Finwest – A game-changer for the practice, delivering value to clients and streamlining processes

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.