The office in the Bavarian capital joins deVere’s existing Frankfurt operation.
The Munich business will be headed by Glen Crosfill, area manager, who has moved from Dubai where he filled a similar role within the global financial advisory firm for seven years.
Crosfill will report to Nicholas Grams, country manager for deVere Germany.
The decision to open a second office in Germany was driven, in part, by rising demand in the last 18 months following Brexit.
Brexit and recruitment
Crosfill said: “We attribute much of this surge in demand to Brexit for two key reasons.
“First, it’s our experience that more and more expats, high net worth international investors, and German nationals who’ve been living overseas, are relocating to Munich, with many of them telling us this in in direct response to the UK’s decision to leave the EU.
“And second, many of these individuals are specifically seeking advice on certain specialist financial products, such as recognised overseas pension transfers, ahead of the official Brexit deadline of 29 March next year.”
He added: “Due to a forecast growing client base, we will be looking to recruit additional talented wealth advisers plus career-minded support staff in the coming months to join our existing team.
“We intend to have 10 financial consultants in place by the end of the third quarter, who will be assisted by their coordinators and administrative staff.”
Western Europe expansion
James Green, divisional manager for deVere Group in Western Europe, said: “This expansion in Germany is part of our ambitious strategic plans for Western Europe.”
DeVere’s launch in Munich follows the firm opening in Madrid in May last year, the Austrian capital in August, and in Portugal’s Algarve in October.
Plans are also being made to expand existing bases in France, Italy, Spain and Switzerland within the next few months.
