This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website.New Reviewer
After being completely misled into transferring my pension to a QROPS with DeVere, i find myself trapped into a pension for another 8 years where i am paying fee's of 4% per year. This is fundamentally and morally wrong and my pension will stagnate at best.
DeVere use STM Malta as the pension "trust", but there is a conflict of interest as the owner of DeVere is also the owner of STM.
This was never disclosed along with the eyewatering fee's that i am paying when i signed up for the QROPS.
Do not use a financial advisor that doesn't have its base in the UK etc. They are based in the ME for a reason and that reason is not for the benefit of the investor.
Also, i cannot believe the number of 5* reviews on trust pilot for DeVere's. They are clearly fake as they all follow pretty much the same format....this is laughable. Just look how many 5* reviews there are on May 25th 2021...all praising the same person.
This is another example of deveres manipulation, truly pathetic.
For anyone who wants to see proof of DeVeres CEO Nigel Green discuss ownership of STM, please search Nigel Green interview with Martin Stanford on YouTube where a conflict of interests are discussed.
Deveres, in respect to complaints I did make a complaint directly to James Green when it became apparent what a scam my pension policy was. I had emailed him prior to signing the agreement asking for a clear understanding of the policy fees, his response failed to mention most of the fees involved. The emails quite clearly show deliberate deception and I can forward them to you if you wish.
If the fees were fully disclosed nobody would agree to these policies. The majority of my pension is in a fixed bond of 7% and with 4% fees and 3% inflation the policy can only stagnate.
Why would your financial advisor recommend this to a client? Its certainly not for the clients benefit is it?
Seriously deveres, why are you selling pension products with such high fee's and long lock-in clauses? in total my lock in clause will last 14 years, unless i want to pay my way out. STM/Providence life want 10% of my policy value to leave and this is after being with them over 5 years.
Please feel free to enlighten me why, if deveres are such a legitimate financial advisor why would you lead your clients into such a huge trap?
Oh....i just found out that Deveres are paid 7% commission on QROPs transfers, that would be why. That would be 7% of the fund that unsuspecting clients convert to QROPs.
I think anybody reading this can see you are nothing but cowboys, based in the UAE to avoid laws that expose companies like yourselves.
User's recommendation: Avoid like the plague.
Preferred solution: Let the company propose a solution.
Devere Group Cons: High costs, Product sold was a scam, Losing pension money to an inappropriate product.