The Dover Profit Improvement Program: The Dover Experience

Dover representatives may join the Dover Profit Improvement Program and the Dover Experience.

The Dover Profit Improvement Program helps you improve the profitability, value and marketability of your practice. It does this by encouraging you to become the primary advisor to your clients on all aspects of their financial lives and to use the Dover Experience to provide the full range of financial services to your clients. 

The Dover Experience derives from the 70 professionals that make up the McMasters' group of solicitors, accountants, financial planners and property consultants.

The Dover Experience puts you in control. Your clients regard you as the main source of advice, and know you are supported by a team of experienced professionals.

The Dover Profit Improvement Program is optional and participation is not a condition of being a Dover Representative.

The Dover Profit Improvement Program draws on the Dover Experience so you can provide your clients with:

• shares, managed funds and similar financial products advice enhanced:
• accounting and tax return preparation services;
• taxation and superannuation planning strategies;
• superannuation, particularly self-managed superannuation funds;
• life insurance, income protection insurance and trauma insurance;
• wills and estate planning and similar legal services; and
• residential and commercial property investment advice.

The Dover Profit Improvement Program creates new income streams to improve your profit, reduce your business risk and maximise the value of your practice.

The Dover Profit Improvement Program is individually prepared for each representative. It starts with an analysis of current strengths and weaknesses, an identification of where you want your practice to be in five years and preparing a simple business plan to set out how you will get there.

The business plan includes marketing processes and procedures to allow you to provide the full range of value adding services to your clients.

This includes monthly newsletters, marketing templates, and systems for you to tap into the McMasters’ accounting and legal back office.

This means you are able to be all things to your clients, by presenting as a lead member of a large team.

This does not create any risk for you because Dover’s representative agreement establishes you as owning your clients and does not allow Dover to contact your clients unless this is needed to comply with the Corporations Act and related legislation and regulations.

An example of Dover’s Profit Improvement Program in action

A representative, call him John, may be interested in developing a self-managed superannuation fund administration service. SMSF Administration is a key part of the Dover Experience: we administer more than 1000 SMSF and have set up many thousand more over the last 30 years.

The Dover Experience provides John with:

1. marketing and technical support;
2. low cost back office support including all accounting, compliance, audit and tax return compliance at $1,000 per SMSF per year
3. free SMSF set up process; and
4. marketing templates and genuine encouragement.

Realistically, this project will lead to an average of one new SMSF client a week for John, at an average annual administration fee of $3,000, plus fees for investment advice and insurance arrangements.

Over three years this may increase John’s annual profit and cash flow of $525,000 and increase John’s (CGT free) practice value by $1,575,000

This is explained in this table:

	First Year	Second Year	Third Year
Compliance fees	$150,000	$300,000	$450,000
Extra consulting income ($1,500 per fund)	$75,000	$150,000	$225,000
Less Extra costs
Dover SMSF back office ($1,000 per fund)	$50,000	$100,000	$150,000
Extra maintainable profit/cash flow	$175,000	$250,000	$525,000
Multiple 3 Valuation $1,575,000

These calculations rely on many assumptions and exclude extra advertising costs and possible extra overhead costs connected to the increase in activity. But they are indicative of the expected extra profit and value potential of the Dover Profit Improvement Program for John.