02072454429

So he moved to the competition and took his clients with him. Doesn't sound too smart. How about set up on your own and give them a cut of the action?

BobR

That is in effect what you do when you work for them, self employed so full financial risk, plus office costs etc. (same as if you had your own business) and you get some of the commission. In truth there are lots of little bits of commission that you do not see and that the broker DVP or anor earns.

I do not believe that a broker would want such a deal and from the IFA's opoint of view what are they actually adding, so you may as well stay put with them. In reality getting terms of business with fund managers and life offices is not that simple so the DVP or anor route is a simple but not risk free or guaranteed option.

So you'd recommend working for them?

BobR

Yes and no, previous posts tell the tale in some detail, if you can make it work it is very good news, but most don't. You can learn and be professional to your clients or live on [***] for a limited time.

Ultimately I guess it depends on what you have on offer workwise now, what you can earn and if you have the resources financially to give it a go and not come back crying and in financial trouble if you don't.

I personally gave it a go, it was short lived but it was a good thing to do and has lead to better opportunity for me.

Remember they call the shots and you really have little control, but hey you can say that about many jobs and any self employed role will have a multitude of downsides but maybe a big upside.

I think that Oldbloke and the others have said it all, Bob, but whatever you do don't ever log Devere on your CV. State IFA in xyz country. Best to see it as last resort if you do decide to work with them. Can you really not get another financial sales position overseas?

RichT

I tend to disagree, DVP is not seen as a mainstream employer and nobody will have heard of them so I do not personally see any negative effect.

If you have worked for DVP and been a success or have perfected the sales technique other offshore IFA's will want you as they are the main "feeder".

This all sounds like I am all over the place, I assure you I am not but I will give pros as well as cons.

If it can lead to better opportunities, I might give it a go. As a matter of interest, what field are you working in now?

BobR

The opportunity is

1) You can make a lot of money in what is a largely unregulated and undisclosed commission arena, but regulation seems to be changing a lot and no doubt will start to become highly regulated. I believe once that happens it will be expensive, difficult and not that lucrative.

2) You can use it as a springboard to going alone, no point in joining any other adviser really as they are all the same money wise. There maybe issues if you take clients away from an advisory firm and even if you don't a lot of the "residual" income stays with that firm so the clients in reality may have little worth.

I am and also have been in finance both of this type and other forms so I understand the model very well from all regards.

What specific geographical area are you looking to work in?

France or Switzerland, but the latter if poss

BobR

Europe (France) is a strange market and becoming highly regulated, employment law is also strong in France and to get local French clients would be quite tricky. The DVP offices are all quite new which is good and bad if you can understand.

Switzerland, a lot of guys have gone there most have left, they have about 3 or 4 offices now in GE, ZU and Bale. Not an easy place in many ways and you will not get near to any of the big money, local Swiss, border French and Pension and other things make it a difficult market. The availability of CHF denominated funds that pay commission is also an issue.

There were a lot of problems with work permits some time ago but I have heard that is sorted, but I have also heard it is not so that needs to be checked out in detail as you can't just pitch up there. Overall I would say both locations are not the best in many ways.

There once was a young bloke from Cape Town
Who learned the fine art of the shakedown
He grew older and wiser
Turned financial adviser
And found wealthy targets to take down

Jamie I can assure you De Vere is NOT regulated by the DFSA in Dubai, in fact the license they operate under (PIC) does not give them the right to trade as financial advisors so they are in fact acting illegally.

This company is the bane of expats; they are scam artists and only have interest in pushing the products with the biggest commission to them, there is no regard for the needs of the clients. A short search on google (type in De Vere Dubai Fraud for example) will give you plenty to read.

Avoid like the feckin plague.

Hi old bloke very interesting and insightful comments you have made to the discussion about devere. Where would you say is the most fruit country to enter if both the France and swiss market are not so good and the middle east being a stagnant market?

Old bloke, he has gone away
He isn't coming out to play
But if you have a brain of blubber
Feel free to ask old Alfons Shrubber

this is all very interesting, Peter you say that you worked for them, where and when and are you still there ? it sounds all to good to be true, although the working conditions ie the office and living arrangements sound dubvious. I can't spell but i usually have a spell checker to sort that out :-)!

I got the call today and like the rest of you guys felt it was a bit sketchy, just got an email with a date this friday for a presentation, they said the training was in Malta and the flights, accom and meals would be paid for. 5 days 12 hours a day and then an exam, which you have to pass. then a choice of office. My guy was selling Frankfurt for a number of reasons.

I am interested in making money and have been in sales for a long number of years, I have worked commission only for 4 years and its stressfull if your not on top of your game. I do however have to believe my customers are benefitting from what I am selling and I like to sleep at night.

The current banking crisis might be a consideration also, wtf is going to happen globally as more and more and more countries banks are failing?

Any solid advice , maybe I will ask to speak with guys in the field in a couple of offices. cant hurt.

"I do however have to believe my customers are benefitting from what I am selling"
http://www.submityourarticle.com/articles/Hug ... triate-7681.php
http://devere-group.pissedconsumer.com/generali-vision-plan-the-facts-20110613242974.html

"maybe I will ask to speak with guys in the field in a couple of offices. cant hurt."
http://devere-group.pissedconsumer.com/ (scroll down)

Hi everyone

I have attended the induction here in Ireland for the Devere group to train interested hard working individuals to become fiancial consultants and advisors. Having read the comments by everyone on this page in particular pete, doug and ian. Now i am a highly qualified manager  with twenty five years international experience. What doug is exactlysaying is what everyone was told at the meeting in dublin. It had been explained that all the expenses are totally on the back of the person offered a position after the weeks training in MALTA and having passed the exam. However i have experience in lots of sales and marketing along with dealing with suppliers, clients from global companies almost on a weekly basis. Im not convinced by the suave talking sales pitch at the meeting in dublin, in fact i would go one further to say that the guy that coordinated the open day could  answer little or any questions about the devere group from many hard line sales people at this open day? It begs the question near the end of this meeting the guy the coordinator  had not reviewed and researched the proposals that any company will promote. He said he was only six weeks in the job so why didnt Devere send someone for the day thats higly experienced to sell the training programme for Malta properly? I have been approached three times by Devere and it seems to me that there desperate to get people to cover their own costs to go abroad to sell their products. I have to say im not convinced but if i were i would have to see a fiscal support mechanisim for new recruits flying to overseas locations with little or no experience trying to earn a hard crust.Devere claim to have 8 billion dollars under management well you know its easy to put two months accommodation up front for anyone willing to sign up for a year to work with them its nothing even scrapings. Also the meeting in dublin was in a small little office with little or no expense as overheads. Can anyone tell me the truth about all this before i make my mind up for training in september? No basic pay, no nothing during hard recessionary times its not a real sales job.

Michael

Best to use Google and work out the truth for yourself.
http://www.englishforum.ch/employment/59473-b ... or-bum-job.html
http://devere-group.pissedconsumer.com/
http://muscatconfidential.blogspot.com/2010/0 ... ewhat-bent.html
http://www.canyoutrustthem.com/index.php?go=q ... ancial+planners

I heard a rumour and its only a rumour that DeVere were chased out of The Netherlands as someone had breached privacy with a local institution.
I find it strange that a market as large as Holland with Expats would not be an easy market for IFA. Also the Devere copy of the agreement is given on the last day of training and has to be signed on the spot. Can you believe this. This cant be right. Surely you would have to have a little time to think about what you are signing. I dont think this is true.

Had an induction day with them. Seemed too good to be true.  Told they don't like to pay tax.  Hmmm. Done a check on a person from last year who said he's with devere and see he's already moved on 2 times since in that short period of time to Guardian then BRIC MENA.   Can someone give an honest answer about this company?  Cheers.