The Game Changer for Grimsey Wealth: A minimum of  15 minutes saved per tax return, adds up to more than 45 days saved each tax season

Key Data for Grimsey Wealth

• Time Saved: Myprosperity saved them 15 minutes per client per tax return.
• 46.5 Days Saved: Time saved per tax season across all clients.

• 1500+ Accounts Created: The platform now holds 1,500 accounts from Grimsey Wealth customers.

• 46,000+ Docs Signed: Over 48,000 documents have been uploaded.

• 2000+ Rooms Created: Grimsey have created 2351 rooms for their clients.

“The people at myprosperity are fantastic. They’ve helped us find opportunities for our business to set up our clients’ forms in ways that make it easier to talk about their accounting needs and wealth.

The Problem:

Before the implementation of the myprosperity software, Grimsey Wealth faced multiple problems, including:

• Time-consuming tax return processes.
• Scattered client data.
• Data security concerns.

The Solution:

The solution to the build-up of issues Grimsey Wealth faced were solved through the following steps:

• Transitioning to myprosperity as a central hub for streamlined operations.
• Implementing a secure portal for document uploads and approvals.
• Leveraging myprospertity to enhance data security whilst centralising client data.

The Results:

Through their choice to implement and consistently utilise the myprosperity software, Grimsey Wealth saw the following benefits:

• The creation of 2,351 rooms within the platform.
• 46,000 documents being uploaded into the system by clients.
• Clients have gained greater control over financial information and communication.
• Significant overall time savings in tax return preparation.
• Enhanced professionalism and overall client satisfaction with the increased access to financial insights.
• Improved transparency in client wealth management.

The Challenge of Inefficient Processes

For years, accountants and financial professionals struggled with cumbersome software that made collecting financial data difficult and insecure. Grimsey Wealth faced similar challenges, with inaccurate and scattered client data, leading to time-consuming processes.

This was compounded by security risks associated with old methods, prompting Grimsey Wealth to seek alternatives. The solution? myprosperity.

Montgomery Kirsz, Director of Grimsey Wealth, explains, 

“One of the main reasons we started using myprosperity was because of their digital forms; which allowed us to gather our information in a secure platform.” 

Despite having tried various platforms previously, myprosperity proved to be the long-term solution.

The Solution of Inherent Efficiency with myprosperity

The adoption of myprosperity software has had a transformative impact on Grimsey Wealth’s operations, client relationships, and overall time management. According to Kirsz, myprosperity has proven to be a game-changing solution for addressing specific challenges within the accounting and financial industry. 

In many cases, organisations grapple with the complexity of implementing new software, often sticking with outdated systems that create bottlenecks in their accounting processes. However, Kirsz commends the exceptional support provided by the myprosperity team when switching software, emphasising, 

“The people at myprosperity are fantastic.” 

One of the main reasons many organisations are implementing the software is due to their digital forms, which have improved the way clients share their financial information securely. As a result of this innovation the data collection process has become streamlined. Kirsz highlights, 

“myprosperity helped us customise the forms in a simple process.” 

The wealth summary feature within myprosperity has also played a pivotal role in empowering Grimsey Wealth to assist clients in setting and achieving their financial goals. Kirsz points out,

“They enable us to see the client’s position, which provides a brief yet comprehensive picture of a client’s circumstances.” 

For an organisation entrusted with clients’ financial information, data security is paramount. myprosperity’s role in enhancing data security by shifting away from email-based communication aligns seamlessly with many clients’ preferred methods. Kirsz affirms this, stating, 

“This offers much better security that gets away from emails. This is our preferred method.”

Moreover, the convenience offered by myprosperity extends to the client onboarding process, simplifying and expediting it. Kirsz emphasises that one of the initial steps involves sending clients a link to the portal, enabling them to upload documents and follow a digital checklist. He notes, 

“When clients come on board, my prosperity is part of the discussions. It’s always brought up from the efficiency and security point of view. It’s definitely a selling point, without a doubt.

The transformative impact of myprosperity has been both immediate and profound, as Kirsz’s insights reveal. The platform has empowered Grimsey Wealth to operate with greater efficiency while providing a higher level of service. 

myprosperity Changing the Game and Delivering Results

The adoption of myprosperity by Grimsey Wealth has yielded impressive outcomes, particularly in the enthusiastic embrace of the software by their clients. 

Over 1,500 accounts have been activated, highlighting the platform’s user-friendly design and its seamless integration into clients’ financial routines. This high level of adoption is a testament to the platform’s appeal and its capacity to enhance the overall client experience.

Additionally, the platform has recorded the secure signing and storage of more than 46,000 documents, which has streamlined data management considerably. 

Grimsey Wealth has fully harnessed myprosperity’s versatility, creating 2,351 rooms that have enhanced organisation and facilitated the efficient sharing of information. Kirsz points out the tremendous efficiency gains this has generated, noting that, 

“The team operates much more efficiently, resulting in significant internal time savings.” 

The biggest benefit has been to streamline and simplify the tax return process, with significant time savings. Kirsz quantifies this benefit, affirming, 

“At the very least, there’s a 15-minute saving on a tax return per client, and this quickly adds up for hundreds of clients.”

These gains, combined with the enhanced document signing experience, have led to a substantial reduction in the time previously spent on manual document standards. With over 3,000 documents digitally signed, it is evident that clients place their trust in myprosperity to safeguard their financial information and expedite essential processes. This level of reliability has fostered stronger client relationships, significantly contributing to the platform’s remarkable success. Kirsz further elaborates, noting that clients,

“Our clients have confidence in us throughout the document signing process.”

In essence, myprosperity has not only transformed how Grimsey Wealth interacts with its clients but has also redefined the efficiency and security of its financial management processes. 

The platform’s impressive adoption rates, robust and secure data management capabilities, and streamlined digital signature process have gone a long way to improve client and team engagement. 

myprosperity Takes on Xerocon 2023 in Sydney: Dive into the Future of Accounting and Innovation

In an ever-evolving digital landscape, there are a few events that truly encapsulate the spirit of innovation, community, and progress.

Among these, Xerocon holds a special place, serving as a vibrant confluence of tech gurus, accounting professionals, and visionaries. This year, myprosperity is thrilled to mark its presence at Xerocon 2023 in Sydney, and we can’t wait to immerse ourselves in the expansive spree of insights, discussions, and connections that this event promises.

Symphony of Community and Collaboration

Xerocon is not merely an event; it’s a movement.

At its heart, it revolves around the idea of building and strengthening the community. This ethos resonates deeply with us. We’ve always believed in the power of collaboration, in bringing together different minds and ideas to sculpt solutions that are not just functional but revolutionary.

myprosperity started as a platform to help put your client in the centre-focus of their life. Surrounding them with all the data and reference points they need to improve their wealth and well-being.

Along the way, we’ve built out and added more tools that help you collaborate with your client more efficiently, whilst also ensuring all their information is safe and secure online.

In today’s fragmented digital world, it’s easy to operate in silos.

However, real growth and real innovation stem from breaking these barriers, stepping out of our comfort zones, and embracing the collective genius of the community. Xerocon 2023 promises to be that platform where the cogs of tech, finance, and community mesh together, setting the wheels of progress into motion.

Diving into the Agenda: Where Tech Meets Tradition

While Xerocon’s entire agenda oozes with excitement, there are several items that have particularly caught our eye, especially those that orbit around areas of technology and innovation.

1. AI and Machine Learning Workshops: Artificial Intelligence is no longer the future; it’s the present. The workshops dedicated to AI and machine learning are not just about the theoretical framework but how they’re tangibly reshaping the accounting and financial sector.The beauty of AI lies in its capacity to enhance human capabilities, not replace them. It’s this relationship between humans and machines that we’re eager to explore and integrate into our strategies.
2. Blockchain’s Expanding Horizons: Initially introduced to the world as the backbone of cryptocurrencies, blockchain has spread its roots far and wide. Its potential in fostering transactional transparency and security is immense. The sessions focusing on blockchain hope to unveil how this technology can revolutionise accounting methodologies and ensure fraud prevention.
3. The Power of the Cloud: The cloud is not just a storage solution; it’s a dynamic space that holds the key to scalability, efficiency, and innovation for modern businesses. myprosperity, with its commitment to top-tier solutions, has always championed cloud-driven strategies.Through the lens of Xerocon’s experts, we aim to delve deeper into optimising these solutions, ensuring our clients get the very best of what technology has to offer.
4. Digital Payments – The New Normal: As we pivot to an increasingly cashless society, understanding the intricate tapestry of digital payments becomes crucial. Innovations in this sphere are relentless, ensuring transactions are not just swift but also secure.At Xerocon, we’re looking forward to a deep dive into these advancements, hoping to bring back insights that would elevate the user experience for our clientele.

Rising Tide Financial Services is located in the great state of Victoria. Providing financial plans and solutions surrounding tax, retirement, finance, and insurance. Matt Hale – Senior Financial Planner & Director takes some questions from us about his use of the myprosperity portal in his firm.

Interesting enough, Matt concedes to a less than fruitful initial launch of using myprosperity in 2017, as the missing element in his mind was not understanding the need for the business and his clients.

“We didn’t nail the WHY?”

Re-engaging with a fire for use in 2022 was important for the business, as Matt recalls, to collaborate with clients in a secure environment mostly using the Rooms feature.

Matt and his team had to make the decision to incorporate the portal in his processes after using it here and there. They committed to all new clients going forward to be onboarded through the portal and all existing clients would be added upon review or next service.

Digital fact finds through the system are now widely used with their traditional mortgage broking clients and their holistic financial planning clients.

“We’ve loved being able to transpose our licensee fact find in myprosperity”.

Along with digital forms, the Rising Tide team encourage clients to share documents through the portal as a secure way to ensure information is easily accessible. Rooms was the main feature to encompass the information where required. Stressing to his clients the WHY.

“A secure way to engage with Rising Tide and an efficient way for us to collect client info”.

Hoping to improve the client experience, as change management goes, everyday is a work in progress. Looking at the behind-the-scenes stats on their use of the portal, seems the Rising Tide team have started on the road to success with substantial increases in docs uploaded now from his start.

“This is a work in progress – it’s certainly helped us have one place to communicate (in a safe manner!)”

 When asked if he has any tips for other practices wanting to adopt myprosperity portal and App into their business, Matt says:

“Work out your ‘why’ – What issue are you trying to solve before committing. Software isn’t an answer when you don’t know the question.”

 We hope to help Matt and his team at Rising Tide continue their journey in providing their clients a secure portal to make collaboration seamless.