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Beware Financial Advisors on the Prowl!

 



 



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Beware Financial Advisors on the prowl!


Hello, I am sending this message as a responsible Basel citizen, so please bear with me.


 


  I work for one of the large pharma companies here in Basel and I have been cold called on quite a few occasions by two companies who I will not name, but names include words like …….. & partners,  and …………. wealth management,  F….Capital, and  they describe themselves as Independent financial advisors in the offshore market who help ex-patriots with their long term financial stability, I have been pestered by these guys and have looked into them more closely, they are in fact just salesmen targeting the professional employees of the pharmaceutical industry here in Basel. 


 


Because a lot of professional employees in Basel are considered ex-patriots (people working in a different country than where they were born) they are targeted by these financial salesmen because they qualify for investments in the offshore investment houses.  This is all fine but you should be aware that the charges these investments are with are very high and these salesmen and women are not qualified to give advice in Switzerland and many not qualified in finance at all. They also give high pressure timeshare like presentations and are really persistent.  If you sign up with these companies, in five years will they still want to know you, they have your commission  and will  have probably moved on.


 


As I say I am a financial professional with a large pharma company and it annoys me when I see people being sucked into these long term, (sometimes 25 year arrangements) with very high and hidden charges to salesmen with no qualifications.


 


So this is just a warning that if you are cold called in your office or at home then be aware of the above and make your choice as an informed consumer.


 


Please pass this message on to your colleagues so that people are not misled into investment arrangements that may not be suitable to them, as I only have a few email addresses from colleagues for professionals outside of my particular company.


 


Thanks for your time, feel free to reply if you have had any experience of this


 


 


 

The text you are quoting:

 



 



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Beware Financial Advisors on the prowl!


Hello, I am sending this message as a responsible Basel citizen, so please bear with me.


 


  I work for one of the large pharma companies here in Basel and I have been cold called on quite a few occasions by two companies who I will not name, but names include words like …….. & partners,  and …………. wealth management,  F….Capital, and  they describe themselves as Independent financial advisors in the offshore market who help ex-patriots with their long term financial stability, I have been pestered by these guys and have looked into them more closely, they are in fact just salesmen targeting the professional employees of the pharmaceutical industry here in Basel. 


 


Because a lot of professional employees in Basel are considered ex-patriots (people working in a different country than where they were born) they are targeted by these financial salesmen because they qualify for investments in the offshore investment houses.  This is all fine but you should be aware that the charges these investments are with are very high and these salesmen and women are not qualified to give advice in Switzerland and many not qualified in finance at all. They also give high pressure timeshare like presentations and are really persistent.  If you sign up with these companies, in five years will they still want to know you, they have your commission  and will  have probably moved on.


 


As I say I am a financial professional with a large pharma company and it annoys me when I see people being sucked into these long term, (sometimes 25 year arrangements) with very high and hidden charges to salesmen with no qualifications.


 


So this is just a warning that if you are cold called in your office or at home then be aware of the above and make your choice as an informed consumer.


 


Please pass this message on to your colleagues so that people are not misled into investment arrangements that may not be suitable to them, as I only have a few email addresses from colleagues for professionals outside of my particular company.


 


Thanks for your time, feel free to reply if you have had any experience of this


 


 


 


pmanoucheNov 13, 2009 @ 18:19
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Re: Beware Financial Advisors on the Prowl!
Post 1

I have gotten 3 calls in the last few weeks.  I don't even know where they got my mobile number!


I have been civil so far because I thought they were random, next time I am telling them off.  I HATE tele-marketing.


Costs me my minutes and my time.

The text you are quoting:

I have gotten 3 calls in the last few weeks.  I don't even know where they got my mobile number!


I have been civil so far because I thought they were random, next time I am telling them off.  I HATE tele-marketing.


Costs me my minutes and my time.


JMfromTO, Nov 15, 2009 @ 22:36
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Re: Beware Financial Advisors on the Prowl!
Post 2

I'm based in Lausanne and I also received a call from a company called deVere & Partners back in October by what seemed a "tele-sales" guy. He came through on my direct line and told me that he received my details via their database in Zurich but could not tell me from exactly how they got my number.
By all accounts they are a legitimate company and I checked them out on the internet etc... I agreed to have one of their consultants to come and visit me at my office.
I requested his business card, which he said he didn't have on him (strange for turning up at a meeting without any credentials). Anyway after listening to his sales pitch for 10 minutes on how to deal with my frozen pensions in the UK and other such financial areas he proceeded to take out some forms and proceeded to request my private details.
This is where I said STOP!!! I told him that I'm at absolutely no obligation to discuss my private details and with him and didn't feel that I wanted to go any further. He still persisted to ask me whether I felt that any of my "colleagues" who were also expats would be interested to benefit from financial advice from their organisation. This is where I decided to show him the door.
About a week later, I received a further call from another "financial coordinator" for deVere & Partners. I asked again how they received my name and number they said via one of their clients based in the UK. When I asked who they couldn't tell me. She then proceeded to ask whether I wanted to see one of their advisors to talk about pensions etc etc... I basically explained that I had already received a call from their company and I was not impressed that I was receiving yet a further call after I had told them I was not interested to deal with their organisation. She apologised and so far I've not received any further calls.
However, this is really annoying and I was almost suckered in...! Just be careful giving out personal details to people even if they seem like they work for legitimate organisations. Most of these people are on commission to get you signed up and once you're hooked in, it certainly isn't easy to get yourself unhooked.
Just beware folks...!


 


 


 


 

The text you are quoting:

I'm based in Lausanne and I also received a call from a company called deVere & Partners back in October by what seemed a "tele-sales" guy. He came through on my direct line and told me that he received my details via their database in Zurich but could not tell me from exactly how they got my number.
By all accounts they are a legitimate company and I checked them out on the internet etc... I agreed to have one of their consultants to come and visit me at my office.
I requested his business card, which he said he didn't have on him (strange for turning up at a meeting without any credentials). Anyway after listening to his sales pitch for 10 minutes on how to deal with my frozen pensions in the UK and other such financial areas he proceeded to take out some forms and proceeded to request my private details.
This is where I said STOP!!! I told him that I'm at absolutely no obligation to discuss my private details and with him and didn't feel that I wanted to go any further. He still persisted to ask me whether I felt that any of my "colleagues" who were also expats would be interested to benefit from financial advice from their organisation. This is where I decided to show him the door.
About a week later, I received a further call from another "financial coordinator" for deVere & Partners. I asked again how they received my name and number they said via one of their clients based in the UK. When I asked who they couldn't tell me. She then proceeded to ask whether I wanted to see one of their advisors to talk about pensions etc etc... I basically explained that I had already received a call from their company and I was not impressed that I was receiving yet a further call after I had told them I was not interested to deal with their organisation. She apologised and so far I've not received any further calls.
However, this is really annoying and I was almost suckered in...! Just be careful giving out personal details to people even if they seem like they work for legitimate organisations. Most of these people are on commission to get you signed up and once you're hooked in, it certainly isn't easy to get yourself unhooked.
Just beware folks...!


 


 


 


 


DJ_Ladybird, Nov 19, 2009 @ 12:10
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Re: Beware Financial Advisors on the Prowl!
Post 3

Hi, I too was contacted by DeVere and Partners about six weeks ago - when I asked how they found me, they said one of my colleagues said I might be interested, but couldn't tell me which one. I went to meet them at their offices in Geneva airport, and received a very slick presentation, and even discussed pension options with them (silly, silly me). It all seemed very plausible, but it somehow left a sour taste in my mouth and then I saw this posting! Pmanouche sent me some links which show things in a rather different light. Luckily I haven't signed anything, but I have to say that while the people I had contact with were very polite and all that, it was really agressive telemarketing (which I hate). Look out for this lot!

The text you are quoting:

Hi, I too was contacted by DeVere and Partners about six weeks ago - when I asked how they found me, they said one of my colleagues said I might be interested, but couldn't tell me which one. I went to meet them at their offices in Geneva airport, and received a very slick presentation, and even discussed pension options with them (silly, silly me). It all seemed very plausible, but it somehow left a sour taste in my mouth and then I saw this posting! Pmanouche sent me some links which show things in a rather different light. Luckily I haven't signed anything, but I have to say that while the people I had contact with were very polite and all that, it was really agressive telemarketing (which I hate). Look out for this lot!


berlinoise, Nov 19, 2009 @ 14:00
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Re: Beware Financial Advisors on the Prowl!
Post 4

I've been working in various Euro countries for over 20 years so I've probably had about 400 calls from different so-called financial advisors over this time (and, in the early days, wasted a lot of time by agreeing to meet some of them). Depending on the kind of person you are, you can actually have a bit of fun by asking them some very basic questions (which they generally won't want or be able to answer), such as exactly what professional qualifications they have, how long they've been advising people on financial investments etc., and by insisting on knowing where they got your name. Alternatively, do what I do - tell them very firmly that you are absolutely NOT INTERESTED, thank them poplitely for calling, say goodbye (often, they will carry on talking while you do this, but just ignore them), and then hang up.

The text you are quoting:

I've been working in various Euro countries for over 20 years so I've probably had about 400 calls from different so-called financial advisors over this time (and, in the early days, wasted a lot of time by agreeing to meet some of them). Depending on the kind of person you are, you can actually have a bit of fun by asking them some very basic questions (which they generally won't want or be able to answer), such as exactly what professional qualifications they have, how long they've been advising people on financial investments etc., and by insisting on knowing where they got your name. Alternatively, do what I do - tell them very firmly that you are absolutely NOT INTERESTED, thank them poplitely for calling, say goodbye (often, they will carry on talking while you do this, but just ignore them), and then hang up.


geoffrey, Nov 20, 2009 @ 14:25
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