Sam Henderson’s boutique firm will merge its business operations with a fellow member of the AZ NGA network, following its CEO’s gruelling cross-examination at the royal commission.
According to its website, Sydney-based financial advice firm Pride Advice – an authorised representative of Fortnum Private Wealth – has “joined forces” with Henderson Maxwell.
A spokesperson for Pride Advice confirmed to ifa that the two firms – both of which are owned by the Italian fund manager-backed aggregator AZ NGA – are merging business operations.
Mr Henderson, Henderson Maxwell’s chief executive, underwent tense cross-examination during the second round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry over a complaint by his former client Donna McKenna, a Fair Work commissioner.
AZ NGA acquired a 51 per cent stake in Henderson Maxwell in December 2017, prior to Mr Henderson’s royal commission testimony.
"This is an exciting new chapter for our business," Mr Henderson said at that time.
“We are looking forward to being part of a broader network that will enable further growth and innovation."
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.