Prime invests in advisory firm
Prime Financial Group Ltd has settled the first part of its expansion plan for combined accounting and wealth management investments.
In a statement to the Australian Stock Exchange (ASX), Prime announced that it had invested in "progressive Melbourne-based accounting and advisory firm, MPR Group".
The statement reported that Prime had commented to 20 per cent of MPR, and the establishment of a wealth management entity utilising Prime's client engagement model.
"Prime's investment in MPR Group will support their significant growth plans and the Prime team looks forward to assisting to build out their client offering and business under the leadership of MPR Group managing director, Matt Murphy," the statement said.
"The investment in MPR Group is part of Prime's plan to increase the number of combined accounting and advisory investments incorporating wealth management JVs".
AUTHOR
Nicholas O'Donoghue
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
