Prime Financial to acquire Intello

Wealth management and advisory firm, Prime Financial Group, has announced its acquisition of Queensland-based self-managed super fund (SMSF) administrator, Intello.

This comes after 10 per cent or $2.8 million of Prime’s FY22 revenue was generated through its SMSF offering, with the acquisition expected to add a further $3 million and ensure the SMSF division represents approximately 20 per cent of total group revenue.

Steve Madder, Chairman and Managing Director of Prime Financial Group, said the acquisition will help the firm to achieve its revenue goals for the near future.

“Our goal is to double revenue over three years to $50 million from $26 million in FY22 through organic and inorganic activity and enhance capability across our existing service lines being Accounting & Business Advisory, Wealth Management, Corporate Advisory and Capital, plus SMSF Administration services,” he said.

“The Intello team will serve to accelerate this development and we warmly welcome them to our group.

“We have a dedicated team of professionals and structure that is highly scalable and resourced for growth which combined with a material pipeline presents our team and firm with opportunities for accelerated growth.”

Intello chief executive, Kevin Nicol, will remain in a support capacity for the Intello team and clients for the next 12 months.

“The relationship we have developed over the years with Prime meant we knew they have similar values focused on their people and their clients,” Nicol said.

“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.”

Prime Financial’s Managing Director for SMSF, Oliva Long, said the acquisition was the next step in the firm’s goal to become 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,” she said.

“Intello was a perfect fit for us with the leaders of Prime Financial Group having known CEO 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.”