Authorised representatives of Dover have received an email from their licensee notifying them of a new offer in the wake of the shock closure of Dover, first published by ifa on Friday, 8 June.
“Jardin Wealth have approached Dover Financial Advisers Pty Ltd in relation to offering their AFSL to any planners who have yet to be assigned to a new ASFL,” the email stated.
“Jardin Wealth will be contacting you individually to see if you are interested in the assigning to their AFSL.
“Please note that you are not obligated to enter into any arrangement with Jardin Wealth; Jardin Wealth approached Dover Financial Advisers Pty Ltd to assist any unassigned planners. Also, Dover Financial Advisers Pty Ltd cannot and will not endorse or recommend any service Jardin Wealth are offering.
“Any referral fee paid to Dover Financial Advisers Pty Ltd by Jardin Wealth will be offset against any amounts the respective adviser owes Dover Financial Advisers Pty Ltd. Should the adviser not owe Dover Financial Advisers Pty Ltd any funds, then the adviser will receive the funds into their nominated account.”
The email was sent last night and signed by “Dover Financial Advisors [sic] Pty Ltd” but a source within Dover has confirmed to ifa that it was sent by a member of the licensee’s “senior management”.
Jardin Wealth has a minimal online presence and does not hold an AFSL, according to ASIC data.
However, a spokesman for the company, Daniel Rake, has told ifa that Jardin Wealth is merely a “holding company” acting as a representative of two AFSLs looking to on-board Dover reps subject to due diligence.
Mr Rake was formerly an executive at NAB, serving as head of wealth and practice development manager at NAB Financial Planning, according to his LinkedIn profile. He also worked as a general manager at ASIC between 2001 and 2006, including a stint as chair of its workforce planning committee.
He is currently general manager of Melbourne-based advice firm and mortgage brokerage Freedom Finance Australia (FFA).
Mr Rake declined to the name the two licensees on whose behalf he is acting, explaining they have contracted Jardin Wealth as a “first point of contact” to ensure the “integrity of the due diligence”.
“Both AFSLs have existed for a significant amount of time and at least one already has a group of authorised representatives,” he said.
FFA currently has licensing agreements with ANZ-aligned Financial Services Partners and TAL-owned Affinia. Mr Rake said these are not the two licensees in question.
Let’s be reasonable and say there are many good advisers at Dover. The point is the good one should be allowed to resume business as usual.
Why the smoke and mirrors? Why not disclose the names of the two AFSLs? Why is this supposed ‘holding company’ paying referral fees to Dover? What is Daniel Rake’s role in it?…This reaks!!!
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.
I am sure Synchron will be thrilled to know that they are bulletproof. I am 100% positive that ASIC feel the strong ties and have a such a significant relationship with Synchron that tomorrow they will pay them a visit for lunch followed by group sex at the Pink Palace brothel across the road from the office.
You’re now making a complete nuisance of yourself. No one believes for a second that you have any positive connection to Synchron. MODERATORS please STOP authorising these duplicated posts on your forum.
Synchron bullet proof? Please…I wonder if ASIC thinks that..
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?
hence why they’re hiding behind some obscure mortgage business
Let’s just all Ben ”Dover”…
this is gold
I think the words “referral fee” says it all.
true. says a lot about an organisation, that they are not going to let go of a single dollar even when they are being closed down.
all those people singing Dover’s praise think about that for a minute.
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???
They should join “syncron” and ensure they don’t particpate in any fee for service rort.