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Investors hit out at advice firm ‘charging 15%’


A website has been launched claiming that international advice firm deVere Group is “hard-selling” to clients and charging fees of up to 15 per cent.

The Telegraph reports claims by the website that deVere is taking 9 per cent for initial advice and 6 per cent when money is invested in funds.

The website also claims charges of up to 9 per cent apply when clients wish to transfer funds.

DeVere, which does not publish fees on its website, provides financial advice to ex-pats. It has more than £6bn of assets under advice and over 80,000 global clients.

Last month a Hong Kong regulator suspended deVere’s licence as part of an investigation into the firm.

The website claims: “Behind all the expensive promotional material and PR, it is really just a sales company which has developed a reputation for aggressively and indiscriminately selling financial products to people for whom these services may be inappropriate.”

A deVere spokesman told the Telegraph: “Our charges are lower than industry averages and our size gives us unique access to the top investment managers in the industry. This competitive advantage sometimes causes a jealous reaction from other brokers. Obviously this is a disappointing reaction to a company that seeks always to provide the best in the market.

“We are actively pursuing all legal avenues to defend the company’s reputation. We expect the site, which contains highly defamatory, malicious and false content, to be removed very soon.”


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There are 6 comments at the moment, we would love to hear your opinion too.

  1. I suspect publishing their charges on their website would be a help.

  2. Explaining the relationships they have with the providers the salesmen use would also be of help.

  3. ” Our charges are lower than industry averages” is a safe benchmark to use when you cannot justify what you are charging for services. This assumes that the industry average is correct, when it probably resembles the old commission structure. Far better to focus on the quality of service that you provide at a fair price, irrespective of what other firms charge.

  4. Ok, so two points I suppose. 9% of £1,000 is 90 quid, not a huge amount except one would have to question why someone was ‘investing” a grand. 9% of a million is somewhat different when all that’s changed is a few noughts on the application form.

    The second point however is where does advice versus the sale of a product become the recognisable differentiator? I have no axe to grind either for or against De Vere, you pay your money and take your chances. I think as with say Waitrose, people buy the name. It’s still spaghetti in the pack.

  5. They should be able to charge what they like. If punters dont like it, go elsewhere? Am I missing something?

  6. I think the public get told what the ” norm” is, but are none the wiser as to whether that is good value. Safety in numbers, but more and more consumers are doing a bit more homework on charges so some advisers will have to up their game or lose out.

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