Reply by Devere Group

As a company, our aim is to provide the best possible advice to our clients so that any payments that they are required to make are both affordable and sustainable. Our operations are continually checked at many levels to ensure that this happens, which includes receiving feedback on the performance of our financial advisers that is conducted by our compliance department. The two individuals in question have not been employed by deVere Group for a considerable amount of time, and thus have not been in a position to advise our recent clients in any capacity.

Our Customer Care department are willing to assist you in this matter further, so please do not hesitate to contact us using the details that can be found on our website.
Kuala Lumpur, Kuala Lumpur
Privacy and Data Security
Product or Service Quality

Country manager Terry Howes (Malaysia) and Tariq Mizra do not recommend any clients nor colleague advisers to place single premium lump-sum investments in to viable portfolio bonds. Instead the clients are fooled in to splitting the lump-sum single premium in to high monthly regular savings premiums with maximum length maturity periods (25-30years). The truth is that in over 95% of these plans, the client circumstances change and either stop contributing or substantially lower the monthly contributions. Here are the TRUE numbers:

“Positive” Scenario: Client is advised to split a £400,000 lump-sum investment in to £15,000 monthly contributions over 25 years with Generali and told that the monthly contributions can be lowered after the 25.6 month initial period due to sales bonuses. The initial period determines the total cost of the plan ie total client investment is only £384,000. If the client lowers the monthly contributions after 25.6months to £4,000 and continues paying until the 25 year maturity total payments equal £1,481,600. The total cost of plan for client is 26% and the “adviser” received £86,400 in commission. [300months (25y X12mnths) X £15,000 = £4,500,000 X 1.92%]

Negative Scenario 1: Client stops contributing before 25.6months and receives £0.

Negative Scenario 2: Client contributes £15,000 for 25.6months and then stops contributing. The total contributions are only £384,000. Over 25 years this means an annual 4.9% deduction of capital growth ie the growth has to be minimum 4.9%pa to receive any return. When adding a 3% annual inflation over 25 years it most probable that the client receives £0!


Reason of review: Bad quality.

Monetary Loss: $5000.

Preferred solution: Let the company propose a solution.

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