One-third of new advisers in 2018 are re-hires: deVere

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One-third of new advisers in 2018 are re-hires: deVere

Re-hires make up nearly a third of all financial advisers who have this year joined deVere Group, according to a poll published by the international advisory giant.

New figures published by the firm show that 31% of all its advisers taken on in 2018 across its global network of 70 offices have previously worked for the company.

Speaking on what the company feels is an unusual trend, James Green, deVere Group’s divisional manager for Western Europe, said: “This year we’ve experienced a particularly high number of advisers re-joining our different teams across the world.

“Clearly, people originally decide to leave for a variety of reasons. However, it is usually the case that advisors leave with the perception that the ‘grass is greener’, only to find things aren’t as good as they were promised.

Licenses
“They 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, in comparison to deVere.”

Green, pictured left, added: “It is always extremely disappointing when talented advisers who have been trained, mentored, given world-class support, resources, incentives and cutting edge technology, plus access for clients to the best suite of products and services from the world’s biggest financial institutions, decide to move on to other firms.

“But, that said, we are usually ready to welcome back the best financial advisers as the experience and expertise they bring benefits our clients as long as they left on good terms.

“This is especially true now more than ever as we seek to increase adviser numbers and further expand our global network of offices this year in order to meet ongoing and increasing client demand for our specialist financial advice.”

Earlier this year International Investment met with Green at the company’s Barcelona headquarters as part of our Big Interview series, where he outlined the company’s expansion plans across Europe. To watch the video interview, click here.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.