02072454429

They certainly seem to have found a good way to make money to fund their legal battles.

This must be the damages case The Man is referring to:
http://www.international-adviser.com/article/ ... s-over-aes-move

Correct, there had been a few cases like this before but obviously this guy didn't take it seriously and now has this to deal with. I doubt they will get the money but may get the clients back or money from the funds etc. This sets a European prescedent though I guess and may make others think twice as DVP has been a spawning ground for loads of "IFA's" over the years all with a client bank they will want to take.

I'm hoping for a serious response from current or previous advisors of DVP please.

I'm considering going for a position as Advisor in Miami.  I have read through this whole thread and I understand, for the most part, the good and the bad but still could do with some advice regarding my concerns.  I understand that it is a huge risk, I will need alot of money to support myself in order to get going, will need to work extremely hard and be prepared to come back with nothing!!  That said, I've always been a risk taker and like high rewards!!

My main concerns:

As an advisor I don't wish to end up cold calling all day - when does a co-ordinator start providing an advisor with appointments? from day 1? or is it down to the advisor to source their own appointments initially and then employ a co-ordinator?

Is there much support at the start or is it sink or swim?

Are people who are serious about doing this ever left high and dry?

Is this just a way for existing managers to leach off of your hard work and then get rid of you?

Hi

Well you've come to the right place to learn about DVP. Have you actually read the thread in its entirity ? I think if you do, your questions will be answered.

Miami ? Hmmmm - so, you will have DVP sponsoring you for a work permit / Green card will you ? Have you been offered a salary ? Doubt that . Have you researched how The US authorities deal with illegal workers ?Bang 'em up in a detention centre for a few days / weeks, send them home, bill them for the flight, disqualified from entering The US for 5 years , if ever at all .I suspect there are very stringent 'cold calling ' laws in Florida. But as a DVP (non employee ) you will take the rap and the risk. You won't have ANY appointments 'waiting ' for you when you land.

You will be cold calling from Day 1, you won't have a co-ordinator, and it could be Two weeks before you get to meet your first client. Maybe a month , two months to write your first business. If you are a risk taker, this is going to be The mother of all risks.

Think it through Mate, and listen to advice posted from those who have been through the DVP factory.

My younger brother has just returned from Birmngham yesterday and been offered to go out to Malta next week with these guys and then onto Dubai. Having read through some of this thread, Im now thinking- big mistake- esp as Im helping fund him?  He's a great salesperson but im just not sure.  He thought a co=ordinator made all the cold calling/contatcs for him. Is this not the case then? Feedback asap please before he books his flights

Jimmy

Co-ordinator, even if you are promised one, you may not get one, they may not stay and they may be crap. Mine were all crap, so I believe that you must go on the basis that you do it all yourself so yes you will need to cold call, if you can't do that ( I mean really do it without just learning to do it now) beware as you will probably fail. They also cost you a load of money and they get theirs before you get yours.

Money - Allow say 6 months money, so if thats a lot, don't do it, say about £30K, work it out on a cheap hotel and car hire etc. Miami will be cheaper than some European cities I guess.

Make sure you have a PROPER permit before you go, the US will not tolerate if you don't and be careful with doing "US" business as you could end up in jail, so the local market will not be for you so just expats.

Yes you could be left high and dry, DVP will not give a [***] about you, your circumstances etc. mate you are on yiour own, sink or swim!

Hope that helps.

Nemesis and Jimmy

I am both of the above posters Old Bloke and The Man, just fancied a name change as people loved me so much they keep on answering in my name, idiots!

Mostly fair points made to Jimmy. US is new for them although some guys from Mexico used to trip in under the radar. I agree about not to mess with the US authorities in any way and just because DVP appear to hyave a US licence, it may be basic and not actually cover you, any [***] you will be on your own. Also rules vary state to state.

You may get a coordinator as somebody else may have left but agree with Nemesis go on the basis you will not have no matter what you are told as they will lie to you and say "well just get on with it".

Timing of business from Nemisis is about fair but you may be lucky, mine was two weeks and within about 4 months it was going OK, but then a bolt from the blue meant I had to leave and most of what I was owed I never got fully paid for various reasons.

DVP are on a cash cow really from day one and if you leave they will get comms for many years to come, you my friend would get sweet FA.

Press release naming some of Devere's partners:
http://finance.yahoo.com/news/The-2011-Africa ... 5.html?x=0&.v=1
"...some of deVere's main partners, including Royal London 360, Generali, Providence Life, Sovereign, Valais Asset Management, JP Morgan, Friends Provident, MitonOptimal, Close and Boston Funds".
"Valais Asset Management" should probably read "Valais Investment Management" or "United Asset Management".
About Providence Life: http://www.international-adviser.com/11145/de ... ed-life-company
Another of the companies mentioned in the article: http://companycheck.co.uk/company/05983545

D and Nemisis

He has to go on the basis he is on his own, if he can't cold call do not do it. Dubai is well established for DVP but rules are changing there quite a lot and I think (personal view) that the wrioting maybe on the wall for cold calling etc. There are also loads of other firms out there and many expats leaving so it may have had its day. Certainly it is no longer the opportunity it was and a bloody expensive place to live to boot.

In the main those are the Life Offices that cater for the offshore market by providing "life bonds and wrappers", others are general fund managers of which there are thousands. Boston is owned by DVP and is a fund platform for use with or without the wrappers.

You must appreciate that with about 7/8BN of funds under nmanagement they will attract fund providers and wrapper providers as they are the biggest in this market.

It means no more than that!

If the Boston fund platform is owned by Devere and certain funds/investment companies are owned by or connected to Devere, this sounds very cosy indeed.

Yorkshirelad

Cosy well I guess so, Boston were going for some time and I understand they were aquired about 3 years ago, although Boston say different. I would say that the purchase is useful as the life office valuation systems are total crap and also a bond does not always cover what is needed. It is a bit of a weak system though.

Funds, yes I would agree although lots of the "structured notes" are written for a provider. I personally do not like and never use such things aas they are hard to see through and are used to hike up comm rates which work for the DVP model I guess.

Hello guys, thanks for the advice.  I have a plan to get into the USA.  It may take some time but we are selling up and plan to get in on an E2 (investment) visa (very expensive I know!!) with my wife as the main applicant therefore allowing me (the spouse of the main applicant) to work in the USA.  

I have always been in sales (20 years) and most of that time in the financial markets.

It's a pretty new office, and my ultimate aim would be to build up a good client bank by giving good advice and not simply chase the fast buck and make a decent honest living and build it slowly but surely.  DVP appears to be my best option to remain in the financial markets and get into USA at the same time.  I am quite happy to cold call and network to get going and prove my worth and hopefully end up with a co-ordinator at some point.  

I know I'm simplyfying things but to me this seems possible as long as the whole thing is not set up in such a way as an advisor can only sell a product if they blatantly lie to the clients.  Best advice has to come into it for me.  Surely the worlds largest IFA does have advisors making decent livings for hard work - in my experience a sales team is never made up entirely of cut throat liars (to put it politely), as some people would have you believe on here - it's usually a mix of the good the bad and the ugly. And the best of each normally rise to the top.  It's up to those who do things in a bad way to get themselves to sleep at night.  Im all for a big deal to come off but then I've always found that do the right things and referrals come in anyway.

What do you guys think?

Hi I have just been contacted by the DeVere Group say they have found my CV online and are promising career abroad. Phone number used was 02070021677. Is this the same Company?

If you've ever worked as a salesman but are happy to describe yourself as an independent financial adviser and if you've read this thread and others (e.g. http://devere-group.pissedconsumer.com/, http://muscatconfidential.blogspot.com/2010/0 ... ewhat-bent.html, http://www.englishforum.ch/finance-banking-ta ... ing-expats.html) and you and your wife are happy to go ahead, then do so. Good luck with giving good advice/not lying while trying to sell the investments chosen for you, existing on commission only and trying to pay the bills (more about office bills in some of the above threads).

Mercedes - as I mentioned I've been in the financial industry for over 10 years and given some wonderful advice whilst those around me have given awful advice.  This has been because alot of advisors (not all) go for the short term fix - most commission & fees and ignore the long term solution of referrals and repeat business.

I'm trying to establish if its possible using the worlds largest IFA group to make an honest living and not have to be the ex double glazing salesmen making it up as he goes along.  If that is the case then obviously its not for me.

But I find it hard to believe that every single advisor is a "rogue trader" and every product offered by them a poor financial product.

Jimmy

If you do not do business quick smart mate you will be gone long before you build a client bank, you do it their way or the highway, thousands have come and gone and they are not looking for any inspiration from you just quick business.

Sorry if that sounds harsh.

Sorry Jimmy that reply to you was from me.

Jimmy

I have 33 years in the industry, it is not like the UK and far less complex and complaint, that being said the fact of the matter if you do not understand investments you will make a mess of it for clients, the product wrappers are all simple but you aint doing planning you are selling product, understand that.

Hi Old Bloke,  interesting thread.  As u r up and running sucessfully I have a question for you:

If you where starting with DVP today.  What would be your 3 preferred destinations and why?