Dealers make Dover advisers an offer

At least two former competitors of Dover Financial Advisers have targeted distressed authorised representatives with recruitment offers, following the shock announcement of Dover's AFSL cancellation and closure. 

On Friday, ifa exclusively reported that Dover director Terry McMaster has written to authorised representatives announcing that the dealer group will close its doors and cancel its licence, leaving hundreds of financial advisers urgently seeking a new licensee.

ifa can now reveal that a number of licensees have come forward to approach the Dover network collectively, keen to bolster their own authorised representatives ranks.

An email co-signed by Aon Hewitt regional client manager John Tenho and partner Jayson Walker, seen by ifa, says their door is open to Dover reps at this difficult time.


"We want to assure you that we are here to support every professional financial planner needing a new licensee," the email said. 

"As an industry participant, we have been promoting the value of financial planning and insurance advice since the early 1990s and we aim to continue to do so for years to come. If you want to learn more about Aon and our offer then please don’t hesitate to contact us today. We are available to take your call or answer your email as a matter of priority."

Little-known licensee First Mutual Australia has also made an official approach to Dover advisers, according to an email leaked to ifa.

"Last night I got in touch with the decision-makers from First Mutual Australia and they have already committed to start my application process ... and will have me up and running as an adviser within a few days," said one Dover authorised representative whose identity ifa has chosen to keep confidential.

"I have also requested First Mutual Australia to extend the same level of service and commitment for all ex-advisers of Dover and they have agreed to help."

However, a number of other major non-bank dealer group executives have told ifa they are cautious about onboarding Dover advisers given director Terry McMaster's claims of an ASIC intervention.

ifa has requested clarification from ASIC and is awaiting a response.

Mr McMaster has declined requests for interview. 

Do you know more about this? [email protected] 



Dealers make Dover advisers an offer
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