Last week, ifa reported that Henderson Maxwell will be merging operations with fellow AZ NGA network member Pride Advice.
A spokesperson for AZ NGA has subsequently clarified that Mr Henderson will not be one of the advisers moving across to Pride Advice, instead opting to exit the financial advice industry altogether.
“Henderson Maxwell can confirm that Sam Henderson has indicated that he will be retiring from the financial planning industry,” the spokesperson said.
“He has asked media to respect his privacy.
“Henderson Maxwell clients are being informed that Henderson Maxwell Financial Planning has joined forces with Pride Advice, another business owned by AZ NGA.”
Mr Henderson underwent intense cross-examination during the royal commission’s second round over a client complaint by former client Donna McKenna, his involvement with the FPA and alleged misconduct by Henderson Maxwell staff.
[quote=lappa khelum ]i want to do a video like “leave britney alone” for sam and terry. leave sam alone, leave terry alone [/quote]
I believe Sam is now running an online hamper delivery service. Does anyone know the name of this service?
Fee for service rort is much much worse than what Sam did.
The FPA’s stealthy course flogging is a hundred times worse.
Wake up you fools.
Come on IFA moderators. It’s time for “Steven” to be deleted. It’s the same cut and paste comment on every article now. It is a tedious turn off and is driving people away from your site.
Is that you Sam?
Time to go Dante De Gori. Heads must role at the FPA for their handling of this matter and the shame that has resulted. I’d also add FASEA to the list. Personally, you’re not wanted anymore. The FPA needs to answer 1) are they either incompetent that it took more than 12 months to handle a member complaint or 2) Is there something else going on here and was it a conflict of interest given Sam H was the poster boy for the FPA. 3) A combination of the above. You don’t get paid $300K to sit back and be silent in this matter.
It seems appropriate that Sam Henderson is moving on. But why hasn’t the super fund come under any scrutiny? They were going to take $500K from the member’s account, just because they were looking to rollover their balance a couple of years prior to a certain date. What a rort that is! Surely Sam wasn’t the first adviser in Australia to make this mistake. What about unadvised members? How many of them have lost their life savings due to this dangerous technicality. It begs the question, what is the purpose of such a clause? Is it a deliberate trap so the super fund can profit from client mistakes? I hope Kenneth Hayne turns his attention to this.
They werent taking $500,000 from the account, that was just the deferred benefit relinquished to be accrued over those years. They have a set formula and it was just flat out horrible advice that makes me sick. Nothing wrong with the fund.
Yes that’s right. Most Advisers would understand this simple deferred benefit issue, except apparently the dopey person to whom you were responding – and indeed Sam himself it seems.
You’d hope most advisers would understand considering its our job…. Bring on the education standards *cough*…. Get rid of a few of those who don’t understand these basic concepts and make us all look like fools.
It’s called a public servant Handcuff…. and yes plenty of people have changed work prior to age 58 and lost thousands, and plenty of people have exited SASS altogether and lost money, and plenty of people have withdrawn their deferred benefit out prior to turning 58 and again lost money. Three ways to exit the fund and be a loser. Nothing wrong with the Fund? I wouldn’t say that’s 100% correct but that’s the rules of the fund isn’t it… and it has nothing to do with the FPA’s behaviour or Sam H.
If nothing to do with Sam, then why did Sam prepare an SoA recommending to rollout (crystallising loss of benefits)?
sorry scrape that last line. I was trying to say the fund isn’t perfect but in this case you can’t use the funds rules as an excuse for the conduct of the adviser. Sorry. 😀
Understood. Cheers.
The SASS fund itself is not a bad deal actually (most common variant is defined benefit in accumulation while public servant, but then market exposed on retirement or on deferral upon leaving public service).
Its halfway between a pure defined benefit scheme (DB all the way to life expectancy) and our current SG defined contribution schemes (full market exposure, no guarantees).
It’s a deferred benefit fund. It’s not technicality or clause, it’s how it supposed to work. Might want to rethink what you just typed there.
FFS! This was a defined benefit fund!!! Rolling out early would have CRYSTALLISED a $500,000 LOSS PERMANENTLY. What planet are you living on??? It was plain awful ‘advice’, pure and simple.
It’s this kind of cr*p that gives all advisers a bad name!!!!
think we need to move on here, i have some concerns on how we are ‘outing’ individuals for their mental safety , please consider possible partners & children. Let’s leave the extrajudical lynching to ASIC and focus on what we love ‘giving great trusted advice’.
nah lets go back to the good old days of being savages and lynch mobs they were good
What a load of rubbish. Where is ASIC when you need them? Why is he not being investigated for inappropriate advice and banned from the industry. How can ASIC and even FPA have any credibility when they pick and choose who they protect and who they vilify?
Oh leave Sam alone. He tried very hard and his sales tactics were second to none but that’s all in the past now. The SoA was very well presented and even printed on 120 gsm paper which I found super impressive. Shame that the advice was so bad it would have cost me over $500k not to mention the fees that Sam was going to charge me. Now that bit about impersonating me – that was the most ‘risible’ part of this whole saga. I hope that this is a lesson to all your advisers out there – you need to work on your ability to mimic your client’s voice and intonations….very important. Ok – I’m off to nit-pick something else now. Cheerio. DMcK
There but for the grace of God go I. I wonder how many advisers’ files could pass the ASIC compliance test.
Most actually
Not quite. Our compliance officer confirmed that at least 80% of all SOAs have a trace of non-compliance and it does not have to be as serious as Henderson’s to be a breach. I’m with a publicly listed company.
Yes, quite. You probably should have asked your compliance officer about the difference between material and incidental issues in an SOA.
Go the book.That’s a successful model from the recent past. At least a couple of “advisers come to mind”
You advisers out haters better put down your stones. I can assure you that if I or any clued up lawyer who knows this industry very well were to audit your business, MOST OF YOU if not all of you would either be severely dealt with or possibly banned for a period. While Sam clearly did the wrong thing, his overall knowledge and service was very good. Charged too much yes, aggressive closing, sales culture, severe arrogance and lack of following the rules was his downfall. At least he was t ripping off clients like Storm financial and other firms/advisers. Again, before you Dudley do rights chime in with your Virtue signalling comments, he did the wrong thing and has paid the ultimate price. He has suffered and will continue to suffer when looking at what he could of continued doing and growing.
NOW, who in the FPA should be fired, evicted and shamed. WHO.
Let the list begin.
ATTENTION FPA : You need to hand over some heads here. You can’t bury this and move on sorry. Dante? Care to offer your resignation?? I think it’s the least you can do and hopefully other FPA staff and board members will follow.
Over to you FPA……… crickets……..crickets.
Let’s just keep the facts in sight here before too much sympathy. A) Claimed to hold a qualification he did not have, B) back office staff impersonated a client and C) advice was inept and would have been seriously detrimental to client. Probably uninsurable after all that. Not systemic problems boof!
You have listed charging too much, aggressive closing , sales culture arrogance and lack of following the rules – sounds like a great advisor (I hope you can detect the sarcasm).
Leave Sam alone, he needs his privacy like a certain politician we all know and love. Get paid squillions for doing nothing or causing harm then plead “I need my privacy”
i want to do a video like “leave britney alone” for sam and terry. leave sam alone, leave terry alone
who cares
Sam Maxwell Henderson ceased on the FAR 4 June 2018 – being some three weeks ago now.
Another ‘adviser’ running the reputation of the industry into the ground only to coast off into the sunset on the gravy train built on crappy advice, FPA protection and impersonating clients.
Off to a cocktail party !
The FPA board and CEO Dante De Gori all still have jobs. Maybe FPA members should google the word “Complicit”
What about the others mentioned at the RC – Andrew Bird for instances
Might be able to go back to uni now and finish his Master of Commerce.
Haha bang on.
Does AZ NGA speak for the licensee. I would have thought it was Fortnum’s responsibility as AFSL to go to market about its authorised representatives. Who is pulling the strings at Fortnum – Miles & Younger or Barrett.
Maybe he will write a book and get his media mates to promote it. That way he can give as much dodgy advice as he likes without the burden of regulation or accountability.