James Green, deVere’s divisional manager for western Europe, acknowledged that the trend is “unusual”.
“This year we’ve experienced a particularly high number of advisers re-joining our different teams across the world.”
A spokesperson for the company confirmed to International Adviser that 71 advisers have been hired so far this year.
Green continued: “Clearly, people originally decide to leave the for a variety of reason. However, it is usually the case that advisers leave with the perception that the ‘grass is greener’, only to find things aren’t as good as they were promised.”
He said that, compared to deVere, the leavers “often find that the fees being charged to clients are much higher, that licenses are not as robust, and that back office systems are weak”.
Even though it is “disappointing when talented advisers” that the company has trained, mentored and supported decide to move on to other firms, Green said deVere is “usually ready to welcome back the best financial advisers […] as long as they left on good terms”.
He concluded: “It is always by those who know, that working in financial advice is incredibly tough. This is absolutely true.
“But as those who leave typically find out, it is a considerably tougher industry when not working with deVere.”