His comments to International Adviser come as the company undergoes a review of not only its corporate structures but also the firm’s worldwide operations, which had prompted speculation about the firm’s ongoing commitment to its Miami and New York hubs in North America.
“Whilst there will be some degree of restructuring once the process is finalised – and we will offer a breakdown of this restructuring when it is completed – we are fully committed to maintaining a continual presence for the long-term in each country in which we currently operate, including the United States,” Green said.
US hubs
Devere’s Miami office was touted as the firm’s second ‘hub office’ for deVere USA Inc in North America.
The company has had an office in the South Florida city since June 2011, but in August last year announced it had moved to larger premises in the main financial district to accommodate increasing advisers to meet demand.
DeVere’s area manager in Miami at the time, Gareth Jones, said then that: “Skyrocketing client demand across the U.S. has driven the need for another hub office from which advisers can help our growing numbers of U.S.-based clients wherever they choose to live and work”.
He added, “This relocation is part of a strategic expansion that will allow us to take on more financial advisers and support staff to meet the continually increasing demand, not only in the Florida region, but in neighbouring states and further beyond too”.
“There are currently 11 of us in the Miami office and we are looking to at least double this number within the next 12 months”.
Qrops impact
DeVere’s recently launched strategic review of its business comes as the UK surprised the international financial advisory world with plans to levy a 25% overseas pension transfer charge on Qrops plans in some markets.
“This Review underscores that we remain fully committed to providing high quality, specialist, cross-border financial advice to expatriates and international investors across the globe, including North America, Europe, Africa, Asia, and Australasia”, Green said.
On 3 February, according to a statement on the Financial Conduct Authority’s website, deVere UK was ordered to “immediately cease” providing third party companies with transfer value analysis (TVAS) reports or other similar reports of information “designed to assist third parties companies in transferring customers DB pensions to an alternative arrangement”.
A deVere spokesperson said then that the company had “entered into a voluntary requirement to cease providing advice in this arena” and is working “alongside the FCA’s appointed independent body through the section 166”.
Green said: “The changes we are making now will, without question, make our business operations even more robust. We will become more streamlined and more agile in our fast-evolving industry. This, in turn, will empower us to give an even better service, further levels of protection, and offer a broader scope to our clients.”
