But common knowledge is that local franchise of Global Financial Advisory Giant DeVere Group were totally busted by Inspector Al-Plod a few weeks ago for
Those with children at Muscat British School Muscat probably already knew things were afoot with DeVere. And my sources confirm that the local Omani sponsor of the franchise was also taken into custody to, ahem, "assist with inquiries".
It does however, seem unfortunate that the very man who was parachuted in by DeVere Central Command from Switzerland/London/New York a few months ago, to sort things out, and specifically tasked to deal with the
Really.
That the problem with the local outfit here in little ol' Muscat had been generating a strong enough stench to cross oceans was obvious.
That the guy DeVere Central finally sent out here to "sort it out" on the QT, one Mr. Brent Mayhew, was subsequently temporarily arrested and thrown in detention for a few days, was unfortunate to say the least.
Oops.
Next time chaps, maybe try first engaging with the local ROP/Ministry of Commerce/CBO beforehand ? They can and will help.
That the Omani "sponsor" [he cannot be named, even here at recently blocked MUSCAT CONFIDENTIAL, because of media defamation laws, sorry*] was also totally busted is a great sign. We don't like Ponzi schemes when you get caught.
*try asking Google Oman
(And thanks for the prompt RT)
57 comments:
I was pestered by some of their clueless representatives last year. It came to a point rather than put the phone down I asked some diagnostic questions, then they put the phone down!
I've known for over a year they had, er , should I say...problems. I also know what they have been up to which would be illegal in UK under financial regulations!
UD, some of this is common knowledge in certain circles!
Yeah, they were after me for a while as well - I sometimes think firms like think that no one has ever heard of Google...
I have a colleague who has invested with DeVere Muscat, though I don't know exactly what he had invested in. I just called him to alert him to this column, and he said he's been very happy with DeVere so far. Are ALL of the local franchise's investment opportunities Ponzi schemes? I hope my friend hasn't lost his money!
get a life, no one here even has a clue what these guys do, I am a client and they offer great service and exactly what they say they are going to, I am completely happy with the products i have and I checked that they were exactly the same as what I could get in the UK with the same companies,
Idiots, get some knowledge before you start a witch hunt.
Re De Vere I think you should know all of your facts before entering into this sort of rubbish on the blog site. Firecracker
there are always two sides to every story, I have been dealing with them for some time and they have always given me excellent service and advice, bella
Devils Advocat
I noticed that you worship everything that UD types and assume its fact, its like a bible to you !!! LOL. I can almost predict what your comment for every article !!
Yes, yes my advisor Mr Bernie....can't remember his last name.....says all my investments with him are going great.
I get statements all the time showing wonderful consistent returns of 10% p.a.
I am hoping to keep this rolling over until I retire rich.
I am so pleased I have got all my friends and family invested there as well.
Shit i am a clever guy!
Dec 7, 2008
We got bothered by this lot too, and literally had to scream down the phone at them to stop them phoning every week! Having had several bad experiences with "finacial advisors" I wouldn't touch any of them with a barge pole.
If the ROP have got their finger out and arrested people and their Omani sponser then there must be something wrong.
These guys provide an excellent service. I am a client and found them to be helpful and professional and my investments are doing really well. Starwars
Lost of anonymous comments without the balls to put a handle to their claims, probably prompted by DeVeres!
I have experience with them and wouldn't touch them with your barge pole. My opinion based upon my experiences which I am entitled to! I have off-shore investments and have a lot of experience in this field unlike some of the clowns trying to sell me some of their products - FACT!
Anon you are right regarding DA. Just wait and see for his reply, he will use expletives and throw everybody out from the forum.
Devere and Partners are wonderful!
Just search in Google. Hundreds of hits. All complimentary...oh, hang on...hundreds of complaints...gosh and golly.
So why do so many Anonymous people praise them?
Shooorly shooom mistake?
Anons, you may not always agree with DA but at least (s)he has something to contribute to the discussion.
DeVere are a complete bunch of fucking no hopers - all ex double glazing salespeople who probably fucked that up too. I mean who in their right mind would want to involve themselves with these tossers? They don't even have an office in London - arguably the largest financial centre in the world. Speaks volumes.
You are a very clever guy aren't you DA - not!
Actually, they do have an office in London, two in fact since 2009. Mind you, they were fined and kicked out of Singapore in 2008 and suffered a similar fate in Panama a few years earlier, surely a first for any company in Panama.
I have been watching them since 2004, just after they sold a policy to a friend of mine that was an absolute rip off. That is what the specialise in...oh, that and setting their lawyers on sites which publish negative comment about them. Which is why so much of the interesting Devere stuff on the web has disappeared. Classy people.
I really don't know why I am bothering to even give this web space time - De Vere do have an office in London and many of the Consultants have financial qualificiations. As I said in my previous blog make sure you know your facts. I wonder how many of you bloggers have any qualifications? Not many by the content I have seen.
Seems the Devere sales staff have got a part-time job...coming on here as anonymous! Very transparent, as transparent as their sales pitch!
You have got it wrong again. If you are referring to my comments I am nothing to do with De Vere. I just know a bit about them. You don't seem to know what you are talking about much do you. I am no more anonymous than you. Firecracker
Fascinating reading the financial depth of the posts. OK so I have dealt with de Vere, but... they don't have my money! It is invested! And I deal direct to the investment company! Middle men yes, but isn't that what they do?
Oasis
Seems like we've touched a raw nerve, Firecracker. You are a sensitive boy, aren't you!
I have dealt with de Vere and though I did not lose any money, the service was poor. I have also had them in my office giving the hard sales talk - it was difficult to get rid of the person.
I also heard from 2 independant sources that the investment policies they sell are the most expensive in terms of admin fees and that the de Vere consultant makes more money than they would with other policies.
Which one of you is Mr Kevin Farrow?
All I know is that if some guy keeps hassling me to give him my hard earned cash to invest (well invest a small portion of my cash for the 1st x years while the rest of it goes into aiding his purchase of a Jag XJR, crocodile skin briefcase / shoes / Armani suit etc etc). He will constantly get the same response which is no. Until he can't call me any more cause he has kicked out of the country (I hope).
I've heard that Brent Mayhew lives in a very large villa in Al Ghubrah near to the Indian School. Where does he get the money to rent that ??
It is my understanding that deVeres have been chucked out of a few countries in the past. How long before Oman follows suit ?
heard de Vere office in Oman is closing (check for yourself) which not thinks me is not a positive sign of de Vere being innocent in this financial stench
we are dumb dicks for dealing with these people -live & learn all
I love it. I used to work for DVP in Europe, with few exceptions they are mostly double glazers, auto sales, etc. Really great at selling you a plan, and some advisers at providing maintenance and service on it, but most will never be around longer than 6-12months. Their biggest fault is they poison the well not just with lack of experience and mis-selling, but by calling nonstop every expat they happen to find. I still work as an IFA and I still get that look sometimes when I tell people what I do...Oh, your one of them, now I am going to get bothered non-stop. 75% of them do more harm than good. I am not going to leave my name because Nigel Green has long arms and deep enough pockets to hurt my business. Just watch, this whole discussion will be gone in 3 months.
i cant believe this blog, i use them, no problems, good service, im making much better returns than in my bank, but the big difference is i read all the documents before i signed, i knew exactly what i was doing, and every 3 months i get a prompt to have a look and check if all is going in the right direction. people who feel they have been 'ripped off' only feel this way because they have not checked what they are doing before they do it. So who is the stupid one? the references to ponzi schemes is totally wrong, you need to check the dictionary before you throw around these totally ridiculous accusations, devere never touch my money i pay it directly to the institution i am investing with. I am a senior VP with a major international organisation, and have recommended them to many of my colleagues, all of whom have had no problems. cypster
Want to know a bit more. Just seen this website written by a former DeVere guy. Had a fall out maybe! www.offshore-exposed.com. It opens up a can of worms.
Devere is not a ponzi scheme. Just 75% of its advisors are crap and that is a direct result from the management of the company.
I know Devere & Partners, they are a good people...
I was missold a completely inappropriate product by De Veres (they seem to be registered as different names in different places)
Be warned they are not Independent Advisers despite what they tell you. They are not all trained in finance and they are in it soley to take as much commision as possible? I am not against commsion but I am against people mascerading as 'consultants' working in your best interests.
They mislead and misrepresent and they use products that create a conflict of interest between you and their own best interests.
A 'low commision policy' has turned into nothing but payments towards commission and management fees, you pay this before any of your money is invested for you. I am down $55,000.00 in the first 18 months - nice if you can get it. they will tell you everything but the truth about the commission.
DO NOT TRUST THEM and DO NOT pass on the details of your friends - they will tell them you have recommended them and will make them a lot of money - yet they have yet to do anything for you at this point except commit your earnings to their commission pot.
They will make you feel obliged to pass on the details of friends because of all their valuable time YOU have taken - remember they contacted you.... you owe them nothing. refuse and you will see ther etrue colours.
Beware and stay clear of them.________________________________________
Devere and Partners are a sales company not an IFA company. There salesmen are just that and they have very little experience or knowledge of finance, just a lot of well oiled sales talk. Trust them at your peril!
Hi all,
This all makes very interesting reading. I am about to embark on Devere's training course in London for the post of Financial Advisor and the comments I'm seeing are giving me mixed feelings. I understand that you can earn a significant commission but I would like to believe that the products and the company I am going to be working for are 100% believable. I have not yet heard from any FA's who are currently working with Devere but would welcome there's and others constructive ADVICE!
Like any industry there are good and bad people in it. All I would say is check the credentials of the person you are dealing with. All the advisors firms here deal with the same good quality regulated investment companies based in isle of man or guernsey so its just the quality of advice that you get to go with that. Check they are qualified, ask to see testimonials from happy clients. Find out how long they have been here, anyone whose been here a couple of years or more looks after their clients.
They recruit sales people from all areas, they promise them the earth. Most advisers they have, have not been financial advisers in the UK but are let loose in various countries. A vast majority return to England when there money runs out and they cant get new clients.
I feel a bit sorry for them, however they shouldnt be doing the job that requires knowledge of the investment world and qulifications that take time to gain.
There products are massively front end loaded so that vast commissions can be paid out eg if you do a regular savings investment and have to cancel it within the first 2 years you wont get anything back, this is because there are huge charges built into the plan.
They claim they are IFA'S this is also misleading as they stick to the same companies that give security for the investment capital this doesnt then allow you to see other potential companies that could possibly have lower charges and pay less commission into devere, to cover the mass of people that draw from the commission from one sale.
If you join de vere as an adviser you would have been told about getting appointments made for you etc etc. I did the course about 5 months ago, you have to pay for your flight out and all the accomodation costs etc, when you get there you then have to make your own appointments and find your own clients even if the location has coordinators, this is never explained to you and is always brushed aside in discussion. I would advise you to investigate before risking your money.
Anonymous
Well having just been successful. I specifically asked about appointment making and was told outright that 'NO' - 'one didn't have to make one's own appointments'. Clearly integrity is in doubt already!!!!!
well one was talking to one that was honest not like the rest of us, you work there anyway.....twat.
Your integrity is in doubt as you work for de vere and your one of the people that lies for them. I sat in a room full of people and was told that we would have what they call coordinators making appoinments, why else have them, you train them to do the job but dont allow new starters access to them, that makes a lot of sense ?????
de Veres Scam
See for yourself and make your own decision:
http://www.cqdx.gov.cn/Faq/FinancialPlanning/200909/19460.html
http://www.mas.gov.sg/news_room/enforcement/2008/Inter_Alliance_International_Singapore_Pte_Ltd.html
http://dubai.dubizzle.com/discuss/general-chat-fun/6725/
http://www.ripoffreport.com/Search/Company/deVere-Partners.aspx http://muscatconfidential.blogspot.com/2010/03/devere-oman-locally-somewhat-bent.html
Here is the situation with DeVere and Partners:
Commission only. No financial qualifications needed whatsoever-just salesmen required. You WILL be cold calling and digging for your own clients-no matter what they tell you. You will get NO support what-so-ever from the management, why you ask?
Devere and partners business model is simple: throw hundreds of commission only desperate money-hungry fools at the business and some will stick, those that do stick will make a lot of money for Devere, the 99% that don’t will fail and go home broke.
It costs devere nothing to send someone around the world who is commission only, who pays for there own accommodation and flights and expenses-they even have to pay towards the devere office costs!! If you fail, what has it cost DeVere Group-nothing-they don’t give a shit because some other fool has fallen for there dodgy spiel and is ready to take your place and so on.
Nigel Green, the MD, told me to my face at his little presentation in Knightsbridge London, that he would guarantee me two appointments a day and 50K in the bank within 10 weeks-who falls for that crap!
DeVere and Partners have over 70% staff turnover. They sell products that are banned in the UK due to the excessive charges.
A single £500pm savings plan over 25years will earn devere (not the salesman) £6,300 in commission and not only that, the first 23 months payments that the client makes NEVER gets invested (it’s a front loaded policy) so all the clients premiums, that’s £11,500 in total, goes in commission and charges!!!!!!
Devere should be banned from business, yet there are plenty of gullible expats who buy there crap-it amazes me!!
Be careful of Phoenix Investments who operate out of Bangkok. They are also bent and take huge comissions up front on your money. Kenneth Golby is the Brummie running the show and is to be avoided at all costs.
Couldnt agree more, they need exposing. I had exactly the same experience. They told me I would get appointments. Its only when I phoned the manager in the location that I was meant to be going (after I had completed there sales course)that I was told that I would have to find my own clients, what a load of cheating dick heads. That Nigel Green is a BS and should basically be banned from everything. They also tell you that they have a 90% retention of staff......talk to some of the recruiters that have to find stacks of advisers jobs when they come back from trying it and running out of money, not a good word from anybody. There plan (as noted above) suck and I cant believe advisers would sell the shit and be able to sleep.
This is de vere latest job ad via internet job search. Notice it says appointments booked for you...........Jeez what crap. How can these idiots including Nigel Green state this when it does not happen. this company should be exposed and investigated to the full degree.
deVere Group - International Financial Advisor
Overseas opportunities to join the world's largest international financial advisers with over 40 global offices*
deVere Group, the world's largest firm of independent financial advisers, are expanding dramatically and offer exciting new opportunities to work abroad. We are currently looking to recruit driven entrepreneurial individuals who possess a healthy mix of independence, passion, and drive and who are interested in living and working in one of more than 40 fantastic locations around the globe.
As a Financial Adviser, you will help international investors and expatriates to find financial services that will suit their medium to long term requirements.
We Offer:
Full training and development to achieve international qualifications
Exclusive market leading products
Impressive uncapped tax free earnings
Appointments booked for you
Defined career path
Ongoing support
Global opportunities
Ken Golby lived here in Oman for a while to milk his clients then left, leaving a sidekick, who then left, followed by another gullible soul. Phoenix are as bad as deVere and should be banned from operating here, but sad to say they are still milking clients. When will the powers that be wake up and smell the coffee ?? Get rid of the charlatans and leave the genuine IFA's to do their work
Hi,
I work for deVere and the fact of the matter is we help expats with sales plans not bank accounts.
What that means is the client WILL retire confortably and not have to worry.
The only problems I see is some lonely motormouth with absoloutely nothing to do has decided to have fun at other peoples expense.
NO-ONE here can claim they have been ripped off or missold, if that was the case then believe me we wouldnt be the best at what we do. All we have is a mentality where people are talking about the latest scandal and scaring the hell out of everyone else.
Job well done Mr. Dragon and cronies, if some aged client with heart condition who is nearly 65 and due to retire reads this it will kill him.
We are a permanent fixture of the worlds offshore financial system and despite all of the slandering and bad-mouthing, nothing is going to change this fact.
Rgds
Note above Mr nob head says 'sales plans' kinda tells you everything doesnt it. You sell 'sales plans' wow what a product. That you do indeed, you sell crap, front end loaded rubbish, with as long a term on it as possible for extra com. If a 65 year old reads this he will be better off as he might not let you rip him off. Your background, yeah probably car sales.
I have a meeting on Friday at there Knightsbridge office, I am from Ireland so i have booked flights and I am getting very worried about what I am reading, I was told that qualified appointments are made for you, you advise these prospective clients on what products we recommend for them and and you are paid commission on what u sell. i am assuming that they expect u to harass people to get your appointments, very worried accountant
Hi everybody I also have an appointment for an interview next week but after reading this I am certainly not going to go. The famous old saying "when something seems to good to be true" its normally to good to be true! and this is the case here I cannot believe I have been so gullible.
This is what happened to me, these are true facts.
I was a UK based adviser, I completed the course was told that my presentation was fantastic and I came top in the exam. I was then offered a postion, you sign the contracts at the end of the course, the most rushed bit there is !
Right from the begining I was told that devere provided appointments, I was told by the recruiter that I would get 2 a day but would need to contribute to the prospecting if things were slow.
Ok, I was then told to call the manager of the location I was going to, I did this, the manager then straight away said 'have they told you what happens when you get out here', my response, 'yes, I do what I do best I advise the clients that are put in front of me by the coordinator etc etc, managers response, 'er no thats not what happens, you wont have a coordinator, you will have to find your own clients and write business before we will look at this'. My response, I see thats not what Ive been told at all, how many coordinators do you have there' response ' 25 split over 2 offices for 25 advisers'. My response, 'and so you cant spare me any help from any of those coordinators,' response 'no thats not how it works'.
I then e-mailed the trainer saying that I had just spoken with the manager of the location and what has been said contrasts to what I have been told by the recruiters, the adverts and the discussions in the classroom.
This was there response........by e-mail, 'We have looked at the position and feel that we cannot offer you what you want and therefore are withdrawing your contract.......
I mailed them back saying all I wanted was what I had been promised to me by the company.
If (as its been said on here) devere are the largest IFA in the world, are so frigging great, give great advice, etc etc, why, WHY do they lie, well thats because they are cheap salesman and that starts right from the recruitment stage and cheap salesman with no ethics lie.
I rest my case.
I too am considering joining Deveres and going to the Knightsbridge meeting this Friday, but am very concerned having read this blog. The recruitment agent also told me I would get 2 appointments a day. I have been an IFA in the UK for 20 years, but then went abroad for the past few years and so cannot sell Financial services in the UK without relicensing... I thought if I can work abroad again without needing to get relicensed then fine, and if they make appointments... even better.... But looks like that's not going to happen then!!! I am considering another organisation who sell FS to expats but they are much smaller, however, they have been honest with me and told me that I would have to find my own clients by cold calling and networking etc, so maybe I should join them instead.. what do you guys think? So does anyone know why new recruits do not get apointments made for them at Deveres? Is there a qualifying period in time or commission? Is there anyone out there that works for Deveres and can give me an honest answer? I was thinking of going to Germany or Luxembourg.... how are things there for Deveres?
I worked in the offshore industry for several years and from my experience there are more dodgy companies than honest ones. The products themselves can be effective, like regular savings plans, as long as they're sold honestly and client expectations are kept realistic. Therein lies the problem, mis-selling and lack of decent service.
The best advice for potential customers is to tell cold-callers to shove it and only speak to companies you've been recommended. Even then check them out thoroughly and ask questions, if they're legitimate they won't mind answering properly. And for anyone thinking of working in the offshore industry, the main thing to judge is whether they're genuinely client-focused or just after commissions. If you care about customer service you'll avoid the latter. I don't think it's fair to tarnish all companies and IFAs with the same brush, but do be weary.
http://news.bbc.co.uk/1/hi/wales/8242879.stm
This is the guy who was one of the leading consultants there.
Further information.
If you apply as a graduate you are told you'd be staying at the company villa with other co-ordinators..... false.
You were told that there was an intensive training programme.... false.
Financial advisors are told to push the longer financial terms.
Please do yourselves a favour.
Be happy with what you've got, dont deal in anything you are not sure about. If it sounds too good, dont do it. Beware of penalty charges, dont sign up to a 15 year term if you think you'll be offshore for 5 years.
I left after a few months feeling highly educated from the ways of the sales world. Was sucked in by the 'intensive training', 'accredited qualifications', 'options to travel'....when you are 21 it sounds great. Im slightly older now and have realised as a self starter that the best way to absorb financial advice is if you educate yourself first.
By the way the singapore office was shut due to non-compliancy....
I am a car Sales Executive and i am slightly pissed off at the remarks placed on this blog. Everyone has to earn a living somehow.
GOOD LUCK TO ALL THE DE VERE SALES STAFF.
FILL YOUR BOOTS
One of DeVere's senior UAE managers was in front of a US Judge last month for traffic offenses. Their Singapore operation was shut down a few years ago because they had unqualified people giving advice. Their UAE offices have been raided twice in the last two years by police for drugs and for employing people without visa.
What a class company. Certainly there are a few decent advisors with them but when the majority haven't a clue they shouldn't be messing around with people's retirement money.
I am a fully qualified UK IFA by the way...the industry is thankfully changing and only professionals will be giving advice in the future. All the double glazing salesmen will have to go back to selling used cars I suppose.
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