Fees not top of mind for clients: Centric Wealth
Findings from Centric Wealth advisory group's first meeting — that value and capital protection are more important to clients than cost — have provided the industry with an important reminder of the fact considering its ongoing focus on fees, according to chief executive Phil Kearns.
"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," he said.
"We think this is an important reminder for our whole industry, given fees have been front and centre of all discussion for so long."
Kearns said the meeting highlighted that world financial market events and effective capital management were also key concerns for clients.
"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," he said.
Adjusting to retirement was another central issue, according to Kearns, who said it would not necessarily come easily to all.
Centric Wealth said its advisory group — which was a conglomerate of 10 of its clients from a variety of backgrounds and financial circumstances — offered a voice for clients to provide strategic input into their own investments and the organisation as a whole.
"Key to any successful client/adviser relationship is the ability to listen to one another to improve the overall client experience as well as generate new opportunities for growth," Kearns said.
"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's advisory group meets quarterly.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
