Former NAB, ASIC exec approaches Dover advisers

Dover has notified its authorised representatives about a licensing offer from a third party to take on those still “unassigned” to new AFSLs, with a former NAB and ASIC manager making the offer.

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.

Former NAB, ASIC exec approaches Dover advisers
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