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Hold on: you even take on THEIR expenses??? Paying part of the rent? Have to pay for a coordinator who may not even book any appointments for you or do valuable work? They never said that. The presenter said the rent was paid by them. Clearly they keep a lot of facts away from the presentations. I feel sorry for the suckers who were interested to join them. There were 2-3 people there who I think could do really well with de Vere but I don't think they're aware of the cons. But most of the people there, I just knew, would not make it but were motivated by the "average £100k" a year salary you are suppose to make.

Sorry, but de Vere is starting to sound more and more like de Exploit to me. That is just ridiculous that they even charge you their rents and pay you only commission. They want you to brand them, market them, expand their business - and even to stand for the costs for doing it!!

Besides, the guy who gave the presentation certainly didn't look like he even made £35,000 a year...

Yes it was 50% of the co-ordinators rent, that may have changed in the past few months. Yes you have to pay for the co-ordinator on the 20% basis even if they are crap and they get paid before you, all the costs are before you. Think of it as your own business with the risks and costs (where you actually do come last after all the expenses), but with an umbrella (of sorts) and without any real control of the purse strings.

I used to see the worldwide earnings list which is freely made available across all the consultants and most except far and middle east were not doing that well. In thoses areas you also have lower tax rates and different employee benefits which make earning big money easier, Europe is hard with regulation etc.

So what's so special with the sales training that it has been worth it to the tiny few?

Thanks by the way, for your responses. Some of the attendees have been contacted by competing companies to de Vere for job offers with better perks and a base salary.

I recieved a call and email from Luke. He claimed they had 1000 employees and new offices opening abroad, I have been done over before, but this is a new low.

This batch of posts has been sufficient for me to decide against pursuing a career with DeVere. Do you have any information with the competeing companies you mention, or any one else for that matter?

Thanks to all posters who I think have provided a distinctly balanced oversight.

AJ

From my experience and direct knowledge, they are pretty much all the same. DVP has a bigger footprint so you will see and hear more about them. There are loads of independants out there as well, but they would want somebody up and running with client bank and most will be ex DVP type people.

If you want to give it a go DVP is as good as any really, forget the base salary etc. if you can't do business you will be gone quick smart in all cases, this is not something that is nice and comfy in any regard, it is really hard to do business, maintain it and get started, that sums it up really.

Jake

Staff number seems high but I guess with admin etc. maybe, I believe they have about 250 "Consultants out there, certainly growing and new offices for sure. In my view that is not all that relevant as it is more down to whether it works for you really.

Jeff

Other companies are broadly similar and if you can't do business quickly the salary won't matter as you will be gone anyway.

Training, well its all about a hard sales pitch and not really useful technical stuff so in my view if you have no real background it will be difficult without a load of bull and clients that loose out. A lying saleman can often do well but soon gets found out after a couple of years and then has no business to move forward with. There are loads of guys that get the patter but move countries and companies because of this leaving chaos where they have been. Once you have learned the "pitch" it is easy.

But that's not the point is it!

It would be very hard to set up on your own from the get go with terms of business etc so you really need a DVP or anor to get going and learn the ropes, but most of your hardwork you cannot really take with you, as it may not be worth it as it does not earn any further revenue or that all the ongoing fees to to DVP or anor anyway, so if you move on you have to really start again income wise as the commissions have already been paid.

I have seen loads of people in this "offshore" industry that have never actually manged to build anything really worthwhile businesswise, but have earned good money for a while, but then where do you go?

Do not listen to them. Its a big scam! They say you can earn "£100,000" HA! You be lucky of you get £1000 a mouth. I advice not to pay the travel expense for there open day or interview

Dave

It's certainly not a scam mate, but hard work and high risk of failure yes.

Earning big money is always a difficult task, but depends on your options elsewhere. For the cost of travel may be worth a trip but even if you ask all of the questions posted here and elsewhere you will not obviously get all the answers, nobody is actually going to say you're likely to fail, but if if you don't it could be great, and who knows who will win and who will loose.

@ Oldbloke.
Thanks for the info, some of the best posts on here. Do you mind answering a few queries?

I have a degree in economics and finance. But have a 2:2 and its tough getting any work in England. So I'm considering taking a job as a coordinator in the far-east with DVP.

1. Are the products worth selling? Did consultants ever "scam" clients! My understanding is that they are good products, but are miss-sold. E.g Visual from Generali, The 25 year pension sold to people who try and get put after 10. They don't realise they will get panelised.

2. Coordinators seem to have it ok. I’ll get a £1k retainer per month for 3 months and half rent. So what can I do to be a great coordinator and what did you want/require from a coordinator?

3. Do you know anything about Shanghai or Kuala Lumpur offices?

4. Think if they were more straightforward and forget the £150k money, just said £40-50k, people wouldn’t have unrealistic expectations.

Cheers

Rahul

Thank you for your comment, I am trying to be objective here not one sided and do have a vast experience and knowledge in Financial Services, DVP and anor and post DVP.

Your points. You are obviously a bright lad and I can see what you are saying about work, UK seems on it's [***] and I think employment terms are bad for employees so it will be hard work getting started. Will DVP boast your CV, NO, will you earn money, possibly yes.

1 ) Yes the "bonds" are OK offered by major companies so can work. They are quite high in fees (commission to you) which is why they are offshore, but the thing that makes a client money is the fund allocation and you need knowledge there, that is where it all goes wrong.

2 ) Possibly, but it is hard work and never stops, think "Ground Hog day". There is nothing in the least bit stimulating about it and most people hate it, most co-ordinators last 3 - 8 months and are then totally fed up.

3 ) No nothing at all about the office, results or cities, sorry. I would imagine they are expensive but fun places to be, can't actually see £1,000 going very far.

4 ) You are right but people wouldn't go if they said that on a self employed basis. If you earn't that you would not afford to live in these expat centres and cover your costs. DVP would also probably sack you as you would be a failure and they would be happier to replace you, manage the clients that you have taken on and get the roll on comms.

Hope that helps, any other posts will be responded to.

Rahul

I didn't answer your point about scamming. I personally never saw that, over promised and under delivered, oh god yes, lack of knowledge, very much so.

The point is if a client does not put more money in your earning stop so you can't service them as comm is all upfront so that is a real issue. Some of my old clients I have taken with me, still service as I promised I would but earn no money but peace of mind and honesty always pays and as such my reputation is 100% so I have a good business.

To be good you need to understand funds, I spend 80% of my time looking at funds, not talking bull that way my clients win and I actually win, but that is not the DVP way from my experience at all, all comm, comm, comm!

"a client money is the fund allocation and you need knowledge there"- could you expand on this.

Isn't the comm, given by the companies. DVP are not charging the client themselves.All the products are front-loaded. But the other options are fee-paying or the client doing it themslves.

My thoughts are if the client can't DIY, then if they have £1k and in his local bank gets an interest of 3%.  Mr Devere tells him about some great financial products, and sometimes ONLY Devere can get and which will give a higher interest.


Scenario A: Leave £1k at 3% for 10 years = 1343.92.


Scenario B:  Devere advise to invest in a reputable firm and get a good return.  If Devere are paid 5% in commission and £950 is used at a rate of 5% = 1547.45. In fact even if Devere were paid at 10%, if the interest holds, the client is stil better off dealing with DVP and using their savings plan. It seems to me as long as people know what they are getting into, it should work out.

Rahul

You are asking a simple question but a long winded one to answer. Bank deposit account is simple, rate of interest and maybe some tie ins but safe (assuming the bank does not go bust!).

DVP and anor offer "structured products" these provide a tax and product wrap which can be a good idea, but depends on reasons why. This has a fee that the client pays and quite a lot of tie ins to say the least and that pays some of the comm. Funds may also pay comm but only if structured so that the client actually pays. The comm is effectively non disclosed so in other words hidden! But the client will pay.

If you get the investment into the unitised fund wrong you can loose loads of money, I have seen minus 70% down! so it makes the bank option better and safer. But if you get it right you can make the client more. My clients from 2007 are between 40% and 100% net up, I try to get 8 -12% regular per annum but it requires a lot of careful work.

The products are all long term and long tie in so that can be an issue for management and client. Most regular plans are closed structure so you have a limited fund choice not whole of market, but to offer whole of market is a lie as there would not be enough hours in the day and many pay not comms.

The "unique" products are structured notes that work off index returns and the like, I do not view them as good news as most I have seen have breached, but they do offer high hidden comms.

I hope that makes some sense.

Let me rephrase my question. Are u based in Europe, Africa, Americas, etc
Age: 20-30, 30-40,40-50, 50-60. Just curious

Recent reply "Yup. All in all a great racket" was not me, we have another tit in the mix!.

As previously stated 40's, was based Europe but now cover Europe (non EU) and outside EU and also UK. Still very active but in a limited field.

You are getting the "structured" bit mixed up. You have a bond, wrap, or structure such as Royal Skandia, Friends Prov, Generali, hansard, Zurich, London 360, go online and look at the "offshore products" under those names. Think of it as a box or bowl to which you add money and then split it over investments. The wrap is not an investment as such just the platform to invest.

A structured product is something that a bank or fund manager will do to try to obtain a certain yield by mixing funds and exposures.

Be clear in DVP you are not a stock broker you sell products and then hopefully if you know what you are doing you will "blend" funds using the money that has gone into the wrap. That is where you win and loose or a client does. Do understand funds you need some good knowledge otherwise you make a complete mess, most of the client complaints you will come across relate to this.

You only sell the wraps in the main to make max comms as in many countries the structure is not all that valid for tax reasons, but there may still be valid reasons to "wrap" funds.

Very funny, well in a sort of total tit way, just what DVP require, sign up buddy they need people like you.

Rahul anyway hope answers useful.

Cheers for the info. I'm gonna try and it a go. Time to quit teh thread for me. Take care dude.

There is not a scam as I have said, just over egging the win/loose ratio thats all.

In all comapnies there are good and bad advisers so again, win/loose for the client.

Offshore comm structures are just the way they are, which makes the whole thing good for an adviser but possibly bad for a client.