FINANCIAL SERVICES GUIDE

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FINANCIAL SERVICES GUIDE

Version 3.4 July 2013

Simon Nuttall

CA CTA SSA

Director | ASIC ID 231-975

Proactive Financial Solutions Pty Ltd

ABN 43 625-843-958 | ACN 140-304-598 Corporate Authorised Representative No 342-548

First Floor Suite 7, Corner 37 The Esplanade & 2nd Avenue

COTTON TREE QLD 4558 PO Box 1956 BUDERIM QLD 4556 Tel: +61 7 5475 4242 [email protected]

www.futureplanner.com.au

Dover Financial Advisers Pty Ltd AFSL: 307248 | ABN: 87 112 139 321

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PFS FSG - Dover Financial Advisers Pty Ltd Version 3.4 – 1 July 2013

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About your Adviser and Dover Financial Advisers Pty Ltd (“Dover”)

Your Adviser is Simon Nuttall BEc (ANU) CA CTA SSA RTA. Your Adviser is employed as the director of Proactive Financial Solutions Pty Ltd ACN 140-304-598, a Corporate Authorised Representative of Dover. Your Adviser is the “providing entity” for the purposes of the Corporations Law.

Dover holds Australian Financial Services Licence (‘AFSL”) Number 307248 and has authorised the creation of this Financial Services Guide or FSG.

Dover has over 100 Authorised Representatives who provide high quality advice of clients throughout Australia. Your Adviser has many years of experience creating and implementing financial plans to the betterment of clients financial lives.

Your Adviser and Dover may advise on:

 investments (property, shares, cash and managed investments);

 superannuation (including self-managed superannuation);

 life insurances and other risk insurances;

 debt management;

 cash-flow management; and

 retirement planning.

The Corporations Act 2001 defines various financial products and regulates the way in which consumers can be advised about those products. Dover has a list of approved financial products for Authorised Representatives. This list of approved financial products is one of the longest of any financial planning service in Australia. Ask your Adviser if want a copy of Dover’s Approved Product List (“APL”).

The purpose of this financial services guide (“FSG”)

This FSG is an important document that explains how we provide financial product services to you. You should read this FSG carefully before using our services. It is intended to give you sufficient information to decide whether to obtain financial services from us.

Most of the content of this FSG is dictated by the Corporations Act and is mandatory under that law, so bear with us regarding its form and content. Please feel free to contact us by telephone, e-mail or writing should this FSG be unclear or should you have any concerns about our services. This FSG explains:

1. who we are;

2. how you can contact us;

3. what documents you will receive from us; 4. the financial services we provide;

5. any potential conflicts of interest; 6. our privacy policy;

7. our internal dispute resolution procedures; 8. our external dispute resolution procedures; and

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Product disclosure statements (“PDSs”)

If we recommend a particular product (other than listed securities), a platform, wrap account or master-fund, a managed fund or a similar product we must provide you with a PDS for that product.

The PDS contains the information needed for an informed decision about acquiring a product. The PDS detail costs and product fees including commissions, and is usually created by the financial institution providing the product.

Getting started with Dover

Getting started with Dover is easy. Simply contact your Adviser to arrange a meeting.

To ensure that this meeting covers all aspects of your financial management we ask that you complete the ‘fact finder’ attached to this Financial Services Guide. Ideally, this should be done a few days before we meet with you. This gives us the opportunity to review your information and prepare ourselves well ahead of our initial meeting.

The fact finder asks for an extensive amount of information and it may take time to gather it. Please take the time to do this.

We also appreciate a copy of the most recent accounts and tax returns for you and any related entities such as a trust or a self-managed superannuation fund.

Please provide us with any other information that you feel is relevant to your circumstances.

Getting to know you

We aim to provide advice that suits your circumstances and is generally appropriate and relevant to you. To do this we must first understand your financial profile.

A detailed client questionnaire (‘fact finder’) is attached to this FSG. This fact finder is an important document and you should complete it carefully, either before or during our first meeting. The more information you provide the better our advice will be.

Delivery of advice

Once we have met and determined a draft plan for you, we will prepare a ‘statement of advice” or “SOA”. The SOA will be in writing and may be delivered in person or via email or via the post, as you prefer. Your SOA contains the information needed to understand our advice and the basis on which it is made. It includes information about:

1. the specific advice;

2. the reasons for the specific advice; 3. any adviser remunerations;

4. any associations or relationships that may influence the advice; 5. the implementation plan; and

6. any other relevant matters.

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Record of advice

Once you have been provided with a SOA further advice may be provided in a form known as a record of advice or “ROA”, provided there has been no change in your personal circumstances or the basis of the advice set out in the SOA.

Retention of SOA and ROA

We retain all SOAs and ROAs for at least seven years and you may request a copy of the SOA or ROA at any time within that period. This request may be verbal or in writing.

Implementation of advice

Our statement of advice will contain instructions on how the advice should be implemented. We will work with you to ensure that the advice is properly implemented.

Review of advice

Financial plans should be reviewed on at least an annual basis, if not more regularly. You should contact us immediately if your circumstances change in any way, or if you believe for any reason our advice is not appropriate to you.

Dispute resolution

Dover provides a dispute resolution services to its clients. This obligation is a key tenet of the consumer protection principles of the Australian Financial Services Licensing system.

If you have a complaint about any services you should:

1. contact your Adviser by telephone (07-5475-4242) to explain your situation and let him know of your concerns. Your Adviser will do everything possible to resolve your complaint promptly; 2. if this does not resolve your complaint, put your complaint in writing addressed to the Compliance Manager, Dover, at PO Box 68, Sandringham, Victoria, 3191 where it will be objectively considered and discussed with you and your Adviser with a view to being settled as soon as possible to your satisfaction; and

3. if your complaint is not resolved appropriately by Dover, you can access our external dispute resolution scheme. Dover is a member of the Financial Ombudsman Service (FOS). FOS can be contacted on 1300 780 808. This is a free service to complainants.

Our fees and other charges - who receives the fees?

Your Adviser pays a monthly fee to Dover. In return your Adviser retains all fees from the services provided to you. These fees are initially paid to Dover, who passes them on to your Adviser. Dover receives all “adviser remuneration” in its capacity as a trustee of a bare trust for your Adviser and your Adviser’s Corporate Authorised Representative, and passes these fees on to your Adviser as soon as practical after receipt and is not beneficially entitled to any of these fees.

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all income passed on to your Adviser or your Adviser’s Corporate Authorised Representative by Dover will be beneficially derived by your Adviser or related persons such as a beneficiary of a family trust.

In the following paragraphs we will refer to your Adviser receiving all fees, for simplicity.

Our fees and other charges: how are they calculated?

1. Statement of Advice fees start at $3,000 + GST for the first two financial issues, increasing by $1,000 for each financial issue in excess of 2 issues.

2. Comprehensive Advice is available & will be subject to a FIXED price agreement

3. Hourly rates for general financial & related taxation advice are incurred at $350 per hour + GST unless a fixed price agreement is offered by PFS

4. A fee of $3,300 is payable for all Statements of Advice irrespective of your decision NOT to implement some or all of the advice

5. If you engage our ongoing services agreement any implementation fees including fund manager entry fees (usually 1-4%) will be waived

6. Ongoing service agreements are tailored to your needs & will be offered with all SOA’s

Remuneration your Adviser & PFS may receive:

1. Adviser service fees agreed with you annually in advance, to be deducted from your investment &/or Superannuation during the course on ongoing services – agreed each year on your anniversary or 30 june & paid monthly in arrears from your portfolio cash account 2. Fees that are paid directly by you for a defined project based upon a FIXED fee agreement –

payable 50% on instructions & 50% on completion

3. Fees that are invoiced & payable by you, based on time involved at $350 per hour inc GST (our timecosts) – following your instructions to proceed on specific project – we will issue a tax invoice on completion, due within 7 days

4. Commissions that are paid by third partys such as a Life Insurance provider. Any Commission paid will vary according to your circumstances, but any commission received by PFS will be rebated to you against timecosts involved as follows:

a. Firstly to pay for the timecosts involved in the collection & analysis of your personal information, research supporting & preparation of the Statement of advice

b. Secondly for the timecosts involved in implementing the advice including negotiating with underwriters on your behalf

c. Thirdly for the timecosts involved in servicing your ongoing insurance requirements, including an annual record of advice, updating you on:

i. Premiums changes by Life Insurance company

ii. Policy’s changes by life insurance company – new options & exclusions iii. Premium comparisons with other life insurance companys

iv. Cover level changes offered by Life Insurance company

v. Meeting with you to assess your ongoing needs & changing circumstances vi. Taking your instructions & implementing any instructions

vii. Providing a new Statement of advice & implementing that advice

viii. In the event commission excessively exceed our timecosts we will offer you a rebate in another form

5. Life insurance and other risk insurances providers can pay up to 110% of the initial annual

premium as an initial commission although we can have this reduced dependant upon your circumstances:

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b. If our timecosts for ongoing advice & assistance exceeds $100, PFS will issue you an invoice for our timecosts LESS the amount of any commission received

6. Life insurances and other risk insurances providers may pay 10-33% of the ongoing annual premium as an ongoing servicing commission to your adviser

a. PFS usually limits this to 10%-20% dependant upon your circumstances

b. This ongoing commission is paid in the 2nd & future years upon renewal of your policies

c. This commission is applied against timecosts incurred for ongoing maintenance of your policy & annual reviews of your policy cover.

d. As in the example above we will issue you an invoice for our timecosts LESS any commissions received to the date of that service

7. In the event of a claim on your policy PFS will assist you with the paperwork as part of our ongoing service – although any ongoing reporting requirements will be subject to regular invoicing from our timecost system

Our Initial meeting is designed to provide details of our services & likely costs. Further it is designed for us to evaluate your expressed needs & ensure we are compatible & can provide effective strategies for betterment of your financial life. We charge a fixed price of $440 for this first meeting, which is rebated to you if you choose to proceed with our services.

Our Second meeting / teleconference or skypecall is designed to obtain: 1 your consent to move forward with our services

2 to agree on the basis of our fees

3 to collect detailed information from you about every aspect of your financial life relevant to your goals

4 to agree on the next meeting to present our statement of advice

5 this meeting is free & time costs form part of the Statement of advice process

Our Advice meeting Is designed to illustrate:

1 the strategies required to better your financial life

2 the products recommended to support our recommended financial strategies 3 the impasses & complexities & challenges faced by you

4 any expectation gap between your goals & the reality of your limited resources 5 fees & costs that will be incurred by accepting our recommendations

6 Any adviser remuneration for the advice & an offer of ongoing advice 7 Our projection & illustrations to support our recommendations

If you prefer your Adviser to be paid by a third party, the fees in the initial and subsequent years will be shown in your statement of advice. If the amount cannot be calculated (for example, a commission based on the future balance of an investment), then an example will be provided in a form that satisfies the Corporations Act disclosure rules.

Your Adviser does not receive ‘soft dollar’ (ie non-cash) payments for amounts greater than $100 from any third party.

Your Adviser may receive a volume bonus from IOOF (up to 0.1%pa) on any investments with these organizations although this arrangement does NOT apply to new investments after 1 July 2013. This bonus is not payable by you or from your moneys. You can ask for further details if this is of concern or interest to you. These details will be provided on request.

Fees applicable to your situation / investments will be advised in detail in writing in your SOA. Product Fees will also be advised in detail in the PDSs for recommended financial products.

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Compensation arrangements

Dover operates a compensation arrangement to compensate retail clients for losses connected to any breach of the Corporations Act or other law by your Adviser, Dover or other relevant persons. These arrangements comprise comprehensive and extensive professional indemnity insurance. The insurance covers claims in relation to the conduct of former employees.

Privacy considerations

Your information is private and confidential and is not disclosed to any third parties unless required to do so under the law.

Dover and your Adviser comply with the National Privacy Principles. If you are not satisfied with our approach to privacy you are entitled to contact the Office of the Privacy Commissioner who may investigate any complaints you may make.

Anti-money laundering and terrorism legislation

Dover & your adviser must verify your identity before we provide any financial services. This will be discussed at our initial meeting.

No influential relationships

There are no relationships that will influence our advice to you in any way.

A word of warning on risk

All investments have risks. “Risk” means the value of an investment may fall, or even disappear. Dover assumes its clients are conservative, cautious or balanced investors unless the client specifically states otherwise. If a client states otherwise the statement will only be accepted if a reasonable financial planner would assess the client as being otherwise, having regard to income, wealth, age, work experience or academic training.

Dover adopts this conservative assumption to reduce your risk.

Dover does not recommend investments that have significant internal gearing, or that clients borrow significant amounts to acquire investments. This is unless the client understands that such arrangements significantly increase the risk that their net equity will fall, or even disappear, if the value of the investment falls.

Clients should not acquire investments other than those suited to conservative, cautious or balanced investors unless they understand and accept the risk that their equity will fall, or even disappear, if the value of the investment falls.

Can Dover run an individually managed account?

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Dover regards these facilities as excessively risky and does not allow its Authorised Representatives to provide them to clients.

Any questions?

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Acknowledgment of Receipt

I/We ………... acknowledge receipt

of this Financial Services Guide version 3.4 dated 1 July 2013.

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Dover Financial Advisers Pty Ltd – Client Financial position – data collection form Page

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Dover Financial Advisers

CLIENT QUESTIONNAIRE

Please take the time to complete this document as thoroughly as possible. We use this information to develop our advice to you. If any part of the questionnaire is not relevant, please write “N/R” in the space provided. Please also feel free to attach any extra documents that you feel are relevant.

Completed forms can be sent to us via the following media:

Email:

[email protected]

Post:

PO Box 1956 Buderim QLD 4556

Alternatively, you can bring the questionnaire to your first meeting with your Adviser.

Section A: Personal Details

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Section B: Your Reasons for Seeing Us

In the following sections, we ask you to give us specific information about your financial circumstances. In this section, we ask you to tell us in your own words what you would like us to help you with. Please let us know of any and all other information that is relevant to your financial situation. Please feel free to attach other documents to this questionnaire.

General Information

Short Term Goals – Please list your financial goals for the next 12 months

Medium Term Goals – Please list your financial goals for the next five years

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3 Section C: Assets and Liabilities

C1: Your Home

Value of your home: ______________________________________________

Debt Secured Against the home:

Deductible (business/investment): ________________________________________

Non-Deductible (private): ________________________________________

Home is owned in whose name: ______________________________________________

C2: Investment Properties

Address

Owner (ie whose name is the property held in)

Cost Date of

Acquisition

Current

Value Debt Net Value

Eg 1 Smith St Blacktown Husband $400,000 Oct 2003 $650,000 $150,000 $500,000

C3 Share or Managed Investments

Company/Fund Manager

Owner (ie whose name is the asset held in)

Cost Date of

Acquisition

Current

Value Debt Net Value

Eg AMP Managed Fund Husband $100,000 Oct 2003 $150,000 Nil $150,000

C4: Other Assets

Cash: ______________________________________________________________

Superannuation: Client 1 member balance: ______________________________________

(see also section D) Client 2 member balance: ______________________________________

Other Assets ______________________________________________________________

C5: Debts:

Credit card: ______________________________________________________________

Leases: ______________________________________________________________

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5 Section D: Superannuation

Please complete the following tables OR provide your most recent Superannuation statement D1: Client 1

Name: _____________________________________________________

Fund Annual

Contribution Current Value Comments

Eg HESTA 9% of salary: $4,500 $52,000 Invested in high growth

Are you happy with your current superannuation fund/s?

D2: Client 2

Name: _____________________________________________________

Fund Annual

Contribution Current Value Comments

Eg HESTA 9% of salary: $4,500 $52,000 Invested in high growth

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Section E: Life Insurances

(term life, income protection, etc – please do not show general insurances such as home and contents and health cover)

Please complete the following tables &/or provide your latest Insurance statement E1: Client 1

Name: _____________________________________________________

Type of Insurance Annual

Premium

Amount of

Cover Insurer

e.g Death Cover $1,000 $1,000,000 AIG

Are you happy with your current life insurances?

Are there any medical reasons why you might not be able to increase or change your cover?

E2: Client 2

Name: _____________________________________________________

Type of Insurance Annual

Premium

Amount of

Cover Insurer

e.g Death Cover $1,000 $1,000,000 AIG

Are you happy with your current life insurances?

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7 Section F – Estate Planning and Financial Management

F1: Client 1:

Do you have a will? Y/N. Last reviewed: ___/___/___

Do you have powers of attorney? Y/N. Last reviewed: ___/___/___

Do you have a solicitor? Y/N

Name of solicitor: ____________________________

Address: ____________________________

____________________________

Telephone: ____________________________

Have you previously used an accountant? Y/N

Name of accountants: ____________________________

Address: ____________________________

____________________________

Telephone: ____________________________

F2: Client 2:

Do you have a will? Y/N. Last reviewed: ___/___/___

Do you have powers of attorney? Y/N. Last reviewed: ___/___/___

Do you have a solicitor? Y/N

Name of solicitor: ____________________________

Address: ____________________________

____________________________

Telephone: ____________________________

Have you previously used an accountant? Y/N

Name of accountants: ____________________________

Address: ____________________________

____________________________

Telephone: ____________________________

F3: Other Details

Do you expect to inherit any major amounts in the next five years?

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Section G: Income and expenses

G1. Please provide details of your current income. Client 1 Name: __________________ Occupation: __________________ Employer: __________________ SOURCE GROSS $ PA Salary Business Trust Income Centrelink Superannuation Rental Dividends

Other (please specify) TOTAL Client 2 Name: __________________ Occupation: __________________ Employer: __________________ SOURCE GROSS $ PA Salary Business Trust Income Centrelink Superannuation Rental Dividends

Other (please specify) TOTAL

G2. Do you expect to inherit any major amounts in the next five years?

G3. Is there any other further information about your income that may be relevant to the development of your financial plan?

________________________________________________________________________________ ________________________________________________________________________________ G4. How reliant are you on investment income to meet your day to day living expense?

________________________________________________________________________________ ________________________________________________________________________________ G5. How reliant will you be on investment income in the future to meet your daily living expense? ________________________________________________________________________________ ________________________________________________________________________________

G6. What is your annual combined living expenses including interest on loans? (refer to budget template on Section I for assistance)

________________________________________________________________________________ ________________________________________________________________________________ G7. Do you anticipate any major expenses in the next five years?

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9 Section H: Investment Profile

H1: Please rate how comfortable you would feel investing in the following types of assets: 1 = very uncomfortable; 3 = reasonably comfortable; 5 = very comfortable

1 2 3 4 5

Residential Property Commercial Property Direct Australian Shares Direct International Shares Managed Equity Funds Managed Property Funds Other Managed Funds Fixed Rate Investments Speculative Investments

H2: Investment Time Frame

Time Frame < 10% 10-20% 20-60% 60-80% 80-100%

< 1 Year 1-5 Years > 5 Years

H3: Retirement Plans

Retired < 5 Years 5-10 Years 10-20 Years > 20 Years

Client 1 Client 2

H4. Using the descriptions on the last page of this document, how would you describe yourself as an investor?

_______________________________________________________________________________________ _________________________________________________________________________

H5. How comfortable are you with debt?

_______________________________________________________________________________________ _________________________________________________________________________

H6. How comfortable are you in borrowing to finance investments?

_______________________________________________________________________________________ _________________________________________________________________________

H7. What is/would be the main purpose of your investments?

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Section I – Your Budget (Optional) OR provide your Income needs $_____________

The following planner can be used to list out the major areas of expenditure in your lifestyle. The planner is a very useful tool to help you learn about your spending habits. If you are a couple, please complete this as a couple.

Item Per Month Per Annum Item Per Month Per Annum

Mortgage Rent

Council Rates Water

Body Corporate/Maintenance Electricity

Household Help Gas

Home Phone Mobile Phone

Cable TV Internet

Other Mortgage Loans Investment Loans

Personal Loans Credit Cards

Life Insurance Financial Planning

Trauma Insurance Accountant

Income Protection Solicitor

Car Registration Insurance

Lease/Loan Repayments Petrol/Repairs/Maintenance

Other Childcare

Children/Dependants

Clothing Other Activities

School/University Fees

Allowance Alcohol

Groceries Sports & Fitness

Entertainment/Restaurants Holidays

Club Membership/Hobbies Clothes/Shoes-Work Related

Clothes/Shoes-Personal

Furniture/Appliances Pharmacy/Prescription Medical/Dental Consultations

Private Health Insurance Subscriptions/Newspapers

Pet Costs Fifths/Donations

Books Lunch/Coffee

Cigarettes Other

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11 Section J:

Client Signatures -

Please complete this page before sending the questionnaire to us.

The contents of this fact finder represent a true and accurate reflection of my financial circumstances. I understand that this information will be used for the purposes of providing financial and investment advice to me.

My information will not be used for any other purpose unless directed by me.

I confirm that I have received a Financial Services Guide from Dover Financial Advisers.

Client 1: ____________________________________________ ___/___/___

(please sign)

Client 2: ____________________________________________ ___/___/___

(please sign)

Section K: Fees for Preparation and Implementation of Advice

Upon obtaining your authority to proceed above your adviser will prepare a Statement of Advice

Your Adviser will be paid the following amounts for providing financial advice: Fees Paid By You

Fee for preparing Statement of Advice $_______________ (plus GST).

Please note that the fee for preparing the Statement of Advice is payable upon delivery of the advice. This fee will be payable regardless of whether the advice is implemented.

Fees for subsequently implementing the advice will be disclosed in the Statement of Advice – these are usually rebated to NIL if your accept our advice in full.

Fees Paid by a Third Party – Superannuation or Investment Portfolio

These fees will be communicated to you in your Statement of Advice. These fees will not be payable if you do not accept the advice.

Acceptances of Fee Arrangements______________________ Simon Nuttall CA | Director

We accept the fees outlined above and authorize our adviser to proceed with preparing a written statement of advice. We undertake to pay the fee for the preparation of advice. We understand that fees for implementing the advice will not be charged until we accept the written statement of advice and agree to its implementation.

Client 1: ____________________________________________ ___/___/___

(please sign)

Client 2: ____________________________________________ ___/___/___

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Common Risk Profiles

The following is a list and description of the main risk profiles for investors. These descriptions are general in nature. You can use these descriptions to answer question H4.

A. Conservative

The conservative investor needs to maintain their capital (initial investment amount) and will find it very difficult to cope with losses in any given period. Increasing wealth is not as important as maintaining what they already have. They prefer to know exactly what level of return they will experience on their investment. They may need to ‘cash out’ their investment at short notice, to finance unexpected but necessary purchases. The conservative investor might be quite nervous about investing, and prefers to proceed only when a good understanding of the investments being considered has been established. They may well be older and thus less able to make back lost ground if an investment goes bad. Conservative investors typically have shorter timelines for investing (0 – 3 years). Conservative investors usually need to use investment returns to pay for necessary expenses.

B. Cautious

The cautious investor tolerates low levels of variability in returns, and is not too worried by the occasional experience of unsatisfactory returns. They like to have a good idea of the likely outcome of their investment, but do not need to know precisely. They may have some nervousness about investing, but are prepared to put up with this nervousness. Increasing wealth is still not paramount in their thinking, but they are prepared to accept some risk to their capital for the chance of moderate growth. The cautious investor may still need to have the ability to ‘cash out’ their investment at relatively short notice. Cautious investors also think in terms of shorter timelines. Cautious investors may need to use investment returns to pay for essential expenses.

C. Balanced

The balanced investor looks to achieve modest growth in their capital while still understanding that investment income is only going to be a small (for example single digit) percentage of their investment. They aim to strike a balance between protecting the wealth they already have and using it to generate further wealth. They understand that periods of low or negative returns are likely for investments with the potential to create higher returns. They are less likely to need to cash out their investments in times of financial stress. Their timelines are more mid term (5 – 10 years). Balanced investors use investment returns either to generate further wealth or to pay for non-essential expenses.

D. Assertive

The assertive investor seeks higher returns and thus is prepared to experience short term and periodic losses. They can cope with reasonably high levels of volatility in their portfolio. They are looking to use investments as a way of creating a substantial proportion of their extra wealth in the medium to long term. Thus their timelines are medium to longer term (5 years plus). The assertive investor will typically have a portfolio of more than one type of investment, which includes some high growth assets such as shares or property. The assertive investor is less likely to have to cash out all of their investments to meet unexpected cash needs. Assertive investors do not rely on investment returns to fund their day to day living.

E. Aggressive

Aggressive investors are looking to their investments to provide the bulk of their wealth creation over the medium to long term. Aggressive investors may still have a portfolio of more than one investment asset, but the portfolio includes a substantial proportion of high growth- high risk assets such as speculative shares and property. Periodic losses do not impact on everyday standards of living. Investment returns are ploughed back in to the investment portfolio to fund further wealth generating investments. Aggressive investors should have longer-term timelines. A word of warning on risk

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Dover assumes its clients are conservative, cautious or balanced investors unless the client specifically states otherwise. If a client states otherwise the statement will only be accepted if a reasonable financial planner would assess the client as being otherwise, having regard to income, wealth, age, work experience or academic training. Dover adopts this conservative assumption to reduce your risk.

Dover does not recommend investments that have significant internal gearing, or that clients borrow significant amounts to acquire investments. This is unless the client understands that these significantly increase the risk that their net equity will fall, or even disappear, if the value of the investment falls.