Investors hit out at advice firm ‘charging 15%’

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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.”