Prime Financial Group acquires SMSF administration firm
Prime Financial Group has acquired a Gold Coast based SMSF administrator as it looks to bolster its business-to-business SMSF services for accountants and advisers.
ASX-listed advisory and capital firm Prime Financial Group Ltd has acquired SMSF administration firm Intello.
Prime Financial Group stated that acquisition will see its SMSF division represent approximately 20 per cent of group revenue and enhance Prime’s market position among Australia’s largest and most progressive SMSF administrators.
Prime’s managing director for SMSF, Olivia Long, said the acquisition is a critical step in the company’s ambition of becoming the premier B2B SMSF administrator in Australia.
“Including Intello, our services are now provided to almost 4,000 SMSF accounts, a number we are looking to grow significantly,” said Ms Long.
“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.”
Prime Financial Group chairman and managing director Simon Madder said the company’s goal was to double group revenue over three years to $50 million from $26 million in FY22, through organic and inorganic activity and enhance capability across its existing service lines being accounting and business advisory, wealth management, capital advisory, and SMSF administration services.
“The Intello team will serve to accelerate this development and we warmly welcome them to our group,” said Mr Madder.
Intello CEO, Kevin Nicol said the relationship developed over the years with Prime meant that Intello knew it had very similar values focused on their 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,” said Mr Nicol.
Mr Nicol said it will continue to support the Intello team and clients for a period of 12 months.
Through Prime Financial Group's B2B business model, material opportunities exist to deliver SMSF administration services for many accounting and financial advisory firm intermediaries for their clients.
The model of Prime Financial Group respects client ownership and engagement and serves to enhance advisers’ client relationships.
Mr Madder stated that Intello has a dedicated team of professionals and structure that is highly scalable and resourced for growth which combined with a material pipeline presents “opportunities for accelerated growth”.