Devere Group - The Truth about DeVere
- by justthefactsplease Jan 22
- Review #: 378056
Devere Group
281
8008
Zurich Switzerland
http://www.devere-group.com/
41443898282
| Company | Devere Group |
| Category | Investment Brokerage |
| Views | 1011 |
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 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 , Morgan Stanley, JP Morgan;. These are agreements where those firms actually manage the assets of the client'. Plus,offer the 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 , 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. 314f198
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Noneeded
Feb 12 from Haifa, Hefa
cook me
Jan 29
Bernie Madoff
Jan 28
cpt
Jan 28
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.
Nigel Green
Jan 25 from Bangkok, Krung Thep
Starshollow
Jan 24 from Munich, Bayern
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
Feb 11
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
Feb 11
Thanks!
Starshollow
Feb 11 from Munich, Bayern
- 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... Show more
Starshollow
Feb 12 from Munich, Bayern
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
justthefactsplease
Jan 23
Ex devere
Mar 12 from Hong Kong, Hong Kong (sar)
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
Jan 23 from Munich, Bayern
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... Show more
Starshollow
Jan 23 from Munich, Bayern
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... Show more
mydeveretime
Jan 23
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.
@justthe facts
Jan 23
And BTW: you better get a new job as you will end up empty handed at devere!
@justthe facts
Jan 23
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
conned by devere
Jan 23
Truth please
Jan 23 from London, England
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.
ex devere
Mar 12 from Hong Kong, Hong Kong (sar)
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!
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