Cork financial services firm Provest has officially opened its new office in Douglas with the help of Minister for Finance Michael McGrath.
Provest offers personalised financial advise and customer services to people planning for retirement. The company manages and advises private and corporate clients on a range of items from pensions and life cover to investments and retirement planning.
Founded by managing director Mark O'Sullivan in 2017, Provest employs nine people and has added three senior figures in the past nine months: director of business development John Kearney, senior client executive Ursula Carroll, and non-executive director Richard Healy.
Provest moved to its new headquarters to meet growing demand for its services, with 750 clients now on its books and assets of over €220m under management.
Speaking at the opening, Minister McGrath said: “It is heartening to see an Irish financial services company such as Provest grow from strength to strength, particularly during times of economic challenge.
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"It is vitally important for consumers to have independent advice when it comes to addressing any concerns around their future investments. There have been a number of important changes to pension provision in recent years aimed at ensuring that people can look forward to their retirement with confidence."
O'Sullivan said: “We are incredibly proud of what we have achieved to date and we look forward to welcoming more clients in 2023.
"The next year will be a particularly busy time for Provest as many employers continue to review retirement provision for directors and senior personnel as part of their retention policy.
"Also, our individual retirement and financial planning service is continuing to grow with numerous consultations taking place in Q1."
Accounts for Provest Clients Ltd show the firm made a profit of €428,000 in 2021, an increase of 42% from €303,000 the previous year.
Turnover rose 41% year-on-year, from €777,000 to €1.1m, and administrative expenses were up 50% from €434,000 to €649,000. The company had net assets of €928,000, including investments of €342,000 and cash of €253,000.
Photo: Mark O’Sullivan and Michael McGrath with staff at the ribbon cutting for Provest’s new office in Douglas, Co Cork. (Pic: Clare Keogh)
