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deVere Group

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deVere Group

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deVere Group FAQ

Have questions about working at deVere Group? Read answers to frequently asked questions to help you make a choice before applying to a job or accepting a job offer.

Whether it's about compensation and benefits, culture and diversity, or you're curious to know more about the work environment, find out from employees what it's like to work at deVere Group.

All answers shown come directly from deVere Group Reviews and are not edited or altered.

43 English questions out of 43

29 February 2020

What is health insurance like at deVere Group?

Pros

- As a young professional you get to learn the financial industry and is a good company to start off your career and get some professional experience. - If you stay long enough as an Advisor, there is a high earning potential and you can get quite successful but the first 2 years will be very tough financially - Really good investment products not available on the hight streets - Positive colleague environment - Inspiring CEO and Divisional Manager

Cons

I have been working for two and a half years at deVere as a Trainee Wealth Advisor/BDM, and they promise multiple things and don't deliver: - To become a Financial advisor in deVere they want you to pass a series of exams (CISI and RO) but expect you to fund them by yourself ( there are 8 exams in total and cost 500 £ on average each) with no internal training, so pretty much self study while trying to make some business. - The only training we get are provider demonstrating their products but mainly about cold calling and the reasons why a specific product should be interesting to the prospect. ( no in depth training on why we should pick a similar product over another, mainly just for commissions sake) - 90% of the advisors there are unqualified and don't know what they are doing except having a selling pitch and know what to sell in a specific situation. (I have seen advisors with no financial background and after 1 months training in Malta, jumps in the office and start working and calling themselves professionals, for example cherry picking funds in a savings plan because the name of the fund comes from a big bank, so pretty much wasn't looking at how the fund was performing....) - Very low salary provided in Switzerland for a Trainee/BDM at deVere, that is almost impossible to survive on( high rent and obligatory health insurance) , they provide you with 1800 CHF net p/m (Initially we used to get paid 3500 CHF p/m but the director decided to half it to "make us more hungry for money and work harder") and provide you with a 10% commission off of what your consultant makes (if you end up being paired with a bad or unqualified consultant no mater how hard you work you won't see any commissions come in, hence the huge turnover) - Commissions might take up to two to six month to hit your bank account. - High amount of Trainee/BDM turnover, after being there for two and a half years, I have seen around thirty people come and go (you are seen as disposable and they do not care about you, they tend to say that the door is not locked from the inside....) - Most of the advisors will sign up a prospect but once they see that they can't sell them anything more, they tend to send them off to client services. - Worst management you can possibly imagine in the Geneva office, very micromanaged environment, the manager appoints unofficially a consultant as his right arm and let that person act as a manager and boss people around... - deVere has a really bad reputation due to its cold calling, so it's quite hard to schedule meetings with prospects.

Advice to Management

- Train your Trainee/BDMs as future advisors instead of cold callers - Less micromanagement - Higher salary for Trainee/BDMs as their comms are liked to the consultant's performance - Paid for professional exams - More advertising and less cold calling

Very low salary provided in Switzerland for a Trainee/BDM at deVere, that is almost impossible to survive on( high rent and obligatory health insurance) , they provide you with 1800 CHF net p/m (Initially we used to get paid 3500 CHF p/m but the director decided to half it to "make us more hungry for money and work harder") and provide you with a 10% commission off of what your consultant makes (if you end up being paired with a bad or unqualified consultant no mater how hard you work you won't see any commissions come in, hence the huge turnover)

29 February 2020

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26 September 2021

Does deVere Group offer healthcare cash plans?

Pros

It's a flat organization so you are given a lot of room to solve problems as you see fit. If you are new to the industry or interested in financial planning on a global scale, this is a great way to learn. The roles are result-oriented so your schedule is flexible as long as you produce. It's a global company so you can live in one country for a few years and transfer to a new office with no problems. You can earn a lot of money if you're willing to put in the time and effort. It won't happen overnight, trust me. A lot of holidays depending on your country.

Cons

it's a flat organization so don't expect to climb the ladder. The main roles are financial advisors and building your book of business. No benefits were provided. You are paying for things like health insurance out of pocket.

You are paying for things like health insurance out of pocket.

26 September 2021

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19 April 2021

Does deVere Group offer unlimited holiday?

Pros

Management is very supportive of staff. It is possible to relocate to another country/city while working for this company. Plenty of vacation time.

Cons

You can only go as far as your drive leds you.

Advice to Management

Provide more training for admin staff (HR issues, conflict solving training, etc)

Plenty of vacation time.

19 April 2021

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27 April 2020

Does deVere Group offer vision insurance?

Pros

-Free water -Travel (all at your own expence)

Cons

There are just too many to even contemplate... -Promises are made all throughout the intervies and on boarding process. I must admit, I had alarm bells when in the contract, they say how much you "could" earn ... 40K in year 1 is a pipe dream and they know this. -Their reputation is utterly tarnished hated all throughout the world. Any financial professionals who hear the word "Devere" really have a great laugh in pity towards you. I was even told "...please stop what your doing and leave there before you waste any more of your time" you realise after you leave how right they were. -the dreadful co-workers...where do we begin here...first, the CEO who pushes for cryptocurrency and awful funds to clients as he has a vested interest in these. You will hear every day how clients are angry due to the awful charges and lose money due to the mismanagement of financial products. Second, only the upper management and advisors who have been there for a LONG time get any kind of real returns. The rest are just TOWIE wannabes and SERIOUSLY UNDERQUALIFIED advisors who deal with clients life savings. -The horrendous salary or shall we say retainer. Your always in debt to the company as you are paid on a retainer basis. So if you dont get those deals coming in..your in debt, which is hard due to the reputation of this company. The retainer is not even enough to live..so be prepared to burn through savings like wildfire just to keep yourself afloat. On top of this, you pay your own flights, accommodation, visa and all expenses. I was told that all of this would be at least supported by the company.. -They preach about being the world's biggest financial consultancy, but have you not ever wondered why they are not established in the UK, New York, or any true financial hub? Oh that's right, they have been kicked out of numerous locations around the world for selling awful financial solutions to clients. These are all of course geared towards the company and the upper tiers of management. -they insist you leave positive reviews on glassdoor when you go to location. This is in order to keep that recruitment door rotating for the company. Deluded grads are walking in everyday and realise they have no support at all..sink or swim..you will eventually get used to seeing people quitting or getting fired every single week because they are not selling.

Advice to Management

Tell the truth..stop lying to graduates..stop misleading clients.

Free water

27 April 2020

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25 August 2020

What is the retirement plan like at deVere Group?

Pros

Progression, development and ability to help clients reach retirement goals. Huge opportunities if you want to work hard and progress through the system. Clear targets and criteria to step up to the next level. The training from management is excellent. Fantastic products especially the notes and apps.

Cons

Hard work however the earning potential is reflective of this

Advice to Management

Keep doing what you are doing

Progression, development and ability to help clients reach retirement goals.

25 August 2020

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43 English questions out of 43

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