A conversation with Brett Crabb – Director of Finwest Wealth Management located in WA.

Beginning the firm’s journey with myprosperity in 2020, Brett tells us his focus for signing on was to give a client access to their wealth situation.

“myprosperity was clearly the best option available to fill this business need”

To ensure success, Brett understood the need for staff to be familiar with the benefits to be gained by their clients and the firm by using the portal. He allocated each staff member a Pro account to ensure they trial the portal for themselves and understand all it has to offer.

As the portal has many facets to it, Brett and his team implemented the Wealth section of the portal to begin with. Allowing clients getting comfortable with adding wealth and getting a visual snapshot of it without overwhelming them in other areas of the portal. Use will evolve over time!

During the firm’s review meetings, the Wealth area of the portal is the central focus to collect current data and have a better understanding of a client’s current financial state.

“myprosperity is therefore a key part of the process from the very start. We show the clients how wealth items can be linked for live data feeds and how we can obtain regular valuations for their properties and vehicles.  They key is getting the clients engaged so they can actively use the portal in their own time too.” 

Rather than spending valuable time during their meetings, Brett and his team utilise the digital fact finds for both new and existing clients.

As part of their onboarding of new clients, the team send a digital fact find as part of the invitation to the portal prior to an initial meeting.

Clients fill in as much as possible before a meeting making the advice process easier. Meetings are less about data collection and more on summary and advice.

“myprosperity is therefore a key part of the process from the very start”

With myprosperity’s enhanced Xplan integration, information gained from the fact find and client meeting is extracted to their Xplan system giving timely and relevant information with a click of a button.

“Our fact find process is now hugely simplified and it’s great to know the Xplan data is more up to date and relevant”

Having the digital fact find sent through the portal and using the integration with Xplan, Brett has seen processing time reduced. When asked about time savings Brett has achieved with using the portal, he admits it is currently at breakeven point as the processes have begun, but he is anticipating 15 min time savings per client. More than 25 hours per annum for 100 clients. Although saving the firm time is a bonus, Brett has not put a value on the client time savings and frustration experienced by clients with emails, printing and scanning ,etc.

“The time savings I see as a bonus for now as the key is providing an extra feature to our service offering that’s impressive and enhances the client’s engagement”

Brett’s clients are adapting well to the new portal and mobile use. It helps that the firm positions the portal as a vital tool to understand their wealth situation for making more informed decisions.

Brett explained the client experience has greatly improved as they take away something more tangible that reflects the value Brett and his team are offering.

When asked about tips Brett could offer for other firms wanting to integrate myprosperity, he noted the following:

• Create a plan to offer a certain number of your clients to Pro version of myprosperity as part of your service package
• You must drive the decision! Determine what clients you want to offer the Pro version to according to their revenue generated and expected level of engagement.  Don’t make the decision up to the client as take-up will be low.
• Staff should know benefits and use

The myprosperity client portal has been a game-changer for his practice, delivering value to their clients and streamlining their processes. Brett and his team will continue to grow and expand their Pro user base, and eagerly anticipate unlocking the full potential of myprosperity’s custom branded app and mobile-first package.

By adopting myprosperity, you too can empower your clients and elevate your financial planning practice to new heights. Embrace the future of financial planning with myprosperity and watch your clients thrive.

When Arthur Kallos from Spark Advisory decided to review client portals, his main objective was to provide a more secure hub for sharing information with clients.

 “We wanted to provide our clients with a secure method to share confidential and sensitive information with confidence”.

 Furthermore, being a progressive boutique firm the availability of having a branded portal and mobile App created a deeper connection with their clients, adding value through the functionality of the wealth portal.

Arthur aligned the organisation strategy and values to the role of the branded app to get buy-in from his staff.

 “The training and resources are fantastic, but most effective for our change management was the actual efficiency gains across the practice – they are real“.

 All the staff have a login to the practice portal and have been assisted by both the myprosperity training team and Spark’s dedicated account manager.

Integrations:

Arthur and his team started by using the Xplan integration for client preparation and client review processes. The adoption for clients was mandatory, using Xplan data, IPS in the back end and myprosperity for the front end experience for clients.

Reduced double handling of data between the systems was primary focus, but additional functionality and benefits such as client privacy and security, e-signatures and document storage.

“myprosperity has tremendously evolved over the last three years, the Xplan integration was the turning point for bringing in even further efficiencies in our processes”. 

Arthur and the team collect data from new prospect clients using their Spark wealth portal and a digital questionnaire then review the data with clients in meetings. Data is easily amended on the way in, finalising the fact find and then pushing the data straight into Xplan once clients have e-signed the fact find.

The team also has a digital Risk Tolerance Questionnaire and an Insurance Needs Analysis Template in their portal that can be distributed to clients efficiently.

“The BEST and MOST simple item is the free hand text sections in these documents to write client file notes and elaborate further, which then the clients signed off with their e-signature”. 

Stats:

Arthur and his team are now completing a client review easily under 60 minutes with all compliance documents complete.

Arthur mentions that clients love that they can access everything in one place, especially through the mobile app, because they are always on their phones.

Clients are all accepting the mandatory portal and app as Arthur and the team go through the review process. The clients engage in the tool during the review experience, attain their documents via the doc storage, witness the wealth portal feeds in action, and e-sign docs.

“You can’t convert clients in one go, it’s a journey, our clients have to participate in using the portal and app to collaborate with us and access important information.”

In summary,  Arthur comments on the latest news of HUB24 acquiring myprosperity

“I can see the benefits of this transaction, and I wish all the best with what is to come from this – if consumers engage more with their wealth and take control of their futures, then all win”.