Prime Financial Group has signalled its intention to expand its accounting and wealth management businesses through acquisition and organic growth.
In a statement to the Australian Securities Exchange, the financial services firm said its strategic focus was to "scale-up" its operations nationally.
Prime's expansion plans would focus on "suitable acquisitions and mergers" in areas of Australia where the company already had core operations, it said.
"This will increase the scale of our national platform, which will facilitate growth for Prime from new initiatives such as the rollout of new wealth management licences with accounting firms," it said.
Prime managing director and chief executive Simon Madder said the company was "very much on the expansion front".
"We're very encouraged by how our wealth model has been received from accounting and financial planning practices," Madder told InvestorDaily.
The firm had received strong interest for its model and had been active in marketing its "turn-key solution", he said.
The company had seven investments in accounting firms and was exploring a number of opportunities to assist them to grow through a merger, he said.
"[Prime is] assisting those firms to identify appropriate merger partners and to be the corporate partner in implementing a more holistic client engagement model across both accounting and wealth," he said.
As well as notifying the market of its strategic plans, the firm said Stephen Bennett had stepped down as non-executive director to accept an executive role within the company.
Bennett will assume an executive role to help the company expand its accounting and wealth operations in New South Wales.
As well as his new duties, he will remain as the managing partner of Prime member firm Wynn & Bennett Chartered Accountants.
Madder said the company had no immediate plans to replace Bennett's role as non-executive director.
