deVere United Kingdom, part of deVere Group, one of the world’s leading independent financial advisory organisations, last week reported a 51 per cent rise in year-to-date revenue, compared to the same time last year.
Plans to “aggressively develop” the group’s presence in the UK were first announced in March this year by deVere Group CEO Nigel Green: “We’re set to go big in Britain. We are further focusing on and committing considerable extra resources to the UK market.”
It would seem that this latest increase in revenue proves the plans are, indeed, working. And working extremely well.
However, the move to expand in the UK may be considered somewhat unusual, as although it is more commonplace for UK-based firms to focus on global market opportunities, international organisations looking to enhance their development in Britain is regarded as atypical.
Nevertheless, deVere is going against this trend, and according to the Managing Director of deVere United Kingdom, Mike Coady, this latest revenue increase is down to a series of factors.
First, an overall jump in client demand. Mr Coady comments: “In general, people are becoming ever more aware of the need for sound, tailor-made, independent financial advice in order to grow, maximise and safeguard their wealth, thereby reaching their long-term financial objectives.”
The second factor attributing to this increase in year-to-date revenue is the buoyant UK economy, which is attracting mass affluent and high net worth British expats and foreign nationals back to Britain, albeit temporarily for some.
Mr Coady affirms: “We’ve experienced an upward trend of British expats and foreign nationals returning to the UK, leading to the spike in demand as deVere are the worldwide market leaders in expat wealth solutions.
“As the economy continues to strengthen and the future looks bright, demand from these individuals is predicted to continue to increase.”
Third, is the fact that deVere United Kingdom has augmented its scope of offerings throughout 2015.
One such example is deVere Mortgages, which was launched in January this year as a standalone division. At the end of last month a 43 per cent rise in mortgage applications was reported between June and July, with most new enquiries coming from overseas buyers.
Also set up in January was the Workplace Solutions division of deVere United Kingdom, which provides expert advice to current and former employees of corporations in order to help them reach their long-term financial goals.
Since its launch, Workplace Solutions has been successful in securing key contracts with several multinational corporations.
Speaking of the brand, Mike Coady states: “I am confident that the Workplace Solutions division is destined for even bigger success and will truly shape and lead the pensions industry which is currently undergoing monumental change.”
So, what’s next?
Mr Coady concludes: “We intend to capitalise further on our extensive global experience and bring the most successful, ‘best of breed’ practices from the different international markets.
“Earlier this year we set out strategic plans to considerably develop our position in the UK in 2015 and beyond. The year-to-date revenue figures [announced last week] would suggest that we have been successful in achieving this objective.”