deVere Group

Richard_Cordey

While living in Spain, I've been approached by a Wealth Consultant from deVere Group offering 'free' financial investment advice. The Group has a credible website but I've come across quite a few negative web reports about them (mainly, it must be said from people they've allegedly mislead when being recruited to work for them). I'd be grateful to receive any comments on the deVere Group based on personal experiences. Richard Cordey

Aegis

Richard_Cordey wrote: »

While living in Spain, I've been approached by a Wealth Consultant from deVere Group offering 'free' financial investment advice. The Group has a credible website but I've come across quite a few negative web reports about them (mainly, it must be said from people they've allegedly mislead when being recruited to work for them). I'd be grateful to receive any comments on the deVere Group based on personal experiences. Richard Cordey

Investment advisers offering genuinely free advice to their clients would be broke. All investment advice is paid for by the client one way or another if it is to remain sustainable.

Since the adviser has misled you straight away, it's not a good start!

Reaper

You should read this other thread first.
https://forums.moneysavingexpert.com/discussion/4216507

dunstonh

When regulation started in this country and qualifications were brought in, a lot of those that failed to get the qualifications moved to ex pat territories where there were no requirements to meet. This has happened with every step up in requirement in the UK. The offshore companies used to target those people with promises of lists of ex pats just waiting to be contacted. I know a few that tried it and found that the lists were just a list of names that had been farmed by every previous person hoodwinked into that role. When they did sell a product it was done on maximum commission rate.

I have a client who was approached in Spain and they went and had a listen. They have an onshore investment bond from their time in the UK and they were told to surrender it and put it into an offshore bond as it is more tax efficient (it is but only marginally). However, the commission was £12,000 which was charged to the investment over a 5 year period. Massively wiping out any small tax advantage.

Advice is not free. It is either paid for explicitly or factored into the product charges. Standards in Spain are not as high as the UK. Ex pats are targeted as easy marks.

I am not going to comment on DeVere other than to say that google will give you enough information to decide for yourself.

jimjames

Richard_Cordey wrote: »

While living in Spain, I've been approached by a Wealth Consultant from deVere Group offering 'free' financial investment advice. The Group has a credible website

A credible website does not mean a company is legitimate. A website can look professional and be run by a single person or by a bunch of crooks. Not suggesting DeVere are that but you cannot judge an organisation based on the look of their website.

blueeffect

I completely understand your concerns. When my wife and I were approached by a 'financial adviser' from the devere group, we did some research and were rather perplexed by the negative posts on blogs.

However, the guy called again and we decided to meet him. He was rather pleasant and surprisingly insighful. We also attended a seminar in a nice hotel which was quite informative and professional.

Overall, (so far), our dealings have been professional and cannot complain!

robmatic

blueeffect wrote: »

I completely understand your concerns. When my wife and I were approached by a 'financial adviser' from the devere group, we did some research and were rather perplexed by the negative posts on blogs.

However, the guy called again and we decided to meet him. He was rather pleasant and surprisingly insighful. We also attended a seminar in a nice hotel which was quite informative and professional.

Overall, (so far), our dealings have been professional and cannot complain!

People who want a large chunk of your money should be pleasant and professional as a bare minimum.

Personally I would be a bit wary of financial advice on UK products given by individuals not regulated in the UK.

I predict a QROPS transfer to Malta with a large fee.

jimjames

robmatic wrote: »

People who want a large chunk of your money should be pleasant and professional as a bare minimum.

Personally I would be a bit wary of financial advice on UK products given by individuals not regulated in the UK.

I predict a QROPS transfer to Malta with a large fee.

And a praising first post from someone who has just registered to say how fantastic Devere are at wealth management - hmm!

Jonbvn

OP,

IMHO, they are unqualified unregulated high commission salesmen, who cold call (mostly) expats. I would avoid at all costs.

http://muscatconfidential.blogspot.com/2010/03/devere-oman-locally-somewhat-bent.html

http://www.complaintsboard.com/complaints/de-vere-financial-services-scam-c453023.html

http://www.complaintsboard.com/complaints/de-vere-financial-planners-c375687.html

http://www.merareview.com/54110/Misselling-of-financial-products.html