just because the only good thing you did in your lives was buy a house for $35k, 40 years ago, u are now 80 years and still living on your grandfathered trail commission doesn't mean everyone else is in exactly the same position as you numbnuts

i can't wait for the exam which will be the end of you both as you won't pass

i am with you. let's end the AFSL, and have fasea be the new overseer with whom advisers have to register with. after 2019 all new entrants have to have a degree and within 5 years many others who do not want to do further study will leave so it will leave a very small number of advisers to oversee. i would estimate based on the uk example - where only 5,000 IFA's remain - that we would have a similar number here also. about 5,000 advisers out of the 22,000 approximately registered currently

Exactly right, if it isn't fake post, this person shouldn't be a financial planner, full stop! Buying a house where property prices have fallen 20% while breeding? Stupid! Maybe the clients of the practice will see another planner pre-30 June as the big baseless concern of many. I find it hard to start agreeing with myself!

And now they can refer all these clients to CBA Advisers! Someone will get a pretty sweet bonus for that!!!

Let's just all Ben ''Dover''...

Correct join Sychron, only ASIC bulletproof licensee left. Dover planners, Sychron have strong ties with ASIC and very significant relationship. They will never be under extreme scrutiny like bank aligned groups and Dover type of licensees.

Seriously, if your'e a financial adviser who goes bankrupt because you dont get paid for a month or two you have issues.

If he was any good (and I hope he is and this is happening) he would already have a new dealer group lined up and background checks underway

That is ridiculously uninformed. Troll alert.

hence why they're hiding behind some obscure mortgage business

I think these licensees ought to wait to see why ASIC was going to close down Dover. Wouldn't you want to know what you were bringing on? What if you bring on an adviser and then get lumbered with an EU from ASIC relating to their past advice?

Looking at these people's background I'd have to ask what possible value could they add. An ex software salesperson? Advisers have three new salaries to pay for now. That's in addition to the press release person. ASIC with Dover, has sent a clear message it dosen't like large licensee's. Seems like you need 3 more salaries to talk advisers into staying just so you can get 30 days notice to leave with your fees turned off straight away by Colonial when ASIC closes you down.

Why is it that Advisers are happy to leave the destiny of Advice in the hands of Banks and mobs like these. Reduce your costs, increase your compliance support and simply ring the advice firm up the road and say "maybe we should pool our resources and get our own license".

Dover V2.

that's true I have just spoken to a young ex dover adviser who is going to go bankrupt. he has two kids under 5 he is in a negative equity position because house prices have gone down 20% in his area and he borrowed to get into business

a young family man is now going to be ruined and he did nothing wrong

I think the words "referral fee" says it all.

When life commissions get fully banned and service/review fees are banned from super...and we are made to charge only when a job is done, the only exec jobs i can see being of any value is business development, i.e. trying to find new clients to remain profitable. Sorry to be the bearer of pessimism. Providing a fantastic client experience and charging squillions is so old fashioned now.

Sounds dodge

so we have a group that has three licences, and is now looking to work with another 2 licencees
does this sound ligit

This sounds dodgy..

it is syncrony and GPS

What could possibly go wrong???