Peter Thornhill 2018

Very disappointing. The were the largest non-bank affiliated AFSL group.

 

Whose son?

 

Quote ..
Dover charged planners a flat fee of $20,000 a year including professional indemnity insurance per authorised representative and $12,000 for subsequent planners.

Keep it simple springs to mind,you go it alone -buys a few stocks that are likely to pay-out above average constant returns and invest the bulk within those stocks,inbetween all the blow-ups media drama queens
and hold onto those stocks no matter what happens..30 years later looking back it was the right way..

 

Thornhill unless you’re pulling my leg. His son works for Fortitude Private Wealth. Just wondering if they’re associated with Dover?

Fortitude Private Wealth – Partnering with you to live an extraordinary life.

 

Fortitude has its own AFSL

 

Sorry got confused, not unusual. Was just wondering why the comment ended up in the Thornhill thread. I didn’t read previous entries.

 

How do financial planners get to have ‘funds under management’? Don’t they advise you where to invest (put money into stock x, put money into fund y) with the money not touching the financial advisor? Do Dover run their own mutual (or equivalent) funds? And is there not appropriate custody arrangements as is the case with most large managed funds?

 

Dover never allowed their advisers to manage funds for their clients.

They only allowed recommendations for long term buy and hold and only equities on a list by BT.

This figure probably refers to their clients asset holdings

 

So article arguably misleading, as the funds would not be affected or ‘in limbo’.

 

Yes I think misleading

 

Are the examples in the article supposed to be the reasons for losing their licence? Or are there more?

 

The reasons are not public.

 

Maybe I'm reading out of context - only equities? Or equities only if they were on the BT list?
The article refers to commissions and platform fee payments, so it looks like there may have been some other investments in there too. Presumably insurance for commissions as well.

 

Equities that were on BTs recommended list - not sure exactly what it is called but the they can only recommend shares, LICs, EFTs etc that are on this list.

They were pretty conservative.

 

I think that's what has surprised me about the Dover issues - I think they had all SOAs reviewed for compliance? And promoted shorter SOAs as being of more relevance for clients?

Also I think in light of the RC we have seen what the 'big' licensees have been doing wrong but it seems ASIC is not stomping on them - maybe they are and we'll find out about it down the track. I think the message currently being sent to the public is not positive for non-institutional planning!

 

Yes they reviewed all SOAs before they were sent out to clients - by their financial planning team and then by their lawyers.

 

A bit of an Ouch! there with Dover.

One does wonder about the apparent angst of their clients being left in limbo though and hung out to dry. If the advice given was sound to begin with - a presumption I know - then if they continue with that advice or do absolutely bugger all fiddling with it then in theory they should be fine. If the advice give to some clients was not sound - another presumption - how many of them are there in actual numbers or as a percentage of total clients?

If small, not too sure why there are arguments that all clients need to be protected in that way through a mandatory compensation scheme as proposed by Professor Ramsay. However, I acknowledge which the number may be small overall it's still can be devastating for those impacted. Plus it raises the issue of who or what is to fund such a scheme.

In other words, Hello the possibility of another impost of superannuation in addition to the Supervisory levy to offset the ATO's cost of regulating SMSF's.

Way too many regulators fingers in the damn pie. One fee, one regulator to cover the lot please. Much like a hamburger.

 

"ASIC tells 50,000 Dover clients to find a new financial adviser"

ASIC tells 50,000 Dover clients to find a new financial adviser


Another misleading headline from the SMH


This is what ASIC said

… Dover clients might look for a new adviser. If you do that you should make sure you are dealing with an adviser authorised by an Australian financial services (AFS) licensee.

If you want to get financial advice and want to continue to use your ex-Dover adviser, you need to make sure they have been authorised by another AFS licensee….

Dover | ASIC - Australian Securities and Investments Commission

 

Hi All,

First time poster, long time learner from everyone on these other asset threads.

Just wanted to share below link for next Peter Thornhill event @ Sydney on 26 Aug.

I can't wait for this one.....

Motivated Money - Peter Thornhill Wealth Inspiration Event

 

Great first post, mate! Just what I was looking for. Cheers.

Who should I say I'm a guest of?