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Prosperity Advisers acquires Brisbane firm to expand SME business

Business

Boutique firm P+Y is set to join forces with Prosperity Advisers after a year of talks.

By Christine Chen 9 minute read

 Mid-tier firm Prosperity Advisers has acquired Brisbane-based boutique P+Y Accountants and Business Advisers to target Queensland’s booming SME sector.

Prosperity Advisers founder and CEO Allan McKeown (pictured) said the move “made sense” for his firm.

“When the opportunity arose to merge with P+Y we were excited by the prospect of working with two of Brisbane’s leading advisers whose client focus and depth of knowledge matched so well with Prosperity’s DNA,” he said.

Mr McKeown said he wanted to expand Prosperity Advisers’ capacity to deal with “opportunities and changes” across sectors including health, hospitality, SMEs, not-for-profits, government and high-net-worth families.

Prosperity Advisers was founded in 1989 and has 20 partners and 180 employees across its three offices in Sydney, Newcastle and Brisbane.

P+Y began talks with the firm last year, according to P+Y partner David Pennell.

Mr Pennell, alongside partner Brenden Yantsch and 11 employees were set to join Prosperity Advisers’s Brisbane offices, which currently had six partners and 40 employees.

Mr Yantsch and Mr Pennell had also become shareholders and directors of Prosperity Advisers.

“Since meeting with the Prosperity Adviser Group partners 12 months ago, we have taken our time getting to know each of them personally and of course we’ve carefully reviewed their business – quality of advice, services offered and their people,” Mr Pennell said.

Mr Pennell found there was a “deep-seated alignment” between the two firms’ cultures.

“Like P+Y, Prosperity is committed to fostering a work environment that emphasises collaboration, innovation and professional growth. Joining Prosperity allows our team more opportunities to develop with a larger organisation,” he said.

Mr Yantsch said P+Y had been committed to “continually expand opportunities” since its founding in 1994, and that the deal would make a “positive difference” to their clients.

“We believe joining forces with Prosperity Advisers Group allows us to take these commitments to a new level as we blend our expertise with that of a larger, acclaimed and highly resourced multi-disciplinary, accountancy, wealth management and business advisory firm,” he said.

Mr McKeown added: “Their strong reputation meant there was considerable interest in their firm from all the major players. It is a testament to Prosperity Advisers’s culture and business model that Brenden and David chose our firm.”

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Christine Chen

Christine Chen

AUTHOR

Christine Chen is a graduate journalist at Accountants Daily and Accounting Times, the leading sources of news, insight, and educational content for professionals in the accounting sector.

Previously, Christine has written for City Hub, the South Sydney Herald and Honi Soit. She has also produced online content for LegalVision and completed internships at EY and Deloitte.

Christine has a commerce degree from the University of Western Australia and is studying a Juris Doctor degree at the University of Sydney. 

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