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, Bavaria, 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, Bavaria, 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 thru regulated process of advice, indemnity insurance etc.

- 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

Starshollow
to sloomi Munich, Bavaria, 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.

Anonymous
to justthefactsplease Hong Kong, Hong Kong, Hong Kong #621725

deVere are a poor quality adviser, and whilst they do hold licenses in the US and also the UK, they have also had them revoked in several countries - including Singapore.

Not all deVere employees are bad eggs, some give fitting and correct advice, however when you have high pressure sales targets and aggresive managers some (most) advisers will let money get in the way of advice.

With this in mind, why would take advice from a company where there is a high chance that the advice given is going to be driven by commission and not by suitablity.

Take a job with them sure, and leave once you've learnt all their sales tricks. But don't take advice from them - go to a company that doesn't have this reputation (there are lots out there if you look hard enough!).

Starshollow
Munich, Bavaria, Germany #597690

@justthefactsplease: I am not an expert on US regulation/authorities but will look more closely into that for sure now that you brought it to my attention. As a graduate of Harvard Law School, that shouldn't be too tough.

Having said that: the website of the FINRA offers a list of member firms to check out. DeVere is not among them... I just checked and these are the listed companies according to alphabet where DeVEre ought to be listed if it was a member, right?

DEUTSCHE BANK SECURITIES INC.

60 WALL STREET, NEW YORK, NY 10005

Mailing Address: 60 WALL STREET, NYC60-3712, NEW YORK, NY 10005

DEVELOPMENT CORPORATION FOR ISRAEL

575 LEXINGTON AVENUE, NEW YORK, NY 10022

DEVENIR, LLC

7701 FRANCE AVENUE S., SUITE 670, MINNEAPOLIS, MN 55435

DFA SECURITIES LLC

6300 BEE CAVE ROAD, AUSTIN, TX 78746

Mailing Address: 6300 BEE CAVE ROARD, AUSTIN, TX 78746

So, maybe DeVere is not a real member but otherwise regulated - that is possible and I will check the actual status for fun. My interest is mainly what they do in Germany and for this I can state clearly that they are not properly licensed, violate a large number of consumer protection right every time the meet and advice clients from all the evidence I have seen ... and the German rules are actually at the bottom of the EU consumer right level, thus if they violate even what littel consumer rights Germany knows, it can be allowed to speculate how much worse it is in other countries.

Starshollow
Munich, Bavaria, Germany #597679

The truth about DeVere:

they were repeatedly closed and evicted in a number of countries - even their CEO Nigel Green admits so in a recent video: namely Singapore and Brasil, but other countries pop up when one does som decent research. That is not what happens to reputable companies.

They often lie about where and how they are licensed.Only a year ago their prospects and flyers showed that the were licensed from Belgium for a number of countries, including Germany (where I live, which is why I know). I checked with the Belgium authorities and received in writing that while DeVEre is licensed as insurance intermediary in Belgium, there never were any passporting right given to offer advice in Germany.

In another thread "100% refund IS possible" a disgruntled client went long ways to get his money back after serious case of malpractice - by showing to GENERALI that DeVere is not listed as licensed in the official Swiss registry.

In Germany the local subsidiary is not licensed in any way or form at all to offer either investment advice or insurance advice, which can be checked and proven very easy in the public registries for that. While there are some passporting rights under IMD and MIFID registered for DeVere in the UK for Germany, these are only outbount, thus they do and cannot cover any activities by local branches or salesperson. And I am sure the same is true for a number of countries.

Why have they not been shut down yet on a larger scale? Because collecting evidence and organizing client affidavits etc takes time and in many countries of the EU at least, the authorities are simply not up to that task in full yet to check and act all by their own, thus they need to be given undisputable proof. And as I have seen at least in once case, when a client who was tricked out of some money goes real berserk, they settle and demand a non-disclosure-letter signed as part of the settlement.

Why are large companies like Royal bank Of Scottland, Scandia or Deutsche Bank still working with them? First of all, they are greedy - they working with someone is not a proof that this company is respectable, that much should be clear. Just check who and how long worked with Bernhard Madoff - thus your argument does not really lead anywhere when meant to prove that DeVere is a decent company.

It is now only time before they are going to get chucked out in a number of EU memberstates. Just wait and see....

Anonymous
#597551

Devere were on a final warning from the Swiss authorities when I was in their Geneva office (for a week before leaving pronto once I saw what they were up to) and at the same time under investigation by the Germans.

These guys are constantly ducking and diving from the financial authorities but as they are unregulated and just act as a third-party introducer, it is difficult for them to be shut down.

Anonymous
#597544

Hey you *** devere employee! You ask "If what I've read in the numerous posts is true why hasn't the FSA shut them down?" Well guess what, they DID SHUT THEM DOWN. See EVIDENCE in other posts!

And BTW: you better get a new job as you will end up empty handed at devere!

Anonymous
#597541

Would you care to provide some evidence of your allegations.

Like for example some proof that DeVere is actually licensed to provide investment advise ANYWHERE except for some offshore places with questionable reputation?

As long as you cant provide the evidence, your post means nothing. And don't tease yourself: everyone here knows you are a devere employee

Anonymous
#597396

Hey, justthefacts... on these devere threads many comments are from customers and former customers.

I was a customer and got scammed for autocall notes and other products that were sold as fail safe and secure. It was only later that I found out how *** the products were and how high the commissions paid to the devere crook who pushed them on me.

Anonymous
London, England, United Kingdom #597395

Just to clarify these are just partnership agreements to sell third party products. Devere are just promoting products and funds. Its not like devere have a special relationship with these guys. It goes like this. "if I promote your products will you give me some commission?"....err yeah!

So Mr justthefactsplease, you were just offered a job with Merril Lynch, a world renowned investment bank with great basic salary and bonus and giving you banking status, but instead you went to the devere presentation and subsequently promote what a great business they have. i.e, a sales company (not an investment bank or manager or proper IFA)on a self employed basis with a huge staff turnover!! You are full of......

Devere are very bad for your financial health.

Anonymous
to Truth please Hong Kong, Hong Kong, Hong Kong #621726

Actually you're wrong. devere sell products that they have built themselves, with another comapneis branding.

For example, I sell Goldman Sachs Structured product 100% entry, nil annual charge, no exit fee and the client gets 8% per year.

deVere sell the same product but charge 4% entry.

Giveng the client a net return of 4% in year 1. Not all devere employees will tell you about this cost of course!

Anonymous
#597385

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!!

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