myprosperity, in partnership with HUB24, have launched a digital education resource to help financial advisers navigate the cyber landscape and to address the increasing risk of cyber security attacks.

In collaboration with other industry experts, the CyberHUB delivers interactive content including insights, tips and case studies to educate and enhance financial advisers’ knowledge of cyber security and the solutions available to them to help mitigate the risks.

Last financial year, the Australian Cyber Security Centre received more than 36,700 calls to its Cyber Security Hotline, an increase of 12% from the previous year, with the average cost of cybercrime for a small business increasing 8% to $49,600, and $62,800 for a medium business.¹

Over the past 12 months, exposure to cyber security threats has emerged as an increasing risk for licensees and financial advisers due to the large volume of sensitive client data required to build tailored financial plans for their clients, and the reliance on email to exchange this information. As of 31 December 2024, technology research and solutions consultancy Finura Group found 69% of advisers send documents such as Statements of Advice (SOAs) by email.

Given more than 27% of licensees are privately owned and made up of 1-10 advisers, smaller businesses often lack the resources to identify and manage cyber incidents, making them vulnerable to attacks.²

According to HUB24 Executive Group Strategy, Greg Hansen, advice practices are increasingly sharing their experiences and are seeking solutions to address their security concerns.

“Advisers want to be more productive, but with emerging technology comes new risks including cybercrime, which is not only on the rise, but leaves financial professionals significantly exposed given the large amount of personal information they rely upon to provide tailored financial advice.”

The HUB24 Group is investing in technology solutions to enable financial professionals to leverage technology to enhance productivity and enable accessible advice for more Australians.

Client portals such as myprosperity play a critical role in strengthening cyber resilience in advice practices and empower advisers to enhance client engagement and drive business efficiencies.

“Most advisers and licensees understand it is not a case of if a cyber incident occurs, but when, and this is motivating them to find a solution and integrate it efficiently into their businesses,” said Tracy Williams, General Manager, myprosperity.

Once advisers have adopted an effective client portal solution, advisers and their clients experience the broader benefits a client portal can provide beyond facilitating trust and security to include better client service and collaboration with other financial professionals.

“Advisers are increasingly recognising the range of benefits client portals can provide their clients as well as their capability to strengthen value propositions,” said Williams. “It comes at an important time in the advice industry’s evolution where trust, security and service, are top of mind for clients.”

To discover all the great information that the CyberHUB has on offer visit hub24.com.au/cyberhub.

 

 

 

 

 

 

 

 

¹ Australian Signals Directorate Annual Cyber Threat Report 2023-2024

² Q4 2024 Adviser Musical Chairs Report Adviser Ratings –https://pro.adviserratings.com.au/docs/Musical_Chairs_Report_2024_Q4.pdf

Case study

Advice business: Prime Advisory

Location: Sydney, NSW

Client base: 1500 clients including retirees and pre-retirees

Age of practice: 20 years+

 

Selecting a client portal and transitioning clients across is not hard if you plan, communicate, reinforce and commit.

Prime Advisory’s transition to a client portal was prompted by demand from clients for a safer way to transfer documents, and its licensee’s desire to see less information shared over email.

However, the business understood that the wider benefits of client portals made them a compelling customer solution.

“Data security, all documents in the one place, better client experience, streamlined way of doing business – it’s a good story for clients,” said Angus Rodgers, Director Prime Wealth.

 

 Deciding on a client portal

While the business tried to build its own client portal using Salesforce, this proved difficult, so after hearing feedback from other business leaders on what they used, Prime Advisory chose myprosperity.

“We wanted to go with something that had great infrastructure, was set up and ready to go,” said Harrison Cockburn, Head of Operations, Prime Advisory.

myprosperity is owned by HUB24, and this was also attractive to Prime Advisory.

“We prefer to partner with technology providers that have got a solid track record,” said Rodgers. “We like everything that HUB24 is doing.”

He added: “They are innovative, and we think that myprosperity has transitioned into the right hands and its acquisition compliments their existing offering.”

 

Transitioning clients with a project plan

Prime Advisory has two divisions – Prime Wealth and Prime Accounting – which together looks after more than 1500 clients.

Based in Sydney and with a 20-year history, the advice and accounting practice services a broad range of clients including retirees and pre-retirees which include doctors, lawyers and small businesses, and the total business has advises on approximately $800 million funds under advice.

In a strategy day last July, Prime Advisory decided to onboard myprosperity and implemented a three-month transition plan from October to December, an approach used by the business in other significant operational changes such as moving its CRM to Salesforce and changing modelling software providers.

“We are a dynamic business, open to change and always looking for improvements,” said Rodgers.

In October, an email was sent to all clients notifying them of the change and asking them to download the client portal application. A client portal page was established on its website to make it easy for clients to log on.

The business also committed to starting each annual client review meeting in December with a conversation about the client portal and a prompt to download the app. This is recommended as best practice by myprosperity, and it paid off for the business, as by January, all clients had downloaded the app, and the portal had almost 400 active users.

 

Conclusion

Prime Advisory is optimistic about the range of benefits the online portal will bring to its clients and business.

While still in implementation phase, the transition is a bit of work, but Rodgers said the business can “see the light at the end of the tunnel”.

Ease of use of the client portal has been a big positive for the business as has using the client app. “It’s very user friendly for all clients,” said Rodgers. Although getting clients to create multi-factor authentication requires a bit more effort, it is regarded as essential for cyber security.

How can you ensure security for your future and that of your clients? As an accounting professional, your role extends beyond mere number-crunching; you are the steward of your client’s aspirations. It’s not just about managing their compliance and accounting needs; it’s about making informed decisions, setting achievable goals, and seizing opportunities as they arise.

The Power of Centralised Accounting Management

One of the most potent tools in your arsenal for achieving this is myprosperity’s platform. With features like centralised accounting management, you can offer your clients a holistic view of their accounting needs. Take the recent experience of 3P Corporation Ltd, for example. Their clients, like Alison, have found immense value in the myprosperity’s ability to centralise all financial data, from assets and liabilities to investments and bank accounts. This centralisation is not just a convenience; it’s a necessity in today’s complex accounting environment. It allows for real-time tracking and a comprehensive data overview, enabling clients to make quick and informed decisions.

Setting Goals and Budgeting for the Future

Empowerment also involves planning for the future, and myprosperity excels in this aspect. The platform allows for robust goal-setting and budgeting features. Going back to 3P’s Alison, she and her husband have been using the myprosperity client portal for nearly two years, and it has been instrumental in helping them monitor their key goals. The platform’s goal-setting features serve as a roadmap, guiding clients towards their objectives and helping them adjust course as needed.

The Importance of Secure Data Storage

In an age where data breaches are increasingly common, the security of client data cannot be overstated. myprosperity offers secure data storage, ensuring that all sensitive information is safeguarded. This is not just about protecting numbers; it’s about building trust. When clients know that their data is secure, it enhances their confidence in your services, contributing to a more robust client-professional relationship.

Real-Life Impact: A Client’s Perspective

Alison’s testimonial offers a glimpse into the real-world impact of these features. The live feeds of their bank accounts, centralised document storage, and the ability to monitor financial goals have not only made their lives easier but have also been “terrific in accelerating [her] financial literacy and confidence.” This is the essence of client empowerment—equipping them with the tools and knowledge they need to take control of their financial future.

See the full testimonial here.

The Future is Empowered

Client empowerment is not a static state but a dynamic process. It involves continuous learning, adaptation, and growth. myprosperity is not just facilitating this process; they are accelerating it. By offering a range of features from centralised accounting management to secure data storage, they are setting both professionals and clients on a path towards greater security and empowerment.

Revolutionise your approach to client service with myprosperity. Book a demo with us and/or check out our webinar schedules today!

 

 

This blog post delves into the essence of the client experience, offering insights gleaned from a recent myprosperity webinar. The webinar was hosted by Karen Kairouz and Erin Klein, two seasoned professionals in the field, to shed light on what their clients have come to expect with myprosperity and how they utilise the platform.

Understanding the Client Experience

Understanding the client experience is paramount. The best way to comprehend what your client is doing is to immerse yourself in the platform and gain firsthand experience. As the saying goes, “Experience is knowledge. Knowledge is power.” This webinar was designed to enlighten attendees on the platform’s usage and ensure clients are comfortable and adept in its use.

The Hosts’ Journey with myprosperity

Karen Kairouz, a certified practising accountant with a specialty in financial planning, has been with myprosperity for almost seven years. She brings a wealth of experience and a deep love for the program and the company. Although newer to the company, Erin Klein brings a diverse background in project coordination and sales. She is currently studying for a certificate in training and assessment to assist clients with the portal better.

Narrowing the Trust Gap

The webinar focused on ten ways to narrow the trust gap and enhance the invitation process. It covered aspects such as security, mobile app usage, desktop experience, and a live demo to showcase the platform’s features. The goal is to ensure clients are comfortable using the platform, which, in turn, benefits the service providers.

Enhanced Security Measures

• Implementing robust security protocols is paramount to instil confidence in clients. myprosperity employs advanced encryption and authentication methods to safeguard sensitive data and ensure a secure user experience.

Optimised Mobile App Usage

• The platform offers a user-friendly mobile app, designed to facilitate seamless interaction, enabling clients to access services, communicate, and manage their accounts effortlessly from their mobile devices.

Intuitive Desktop Experience

• myprosperity’s desktop interface is crafted for ease of use and navigation, ensuring clients can access and utilise the platform’s features efficiently, thereby fostering a sense of trust and reliability.

Live Demonstrations

• Providing live demos helps in showcasing the platform’s capabilities and functionalities, allowing clients to familiarise themselves with the system and gain confidence in using it effectively.

Personalised Invitation Process

• Tailoring the invitation process to individual client needs and preferences enhances engagement and establishes a foundation of trust from the onset of the client-provider relationship.

Responsive Customer Support

• Offering timely and effective customer support is crucial. Addressing client queries and resolving issues promptly builds trust and demonstrates a commitment to client satisfaction.

User Education and Training

• Equipping clients with the knowledge and skills to navigate the platform through comprehensive training sessions empowers them and contributes to a sense of security and trust in the platform.

Feedback Mechanisms

• Actively seeking and valuing client feedback demonstrates a commitment to continuous improvement and adaptation to client needs, thereby strengthening the trust relationship.

Transparency in Operations

• Maintaining transparency in platform operations and communication fosters a sense of honesty and integrity, essential components in building and sustaining trust with clients.

Consistency in Service Delivery

• Delivering consistent and reliable services reinforces client confidence and loyalty. Ensuring that the platform’s features and services meet client expectations every time is key to narrowing the trust gap.

Consistency and Predictability

A quote from keynote speaker Shep Hyken encapsulates the essence of client experience: “A consistent and predictable experience creates customer confidence, which can lead to loyalty.” This principle is applicable across various industries, including financial planning and accounting. It underscores the importance of maintaining client loyalty through a seamless and reliable experience.

Transparency and Customer Service

Transparency and excellent customer service are pivotal in narrowing the trust gap. myprosperity strives to provide a seamless digital experience and acts on customer feedback to enhance the platform continually. Understanding and addressing customer needs are crucial for the success of both the platform and the client experience.

Knowing Your ‘Why’

Understanding the ‘why’ behind using the program is essential for both service providers and clients. The ‘why’ could range from wanting to collaborate with clients in a secure portal to seeking more efficient communication and collaboration methods. Knowing the ‘why’ is the foundation for a successful and meaningful interaction with the platform.

A Secure and Consistent Portal

myprosperity offers a secure portal that consolidates communication and collaboration, eliminating the need for emails, texts, and WhatsApp. The platform provides a consistent and efficient mode of interaction, enhancing the overall client experience.

Digital Experience and Efficiency

The platform offers a digital mobile app, digital forms, and to-do reminders, enhancing the client’s digital experience. The platform’s ease of use and efficiency are evident, with clients able to log in, sign documents, and collaborate seamlessly.

One Login, Multiple Functions

With just one login, clients can access myriad functions within their portal. From collaborating and uploading documents to using digital forms and rooms, the platform offers a comprehensive and user-friendly experience.

Conclusion

The myprosperity client experience is multifaceted and designed with the user in mind. From understanding the ‘why’ to offering a secure and consistent portal, the platform aims to narrow the trust gap and foster client loyalty. With insights from seasoned professionals and a focus on transparency, customer service, and digital experience, myprosperity is paving the way for a seamless and efficient client experience.

Revolutionise your approach to client service with myprosperity. Book a demo with us and/or check out our webinar schedules today!

 

The Revolution of Accountancy: Sydney Accountants Save 20% More Time with myprosperity

Key Data for Sydney Accountants

• Time Saved: myprosperity has allowed them to complete 20% more tax returns during busy periods.
• 1300+ Clients: The platform supports over 1300 of Sydney Accountant’s clients.
• $200 Million: Client data explaining over $200 million of asset information can be stored and tracked securely.
• 28,000+ Docs Uploaded: Over 28,000 documents have been uploaded.
• 3,000+ Docs Signed: More than 3,000 documents have been signed.

                                  “With all the scams around, we know that emails are completely insecure. Still, many accountants do it because it has been an accepted way of doing business for a long time, but it’s unsecured.”          

The Problem:

• Guy Pounder, Sydney Accountants CEO, initially hesitated to fully embrace myprosperity due to time constraints.
• Legacy systems like HandiSoft created data retrieval bottlenecks.
• Email-based data sharing posed security risks.

 

The Solution:

• Transitioning to myprosperity as a central hub for streamlined operations.
• Encouraging clients to upload documents into the myprosperity database before meetings.
• Providing a digital checklist for clients to follow for document uploads.
• Leveraging myprosperity for cost management and improved service delivery.
• Implementing a private client portal for secure document sharing and signing.

 

The Results:

• Over 1300 clients adopted myprosperity.
• Approximately $200 million worth of assets are tracked using myprosperity.
• Improved efficiency revolutionised the business model.
• Enhanced credibility and security.
• Expedited tax return signing process.

 

Challenges

 

Guy Pounder recalls the challenges his firm faced before the myprosperity software. He notes that hesitation to fully embrace new technologies because of time constraints and change management made it difficult to progress. The prompt to change was because legacy systems like Handisoft acted as a bottleneck, severely decreasing productivity.

“We had a problem with the old portal. We had been using HandiSoft for years, and it felt like having a blocked pipe. We couldn’t pull the information out from the blocked pipe.”

These outdated systems, though familiar, often resulted in inefficiencies in data retrieval and management, wasting valuable time and resources. Under Guy’s leadership, Sydney Accountants acknowledged these challenges and made decisive action to adopt myprosperity software. Guy remembers, 

“When I learned about the myprosperity portal, we made the switch, and it turned out to be a significant success.”

This proactive approach marked a pivotal turning point in their journey towards operational efficiency. It demonstrated Sydney Accountants’ unwavering commitment to addressing these challenges head-on, aligning their operations with the evolving needs of their clients.

Furthermore, the resounding success of the use of myprosperity became evident through the number of clients they now serve. Guy proudly shares, 

“We have about 1300 clients on it now. They love the portal.”

The rapid adoption of myprosperity’s platform by such a substantial client base stands as a testament to its effectiveness in mitigating the challenges faced by Sydney Accountants. Beyond operational efficiency, it has significantly enhanced the overall client experience, establishing it as the preferred choice for both businesses and their valued clients.

 

Solution: A Collaborative Tool with Instant Access to Metrics

 

This transformative solution in myprosperity revolutionised how Sydney Accountants’ team and clients managed their financial information. Guy emphasises, 

“We can all have that information we can use safely and securely without exposing their records to anyone else. The privacy side of things is invaluable.”

myprosperity seamlessly integrates multiple ways of communicating with clients to facilitate improved relationships. Guy elaborates, 

“We’ll say, ‘We have a private client portal,’ and they’ll appreciate that. When they start using it and liking it, it’s perfect.”

The impact of this solution was immediate and profound. Guy speaks to the ease of the client onboarding process, saying,

“One of the first things we do is to send the link to the portal. Now they upload their documents, and we give them a digital checklist of the things we need, and they follow that checklist and upload those documents.”

As a result, through the ease of use of the myprosperity features, Sydney Accountants achieved a substantial reduction in the time required to complete quality assessments, access financial information, and communicate with their clients. He speaks to the tax return process, saying,

 “We can do 20% more tax returns during busy times, because we have a quick and efficient system.”

myprosperity’s time-saving features have proved invaluable, enabling team leaders like Guy to assess client performance more efficiently and retrieve data automatically, effectively reducing manual workloads. Calibrating these features and automatic workload allocation helps streamline task management, empowering management to focus on qualitative conversations with clients. Guy discusses the importance of this aspect for their client relationship, stating that,

“They have confidence in us through this process.”

Sydney Accountants’ transformation from a traditional financial management approach to a collaborative partner mirrors the broader industry trend, where technology and innovation are reshaping traditional practices. Myprosperity has emerged as a transformative tool, equipping professionals and clients with the information they need to navigate the evolving data and financial management landscape confidently and efficiently.

 

Results: myprosperity Changing the Game

 

One of the standout achievements has been the rapid adoption of myprosperity, with approximately 1,300 of Sydney Accountant’s clients finding the portal easy to use. This high adoption rate underscores the platform’s user-friendly design and seamless integration into daily routines.

However, the true testament to myprosperity’s capabilities lies in its data management prowess. With Sydney Accountants having 28,000 documents uploaded to the platform, it’s evident that myprosperity excels at handling substantial amounts of financial data securely and efficiently. Perhaps the most transformative aspect of myprosperity’s implementation is the efficiency it brought to the signing of financial documents. 

“It’s very helpful for the signing of the tax returns. We upload it in the private client portal. You get the signature, and away you go.”

This streamlined process drastically reduced the time previously spent on manual document handling and ensured that the process adhered to the highest security standards. 

Over 3,000 documents for Sydney Accountants were signed digitally on the platform. This achievement is a testament to the platform’s reliability and the trust clients place in it to handle their financial information securely.

myprosperity’s collaborative tool has delivered outstanding results for Sydney Accountants. The platform’s impressive adoption rates, robust and secure data management capabilities, and streamlined digital signature process have redefined how financial information is managed and exchanged.

myprosperity is a game-changer in the data and financial management landscape, empowering both professionals and clients to navigate their financial journeys with greater efficiency and security.