And so, Outsider doffs his fedora to Dover Financial Services principal, Terry McMaster, who might have been remembered for one thing but will undoubtedly now be remembered for another.
You see, there was every possibility that McMaster would be best remembered for collapsing in the witness box while being questioned during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, but now he will be better remembered for the manner in which he folded the Dover Australian Financial Service License and revoked the authorities of the firm’s authorised representatives.
Yes, Terry will long be remembered by the 400 odd advisers who celebrated the Queen’s Birthday long weekend in licensing limbo.
Anyone who watched McMaster’s time in the box during the Royal Commission could hardly miss the fact that he was himself a lawyer and well understood the legal nuances of his firm’s AFSL and how it applied to the Dover structure, which possibly goes some way towards explaining his most recent actions.
Simply put, faced with an ongoing need to deal with the regulatory complexities of Australian Securities and Investments Commission scrutiny, it seems Terry put being master of his own destiny over trying to be a master of the financial planning universe.
Qui fugiebat rursus proeliabitur. Get out your Latin dictionaries.
