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14 Comments

  1. Derrick Towlson
    March 20, 2018 @ 8:07 am

    Great story, look forward to their response.
    18 marriages, seriously ??

  2. Alan Gandy
    March 20, 2018 @ 12:09 pm

    I’m still waiting…

    18 marriages, a bit of tongue in cheek writing from currently number 3 ;)

  3. Kitty C
    March 25, 2018 @ 11:21 am

    de Vere and Partners? Major scam outfit, well documented esp. their boiler room based in Bangkok. See various articles by Andrew Drummond.

  4. Starshollow
    April 19, 2018 @ 4:51 pm

    Dear Alan, I have filed several complaints to the Frankfurt IHK (regulator for Trafalgar Germany) in the past, the newest one in March of this year after clients of ours (we are a duly licensed investment advisor and insurance broker for Expats in Germany) were similarly contacted by Magnitude Wealth. The answer from the IHK Frankfurt is clear: neither Magnitude nor any other entity (like formerly Continental Wealth Management) can claim to be acting under the license of Trafalgar. The wording from the German IHK is as follows, in case somebody want to use is:
    “weder die Erlaubnis nach § 34d Abs. 1 GewO noch die Erlaubnis nach § 34f Abs. 1 GewO berechtigen einen Vermittler dazu, anderen Unternehmen eine „Unterlizenz“ zu erteilen oder die eigene Lizenz durch „Beleihung“ auf Dritte zu übertragen.”
    This answer came in direct reply to my question, whether Magnitude Wealth and Peter Alexander (yet another such outfit claiming to acting under Trafalgar license) have a legal rght to do so.
    Plus: Trafalgar has only the right in Germany as an insurance broker, they “lost” their license as investment advisor some time ago (2016 or so).

  5. Mike F
    April 20, 2018 @ 3:41 pm

    I’ve just seen that this Mark Steinbach of Magnitude Wealth Ltd has recently viewed my own LinkedIn profile. So I did a Google search for his name and company and (wonderfully) this page showed up at the top of the list. Thanks for publishing this – forewarned is forearmed.

  6. Alan Gandy
    April 20, 2018 @ 5:13 pm

    It never ceases to amaze us just how many people get involved with these financial services types without really doing any sensible due diligence…. Glad to hear you have Mike! ;)

  7. Brian
    April 20, 2018 @ 6:44 pm

    Until recently, another firm in Spain called Seagate Wealth Management had this so called license. Its current website does not declare its regulation. In the past it referred to Trafalgar International as providing the licence and it can be found on the archive here

    https://web.archive.org/web/20160316175930/http://www.seagatewealth.es:80/regulation

    How many more are there?

  8. Silonic
    May 17, 2018 @ 10:41 am

    Confusingly, I found reference to Peter on the actual De Vere website regarding a testimonial. Now whether “Mark” actually puts you in touch with the real Peter isn’t something I’m willing to find out….
    https://www.devere-group.com/testimonials/Peter-Challenger-192.aspx?page=18

  9. David
    May 17, 2018 @ 7:32 pm

    Maybe a couple of other names to look out for here ( Peter Alexander Wealth Management (Proctor Wealth Associates and Peter Alexander Wealth Management)

    https://www.toytowngermany.com/forum/topic/377666-warning-about-unregulated-advisors-targetting-expats-in-germany/

  10. Rosemary
    May 26, 2018 @ 1:26 pm

    I am one of some 300 plus people who have lost almost 16 million pounds between us by dealing with Continental Wealth Management an unlicensed, unqualified now closed down IFA working from Spain and claiming to be registered with Trafalgar Gmbh. Trafalgar were licensed to give Financial advice but handed it back in May 2016 as apparently it wasn’t required any longer … The reason they didn’t need it anymore was instead they were selling Assurance bonds so only needed Insurance advice licenses. These bonds had massive hidden charges and then paid CWM huge commission for selling Toxic high risk investments, all these charges and commissions were taken out of our pension fund. We didn’t know any of this had happened as CWM lied to us about the investments. It has taken 6 months to get paperwork back from our Trustee and everything they sent us (over 65 attachments) we had never seen, apart from 3 annual statements and 2 welcome letters. Yes we fell for it, but it was very cleverly done.

  11. Brian
    June 1, 2018 @ 7:33 am

    Did you ever get a response to your questions? I am assuming the firm is aware of this blog. If so, it beggars belief that there is no response.

  12. Alan Gandy
    June 1, 2018 @ 11:31 am

    No Brian, we haven’t received any reply.
    For reasons I won’t go into here we sent them an email again yesterday inviting a response again.

  13. MK
    June 18, 2018 @ 2:02 pm

    I received one of their unsolicited mails today to my LinkedIn account, and your article is one of the top search results.

    These guys sound shady as hell, maybe Private Eye or something could help bring them down.

  14. Alan Gandy
    June 19, 2018 @ 1:35 am

    We’ve still had no reply from them MK.

    Obviously I can’t say whether they are ‘shady’ or not, this article is about their unsolicited approaches…. Though, in my opinion, companies who make these sorts of approaches shouldn’t be surprised to be asked the questions raised in the article.

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