The platform says its clients include UHNW individuals as well as retail customers.

Australian wealth management platform Centric has reported a more than doubling of funds under administration to A$8.5 billion ($8.44 billion) and users to 14,500, which it said highlights its status as a disruptive force in the sector.
 
Centric serves clients ranging from retail customers to those in the ultra-high net worth bracket, attracted by low fees and above-market cash returns, the firm told WealthBriefingAsia.

Many of Centric’s clients, who are near retirement or have retired, have wealth that needs to be looked after. Clients are Australian residents for tax purposes.

With Findex Group as Centric’s parent, the latter firm works with FNZ as its tech provider, custodian and administrator, an arrangement that has operated since Sydney-based Centric’s public launch in 2020.

“In an environment where 43 per cent of financial advisors have left the industry in the past five years and increasing overheads and operating costs part of which is driven by the hours spent navigating regulation – any potential partner needs to be able to provide value to advisors when they need it the most and extend this value proposition to their client base,” it said. 

“Our alternative platform solution puts the advisor-client experience front and centre. Our current client base is effectively A$20 million better off by using our platform, through lower platform fees and higher cash rates. We know the pain points [that] advisors face and are committed to simplifying the client management process. This has clearly resonated strongly with the industry,” Centric chief product officer, Jennifer McDermott, said.

“In an environment where the cost of doing business for financial advisors in Australia has increased exponentially, with the Financial Planning Association of Australia stating as much as 25 per cent or more 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 advisors achieving financial success,” she added.

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