In a statement to ifa, an AZ NGA spokesperson confirmed that a review of the conduct uncovered during the testimony of Henderson Maxwell chief executive Sam Henderson is underway.
“We take the royal commission evidence related to Henderson Maxwell extremely seriously,” the spokesperson said.
“Henderson Maxwell clients are our first priority during this period and we will continue to service them. An internal review is in progress and we will be updating clients at its completion.
“Given the royal commission is still in progress, at this stage it is not appropriate to comment on Sam Henderson.”
Mr Henderson faced heated cross-examination at the royal commission over advice provided to former client and Fair Work Commissioner Donna McKenna.
The commission heard that Henderson Maxwell staff had impersonated Ms McKenna without permission in correspondence with a product provider, that the firm had an inacurrate financial services guide and that Mr Henderson had provided a misleading assessment of his personal credentials, among other evidence.
AZ NGA is led by former ANZ and CBA distribution executive Paul Barrett and is backed by Italian fund manager and financial institution Azimut.
AZ NGA acquired Henderson Maxwell in December, making it the 42nd Australian financial advice business purchased by the aggregator since launching in Australia in 2015.
[quote=Anonymous]and you honestly think FASEA will just stop dodgy advisers from doing the wrong thing??[/quote]
Of course it won’t. FASEA is not a silver bullet – anyone claiming it will be is foolish and naive.
You know what FASEA will stop though? People being able to pass one of the easiest Diploma courses in the country and being apparently qualified (on paper) to provide advice.
I understand that many of Paul’s businesses utilize mda’s/sma’s etc. Didn’t Rowena (counsel assisting) say these structures used by Sam’s business were very expensive? Who cares about the best interest duty? Get ready fellas, the storm is coming & it ain’t gunna be pretty.
[quote=John Frankston]
But, sure – deflect onto the banks again and have another whinge about FASEA. I mean the problems in this industry are *never* a result of adviser mentality – are they?[/quote]
Yes forgive me……..what was I thinking. Of course an FPA or AFA approved diploma or multiple courses costing THOUSANDS AND THOUSANDS of dollars will fix EVERYTHING.
Wake up! You’ve been conned and shafted by these clowns.
Surely more of a concern is what the strategic plan is for a asset manager funding these acquisitions. Any chance vertical integration part of it?
Ha! Paul Barrett is simply protecting his investment….doesn’t want it flushed down the loo, like Sam was going to flush the $500k of Ms McKenna’s hard earned down the toilet if she took Sam’s advice.
Let’s hope this parasite is banned for life.
So tell us Paul, what did you pay for Sam’s business 10 x EBIT?
Anybody want to talk about the next explosion…mda’s et al?
Perhaps this is the initiation of the get out of a contract clause. Especially if the business was only purchased in December of last year as stated here by another punter. Maybe Mr Henderson might just be having to pay back a substantial part of his 10 x EBIT money for failing the good fame and charter clause for XYZ period as set out in Paragraph 45 subsection Stuff up.
No no no. There is no need for an investigation!
The FPA has already looked into it and everything was Aok. Nothing to see here thank you.
Also, nothing would happen in a firm led by an ex ANZ & CBA wealth executive. What could possibly be wrong with this firms culture?
Come on, move on please. Let’s focus on the real problem…….EDUCATION.
Now get out there and pay for some courses that result in an multiple choice exam.
Get cracking people.
You realise the private equity firm only purchased Henderson Maxwell back in December of last year and the conduct exposed at the Royal Commission occured prior to that when the firm was just another independent AFSL?
But, sure – deflect onto the banks again and have another whinge about FASEA. I mean the problems in this industry are *never* a result of adviser mentality – are they?
and you honestly think FASEA will just stop dodgy advisers from doing the wrong thing??
Funny John. Perhaps I suggest you crawl back to your sales targets at the NAB or whatever subsidised bank owned advice firm you work for. The Royal Commission is pay back time and I’m loving it. Banks have gouged on advice in this country and made providing independent advice prohibitive and costly whilst at the same time limiting competition.
Anne, I haven’t worked for a bank for well over 20 years. Also – you go by Anne Davies CFP but no Anne Davies appears on the register of financial advisers. Curious!
There is a member of the FPA Conduct review Committee on the AZNGA board if you look at their website, why not just advise as above all is well and nothing will happen
100% spot on Steve. Although grandfathered commission is the latest distraction put forward.The Big Banks love blaming individual planners and banning commissions (whether right or wrong) is the perfect distraction and a nice way to say they’re cleaning up the industry whilst increasing their bottom line. Win Win for the Banks… yet again.
No word yet from the FPA as to a review into their processes. Must be awaiting instructions from their puppet masters as to how to proceed? .
Just ask the AZNGA board member who also is on the FPA’s Conduct Review Committee as to why he has already done nothing and will do nothing again, protect your mates!!!!