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? aleks.vickovich@momentummedia.com.au
[quote=Mount Bennington]Synchron, the new licensee of last resort, per chance?[/quote]
No, NOT A CHANCE!!!
First Mutual have a CEO who was the former founder of a failed ASX listing of planners in the 90’s and had 2 banned advisers under its license this really is getting silly
I don’t know that “targeted” is the right word, ifa – why not reached out, offered, helped in a time of need?
Who is to say due diligence isn’t being done? You know what they say about assumptions!
I feel sorry for the decent advisers within Dover (of which there must be a few) who are being lumped in with the blanket “get rid of them all!!” viewpoint
Aon is a quality outfit who are known for being very discerning on which advisers they bring on board. They promote quality as opposed to quantity – as opposed to another independent licensee… This article should capture that.
Purely your opinion
if you are with one such dealer group now is the time for you to move quickly….
Backed by the evidence that you haven’t seen their name in the press for any poor advice or behaviour.
All I can say is what a great decision I made to retire 3 years ago, I could see the tsunami coming. Since then the advice industry has just imploded.
Of course that’s not to say there aren’t people out there giving good advice. It’s just that the whole environment has become toxic.
If you can afford to retire get out now because it won’t get any better, take my word for it.
I feel sorry for the Dover advisers. I find it strange however that licensees would just open the doors for them. If I was a licensee it would be the last thing I would do. Why would you attract any unwanted attention from ASIC when they are clearly on the warpath? Advisers are getting banned almost everyday.
When the purpose of an organisation is to exist only to find fault with what you do, then we are all doomed.
Exactly. On boarding in days means they skip any real due diligence. Just what asic smashed.
[b]Bluewater Financial Advisors[/b] Great rates for advisers I know I was a Dover adviser some years back and now I am with Bluewater because of there best rates.
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Pay peanuts get monkeys
true this time around choose an expensive licensee trust me you get a lot more for your money, cheap in this industry almost always = terrible
if i see my licensee take on a single dover adviser i will be out the door faster than usain bolt
Ridiculous comment. If they do their due dilligence and the adviser fits the advice model of the dealer group then there is no issue.
First Mutual appear to be doing exactly what Dover lost their license for. NO serious license can carte blanche offer a blanket acceptance. Dover advisers of quality should look to avoid the herd, and seek a new home from dealerships with a slow but steady approach and avoid the Synchrons and First mutual type offers.
Thinking the same, the article above my see the next round of financial planning groups in front of the Royal Commissions. A viagra-inspired ASIC getting their next targets in sight.
Exactly and when I decided it was time to get out a few weeks ago that is what I did. Now to get my release and enjoy giving advice under a quality licence that fits my values of using industry superannuation funds.
Synchron, the new licensee of last resort, per chance?
I tried with Synchron, they are saying no to any Dover advisers
Do words poisoned and chalice ring a bell?
Danger Will Robinson!
Regardless of what any adviser or advisers may have done within Dover, this is a disgrace and something ASIC need to be hauled over the coals about. Aside from affecting any decent advisers amongst them, if any client has an issue or complaint, it effectively starts the clock on how long they can realistically expect to get any resolution.
good on you, incompetent imbeciles at ASIC(k) joke, you’ve really put everyone in an effed up position yet again, the BenDover and take it up the xxxx, just as you like it.
No quality licensee will take on board Dover advisers until they get a view from asic about the quality of their advisers. ASIC will target the second tier dealer groups next. Be warned. Stick with the big 6 if you want to remain in business.
Providing you like to be in sales and not advice.
Just as the big six want out!
Thanks Anonymous, hope Don appreciates you telling the world he has “ASIC under extreme control”. I hope you’re right for his sake or the Spanish Inquisition could be heading his way next too !!! ASIC have proved they are not a toothless regular any more so waving red rags at the bull may not be appreciated by Don.
Nice business youre in hey! Can be made worthless overnight.
Good luck finding a buyer. Take 1x revenue and RUN RUN RUN for the exits if you can find a dopey fool who thinks things will get better and compliance/education burden wont ruin his life and business model..
Dover planners join Sychron, most ASIC bullet proof licensee left. They have 4 page Risk Insurance only SOA, ASIC approved. They have not been targeted by ASIC because their director, has ASIC under extreme control. You can use any software, we love it at Sychron and thank Don for ensuring ASIC cant and will never do anything to change culture at Sychron. We love you Don.
Can we just explode this myth without bagging Synchron. ASIC does not ‘approve’ anything. ASIC will provide guidance and ASIC will review but doe not approve, because it can then be held liable.
I have heard this statement before and the if the author of this note is going to make these comments, he or she needs to see something in writing from ASIC. Good luck with that?
I seem to remember some Dover advisers commenting on articles prior to the Royal Commission about how McMaster was great and was going to school ASIC and the Royal Commission. Be careful what you ask for.
yes, but synchron will show everyone. synchron is da best licensee
I hope you’re not an adviser. Who even uses the word “da” in a sentence. Take a chill pill homie