In a statement to InvestorDaily, Financial Index confirmed that a “restructure of Centric is underway [that] has seen 45 staff members leave the Centric business”.
Financial Index chief executive Spiro Paule also revealed that Centric chief executive Phil 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 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,” said Mr Paule.
“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 ISO 9001 certified service process,” he said.
