus the illegal cold-calling activities.

If you have further questions, do not hesitate to contact me.

Cheerio

Cheerio

Anonymous
#597801

To be clear I am not defending anyone.I am just looking for actual proof that if was presented can justify all that I read and need to make a decision.

They are licensed in FL and NY as Registered Investment Adviser, which essentially allows them to charge a management fee for assets under management or a flat fee for advising clients.

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