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Sam Henderson exposed for ‘risible’ advice

Sam HendersonAn independent financial planner and part-time media figure gave a client advice so poor that if followed it would have immediately triggered a $500,000 loss, the Hayne royal commission has heard.

Sam Henderson of Henderson Maxwell also funnelled clients into a investment platform he owned a small interest it, charged outlandish figures for template-style advice and one of his staff impersonated the client repeatedly to access her super information.

Mr Henderson was approached by Fair Work commissioner Donna McKenna for advice in 2016. Ms McKenna was drawn to Mr Henderson on account of his award as AFA’s financial adviser of the year and his regular media appearances on Sky Business, The Australian Financial ReviewThe Sydney Morning HeraldThe Today Show and Money Magazine. (A spokesman for Fairfax said it had no plans to run further articles by Mr Henderson.)

Ms McKenna said she was immediately put off by Mr Henderson’s hard sell of a self managed super fund loaded with fees that were far in excess of what she was currently paying. Ms McKenna said she had no interest of managing her own super and that Mr Henderson said: “We’ll look after it”.

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