financial advisor question

[manchega]

I met someone who works at devere. He seems really nice and I wanted to invest and make money.

when I asked about the bad reviews I found online he told me it was because they are so big which makes them a target,

 

does anyone have any insight into this company?

 

However I read articles on line such as loss of license in Hong Kong https://www.scmp.com/business/companies/article/1804094/devere-group-has-licence-suspended-following-probe

singapore https://usacomplaints.com/business-finance/517636-devere-and-partners-complaints-reviews.html

Spain https://www.spainbuddy.com/the-devere-group/

Oman https://muscatconfidential.blogspot.com/2010/03/devere-oman-locally-somewhat-bent.html

 

an article in the UK https://www.thisismoney.co.uk/money/article-2038619/TONY-HETHERINGTON-Publish-peril-warns-financial-giant-deVere-Group.html

[CGW]

Your a braver man than I if after reading and posting so much negativity you are still willing to "invest" with them.

In Thailand they don't trade under their name as they are not registered with the SEC is my understanding?

[manchega]

On 3/22/2019 at 12:38 PM, CGW said:

Your a braver man than I if after reading and posting so much negativity you are still willing to "invest" with them.

In Thailand they don't trade under their name as they are not registered with the SEC is my understanding?

woman actually

that is strange, they phone me and have people working in country, but not registered, is that legal?

 

[CGW]

20 minutes ago, manchega said:

woman actually

that is strange, they phone me and have people working in country, but not registered, is that legal?

No idea, look at their website/domain name - make your own conclusions? if you continue you you are a braver woman than.......................... ???? 

[Oxx]

Manchega

 

If you use the De Vere group, then they will take a large chunk of your money and your investment income to pay themselves.  That's not a way for you to get rich (but does very nicely for them).

 

Also, if you don't know enough about investment and investment risks, it's very easy for you to be persuaded to buy investments which are not suitable for you (but pay the company extra high commission).

 

So, first you need to start reading up about investment.  Then you need to think about what investments are most suitable for you.  And then go and buy them yourself.

 

Precisely how you go about buying them will depend upon your nationality and how much money you have to invest.  For some people buying mutual funds in Thailand via their bank's asset management company will be the way to go (it's the simplest and easiest).  For others, opening an offshore brokerage account with someone such as Internaxx or Saxo will be appropriate.  And for Americans, they are probably best served by a discount brokerage account in the US of A.

 

Incidentally, I've long wondered about the name "De Vere group".  There's a long established (and reputable) IFA in the UK, Chase de Vere.  AFAIK it has no connection with the former group.  Was De Vere set up to fool people into thinking they were associated with the reputable company? If so, that strikes me as dishonest from the outset and speaks to their character.

 

And of course the person who 'phoned you "seems really nice" - he's a sales person trying to get your confidence to persuade you to part with your hard earned cash.

[ThaiBunny]

14 hours ago, manchega said:

woman actually

that is strange, they phone me and have people working in country, but not registered, is that legal?

You met someone (first post) or someone phoned you (second post)?

[Misty]

15 hours ago, manchega said:

woman actually

that is strange, they phone me and have people working in country, but not registered, is that legal?

 

No, the Thai SEC requires advisers and brokers to be licensed.  This firm employs many many people calling themselves "advisors" who do not appear on the SEC website as being licensed.

 

Steer well clear.

 

You've found some of the online reviews regarding this group, and this is only a fraction of all that has been posted around the world over the years. Far larger international financial firms have much less by way of complaints and public actions.  Devere has paid to bury much of what has been written.

 

Some things cannot be erased from public record, however.  Here's US SEC action against the CEO of deVere USA, for example:  https://www.sec.gov/news/press-release/2018-101  And what was going on in the US is pretty much par for course for deVere.

 

 

[Misty]

1 hour ago, Oxx said:

And of course the person who 'phoned you "seems really nice" - he's a sales person trying to get your confidence to persuade you to part with your hard earned cash.

As my dad always says, the best conmen are the nicest people.

 

[scorecard]

15 hours ago, manchega said:

woman actually

that is strange, they phone me and have people working in country, but not registered, is that legal?

 

You ever heard of 'boiler room' operations'?

 

These guys are just rogues with zero ethics, some of them have very well constructed websites (that part is not difficult at all), but in fact they tell blatant lies on the phone?

 

e.g. 'Oh yes of course the company is registered, I can guarantee I wouldn't have my money invested here if it wasn't'. Total well prepared absolute and deliberate lies. 

 

Beware. 

 

 

 

are 

[scorecard]

2 hours ago, Oxx said:

Manchega

 

If you use the De Vere group, then they will take a large chunk of your money and your investment income to pay themselves.  That's not a way for you to get rich (but does very nicely for them).

 

Also, if you don't know enough about investment and investment risks, it's very easy for you to be persuaded to buy investments which are not suitable for you (but pay the company extra high commission).

 

So, first you need to start reading up about investment.  Then you need to think about what investments are most suitable for you.  And then go and buy them yourself.

 

Precisely how you go about buying them will depend upon your nationality and how much money you have to invest.  For some people buying mutual funds in Thailand via their bank's asset management company will be the way to go (it's the simplest and easiest).  For others, opening an offshore brokerage account with someone such as Internaxx or Saxo will be appropriate.  And for Americans, they are probably best served by a discount brokerage account in the US of A.

 

Incidentally, I've long wondered about the name "De Vere group".  There's a long established (and reputable) IFA in the UK, Chase de Vere.  AFAIK it has no connection with the former group.  Was De Vere set up to fool people into thinking they were associated with the reputable company? If so, that strikes me as dishonest from the outset and speaks to their character.

 

And of course the person who 'phoned you "seems really nice" - he's a sales person trying to get your confidence to persuade you to part with your hard earned cash.

"And of course the person who 'phoned you "seems really nice" - he's a sales person trying to get your confidence to persuade you to part with your hard earned cash."

 

...and with no hesitation to tell blatant lies.

 

Beware, beware, beware.

 

 

[Misty]

1 hour ago, Misty said:

No, the Thai SEC requires advisers and brokers to be licensed.  This firm employs many many people calling themselves "advisors" who do not appear on the SEC website as being licensed.

 

Steer well clear.

 

You've found some of the online reviews regarding this group, and this is only a fraction of all that has been posted around the world over the years. Far larger international financial firms have much less by way of complaints and public actions.  Devere has paid to bury much of what has been written.

 

Some things cannot be erased from public record, however.  Here's US SEC action against the CEO of deVere USA, for example:  https://www.sec.gov/news/press-release/2018-101  And what was going on in the US is pretty much par for course for deVere.

 

 

 

Here is the US SEC link again: https://www.sec.gov/news/press-release/2018-101 

 

 

 

[Misty]

OP:  You may also wish to google "Andrew Drummond devere" and read some of the articles. If you aren't familiar with him, Andrew Drummond is a UK investigative journalist who has covered financial fraud in Thailand for many years.

[scorecard]

I wonder if the original poster might like to comment...

[ThaiBunny]

Just now, scorecard said:

I wonder if the original poster might like to comment...

Yes, he seems remarkably quiet

[wordchild]

https://www.biznews.com/uk-investing/2017/05/25/devere-expats-us-probe

worth a read, highlights a number of the issues . Also google Belvedere strategic growth fund , United Asset Management and Devere , some real pungent smells around this whole affair. These days devere claims they and their clients were the victims and they were not the perpetrators of the scam. nevertheless the facts are, devere customers lost very significant sums in this fund.

 

Edited March 24, 2019 by wordchild

[scorecard]

16 hours ago, CGW said:

No idea, look at their website/domain name - make your own conclusions? if you continue you you are a braver woman than.......................... ???? 

And keep in mind that the written words on the website may well be fake, false, incorrect, deliberate lies, easy to do.

 

And if the salesman man says 'yes the company is properly register in Thailand and I can prove it, don't believe it', it could well be blatant very deliberate lies.

 

Keep in mind:

 

- You would never see any original certification documents (certificate, receipts from the government agency / SEC, any assessment documentation, due diligence checks, etc etc).

 

- Anybody can use photoshop to quickly change the name on any document. 

 

 

[Langsuan Man]

My take on financial advisers is pretty simple:

 

If he or she knows so much , why are they not investing for themselves , so they don't need to have you pay them for advice  

[Peterw42]

2 minutes ago, Langsuan Man said:

My take on financial advisers is pretty simple:

 

If he or she knows so much , why are they not investing for themselves , so they don't need to have you pay them for advice  

They are not doing it for the money, lol, they are true humanitarians and want you to share in the secret of untold wealth they have discovered.