deVere Group, a financial advisory organisation, is to ‘aggressively develop’ its UK presence, the company’s CEO Nigel Green said.
"We have taken the strategic decision to aggressively develop our already solid position in the UK throughout 2015 and beyond as a major priority," deVere’s founder said, explaining that the company was already focusing on and committing considerable extra resources to the UK market.
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Nigel Green conceded that it was typical for UK advisory firms to consider the international sector opportunities and it remained unusual for internationally-focused advisory firms to develop extensively in the UK due mainly to financial constraints and difficulties in adapting international business models and practices.
However, as Green says, deVere is "bucking that trend".
"Plans include extending our reach by increasing the number of independent financial advisers across the UK – this will enable us to meet soaring demand from our UK market, which is returning expats, those planning to imminently live and/or retire abroad, and foreign residents in the UK."
"We also plan to launch more offices, roll-out new technologies and invest in further distribution channels in Britain," he said. "In addition to increasing our UK reach, we will be expanding our scope of offerings to clients with new bespoke financial solutions designed for today’s world, and with today’s generation of worker and retiree in mind."
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By GlobalDataGreen also revealed that deVere will also be establishing more standalone divisions. "We have recently created the deVere Mortgages brand, due to rising demand from overseas clients, have created an independent annuity department and recruited senior pension industry figures to lead the newly launched Workplace Solutions Limited, which delivers highly specialist advice to large corporates’ current and former employees to help them meet their long-term retirement planning objectives."
"Naturally, this growth of ‘Investor in People’-accredited deVere United Kingdom and its divisions, will result in a host of new and rewarding career opportunities for talented advisers to work within a dynamic, responsible organisation."
Green explains that there are four main reasons as to why deVere chose to focus mor of its resources on the UK market. "First, is the thriving UK economy. This is attracting back many of the mass affluent, high net worth individuals and international investors who have previously moved abroad. These people need specialist advice, and as cross-border financial specialists this is, clearly, a core market for us. Returning expats make up a significant part of deVere United Kingdom’s clientele and, due to the country’s economic strength and optimistic forecasts, we predict this trend to continue."
"Second, we believe that the changes set out in recent Budgets, including the new pension and annuity flexibilities, amongst others, represent a tide shift in traditional financial planning methodology in the UK, which requires a fresh approach."
"Third, we have experienced increasing demand in the UK for our financial advice. It would appear that people are more aware than ever before, because of the far-reaching effects of the previous downturn, of the tangible benefits of independent financial advice in growing, maximising and safeguarding their wealth.
"And fourth, we’re committed to helping close the ‘advice black hole’ that was left in the wake of many independent financial advisers exiting the market in the wake of the Retail Distribution Review (RDR), or who have routinely been rejecting clients who don’t have more than £50,000 of investable assets."
