02072454429

Blimey thats a lot of words and info, Trafalgar are not part of DVP they are privately owned. All offshore advisers use similar life office and fund providers and yiou are incorrect about Vam.

No I don't work for either of them.

I have worked for devere for some time now.. Management either crooks or bullies but are expert at teaching you how to fleece unsuspecting people out of their retirement nest eggs.. That is the training promised.  You have to wear White shirt polished shoes dark suit or you are shouted at. If you disagree with a high commissioned product you are shouted down as negative and threatened with the sack.  Good guys who build a pipeline of business are also sacked by the management so they can take over their clients.  You have to produce 100 new names to cold call every week and be in the office from 8 am till 6 pm cold calling - it is nothing more than a boiler room.  If you forget a bit of the script which is all lies you are made to feel an idiot in the morning training.. IT Is a total SCAM

I have worked for devere for some time now.. Management either crooks or bullies but are expert at teaching you how to fleece unsuspecting people out of their retirement nest eggs.. That is the training promised.  You have to wear White shirt polished shoes dark suit or you are shouted at. If you disagree with a high commissioned product you are shouted down as negative and threatened with the sack.  Good guys who build a pipeline of business are also sacked by the management so they can take over their clients.  You have to produce 100 new names to cold call every week and be in the office from 8 am till 6 pm cold calling - it is nothing more than a boiler room.  If you forget a bit of the script which is all lies you are made to feel an idiot in the morning training.. IT Is a total SCAM

United Asset Management: another fund company in which Nigel Green is involved and whose funds are promoted to Devere clients(http://vs.powernet.ch/webservices/inet/HRG/HR ... 0&lang=4&sort=0,  https://www.devere-group.com/fundhouses/UnitedAssetManagement.aspx). Persons involved in United Asset Management identical to persons involved in Valais Investment Management, and companies registered at same Swiss address (http://vs.powernet.ch/webservices/inet/HRG/HR ... 0&lang=4&sort=0).
Valais Asset Management (VAM Funds) registered in Luxembourg, so names of persons involved not publicly available.

United Asset Management, Valais Investment Management, Valais Asset Management. Three very similar names, two Swiss-registered companies in which Nigel Green is a partner, one Luxembourg-registered company whose partners are not publicly known, products of all three companies promoted to Devere clients.

United Asset Management / Valais Investment Management named in Devere's list of fund houses (https://www.devere-group.com/fundhouseslist/fundhouseslist.aspx). Valais Asset/VAM not named in fund house list, but named in Devere fund platform (https://bostonfundsdirect.com/test/MSFundOverview.cfm?isin=LU0404614934) and as a Devere partner ("a number of deVere's own partners, including Royal Skandia, Synergy, Providence Life, Sovereign, Valais Asset Management and Wealthwise will be holding talks to share their knowledge" https://www.devere-group.com/news/The-deVere- ... nces-today.aspx).

Hi there,
i have read all comments on this forum and have come to the conclusion that DVP SOUNDS VERY RUTHLESS.
I have been offered a position as a Financial Co-ordinator in Abu Dhabi and would like to know how are the working conditions over there. Most comments talk about France, Switzeland, USA, Asia but doesnt go into too much detail in the UAE - Abu Dhabi.
I am now very worried and confused about the decision to relocate as everyone in the UK that i know think it is a great opportunity.
I am 26yrs old female with no real commitment in the uk and understand the hard work involved and comm base structure.

"Most comments talk about France, Switzeland, USA, Asia but doesnt go into too much detail in the UAE - Abu Dhabi. "
Post #40 on page 4 of this thread is from someone just back from Dubai.

See also:
http://muscatconfidential.blogspot.com/2010/0 ... KGIGiij-TXihb9A
http://devere-group.pissedconsumer.com/&sa=U&ei=jgC6T5KwJ8LtOYrRqaIK&ved=0CBEQFjAA&usg=AFQjCNGYHiRSpfg261meMUEC6Bb-4ONPwg

"I am now very worried and confused about the decision to relocate as everyone in the UK that i know think it is a great opportunity."
Even if they have read all the online discussions, which is unlikely, they won't be taking the risk. The only person taking the risk is you. Unless all these people you know are prepared to bail you out if you take what they think is a great opportunity and suffer financially because of it.

Hi due to go to Malta with these guys in a couple of weeks and am now very concerned would you miond letting me know the name of the company you are with or where i could con tact a similar organisation
cheers

check out this article:

http://www.lezeq.com/index.php?option=com_new ... id=0&id=391&t=0

Nice article. Might as well copy it here in case it disappears from the other site.
http://www.lezeq.com/index.php?option=com_new ... id=0&id=391&t=0

"The deVere Group - A Misunderstood Company?
by babylon (19/05/2012), United Kingdom

“Connect to a network of over 50,000 clients worldwide. Relocate to exotic locations across five continents. Potential minimum earnings of £150,000 tax free. Benefit from world-class training that enable you to qualify as an independent financial advisor. Work with some of the leading institutions in the industry.”

Sounds too good to be true? Possibly. But the lure is out, and there are certainly plenty of takers. This is the email I received from a deVere recruiter. It is difficult not to investigate the opportunity further. There are two classes of individuals who might find this article useful. The first is if you are an expatriate and have been contacted by some side kick for a deVere Independent Financial Advisor (at least this is their official title). And the second class belongs to those starry-eyed-potential recruits that have been contacted by the recruitment machine with the lure of earning “potentially a minimum of £120K” in the first year. “Potentially” and “minimum”, do not quite seem to go together. There is little information regarding who deVere really is, outside of their official press releases. You can find scattered pieces of information on the internet but nothing quite definitive. Information is almost elusive. I attended one of these so called recruiting “Preview Meetings” that deVere holds at the Hilton in Heathrow. Here, a room full of potential recruits with different backgrounds and ages were told, they would get one week of product training in Malta, where the company is based, and once they had “passed”, they would then be off to their destinations of choice. This is the extent of the technical training for the deVere Independent Financial Advisor (IFA). The “employee” would then have to pay for his own way to his/ her country of choice. What was not mentioned, however, were the other costs. These include contributing to the office rent, toilet paper, phone bills, heating etc..So essentially, deVere has negligible overhead costs in terms of maintaining an office oversees. A very unique and singular setup. If you log on to Linkedin, the Professional Networking site, and search for the deVere group. You can indeed find it. But, again information is limited. A large number of Partners and Directors are listed by name, but when you try and find a name for an Independent Financial Consultant, you cannot. The most information you will get under such titles is “Linkedin member”. Curious. Based on the number of post on different sites, it would appear that some IFA’s are on the run from disgruntled customers who felt that they had been mis-sold products. Also, backgrounds to each IFA on the deVere group is non-existent. You would be forgiven to draw from this that it is because the vast majority of them have no financial service background, particularly formal or academic. The picture I get is it is an outfit full of misfits. If you are an expatriate, and are approached by a deVere representative, do ask for a formal qualification to justify why they are in a position to offer you the advice. In fact, ask any Independent Financial Advisor for that matter that solicits your audience. You can find more information on the experiences of expatriates and ex-deVere emplyees on sites such as complaintsboard.com and pissedcustomer.com. Admittedly one can only expect negative experiences to be posted on these sites, but it does make for some concern reading if you are a potential customer or excited potential recruit looking to earn big bucks in an exotic location of your choice. Nigel Green, the CEO of deVere group has had a checkered past himself, after being the subject of a BBC Panorama Documentary that described how an unlicensed company, associated with him, fleeced the life savings of old age pensioners (“Who Took My Pension?” - YouTube). He is also associated with a string of similar companies called devere & Partners, PIC, Inter-Alliance and Providence Capital. There has also been two high profile departures from the higher echelons of the corporation. Simon Pratt (deVere regional Director), presently assumed to be in hiding in Canada after being, and still is, on the run from the Hong Kong Tax Authorities. Whilst Spencer Lodge (Middle East Regional Director) is being pursued by Elton’s John’s AIDs Charity for reneging on a bid of £1.1M to spend the day with Elton John and his partner. The picture that one gets from the scraps of information that is out there is that the organisation’s salesforce gets a really raw deal, hence the huge recruitment drive, which is not to say that there are no deVere sales consultants out there not getting good commissions. Expatriate should be vigilant when approached by The deVere Group The only big winner, for sure, is Nigel Green and buddies. Some have suggested that Nigel Green should be in Jail."

Plus a comment:
"Dave432 (01/06/2012 02:44:11)
I worked for these guys in Europe for a couple of weeks. Cant believe I fell for the hype but luckily realised within a few days in the office that these guys are financially uneducated and mostly ex car sales/double glazing who would happily rip off there own Mother to get a sale. Devere are unregulated (they promote that having a licence to operate is regulation. False) and not proper IFAs. Commission only and having to fund a life abroad - you do the math. Most walk after a few weeks/months broke and scammed. Nigel green is a silent and secretive partner in three fund groups that his sales team promote, just a slight conflict of interest then! Nigel Green also owned britex a few years back - google it! Products they sell are banned in the UK. Need I go on. My advice to clients and potential recruits - BEWARE!!!"

I have been offered a position at DeVere  as a consultant this week, the package has changed slightly to previous blogs as they are now offering £1,500 amonth basic with reduced commision, you can choose after 3 months whether you say on the basic or go to the larger commision only.
The 20% for the co-ordinator has not changed and neither has the accomodation etc- you pay everything!!
I am now asking myself after reading the previous blogs whether they make excuses when your there about paying the basic??
As l have commitments at home l will be unable to bank roll myself for probably no more then 4-8 weeks and l am now having 2nd thoughts of going.
I was under no illusion that it was going to be hard work and that does not put me off at all, but for them to scam me is something l was not prepering my self for.
Hardworking, honest sales person trying to better my situation- is it worth the risk as l am currently earning in access of about 35k ?
It gets me by and pays the morgage- but devere-morgage paid and alot more.!!!!

Hey Guys,
I've been offered a Consultants position with DeVere in a European city, £1500 basic per month advanced against potential commission. This will be reviewed every three months. (I'm assuming that after 3 months unless I have sales, the contract will not be renewed, which I think is fair enough) They have told me not to expect to receive cash commissions for the first 10 weeks; the first month will be all training and getting your head around the expat community, then hopefully you will get sales. They told me commissions take about six weeks after each sale to land in your account. Out of my basic I will have to pay half my co-ordinators rent (about €200 per month) plus half of their first return fare.
I will also have to pay office ‘variables’ I was led to believe this was a very small amount divided between all the co-ordinators for things like paper, ink, phone bills.

I have to say I did not get the same introduction to the company as most of the people on here. The people I met were very well dressed, professional and knowledgeable. They answered all my questions and seemed to have a fair grasp of financial services. It really did not feel like a scam, just a direct sales job. Until reading this thread (and I read all 23 pages!) I was delighted to have been offered the job.
I have been involved in Direct Sales in the Financial Services Industry for about 25 years and have no problem with coldcalling, generating leads, securing referrals or closing sales. I have never been paid a wage before and considered the £1500 advance per month a welcome bonus! I assumed this was because of the overseas thing. The office manager where I am going has assured me it is enough to live on while I get established.

My only experience is in Ireland and the UK where I am a Mortgage/Insurance Advisor. (QFA & CeMap) This is not a job you get a basic wage in; if you don't sell you don't eat!
I am a Tied Agent for another company at the moment and have worked with them for a long time. The commission is low and due to exhaustive paperwork, earnings are capped at around €50,000, which is why this is so appealing for me. (Opportunity to earn in excess of £100,000)
They approached me and basically hassled me into coming to an interview. I can see from this thread that they get commission for each new recruit, at the time I felt really special, like I had been headhunted!!!

Has anyone here been offered this package? If so, was it on the level?
Can anyone shed any light on the European offices? I assumed they were regulated in the same way as UK & Ireland? After reading these posts it seems they are not!
I am not sure how many of the people who have posted on here are just disgruntled, failed salesmen, trying to make trouble, and how many are genuine.
So that is my story! I have already accepted the job and booked the flights but I haven’t given up my agency here yet. Any up to date information would be great!
Thanks Guys!

Hi, I think you have been offered the same package as me. Have you found out any more since you posted?
Any info would be great!

Regulation of the European offices is the responsibility of whichever country the office is in. Some countries are more stringent than others. But since the overseas offices represent a foreign company and deal with the expat community, the regulators won't necessarily be taking a close interest. As far as financial regulation is concerned, the FSA or the Bank of Ireland has nothing to do with the European offices. The FSA only regulates advice given on UK soil, so the fact that Devere has a UK office with FSA registration does not guarantee regulation of anything overseas. But having an FSA-regulated UK office looks good for the clients. Impressions are what count in this game.

If you're planning to work openly as a broker/salesman and make money, forget it. You'll be masquerading as a "financial consultant" or "independent financial adviser" and telling the clients what they need to hear to make them believe they're receiving reliable financial advice from a financial advisor who knows the investment thoroughly and not financial sales from a financial broker who'll paint the investment as something it's not and say anything for a sale. But maybe you don't have a problem with that. If not, you shouldn't have a problem if, like the clients, you also end up signing up for and paying money towards something that turns out not to be as good (for you) as you were led to believe.

There's plenty of info out there to indicate that it's not just the clients but also the salesmen that are duped. Believing that you're too smart to be duped or that nice well-dressed professional-looking guys can't dupe you is the first step to being duped.

http://muscatconfidential.blogspot.be/2010/03 ... ewhat-bent.html
http://devere-group.pissedconsumer.com/
http://devere-and-partners.pissedconsumer.com/
http://www.ameinfo.com/65933.html

"I worked briefly for an offshore firm in the early 1990s, but I lasted less than six months. I left disgusted at the practises and behaviour of the firm and its ‘advisers’."
http://citywire.co.uk/new-model-adviser/why-e ... dvisers/a392558
http://articles.submityourarticle.com/Hugh-Stevenson-1222/expatriate-7681.php

You wrote "The people I met were very well dressed, professional and knowledgeable. They answered all my questions and seemed to have a fair grasp of financial services. It really did not feel like a scam..." This was exactly my experience when I was duped.

http://www.dfi.wa.gov/sd/scamsbrochure.htm

<<£1500 basic per month advanced against potential commission....told me not to expect to receive cash commissions for the first 10 weeks... They told me commissions take about six weeks after each sale to land in your account. Out of my basic I will have to pay half my co-ordinators rent (about €200 per month) plus half of their first return fare...>>

"Advanced against commission" sounds as if you'd have to pay the £1500 per month back once they started paying you commission, which they wouldn't do for the first 10 weeks, i.e. 2.5 months. In three months, that would be a debt of £4500 to come off any commission you earned, or whatever they decided to pay you in commission, whenever that would be.
€400 is a very low estimate for rent in a European city. In many places, you can expect to pay at least twice that for a decent small apartment, especially if you want something furnished. In some cities, rents of €1000 and over are not uncommon.
The cost of half a return fare would obviously depend on where the coordinator wanted to return to.

The more you owe them and the more you have to pay in expenses, before even starting with your own expenses, the more you'll be obliged to sell. Sounds like bonded labour.

They presumably won't have put any of this in writing.

Hi There,
The reason I mentioned the way they were dressed etc... was because so many people had told stories on this thread about meeting ex car salesmen in cheap suits in dingy hotel rooms. This was just not my experience. I went to a nice office, obviously permanent, was met by the receptionist, shown into lovely board room where I took an aptitude test. There were four other people also doing the test. We were then interviewed individually in the Managers office by someone who knew his [***] and asked all the right questions about my previous experience!!!!!
One of the candidates left quickly, he told me he had failed the aptitude test and was devastated, we had chatted a bit in reception, he was an insurance advisor. This is not the experience of other people on this site who have gone through the recruitment process!!! That was the point I was making!

I don't need to masquerade as a financial advisor! I AM ONE!!!
QFA means Qualified Financial Advisor.

I am well aware that the FSA do not regulate overseas companies however the regulation in Ireland is very similar to the UK. It is regulated by The Central Bank, not the bank of Ireland which is a high street bank in Ireland & The Uk and not a regulatory body. Most of this regulation comes from European directives, which is why I assumed the regulation in other European countries was similar.  

Also I have no intention of selling products I do not understand, I am authorised by The Central Bank to sell investments/pensions/insurance/loans in Ireland! I was previously authorised by the FSA when I worked in the UK.

My question is still has anyone been offered this package and then been disappointed???????

If they pay me what they have stated in the contract, I will not lose any money; my costs will be covered, so there is no real risk for me. What I am afraid of is landing at the office, having packed up my little life and given up my agency (they told me I cannot work for two financial institutions and I must give up my agency in Ireland), to discover they are not going to pay me the basic wage!
Thanks for your input

Actually its all in writing ( I believe I mentioned I had a contract) and there are dozens of studio apartments within walking distance of the office for €400 per month. You can find them on apartment rental sites.
Obviously it will come out of the commission I earn in the future, I thought that was obvious, I have been self employed for almost my entire adult life, I know what an advance on commissions is.
I just want to know if anyone has had this offer and it has not panned out!!
Thanks

It makes sense that they want you to give up your agency. After you are known to have worked for Devere, your professional reputation will take a knock. The insurance advisor probably failed the test because he showed signs of putting his clients interests before a sale.

But the main question is: do you want it to be true? If so, go ahead.

Hi There

Could you call me please? would love to hear about your experience.

07759620856

Thank you for the update ..... Simon Pratt ( an apt name ) is on the run from The HK Tax authorities ??? Ha ha ha ha ...... you have made my day ....Cheers !