SMSF administrator acquired by Prime Financial

Advisory group Prime Financial Group has acquired Gold Coast self-managed super fund (SMSF) administrator Intello.

This would see Prime’s SMSF division represent 20% of group revenue and enhance the firm’s position as Australia’s largest SMSF administrator.

Including Intello, it provided services to over 4,000 SMSF accounts and was looking to grow this significantly.

The two firms said the acquisition would bring about material opportunities to deliver SMSF services for accounting and financial advisory firm intermediaries for its clients.

It would also help Prime to reach its target to double group revenue over three years from $26 million in FY22 to $50 million through organic and inorganic activity.

Intello chief executive, Kevin Nicol, would remain at the firm 12 months to support the team and clients.

Simon Madder, chairman and managing director, said: “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.”