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The Dover Group
  • January 12, 2017

    Down on his luck

    Down on his luck
    Dr Tim (not his real name) was reeling. Age 60, and he did not see it coming. Divorce. It was one of those no-fault divorces. They just grew apart. It had been a grueling thirty-five years for both of them. A late entry to medicine (Tim taught first), an early entry to parenthood, one income, […]
  • January 8, 2017

    Can a churn be in a client’s best interests?

    Can a churn be in a client’s best interests?
    An independent adviser approached MLA Lawyers with an interesting question. (This is not unusual, by the way. Many of MLA Lawyers’s clients are not Dover advisers.) The adviser’s client, a forty year old executive on a salary of about $400,000 a year was paying about $12,000 a year for risk insurance premiums. There we was […]
  • December 23, 2016

    The pitfalls of risk analysis questionnaires

    The pitfalls of risk analysis questionnaires
    I completed a risk analysis questionnaire just now. It did not take long. Just 15 questions. Each with between 2 and 6 possible answers, and a score for each answer. Once complete a score is compiled. If the score is low the client is conservative and if the score is high the client is not […]
  • December 9, 2016

    Schadenfreudian, and cruel

    Schadenfreudian, and cruel
    It’s my last weekend before signing off for the year, so I am doing what every conscientious AFSL responsible manager should be doing: laboring over recent ASIC enforceable undertakings against financial planners trying to learn more about how I can make a good thing even better.  In summary, it’s mind manipulating character assassination by press […]
  • November 30, 2016

    The Assumption of the Cars

    The Assumption of the Cars
    The car has a holy role in the psyche of many men. It says something about you, and about what you want to be. It’s a signal of your success…. It’s the Holy Grail. Or is it the Holy Grill? This was brought back to me at a recent Dover CPD day when I was cornered and […]
  • November 2, 2016

    Financial planning is about taking a holiday

    Financial planning is about taking a holiday
    Dr Ethan and his wife Esther migrated to Australia in 1988. They were Russian Refuseniks, brought to Australia from the USSR under a special deal done by the then prime minister, Bob Hawke. Ethan’s medical qualifications were not recognized so he took a job as a trainee nurse. He completed the training and applied to […]
  • October 18, 2016

    Financial planning is about basketball

    Financial planning is about basketball
    Since when was financial planning about financial products? I recall a meeting with Steve some years ago. Steve was a 40-something medical specialist whose oldest son was about to play his first game of under nines basketball. Steve lamented that he would probably never see him play a game: they were scheduled for just after […]
  • October 17, 2016

    Two sets of rules

    Two sets of rules
    Financial Services Minister Kelly O’Dwyer will announce on Monday that the government will create a new independent standards body with broad powers to govern professional standards for financial advisers, including setting a code of ethics. The big banks and the AMP will bankroll the establishment of the statutory body … The Australian Financial Review can […]
  • October 13, 2016

    Making good SOAs even better

    Making good SOAs even better
    Congratulations to our Senior Compliance Manager Yin Low on her recent admission as a solicitor in the Supreme Court of Victoria. Yin completed an undergraduate law degree in Cardiff, Wales, and a masters degree in law at Monash University, and is also a qualified financial planner. Yin’s admission was moved by Mina Andrawis, a director of […]
  • September 30, 2016

    Dealing with older clients

    Dealing with older clients
    Sadly, financial elder abuse is a reality. And with increasing wealth and longevity it’s becoming a more frequent reality. The Victorian State Trustee has created some useful information that can be accessed here: Victorian State Trustees and Elder Abuse. I recommend you read these materials, and similar materials, and generally acquaint yourself with these serious […]
  • September 26, 2016

    Property in 2046

    Property in 2046
    Our property crystal ball Australian property prices are high now. But the real question is where will Australian property prices be in 2046? Clients have think long term. As we wrote last month that can as far out as 100 years: http://www.mcmasters.com.au/100-years/. The Russell ASX Long Term Investment Report is mandatory reading for anyone really […]
  • September 11, 2016

    LIFE in 2026

    LIFE in 2026
    It’s 1 July 2026. You are about to see your first new client for the new financial year. There will be many more. They will all be short meetings. They have to be. Your waiting room is full. There is a new client deluge: everyone wants real tax-deductible-strategy-based-financial planning advice. Independent and objective advice on super, investment […]
  • September 10, 2016

    When being average is good

    When being average is good
    I recently dined with F. William McNabb III, the CEO of Vanguard International. You will be relieved to know his friends and colleagues call him “Bill”. I usually do not accept work based dinner invitations. But this was an exception. I have never before been invited to dinner with the CEO of a company that manages […]
  • September 8, 2016

    Ten steps to a great financial plan

    Ten steps to a great financial plan
    Being a financial planner is easy when your client is a really nice person. The first twenty minutes was more like catching up with an old friend. What are your kids doing? Where have you been on holidays? What else have you been up to? It was very pleasant. We had to wilfully drag ourselves […]
  • August 31, 2016

    Whose churn is it anyway?

    Whose churn is it anyway?
    In October 2014 ASIC released Report 413 titled “Review of retail life insurance advice” listing out all the things ASIC thought advisers were doing wrong. You can read Report 413 here: ASIC Report 413 Review of retail life insurance advice. As you can read, ASIC found a lot of poor advice. The poor advice included failures to adequately […]