The Dover Group
  • June 5, 2017

    Give the kid a break

    It’s official. It’s final. In July 2017 Australia will best the Netherlands as the all time world champion economy. 25 years on the trot without one recession. An economic miracle no one predicted. A trove of treasurers have, with differing degrees of skill and a lot of mining luck, notched up the all time economic […]
  • May 29, 2017

    Dover’s ACES website service is great and its free

    You can read an excellent summary of the Life Insurance Framework (LIF) reforms here: New Life Insurance Framework will test advisers. I had to smile. Just the other day someone told me the best way to deal with the 33.3% cut to commissions on 1 January 2018 is to churn every client before December 2017 […]
  • May 25, 2017

    Businesses are the best investments

    With my own clients the first part of my statement of advice always addresses their business. If the client runs their own business we discuss how it is going, and what can be done to make it better. Can we employ more health professionals? Can we open another site? Can we increase prices? Can we […]
  • May 5, 2017

    So you thought you were insured

    Interviews with potential Dover advisers are interesting exercises. Many do not understand how their AFSL’s compensation and insurance arrangements work. They think “they are covered for everything above $15,000”, or whatever. The questions “Who is covered?” “What is covered?” and “When it is covered?” do not get much thought. But more worrying is the common […]
  • April 9, 2017

    Your advice is supposed to be personal

    Financial advisor word cloud
    Statements of advice (SOA) can be harsh and sterile documents. Computer written and compliance motivated they can be terribly impersonal, and this could be costing you dearly. RG 175.136 says “An SOA is a document that helps a retail client understand, and decide whether to rely on, personal advice.” So an SOA should be personal. […]
  • March 22, 2017

    School fees: the big issue

    Clients need strategies. Clients need ideas. Clients need an adviser who can put a texta to a white board and explore thoughts and possibilities that interest clients and grab their attention, and worries. Thought explorations are by their nature imprecise and imperfect. You sometimes get more than halfway in before you suddenly realize it’s not […]
  • February 13, 2017

    Tax deductible financial planning advice

    Businessman Writing the Word "Tax"
    Regular readers, and that should be every Dover adviser, know we focus on financial strategies rather than financial products. This is because ultimately financial planning is all about strategies. The best financial product in the world is useless without a financial strategy. Clients must have financial strategies. A strategy based financial planning practice is far […]
  • February 3, 2017
  • January 12, 2017

    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?

    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 was nothing […]
  • January 4, 2017

    Financial planning is about gender equity

    Man And Woman Sex Equality Concept
    Women access financial planning less than men, earn less than men, accumulate less than men and retire with less than men. But they live a lot longer than men. One third of women receiving an age pension live below the poverty line. Single women who do not own a home suffer the most. They are […]
  • December 23, 2016

    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

    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

    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 […]