Lessons from DoverBY MICHELLE BALTAZAR | WEDNESDAY, 13 JUN 2018 12:34PM There is nothing more brutal than receiving bad news on the eve of a long weekend. Worse, they were sent by email. The sudden shutdown of Dover Financial Group was still - by ... Upgrade your subscription to access this article
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MICHAEL TOWNSEND
PARTNER & PRIVATE WEALTH ADVISER
TOWNSEND COBAIN PTY LTD
PARTNER & PRIVATE WEALTH ADVISER
TOWNSEND COBAIN PTY LTD
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Dover in a way brought this on themselves. Why?
A few years ago , they advertised heavily that they had the smallest SoA and RoA's in the industry.
If that wasn't a red rag to ASIC , I do not know what would be....
This can be easily verified.
What self-serving drivel! - There is no difference between a platform and a managed account both could be handed to another adviser or even the same adviser with another dealer, at the stroke of a pen. To try to present a managed account as superior in this respect is simply misleading.
The real question is where are the on-going fees going to be paid? Is the client going to be refunded by the dealer because no service can be provided? What will the fund manager (including the managed account provider) require to change where they pay the fee?