Prime Financial Group has increased its presence in the SMSF sector with the acquisition of Gold Coast-based administration service provider Intello.
The transaction means the Prime Financial Group’s SMSF arm will now account for 20 per cent of the overall business structure and forms part of the organisation’s defined plans for growth.
“Our goal is to double group revenue over three years to $50 million from $26 million in [the 2022 financial year], through organic and inorganic activity and enhance capability across our existing service lines being accounting and business advisory, wealth management, corporate advisory and capital, plus SMSF administration services,” Prime Financial Group chair Simon Madder said.
“The Intello team will serve to accelerate this development and we warmly welcome them to our group,” he added.
Prime Financial Group managing director for SMSF Olivia Long revealed the company will be servicing around 4000 SMSFs as a result of the Intello acquisition and confirmed it was part of a move make the organisation the premier business to business SMSF administrator in the industry.
“Intello was a perfect fit for us with the leaders of Prime Financial Group having known chief executive Kevin Nicol for more than a decade. We have the same values when it comes to client servicing and building loyal and dedicated business teams. A significant bonus is that we both use Class software,” she acknowledged.
The acquisition agreement will see Kevin Nicol continue to support the Intello team for a further 12 months.
He pointed out one of the positive elements to the deal was the two entities had similar values with a focus on people and their clients.
“For me, it was important that our clients could retain their relationships with our team, to maintain continuity. Our staff and clients are in safe hands, managed by industry leading professionals,” Nicol said.
