Jennifer McDermott

In the past twelve months, indie Aussie wealth management and investment platform, Centric has more than doubled its FUA (Funds Under Administration) and platform users. 

With FUA now sitting at AUD8.5 billion and total user numbers of more than 14,500, Centric is fast solidifying its disrupter status as a key player in the emerging adviser-focussed fintech space. 

Central to this success has been a three-fold increase in the platform’s financial dealer network demonstrating its unique position in the market that blends a high-quality offering with a fixed-price model delivering significant value to advisers and clients alike at a compelling cost proposition. 

“Our alternative platform solution puts the adviser-client experience front and centre. Our current client base is effectively $20 million better off by using our platform, through lower platform fees and higher cash rates. We know the pain points advisers face and are committed to simplifying the client management process. This has clearly resonated strongly with the industry,” says Centric Chief Product Officer, Jennifer McDermott.  

“The recent growth milestone also places our team in the position to aggressively target increased market share and growth within the next three years.”  

“In an environment where the cost of doing business for financial advisers in Australia has increased exponentially, with the Financial Planning Association of Australia stating as much as 25% or more^[1] since 2019, our fixed-price platform fee is geared to providing certainty to our clients and importantly means that there are no financial disadvantages for advisers achieving financial success. Regardless of how well they grow their client’s portfolio, they can be assured that we’ll be there in the background doing what they need us to do for a transparent price. It also supports our goal of making financial advice more accessible for more Australians.” 

 Core to this growth has been Centric’s secure yet intuitive wealth platform, developed in partnership with leading global wealth management platform provider FNZ. FNZ’s cutting-edge technology empowers personalised wealth solutions, enabling financial advisors and dealer groups to offer enhanced services in an increasingly complex and regulated environment. 

Building on this, Centric’s platform-as-a-service offering opens up market channels which are not traditionally serviced by other platform offerings within Australia, notably enabling Centric to offer platform solutions to other enterprises wishing to enter the platform market as an adjacent service.  

Wayne Lowe, Managing Director, FNZ Australia, added: “We are delighted to see Centric’s platform thriving in the Australian advice market, building on the vision of leveraging innovation to enable advisers to service their clients in a way that suits their service proposition.”  

“We look forward to continuing to work with Centric to assist advisers in accelerating their practice growth, enabled through personalised advice delivered to their clients cost-effectively.” 

In addition, the market is also responding well to Centric’s client portal and unique adviser-client bridge, which advisers can access remotely to support clients with various tasks and help explain returns, portfolio changes and more.  

The Centric offering incorporates both investor-directed portfolio service (IDPS) products and a public offer superannuation fund, Centric Super. 

Centric launched the IDPS offering in April 2020 followed closely by the launch of Centric Super in December 2020.  Equity Trustees is the trustee of Centric Super. 

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Melbourne born Celia has previously worked across the Centric network in Brisbane, Sydney and Melbourne.

She said the posting is the realisation of her ‘life plan’ to return to her adopted home and raise her two children in the Sunshine state.

“I love everything about the Brisbane lifestyle and it’s an understatement to say I could not be happier to be returning to the city our whole family loves. “

Findex Group CEO Spiro Paule said Ms Carroll is ‘made for the role’.

“Her depth of experience and local knowledge will be of significant benefit for the clients and staff of the Brisbane office, and of course the growth of our business there.

“Celia will be responsible for managing the Queensland team, overseeing client relationships and strategies and the roll out of new product and services.

“She has been a financial planning professional since 1995 and has been with Centric Wealth since 2004, advising clients in all areas of retirement planning, wealth creation, portfolio construction and superannuation,” Mr Paule said.

Celia Carroll has held a number of management positions for Centric Wealth. These have included National Manager of Advisers, State Manager of Advisers for NSW and Manager of Strategic Relationships – the latter position involving working with associated accounting and legal firms.

“I am delighted to be resettling in Brisbane and working with all in the Centric/Findex team to make our offering even more compelling and more comprehensive.

“The key characteristic of our business that will continue to differentiate Centric from other advisory firms is our non-alignment with financial product manufacturers. We independently search and analyse the market for best of breed products, and uphold a commitment to ensuring we deliver the skills and resources to meet all our clients’ financial service needs, from risk and lending to advisory and other related disciplines,” Ms Carroll said.

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The US based Maverick Capital was founded in 1993 by Lee Ainslee, who was formerly at Julian Robertson’s Tiger Fund and has in excess of $9 billion FUM.

Kieran Canavan, Chief Investment Officer for Findex said the decision was the result of a detailed examination of the global equities offering in the Australian market.

“We have strengthened the global equity offering for our clients as we believe investors will develop an increased appetite for global stocks in 2015. “Maverick have an outstanding track record and the expertise and stability of their team combined with a fundamentals based stock picking style mean they are an excellent fit with other international equities firms in our suite of preferred products

“Maverick manage different long/short and long global equity strategies. Centric has put a retail wrapper, or PDS (product Disclosure Statement) around the long only strategy to allow retail investors to access the fund with a much smaller initial investment than would normally be the case,” Mr Canavan said

Investors can access Maverick via Centric Wealth with a minimum initial investment of $5,000

“At Findex, we manage over $15 billion of clients funds across various asset classes. We are committed to providing the best outcome for our clients by offering investment options that are selected after extensive due diligence and a rigorous selection process by our investment committee which includes highly experienced independent members“ Mr Canavan said.

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Mr Kearns was appointed CEO of Centric Wealth by CHAMP Private Equity in December of 2011 to manage the turn around and growth of the business in preparation for its sale.

Mr Kearns said he was proud of and privileged to have worked with such a high caliber team who were critical in ensuring the success to date for all stakeholders.

“I am very proud of the result we achieved for Centric Wealth, its staff and clients.  The team was incredibly diligent in their commitment and unwavering client service. This focus has delivered the success Centric Wealth has achieved to date and positioned the business for its next phase of growth.

Findex acquired the business for $130 million with the backing of KKR and they have a strategy to continue on an acquisition path. In his capacity as CEO, Mr Kearns successfully broadened the firm’s revenue base and expanded its operational structure ready for sale and transition under new ownership.

Spiro Paule, CEO of Findex said, “Phil and the Centric Wealth team have transformed this business and now we have a vision to take it to the next level. The achievements of the Centric Wealth team to date will enable us to achieve our future goals and we want to add to that great work to make an even better company.

“I would like to thank Phil for his significant contribution to this business and wish him all the best with his future endeavors.”

The combined group has nearly $8 billion in funds under advice as well as an accounting, lending and insurance business and is the largest privately owned, non-aligned wealth manager in the country.

Mr Kearns added, “the Findex team has robust and efficient systems and processes and are experienced in post acquisition transitions. They have a strong focus on continuing to improve the high quality, personalised service Centric Wealth provides to it’s clients. The time is right now for me to step down, I wish them and the Centric Wealth team the best for the future and look forward to witnessing the continued success of the combined group.”

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Estate planning can require special focus for same sex couples .

Centric Wealth has said that even without recognised gay marriage, there are many areas where those in same sex relationships are given the same rights as traditional couples.  However, as legislation varies amongst states and territories, it is imperative that same sex couples seek estate planning and financial advice to ensure their partner is taken care of in the future.

Natasha Panagis, Centric Wealth technical specialist said that same sex couples who are in a registered relationship with their partner or live with their partner in a de-facto relationship will have their partner recognised as their spouse under legislation for superannuation, taxation and social security purposes. “As most states and territories now allow the registration of a de-facto relationships, be they same or opposite sex, the broader definition of spouse means that same sex couples must ensure that adequate provision is made in the will for their beneficiaries such as their spouse or children. Thus, to avoid problems in the future, it’s important that same sex couples obtain advice on achieving their estate planning goals and how to minimise disputes after death. “Its natural for younger people not to want to make a will as few of us relish contemplating our mortality, which is at the centre of the will making process. Happily, though, more and more people are realising the making of a will is simply good financial housekeeping and that it is never too early to make one.

“It is highly recommended that a will be drawn up with the assistance of a lawyer given the importance of the document. These professionals will provide advice and most importantly help ensure a person’s estate planning wishes occur,” Ms Panagis said.

“All too frequently what may be fought over in a legal suit can get consumed in legal bills and everyone loses as the cost of the dispute is generally incurred by the estate which erodes the amount for intended beneficiaries.

Ms Panagis said superannuation death benefits can also be paid to a same sex partner if they are in a de-facto or a registered relationship. In the past, the partner needed to establish financial dependency or show an interdependency relationship.

Similarly, same sex couples can also make binding financial agreements, also known as prenuptial agreements, which can allow a couple to consider how assets will be divided if the relationship breaks down. Couples wishing to consider binding financial agreements for their situation should seek legal advice. These agreements can be made before, during or after a relationship.

Ms Panagis said that dying without a will (ie. dying intestate) means control over who will receive the assets in your estate will be taken out of your hands and will be determined by intestacy legislation, which varies across the country. To die without having a legal will may leave those you love with unnecessary distress, uncertainty and expense.

“The three soundest pieces of advice I would give same sex couples who are in serious long term relationship is to ensure their relationship is de-facto or registered, for both partners to make a will with the assistance of a professional adviser and to create a binding financial agreement. The importance of estate planning and financial advice cannot be underestimated”.

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Louise Donald

Leading wealth management advisory firm, Centric Wealth, today said that despite the Federal Government’s Living Longer Living Better reforms, the aged care industry continues to be plagued by complexity and uncertainty, particularly in relation to bonds.

An accommodation bond, or accommodation charge, is payable upon entry to an aged care facility by the majority of residents. The aged care facility holds the bond in ‘trust’ for the resident and uses the interest earned on the bond to assist with general maintenance costs associated with the nursing care facility.

Centric Wealth adviser, Louise Donald, said the aged care reforms aimed at protecting residents, may still cause uncertainty in the community.

“The issue of bonds is understandably confusing for many people.  The failure of a Melbourne nursing home last year, saw 16 families in fear of losing bonds of up to almost $450,000 each.   Fortunately, the Federal Government guarantees bonds, so the families will eventually recover the monies.  However, the incident would have doubtlessly placed considerable stress on some of the most vulnerable people in our community and their families.

“Currently, residents can negotiate their own bond levels.  Paying a higher bond means residents can access higher quality facilities, guarantee placement at a preferred facility, increase the level of means-tested pensions or reduce the required daily fees.  However, from 1 July 2014, all nursing homes must advertise their maximum required bond, therefore negotiating a higher bond than this will not be possible.”

Other changes soon to come into effect include the removal of the distinction between low and high care. Currently, aged care facilities are classified as either ‘low care’ or ‘high care’, with the main difference being the level of care that is provided.  A lump sum bond is generally required upon acceptance in a ‘low care’ aged care facility but there is no bond payable if you are assessed as requiring a place in a ‘high care’ facility, as an accommodation charge is required instead.  However, from 1 July 2014, the reforms will remove this distinction and consequently, there will be a bond payable for all aged care facilities for residents, unless they meet the criteria for exemption.

The amount of bond payable depends on a number of factors, however a key factor is the financial situation of the person entering the home. Currently, the aged care facility can charge any amount of bond as long as the resident is left with at least $44,000 in assets.  The maximum bond payable is dependent on the assets of the person entering the nursing home.

In terms of refunds, upon exit from a nursing home the original bond amount will be returned to the resident or their estate minus a retention amount. The current retention amount deducted from bonds over $39,720 is set at a maximum of $331 per month for a maximum of 60 months ($331 x 60 = $19,860).

“From 1 July 2014, retention amounts will not be deducted from accommodation bonds, rather, the full bond amount will be refunded, which is also reflected in the new name for lump sum bonds from 1 July 2014 – ‘refundable accommodation deposit’.  However, as was evident last year, there are occasions where the bond may be lost.  It should also be noted that residents who elect to pay the bond by interest only instalments will not receive any of this back from the nursing home on exit.”

Ms Donald said; “The last thing most families need when investigating aged care or dealing with an estate, is the surprise of extra costs or lost monies.  That’s why it’s so important to ensure you understand exactly what you need to pay and what entitlements may be available.

“While you can choose to have an asset assessment carried out by Centrelink or the Department of Veteran Affairs, it is worthwhile speaking to a qualified financial adviser before completing any asset assessment forms.”

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Living longer requires good planning: Centric Wealth.

Because most people tend to under estimate how long they are going to live, very few are able to effectively plan their financial affairs for the duration of their life. That is the view of wealth advisory firm Centric Wealth.

“Very few people fully understand the consequences of what we commonly refer to as the longevity risk,” said Ben McBride, Investment Research Manager Centric Wealth Advisers.   “This risk centers on the fact that the longer you live, the more likely you are to outlive your financial resources unless you put in place effective strategies and structures.

“The first step in understanding and then mitigating the longevity risk is to understand the investment lifecycle. You also need to have a clear idea of how long you’re likely to live.  All of this information will help you decide how you should manage your money at different points in your life.”

The ‘investment lifecycle’ describes how people translate human capital into financial capital during their lifetime. While this lifecycle provides a conceptual model of how people should build their capital to meet their income needs, rarely does life conform to such fixed outcomes.

“The lifecycle model incorporates many assumptions which materially impact people’s lives, particularly their retirement and older age,” said Mr McBride. “For example, a person’s pre-retirement income can be highly variable due to them having voluntary or involuntary breaks from employment, receiving inheritances, suffering ill health, or losing their partner.

“These events can change a person’s capital and income positions as do investment returns, which can never be guaranteed. Despite all of this uncertainty, there are a number of simple steps that can be taken to reduce the risk of running out of money in retirement.”

The key financial planning steps recommended by Centric Wealth include:

• Contributing more to superannuation prior to retirement;
• Keeping in good health;
• Reviewing working arrangements;
• Maximising social security entitlements;
• Monitoring income levels;
• Reviewing estate planning;
• Understanding risk and return portfolio trade-offs; and
• Reviewing overall financial planning.

“In terms of superannuation, the Australian Government has committed to increasing employer contributions from nine per cent to 12 per cent of income; but many studies estimate the real level of income people need is closer to 17 per cent,” said Mr McBride.

“That is why we recommend to clients that they take advantage of the power of compound interest as early as possible and contribute as much as they can throughout their working lives.

“Additionally, while it may appear unusual for your wealth adviser to be telling you to keep healthy and active, this is a relatively simple way of lowering the probability of substantial health care costs, which can significantly affect the quality of their retirement.”

Mr McBride said every investor wants to minimise investment risk but being overcautious can be just as detrimental as not being cautious enough.

“Being too cautious can result in your capital being eroded by inflation and prevent your assets from delivering a sustainable level of income,” he said.  “A good financial plan will make allowances for variable investment outcomes and use dynamic asset allocation combined with good security selection to protect your wealth and limit event risk.”

Mr McBride said the Australian Government is encouraging more people to stay in work longer.  This will continue to create more opportunities for older workers as a shortage of young workers builds over time. While retiring later may not be ideal, from a lifestyle perspective, sometimes making the hard decisions now can help reduce the risk of financial problems in the future.

“By putting in place transition plans from full-time employment through to partial and then total retirement, people can continue to build their nest eggs tax effectively while reducing their working hours in the lead up to full retirement,” said Mr McBride.

“In order to make such transitioning work, it is vital you monitor your income levels so you can defer or reduce your discretionary income spending in a down market to preserve your capital and limit the impact of drawdowns from your retirement funds.”

Another key part of effective financial planning is estate planning, which should not just include wills, inheritance and funeral arrangements, but also how people want to be cared for in the event of ill health.

“By engaging your family in the estate planning process as early as possible, you will be able to reduce the financial and personal impacts these issues may have when the time comes,” said Mr McBride.

“By reviewing your investment risks, savings, income, and spending levels on a regular basis, with the help of a highly experienced and skilled wealth management adviser, you will be able to ensure your financial plan remains on track and relevant, regardless of how long you may live,” concluded Mr McBride.

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Increasing costs of aged care leaving some families struggling to meet costs.

Leading wealth management firm, Centric Wealth, today said that the current cost of aged care services, combined with complex carer and pension entitlements rules, means an increasing number of families are unable to pay for the care services their elderly relatives need.

“Over the past 100 years, life expectancy levels for 65 year old men have increased from 11 to 21 years,” said Centric Wealth Adviser, Glen Stander. “For women aged 65, life expectancy levels have increased from 10 to 22 years.

“Because we are all living longer, the number of people receiving a full or part aged pension has increased to around 75% of the population aged 65 and over. For those aged 80 and over, around 80% are reliant on a full or part aged pension.

Mr Stander said currently the aged pension is equivalent to around 30% of an average male wage and that it’s unlikely to be enough to fund residential or in-home care services for people aged 65 or over, particularly when these services need to be provided for 20 years or longer.

“That is why an increasing number of people are seeking professional advice as to how they can structure their finances to ensure they can fund the long-term care of their elderly relatives without negatively impacting their own finances or quality of life.”

As of 30 June 2011, there were approximately 169,000 people living in residential aged care in Australia, the majority of which are on a permanent basis. About three quarters of these people are aged 80 or over, with around 57% aged 85 and over.

“The current rules for the provision and cost of residential or in-home care services are extremely complex,” said Mr Stander. “If they are not properly understood, the financial position of both those being cared for and their families can be significantly impacted.”

According to Centric Wealth, all residents in care need to pay a basic daily fee as a contribution towards their accommodation and living costs. The Government has set a maximum basic daily fee of $ 45.63 per day, which is indexed on 20 March and 20 September each year in line with movements in the aged pension.

“In addition, everyone who moves into an aged care home generally has their assets and income tested by Centrelink so the Department of Health and Ageing can work out what amount of fees that person should pay.”

The income tested fee is another ongoing daily fee which is only paid by aged care residents whose total assessable income exceeds the income free levels which are currently $936.40 per fortnight for a single person and $ 918.40 per fortnight for each member of a couple. The maximum income tested fee you may be asked to pay is currently $72.48 per day.

Generally, there are two types of residential aged care, low level care (ie. hostels) and high level care (nursing homes), with the main difference being the level of care that is provided.

“If a person enters a low level care facility or a residential aged care home that offers extra services and their assets are above a certain amount, they may also have to pay an accommodation bond, the amount of which is not set but subject to negotiation between the person going into aged care and the service provider,” said Mr Stander.

“Some of these accommodation bonds can be more than $500,000 depending on the particular aged care facilityHowever, it is important to note that if the person entering the aged care facility has assets of less than $44,000, they cannot be asked to pay an accommodation bond.”

“Because of the complexity of the aged care sector, not just in terms of the cost of residential care but also carer and pension entitlements, effective financial planning is key to achieving the best outcomes for everyone involved,’’ said Mr Stander.

Further, new aged care reforms were recently legislated and will be effective from 1 July 2014. The changes will be phased in over a number of years, which could add more complexity and further decision making for those thinking about aged care

“From a financial perspective, an increasing number of our clients’ are concerned about what type of investment strategies they need to put in place to adequately fund the aged care requirements of either themselves or their parents. For example, one of the most common questions we get asked is whether an account based pension or annuity is more beneficial in terms of being able to maximise Centrelink or DVA benefits and whether this pension or annuity income may affect their aged care fees.

“Also, to identify and implement the right aged care, sufficient time needs to be spent exploring all available options as well as appropriate financial management and investment strategies,” said Mr Stander. “Effective financial planning helps take some of the emotion out of the decision making process as the key points are agreed well in advance.

“Often client’s do not want to ask their parents if their Last Will and Testament is up to date or suggest they put a Power of Attorney agreement in place. Additionally, many are concerned they may not fully understand their duties and obligations if they are appointed executor of their parents’ estate.

“We work with our clients to ensure all of their questions are answered and appropriate plans are put in place well in advance of them having to make what are difficult, complex and emotional decisions.  This planning helps give our clients, and those they are caring for, greater peace of mind.”

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Complex aged care rules putting financial strain on families: Centric Wealth.

Leading wealth management firm, Centric Wealth, today said that the current cost of aged care services, combined with complex carer and pension entitlements rules, means an increasing number of families are unable to pay for the care services their elderly relatives need.

“Over the past 100 years, life expectancy levels for 65 year old men have increased from 11 to 21 years,” said Centric Wealth Adviser, Glen Stander. “For women aged 65, life expectancy levels have increased from 10 to 22 years.

“Because we are all living longer, the number of people receiving a full or part aged pension has increased to around 75% of the population aged 65 and over. For those aged 80 and over, around 80% are reliant on a full or part aged pension.

Mr Stander said currently the aged pension is equivalent to around 30% of an average male wage and that it’s unlikely to be enough to fund residential or in-home care services for people aged 65 or over, particularly when these services need to be provided for 20 years or longer.

“That is why an increasing number of people are seeking professional advice as to how they can structure their finances to ensure they can fund the long-term care of their elderly relatives without negatively impacting their own finances or quality of life.”

As of 30 June 2011, there were approximately 169,000 people living in residential aged care in Australia, the majority of which are on a permanent basis. About three quarters of these people are aged 80 or over, with around 57% aged 85 and over.

“The current rules for the provision and cost of residential or in-home care services are extremely complex,” said Mr Stander. “If they are not properly understood, the financial position of both those being cared for and their families can be significantly impacted.”

According to Centric Wealth, all residents in care need to pay a basic daily fee as a contribution towards their accommodation and living costs. The Government has set a maximum basic daily fee of $ 45.63 per day, which is indexed on 20 March and 20 September each year in line with movements in the aged pension.

“In addition, everyone who moves into an aged care home generally has their assets and income tested by Centrelink so the Department of Health and Ageing can work out what amount of fees that person should pay.”

The income tested fee is another ongoing daily fee which is only paid by aged care residents whose total assessable income exceeds the income free levels which are currently $936.40 per fortnight for a single person and $ 918.40 per fortnight for each member of a couple. The maximum income tested fee you may be asked to pay is currently $72.48 per day.

Generally, there are two types of residential aged care, low level care (ie. hostels) and high level care (nursing homes), with the main difference being the level of care that is provided.

“If a person enters a low level care facility or a residential aged care home that offers extra services and their assets are above a certain amount, they may also have to pay an accommodation bond, the amount of which is not set but subject to negotiation between the person going into aged care and the service provider,” said Mr Stander.

“Some of these accommodation bonds can be more than $500,000 depending on the particular aged care facilityHowever, it is important to note that if the person entering the aged care facility has assets of less than $44,000, they cannot be asked to pay an accommodation bond.”

“Because of the complexity of the aged care sector, not just in terms of the cost of residential care but also carer and pension entitlements, effective financial planning is key to achieving the best outcomes for everyone involved,’’ said Mr Stander.

Further, new aged care reforms were recently legislated and will be effective from 1 July 2014. The changes will be phased in over a number of years, which could add more complexity and further decision making for those thinking about aged care.

“From a financial perspective, an increasing number of our clients’ are concerned about what type of investment strategies they need to put in place to adequately fund the aged care requirements of either themselves or their parents. For example, one of the most common questions we get asked is whether an account based pension or annuity is more beneficial in terms of being able to maximise Centrelink or DVA benefits and whether this pension or annuity income may affect their aged care fees.

“Also, to identify and implement the right aged care, sufficient time needs to be spent exploring all available options as well as appropriate financial management and investment strategies,” said Mr Stander. “Effective financial planning helps take some of the emotion out of the decision making process as the key points are agreed well in advance.

“Often client’s do not want to ask their parents if their Last Will and Testament is up to date or suggest they put a Power of Attorney agreement in place. Additionally, many are concerned they may not fully understand their duties and obligations if they are appointed executor of their parents’ estate.

“We work with our clients to ensure all of their questions are answered and appropriate plans are put in place well in advance of them having to make what are difficult, complex and emotional decisions.  This planning helps give our clients, and those they are caring for, greater peace of mind.”

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Centric Wealth DHA Fund wins PIR Unlisted Fund of the Year.

Wealth management firm, Centric Wealth and its partner DHA, have been awarded a prestigious award by Property Investment Research (PIR) for the Centric DHA Residential Property Fund (the Fund).  The award comes as the Fund receives a AA+ rating from the same research house.

The Fund, gives investors exposure to a diversified residential property portfolio that is underpinned by long-term leases to the Defence Housing Australia (DHA), delivering income returns supported by AAA rated contracts.

Centric Wealth Chief Executive Officer, Phil Kearns, said the Fund was designed to overcome many of the issues that prevent investors from accessing residential real estate.

“This is the first time DHA has offered properties via a trust structure and it is also the largest residential fund of its kind in Australia. What sets this Fund apart from other residential funds is the Government backing, diversified portfolio and the fund managers ability to select the underlying properties. The portfolio has been specifically designed to provide investors with geographic diversification using a population weighted portfolio of residential properties across Australia and a mixture of housing styles.

“We are very pleased that besides receiving a AA+ rating from PIR, we have now also been awarded Unlisted Fund of the Year.”

DHA also maintains a database of more than 10,000 prospective investors, and the history of asset sales undertaken by DHA suggests there will be limited risk to the saleability of assets.

Mr Kearns said the Fund is available to both retail and institutional investors.  However, the Fund has particular relevance for institutional investors as access to residential real estate is usually difficult for wholesale investors to access. The minimum investment for institutional investors is $20 million, while high net worth individuals can invest in the Fund for a minimum of $50,000.

“Our newly appointed Business Development Manager, Andrew Mehrtens, is focusing on the sale of the Fund to superannuation funds and institutions. Centric Wealth has a clear strategy for expanding our operations and Andrew has quickly become a valued member of the Products and Services team.”

Mehrtens has enjoyed a meritorious international rugby career that saw him played 70 tests for the All Backs and score 967 test points, as well as coaching and playing in England, Italy and France. In 2011, he completed a Bachelor of Arts degree with Stage 1 and 2 Finance papers from the University of Canterbury in Christchurch.

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