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Centric sheds staff post-acquisition

Former rugby great Phil Kearns is set to remain chief executive of Centric Wealth – but 45 of his colleagues have been shown the door.

The job losses are the result of a restructure of Centric following its acquisition by Financial Index Wealth Accountants in January.

In a statement obtained by ifa, Financial Index chief executive Spiro Paule confirmed the restructure "has seen 45 staff members leave the Centric business", adding that Mr Kearns has “agreed to continue in his role”.

Mr Paule said in January that while the Centric brand would be retained, the two businesses would share back-office processes.

The restructure of the wealth management firm came after an extensive review of Centric's operations and back-office roles, he said.

"The decision has been well considered and will enable Centric advisers to deliver an improved service to clients.

"Financial Index and Centric are highly complementary businesses. We will continue to share expertise so we can continue to provide the highest quality, non-aligned advice for clients," he said.


Mr Kearns and the management team of Centric are working to ensure there is "no negative impact to the quality of adviser/client service as a result of these changes", said Mr Paule.

"As with any restructure, a primary concern in the integration process is to ensure affected staff members are given the support they need," he said.

“Financial Index has back-office and adviser support systems and processes, which will allow Centric to further enhance client relationships – the foundation on which Centric was built.

"The infrastructure and service support will enable Centric advisers through better use of technology, data management, and other internal processes. The business will also benefit from Financial Index's ISO9001-certified service process," he said.