British financial advisory group deVere Group has bolstered its presence in Germany by opening new offices in Munich.
The new operation will be led by area manager Glen Crosfill, who has relocated to Germany from Dubai.
Crosfill served in a similar position in Dubai for seven years. In the new role, he will report to deVere Germany country manager Nicholas Grams.
According to Crosfill, the expansion is due to higher demand for cross-border financial advice.
“We’ve take the decision to open here due to an ongoing increase in demand from clients for our cross-border financial expertise and experience. Previously, we had been serving existing Munich-based clients from our hub in Frankfurt. However, with demand rising consistently over the last 18 months – something we predict to gain momentum further – it makes sense to open offices within the city itself,” he noted.
Crosfill also said that the move is largely driven by Britain’s move to quit the European Union.
“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 said.
In addition, Crosfill unveiled plans to hire wealth advisers and support staff in the coming months.
“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,” he added.