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.”

The post Phil Kearns to depart as Chief of Centric Wealth appeared first on AdviserVoice.

Succession Plus announce an intensive one day planning conference.

Instead of the start of a New Year being an opportunity to implement a carefully considered succession and exit strategy, far too many SME owners (especially the Baby Boomers) will do so without a plan in place as they fail to understand that successful exits begin years in advance in order to derive the best outcome said Craig West, Succession Plus Pty Ltd Founder and CEO, President of the Australian Chapter of Exit Planning Institute (EPI).

Commenting further, Craig West said “Generally speaking business owners are very good in their respective industry or market niche but not particularly proficient at management and certainly not skilled at maximising the value of their venture.  In particular, they struggle to comprehend and appreciate the issues associated with succession and transition and it can also be an emotionally charged subject for them with concerns on many levels that need to be addressed.”

“However, if the business is to be a legacy retained within the family or the funding source for a life in retirement, those issues must be addressed and the appropriate strategy implemented as soon as possible.”

Disturbed by this situation, and to assist business owners to start 2014 on the right foot, Succession Plus has developed a comprehensive program for an intensive one day strategic planning conference to be held in Sydney on February 7, 2014.

The Succession Plus Conference is a free event and attendees will obtain insights on tackling succession planning and how best to effectively commence and approach the process to best meet their individual circumstances.

Conference attendees will participate in a dynamic interactive day of presentations and discussions.  In addition, the program will encourage SME attendees to network with fellow business owners, share experiences and engage with the speakers during the breaks and the networking session at the end of the day.

The program will also address improved business performance and includes a keynote presentation from former Australian Rugby Union Captain and CEO of Centric Wealth, Phil Kearns who has  himself recently managed a successful $100M+ sale.

Leading SMSF expert Grant Abbott principal of NowInfinity and author of The SMSF Strategy Guide will provide an insight into the importance of incorporating robust retirement strategies into business succession and exit goals.

The post The anatomy of a successful business succession and exit appeared first on AdviserVoice.

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.

The post Centric Wealth DHA Fund wins PIR Unlisted Fund of the Year appeared first on AdviserVoice.

Poorly managed SMSFs may have a national impact.

Leading Wealth Management firm, Centric Wealth, today said the growth of self managed super funds (SMSFs) could cause problems for retirees and create further strain on the nation’s budget, if large numbers of SMSF trustees fail to correctly manage their retirement funds.

According to ATO statistics, the SMSF sector is currently worth $500 billion (about one-third of all superannuation assets) and has nearly one million trustees.

Phil Kearns, Centric Wealth Chief Executive Officer said the latest research from the SMSF Professionals’ Association of Australia shows an additional 1.4 million people are considering setting up an SMSF over the next three years.

“This will mean the number of self managed retirees will swell to almost 2.5 million.  Is it likely that all these people will have the knowledge, experience and time needed to manage their SMSF effectively?   In my view, this could create a number of problems for the individuals and the government, who may end up financially supporting these people down the track.”

Mr Kearns says many people incorrectly believe running an SMSF is just a matter of getting the investment strategy right,.

“Managing an SMSF is no easy task.  While many SMSF trustees are highly proficient at managing their strategy, compliance and investments, others may not appreciate the complexities involved or the implications of the role of being a trustee.”

Natasha Panagis, Centric Wealth’s Technical Specialist, said complex and ever-changing requirements and regulations mean you need to have a very thorough understanding of the rules to avoid large fines.

These individuals will all need the time, resources and knowledge to ensure they abide by government regulations, maintain adequate insurance and receive good investment returns. Getting this wrong can have an even greater negative impact than simply missing investment returns.

“Aside from onerous reporting requirements, there is also the issue of costs.  It is not uncommon for clients to be paying their accountant over $6000 a year to administer their fund and ensure correct audit and compliance requirements are followed. Some administration providers will quote one headline low fee, but hit the trustee with a range of fees for various products and services.”

“We tell our clients that they need to have at least $500,000 in assets, plus other alternative assets like investment property, before an SMSF is worthwhile.  However, even if an individual has this level of assets, it does not mean they should manage their own super.  There is much to be said for relying upon professional advice and spending your time and effort on other areas of your life.”

Mr Kearns said he believes the government needs to provide more education to potential SMSF trustees.

“If the government does not act on this issue now, they could find vast numbers of Australians retiring without adequate retirement savings.  This will mean strain on the nations Aged Pension budget.  Ensuring that anyone setting up an SMSF has the right knowledge – or the right support by way of an appropriate qualified financial adviser – is the first step in avoiding the pitfalls of running their own fund.”

The post Self control of Super not the answer for all; says Centric Wealth appeared first on AdviserVoice.

The findings came from the first meeting of Centric Wealth’s newly formed Client Advisory Group, which will form a key part of its future growth strategy.

According to Centric Wealth chief executive officer, Phil Kearns, the advisory group will give clients with the opportunity to provide strategic input into the future management of not only their own investments, but also the organisation as a whole.

“Key to any successful client / advisor relationship is the ability to listen to one another to improve the overall client experience as well as generate new opportunities for growth,” explained Mr Kearns.   “The new advisory group will enable us to find out what we don’t know, demonstrate our accountability to our clients and create a real sense of a shared future.”

Centric Wealth invited 10 clients to become members of the advisory group, with the first meeting haven taken place in March.  Mr Kearns said the discussion found that clients are still concerned about market performance, but that receiving strategic guidance, knowing advice is based on outstanding research and security for their investments was more important than the cost of advice. 

“For me and our advisers the most important message was that fees will only be an issue if the client does not believe they are receiving value.  We think this is an important reminder for our whole industry, given fees have been front and centre of all discussion for so long,” he said. 

Mr Kearns said world financial market events and effective capital management were also key concerns at the first meeting. 

“Clients want advice and reassurance around major financial events, such as the problems in North Korea, and to know how these issues impact the security of their capital.  The challenge of adjusting to retirement was also central to the discussions, and this is certainly something that does not necessarily come easily to everyone.”  

Mr Kearns said Centric Wealth will continue to work with the client advisory group to identify perceptions of key industry developments and emerging trends, as well as candid comments on the quality of its services and where clients believe improvements need to be made or new services introduced.

“As an organisation, we are committed to following up on these recommendations to continually improve our services to best suit changing needs of our clients and evolving financial market conditions.”

The advisory committee includes clients from a variety of backgrounds and financial circumstances together with a mix of Centric Wealth management.  The group will meet on a quarterly basis.

The post Centric Wealth: value not price is key to satisfied clients appeared first on AdviserVoice.

Sean Ryan – Centric Wealth

Centric Wealth today announced the addition of Sean Ryan to its Canberra team, further strengthening its presence in the ACT.  The announcement follows the appointment of Sara Caggiano in late 2012.

CEO Phil Kearns welcomed Mr Ryan and Ms Caggiano to the Centric Wealth team and said their local experience and networks would be of particular benefit to the company.

“Regional and interstate growth is very important for Centric Wealth. Sara has been with us for a few months now and has already become an intrinsic member of the team.  We are very pleased to also welcome someone with Sean’s credentials and look forward to him making a positive impact on the business.”

Ms Caggiano’s most recent role was Senior Financial Consultant with Perpetual Limited, where she advised financially successful individuals, families and organisations on how to grow and protect their wealth. She is also actively involved in various professional networks, including the Tax Institute of Australia, Family Business Australia and the Australian Institute of Company Directors.

Mr Ryan is a financial planning professional with 15 years experience in the industry.  Prior to joining Centric Wealth, he spent five years at Perpetual Limited, where he held senior positions including Senior Adviser and Team Leader.  During this time, he provided strategic and investment advice to high net worth clients.

In addition to expertise in traditional advice areas such as superannuation and investing, Mr Ryan has considerable experience advising families of persons with diminished capacity, compensation trusts and management of estate assets.

A long-term Canberra resident, Mr Ryan is pleased to be joining a group with a strong community and client focused culture.

“I’m very excited to be joining Centric Wealth and look forward to the role I will play in building their presence here further,” he said.

Head of local operations, Roger Hancock, said their Canberra practice had been receiving increased demand from existing and potential clients, so the additional resources would be highly valuable.

“Over the past 12 months we have noticed an upswing in demand from clients in the area.  We believe much of this is due to the perception that we are through the worst of the markets and that now is the time to reassess and implement wealth management strategies.   Both Sara and Sean are well respected by the local community and we are very pleased to welcome them to the team.

The post Centric Wealth strengthens ACT presence appeared first on AdviserVoice.

CEO Phil Kearns said he was very pleased Ms Carroll accepted the position and believed her depth of experience would be of significant benefit for the clients and staff of the local office.

“Centric Wealth has a very clear strategy for expanding our operations nationally and following strong growth in the Melbourne business over the past 12 months I believe Celia’s experience, contacts and knowledge will be important tools in how we grow the business in Melbourne. Celia will be responsible for managing the team and overseeing client relationships and strategies; and we look forward to her working with both our clients and staff in fulfilling their individual objectives.”

Ms Carroll 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. In addition, Ms 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.

Prior to joining Centric Wealth, Ms Carroll managed the financial planning business for Horwath NSW (now Deloitte), providing advice and management for private clients of the firm.  Ms Carroll has also provided financial planning advice through Godfrey Pembroke and Permanent.

Ms Carroll said she was looking forward to helping move the business forward in Melbourne.

“I have been very fortunate at Centric Wealth that I have been given new opportunities as my skills and experience deepen. This next move is an exciting one for me as it draws on all the skills I have developed and gives me the opportunity to share these with a new group of clients and colleagues.  I am excited to be part of the next stage of Centric Wealth’s growth strategy and very much looking forward to getting to know the team and clients in Melbourne.”

The post Centric Wealth names new head of Melbourne appeared first on AdviserVoice.

Centric Chairman, Mr David Shein, said, “The Board and management are thrilled that Phil will be joining Centric as CEO. The Board evaluated a number of outstanding candidates for the role, and ultimately decided that Phil is best suited to lead the Company. 

“At Investec Phil was instrumental in building the private bank’s client base and in introducing investors to innovative investment products, including aircraft and wind farm investment funds. In addition, he has been responsible for leading significant corporate transactions in wealth advisory and other industries. This combination of experience, plus his prior experience as Managing Director of a human capital firm, gives Phil a special skill set to further grow and develop Centric. 

“Phil played for the Wallabies from 1989 to 1999 and captained the team on ten occasions, demonstrating his inspiring leadership qualities. During this period he also led the push to professionalism in the sport.”

Mr Kearns said, “Centric is recognised as having the most professional advisors in the industry, whether in financial planning, risk insurance, lending or family office services. We are entering a new era of financial advice where client centric advice is critical. In this regard, Centric is ahead of the game and I see an amazing opportunity for growth.”

Centric also announced that Chief Financial Officer, Mr Chris Powell, will take on the additional role of Chief Operating Officer. Chris was formerly the Regional CFO of Zurich Financial Services Australia and New Zealand, spanning the Life, Investments and General Insurance businesses. At Zurich Chris oversaw the company’s numerous investments in licensed financial planning groups, including DKN Limited, and was Chairman of Lonsec Limited, Australia’s largest managed funds research house.

“Chris joined Centric as CFO in July and since that time has made a significant mark on the business” said Mr Shein. “I am particularly pleased that, with the appointments of Phil and Chris, along with the existing heads of business, Centric now has in place a complete senior management team. This team can rapidly grow the business while adhering to Centric’s core values of transparent relationships where client interests always come first.

“Centric is further strengthened by CHAMP Private Equity’s continued support for the business, providing a strong capital base for growth,” Mr Shein said.

The post Phil Kearns appointed CEO at Centric Wealth appeared first on AdviserVoice.