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WEALTHFARM Group has acquired a Hope Island accounting practice to capture a bigger slice of the Coast’s northern corridor market.
Founder Nicholas Sinclair (pictured) acquired Brooks David S Chartered Accountant for $350,000 earlier this year and has added further scope to his business.
“This small boutique business, which a broker introduced us to, had a similar approach to client service,” says Sinclair.
“It was a match of culture and how he managed his clients. Three staff joined us from the practice.”
Wealthfarm has taken out a three-year lease for the 60 sqm office with the help of Ray White Hope Island.
The site is undergoing interior design works with plans to open the revamped shop as an advice centre in the new year.
Sinclair also achieved finalist status in the 2011 Association of Financial Advisers, Adviser of the Year Awards on the Gold Coast.
He was one of six professionals recognised for their strong contribution to financial services and the wider community.
“It’s the highest award you can win in the industry. We are actively involved with charities and providing free education sessions for the public,” says Sinclair.
“I’m really passionate about providing advice because my parents lost everything they owned due to incorrect accounting advice on structures. I’m making a difference by helping people become more financially savvy.”
Wealthfarm acts for corporations, AFL players, small family businesses, CEOs and business decision-makers. Its target market is individuals between 30 and 55.
The group is worth an estimated $3.5 million with more than $140 million under management, offering financial planning, accounting, mortgage brokering, property management and business coaching services.
Sinclair says the Wealthfarm Accountants business generated $350,000 in the last financial year, while Wealthfarm Property (formerly known as Propertyfarm) generated $400,000 during the same period.
He says the company is on track to achieve 40 per cent revenue growth in FY12.
“We have sold 60 properties so far, a pretty good outcome considering the struggling market,” he says.
Sinclair is also launching a new property management division called Wealthfarm Property Management.
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YOUNG ENTREPRENEUR FINALIST
Nicholas Sinclair
Wealthfarm Group
FINANCIAL PLANNING/PROPERTY MANAGEMENT
Age: 30
Business Est: 2001
Staff: 37
Growth: 11 per cent
Turnover: $2.9 million
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