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  #161  
Old 16.04.2012, 17:58
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Re: Financial Mis-selling to expats

I had a conversation with a German client just last week about exactly that - the 14% autocallable notes paid out as published on "the company who must not be named"'s website.
The client had given more than 300k EUR which we had had in different Uk pension plans into a QROPS solution with this company and most of the money is placed in these autocallable notes. Because of some of my comments in German forums he became uneasy about all this and we went thru the papers.
First, as I mentioned, that particular company is not licensed in Germany to even offer these products because you need a special license from the federal authorities to do so ( § 32 KWG in Germany, if someone is interested).
Now, we were discussing exactly the question whether this is a Ponzzi scheme or not. Because they gave him account statements from companies with a good reputation ( Moventum in Luxembour provides the plattform for the QROPS trust solution and from there the money went into Royal Bank of Scottland etc products like these autocallable notes).
He was even happy with the payout of the part of the total he had invested in this autocallable note plus 14% yield after only 6 months - but what made him uneasy (and me, too) is that the ISIN numbers of the product infos cannot be found anywhere at the RBS website or elsewhere.
Obviously, if they are exclusivly "constructed" for the company-that-must-not-be-named then they would not need to be listed probably, as they are not publicly available. But it still reeks a bit, doesn't it?
So, we are checking now with Moventum, RBS and the institutions who award the ISIN numbers if these products do actually exist as advertised or not. If not, well then you have your Ponzzi scheme but with a lot of excellent smoke-screening, I must say. If they are legit, well, then this particular client knew about the risks of these products per se and would be happy to stick with them and could not care less if the advisor and the company-that-must-not-be-named have broken the German laws for offering these products to him.
Soon we should know more and I will keep you guys posted...

Cheerio
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  #162  
Old 17.04.2012, 10:57
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Re: Financial Mis-selling to expats

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...they gave him account statements from companies with a good reputation ( Moventum in Luxembour provides the plattform for the QROPS trust solution and from there the money went into Royal Bank of Scottland etc products like these autocallable notes)
So the statements come through Venere. Access to Moventum appears to go through Venere/B0ston Funds Direct:
Quote:
Through a direct link to Moventum, you are able to view Live Statements of your investment holdings 24 hours a day 7 days a week.
Venere Fund platform/B0ston Funds Direct
Quote:
Online trading that enables the IFA (not the retail customer) to place mutual fund trades, to complete all forms, receive trade executions, have orders and accounts screened for regulatory compliance and receive trade confirmations from their desktop or laptop computer.
B0ston Funds Direct
About B0ston Funds Direct (site registrant in Yorkshire/Singapore) and its compatible QROPS providers. The "Prov. Cap." company mentioned there was set up with Venere's help. The "Sover." company is associated with a company called "Sov. Trust" that acts as trustee for Prov. Cap. QROPS. Sov. Trust shares a signatory with Venere.

The Prov. Cap. site shares an IP address with 52 Venere sites.
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  #163  
Old 17.04.2012, 12:22
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Re: Financial Mis-selling to expats

Investment scam? Check the FINRA scamometer.
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  #164  
Old 17.04.2012, 17:55
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Re: Financial Mis-selling to expats

See page 66/67 of awards ceremony.
Quote:
"Top Consultant 2011
[name of manager in Spain]
£663,119 cc
£8,464,476 invested in notes"
Would that be the autocall notes or just plain bank notes?

They did well in 2011:
Quote:
Page 83 of above link:

"Our 9th year
Another record breaking year"

"Company record
£41,274,096 YTD received
346 consultants"
See also Sir Steve Redgrave on page 56.

Last edited by Reb77Br; 17.04.2012 at 18:11.
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  #165  
Old 26.04.2012, 12:10
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Re: Financial Mis-selling to expats

Hi,

I've had a couple of meetings with 2 different people from a particular company recently (rhymes with Top Gear as someone mentioned elsewhere in this post). It's true, they are quite convincing but there is no way I intend doing anything with them, especially not after doing some research on-line. I know we're not allowed to name particular companies where people have concerns/issues but can anybody provide the name of a financial advisor they could recommend, someone that has a track record and is quite good.

I'm an expat, living in Zurich.

Thanks.
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  #166  
Old 26.04.2012, 12:23
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Re: Financial Mis-selling to expats

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(rhymes with Top Gear)
Bucking Defére.
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  #167  
Old 26.04.2012, 16:12
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Re: Financial Mis-selling to expats

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I've had a couple of meetings with 2 different people from a particular company recently ...
If you arrived two years ago when you joined EF, and they've only just found you, you must have a great hiding place.
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  #168  
Old 17.02.2013, 18:51
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Re: Financial Mis-selling to expats

I have read that in UK there, one can claim back his capital within 3 years saying the policy was mis sold.
Is there anything similar here in Switzerland?
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  #169  
Old 17.02.2013, 18:55
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Re: Financial Mis-selling to expats

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I have read that in UK there, one can claim back his capital within 3 years saying the policy was mis sold.
Is there anything similar here in Switzerland?
no.
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  #170  
Old 22.02.2013, 10:13
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Re: Financial Mis-selling to expats

Aw, bless! D*vere Group launching charitable foundation

LinkedIn, anyone? Financial advisers target expat social networks

Quote:
The British Expatriate Networking Group was set up five years ago on LinkedIn ... financial advisers with d*Vere have been keen to join the group to contact members about its financial services ... Moderators have now been forced to create a financial “subgroup” for advisers to join...

... one of the group’s two unpaid moderators, said “Some financial advisers are using titles that they are not allowed to use and seem to link themselves with institutes to which they are not members. I have not come across this behaviour in other professions and it worries me.” ...

Coincidentally, the other moderator of the main group is Simon Pitkin, a senior financial consultant of d*Vere. Pitkin, based in the UAE, was accused last year of removing negative threads about deVere from the site.

Pitkin said: “Any unfounded allegations against any company that are posted in the group will be removed. Posting defamatory remarks is not what this group is about.”
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  #171  
Old 22.02.2013, 11:52
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Re: Financial Mis-selling to expats

Not sure if it was posted here before: An interesting description from the perspective of their employees:

"Whether you make it or not, this isn't your average IFA business in fact it's not an IFA business it's just a sales outfit in IFA clothes". If you think you are walking into a professional IFA company, think again, it's just a direct sales company selling financial products that are poor performing and high paying in commission.. Remember the products they sell abroad are banned in the UK;. Ask yourself why|."

http://devere-group.pissedconsumer.c...726334829.html
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  #172  
Old 28.02.2013, 13:06
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Re: Financial Mis-selling to expats

A former Devere manager, Spencer Lodge, has moved to "Fund Advisers". The director of the Swiss branch of Fund Advisers is mentioned in the same article:

Quote:
Fund Advisers hires ex-deVere Lodge, others

Fund Advisers Europe, a Luxembourg-based advisory firm whose two principals worked for industry giant deVere at earlier points in their careers, is looking to expand into the Gulf, and has hired well-known ex-deVere exec Spencer Lodge to head up its new Dubai office. ...

The Dubai operation is being set up as a separate trading entity of the European company, but will do business under the Fund Advisers name, according to David Cooper, one of the directors. ...

One of the company’s main selling points is that it operates its own client portfolio management service, out of its Geneva office, where it looks after the savings of around 90% of its clients...
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  #173  
Old 01.03.2013, 14:51
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Re: Financial Mis-selling to expats

Very interesting Testimonial (they are all from employees, not customers, which seems utterly bizarre):

http://www.totallydevere.com/testimonials/Daniel-O%E2%80%99Leary-Nigel-Green-595.aspx

So the newbie is concerned by the perception of the company in Zurich and wants to know how to spin it better.

Criminal.
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  #174  
Old 01.03.2013, 14:53
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Re: Financial Mis-selling to expats

yep, that reads as if it's straight out of Dogbert's mission statement generator:

Quote:
I joined the Zurich, Switzerland office of veNeer as a consultant in May 2012. What has most impressed me from the first day is the relentless pursuit of excellence right across the company through relevant and focussed continuous training, up skilling and knowledge sharing from the top to the bottom of the organisation
When you filter out all the foam and B$ all that's left is a blank statement.

Is that honestly the best they can come up with?


This one is classic:

Quote:
As the company continues to progress, from my early experiences in Zurich I would like to see a greater focus on how best to tackle the sometimes negative perception of the company that is raised by some prospective clients and the lack of a fully developed coherent strategy in responding
Basically, we need to spend more time bullying the likes of EF from spilling the beans and letting all the negative stuff leak out onto Google.
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  #175  
Old 01.03.2013, 15:13
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Re: Financial Mis-selling to expats

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When you filter out all the foam and B$ all that's left is a blank statement.
Really? I was seeing a pyramid scheme to encourage the "employees" to "sell".
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  #176  
Old 01.03.2013, 16:08
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Re: Financial Mis-selling to expats

Hi All,

There are lots of warnings for people to 'never get involved, hang up' etc with these companies.

Is there any advice for those who have, unfortunately, already signed up to one of these schemes? Is it better to jump ship and lose a lot of money through the admin fees, or continue and hope to get something out of it long term?

Be gentle........
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  #177  
Old 01.03.2013, 17:20
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Re: Financial Mis-selling to expats

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Hi All,

There are lots of warnings for people to 'never get involved, hang up' etc with these companies.

Is there any advice for those who have, unfortunately, already signed up to one of these schemes? Is it better to jump ship and lose a lot of money through the admin fees, or continue and hope to get something out of it long term?

Be gentle........
Stop paying ASAP . The money is lost, the performance will be poor so don't through good money after bad.
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  #178  
Old 04.03.2013, 13:01
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Re: Financial Mis-selling to expats

Anyone who has signed up to one of these things should be entitled to full compensation from the product provider. The product providers work closely with the so-called advisory companies, sending their reps to give talks to them, etc. (see below), so to claim that they don't know how they operate is at best wilful ignorance. The "buyer beware" argument is all well and good, but people go into these things in good faith revealing personal information about their finances and believing that, in return, they're being told the truth by a financial expert, not being sold a lie by a con artist.

Quote:
The 2011 adviser conference of the Western European branch of the deVere Group, the world's largest independent financial consultancy, that took place in Marbella, Spain last weekend, was indeed another great success

BIRKIRKARA, Malta, Sept. 16, 2011 /PRNewswire/ -- The event was spread out between the 1st and the 3rd of September and was aimed at providing Western Europe-based Financial Advisers with the latest financial planning knowledge in order to help them continue providing the best possible financial advice to the deVere client.

The now-prestigious event included motivational talks; workshops from deVere's main partners including Close, JP Morgan Asset Management, Morgan Stanley, Generali International, Skandia International, Friends Provident, Prudential International and Sovereign; and also team-building exercises.

http://www.thefreelibrary.com/Yet+An...e.-a0267108510
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  #179  
Old 06.03.2013, 13:35
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Re: Financial Mis-selling to expats

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Hi All,

There are lots of warnings for people to 'never get involved, hang up' etc with these companies.

Is there any advice for those who have, unfortunately, already signed up to one of these schemes? Is it better to jump ship and lose a lot of money through the admin fees, or continue and hope to get something out of it long term?

Be gentle........
Do NOT under any circumstances pay any more into the vision plan. The fees are not only upfront but ongoing fees as well.
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  #180  
Old 15.03.2013, 08:53
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The company referred to in earlier posts (rhymes with veneer) is actively gaining connections with expat professionals on linked in ... This can give an illusion of reputation by association. Be careful who you agree to "Link" with, and just coz someone's linked with someone you know doesn't mean they know them :-)
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