Re-hires make up nearly a third of all financial advisers who have joined international financial advisory and wealth management firm deVere Group this year.

Figures released by the group show that 31 per cent of all its advisers taken on in 2018 across its global network of 70 offices have previously worked for the company and decided to return.

The company described the trend as “unusual.”

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 advisers leave with the perception that the ‘grass is greener’, only to find things aren’t as good as they were promised.

“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.” 

He continues: “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.”  

He said the firm was seeking to increase adviser numbers and expand its global network of offices this year to meet increasing client demand for specialist financial advice.