Expanding customer bases and selling more to existing customers were rated second and third respectively, according to the international sales performance study by Proudfoot Consulting.
More than 1,900 company studies were undertaken in 11 countries, including Australia. The research was prepared in conjunction with the London School of Economics.
Centric Wealth joint chief executive Michael Pillemer said: “For the last four years the premier driver of our growth has been acquisitions, but today I would say I place equal importance on acquisitions and organic growth.
“We’re in a situation where we can achieve significant growth without having to pay for it. It’s more profitable growth.”
Centric Wealth has made 20 acquisitions in just over four years. However, Pillemer warned planners should think carefully about their business strategy and whether acquisitions are important.
He referred to a 2002 McKinsey post-merger survey that found 70 per cent of mergers failed to achieve expected revenue synergies and one quarter over-estimated cost synergies by at least 25 per cent.
Australia’s funds rise yet remain small on global stage
Australia’s top super funds have climbed in global rankings but their assets pale in comparison to the world’s dominant asset...
