deVere Group unveils US expansion plans
- deVere sees more pension moved overseas
- Firing Line Firing Line: Nigel Green
- deVere unveils global expansion plan
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The global independent advisory company operates out of nearly 60 different countries, employing 1000 staff to manage 60,000 clients, but Mr Green said the group is set to grow further this year and is embarking on a hiring spree.
Following the recent launch of a Miami office and with more than 700 US clients, the company is to start operating out of New York and plans to open a third office in Houston, Texas.
Mr Green said: “A big part of our expansion is in the US.
“We do a lot of business with British expats living in the US and we also have a lot of US clients. It is a real niche.”
He explained the reason why many UK advisers do not want to deal with US expats is down to stringent US tax laws and regulation and the greater likelihood of being sued if something should go wrong.
For UK expats, he said investment vehicles, such as qualifying recognised overseas pension schemes, Qrops, were highly beneficial if done correctly, as they can make clients’ pensions work harder and be more tax efficient.
He said: “Clients want an adviser who is global and can look after them wherever they are. deVere is in nearly 60 different countries, so it is likely we will be able to do so.”
deVere will also be opening a base in Portugal to cater to the retired expat market, an office in Milan, and offices in Budapest, Hungary, and the Ukrainian capital Kiev. Most of the clients in these cities will be expats, in their 30s and 40s, earning more than £150,000 and with substantial assets.
As it expands, Mr Green said deVere will be recruiting more staff, both locally and from inside the UK, particularly those who want to work abroad.
He said: “It is a good time for financial services because people appreciate the need for a good IFA, wherever they are.
“The fact is our government cannot afford to look after us and individuals need good advice, so it is a time when the IFA is valued more and the industry is expanding.”
Mr Green is hoping for a 25 per cent increase in turnover this year, adding: “Driving our expansion is two things.
“Our clients – who want to be looked after wherever they are - and our staff.
“People in the company want to improve and have opportunities so there is pressure from both sides.
“I have to admit it is great fun.”