De Vere Group Financial Planners - De Vere Financial Advice Scam

Posted on Thursday, June 16th, 2011 at 2:45pm CDT by de4352f2

Product: Financial Planning for Retirement

Company: De Vere Group Financial Planners

Location: 3003A, The Centrium, 30th Floor 60 Wyndham Street Central Hong Kong
Hong Kong, HK


Category: Other

If you have purchased a product through this company can I strongly urge you to check the advise you were given by them with the PRODUCT PROVIDER.

In particular please:

Check the Terms & Conditions: Get a FULL copy from the provider.

Check what fees you will be paying, how much they will be and over what period of time.

Check you have been given ALL the documentation provided by the product provider.

I didnt and was misinformed and misled. I believe that the information and documentation from my product providers that I should have been given was deliberately withheld from me so that only verbal advise was available from their financial advisors. This I believe is because it is so easily disputed.

This has cost me dearly as the product they sold me is highly inappropriate to my needs and circumstances. This was despite me asking appropriate questions at the time which of course would have been answered in the literature that was withheld.

They pray on your naivety and trustworthiness and have no conscience or integrity.

Once they had my money I never heard from them again despite being told they would be in regular contact to manage my funds. I had to move the product to another financial advisor. This it turns out is because they predominantly sell products that pay them all commissions up front.

I have had no replies from several letters and emails to both the Hong Kong office or their HO in Switzerland.

Conversations just seem to lead to more time wasting and falsehoods.

Please be careful.

Please dont take my word for it, check these out for yourself!

1 Comment

Stephen M., 2015-06-19, 01:10AM CDT

We can arrange investments for expats through UK FCA regulated investment managers and private banks.

FCA regulated companies have high levels of regulatory compliance, recourse for retail investors through an ombudsman scheme and are protected by the financial services compensation scheme (FSCS).

These are not offshore life assurance bonds that are normally sold through offshore advisors in order to extort high commissions. They are on an investment platform where the annual platform fee is only 0.3% and the investment manager fee is typically between 0.5% and 1% per year depending on the manager.

This puts the total cost at a maximum of 1.3% per year for a fully managed investment account. With a life company bond adds another 1% and then usually underlying fund fees of 1-1.75% per annum. Some advisors even charge their own ?management? fee, typically 0.5%. These are all additional layers of charges that investors do not need to pay and wouldn?t be paying in an onshore, regulated environment where commissions are transparent.

This is not to say that life assurance products are not a good solution in certain circumstances, but merely that they are typically sold by offshore advisors purely because they pay upfront commissions and not because they are in their client?s best interests.

With our solutions, there are no tie-ins and no hefty commissions as with the offshore products. Therefore, this set up also allows for penalty free access.

For larger investments (typically GBP 250K upwards) we can arrange for a bespoke discretionary portfolio management service. For smaller investments we can arrange model portfolios based around our clients risk profile.

These investments are usually direct into stocks, bonds, Gilts, ETFs (exchange traded funds) and ETCs (exchange traded commodities). This means that the investments are highly liquid and far cheaper than investments into mutual funds (no underlying fund manager fees as noted above).

We can also arrange savings plans starting at $300 per month that offer immediate, penalty-free access and trading accounts for individuals wishing to trade for themselves.

We currently have tie-ups with managers such as Coutts, Quilter Cheviot, Redmayne Bentley, Canaccord Genuity, Julius B?r, Henderson Rowe to name a but a few.

Non-UK residents will still gain tax benefits (usually pay no income or capital gains tax) and these investments can also be placed into a trust to help with legacy planning and asset protection.

Most offshore financial advisors do not offer these products because they cannot earn an upfront commission (typically 5-12%, sometimes more!!!) from them. We are trying to separate ourselves from the crowd and offer our clients a far fairer and better solution that most people are completely unaware exists.

For more information please contact [email protected] or check out our website

Post a Comment