Thanks to those Partners who were able to join me for the “end of summer” (aka February) What’s new at myprosperity webinar. For those of you unable to join us, you’ll find a summary of the key developments below, a full recording of the webinar, and a little video surprise so stick (or skip) to the end.
We are now well and truly into the new year – hard to believe that we are already into March! – but as we think about what lies ahead, I’ve been reflecting on some of the macroeconomic and other consumer trends that are unfolding around us.
As more partners and clients use myprosperity, we are seeing fascinating statistics emerge from the platform. We now have $30B in assets and $5B in liabilities tracked in the system, including more than 40,000 bank and credit card accounts, 20,000 properties and 15,000 motor vehicles. We are so obsessed with real estate as a country that on average we own more houses than cars!
Of note as well is the growing engagement we are seeing from clients jumping on the platform. They’re adding an average of 11 wealth items each, logging in 22 times a year, and 59% are downloading the mobile app in the first 30 days. We’ve always said that myprosperity is an awesome platform to help drive engagement with your clients and these stats really prove that.
One of our top priorities is to create as simple an experience for our Partners as possible. To that effect, we’ve taken 5 touch points and reduced it down to just 3, with the new structure as follows:
- National BDM team: a centralised team to help recruit new partners and engage existing partners on commercial growth opportunities – now headed up by veteran Matthew Green.
- Partner Enablement team: an expanded role which is a single point of contact on the ground in each territory, to help guide partners on the journey to get up and running with myprosperity. This team is headed up by Jeremy Johnston.
- Partner Support team: an expansion of the current Technical Support team to give our partners one point of contact for solving any issue they might encounter with myprosperity, whether admin, marketing or technical. New recruit Sarah Dore leads this team.
This new structure will make it easier for our Partners to work with us, and allow us to invest in the resources we know make a difference to your success with myprosperity.
February has been a busy month tech wise and our CIO, Stephen Jackel, was excited to showcase the highlights.
- Netwealth Integration: thanks to this integration, clients with Netwealth investments can now view investment and portfolio data within myprosperity. We are incredibly excited about this one as it’s been highly requested!
- Cashflow categories: as of this month, you can create your own cashflow schema through a simple drag and drop interface, to better manage your clients’ budgeting strategy.
- Coming soon: two new and improved cashflow reports will go live in the next few weeks, alongside a brand new goals summary list to be available shortly on the Advisor Portal.
Last but not least, we are in the midst of some important changes to the navigation and user interface (UI) of our platform, both on the advisor and client side. This is a big change so keep your eyes peeled – more to come on that soon!
Make sure you tune into our next “What’s new at myprosperity” in March where we will take you through some of these exciting changes.
Awards & Events
We were also pleased to see myprosperity shortlisted as a finalist in three categories in this years’ Fintech Business Awards: “Accounting Innovator of the Year”, “Personal Finance Innovator of the Year” and “Financial Advice Innovator of the Year”. This is a great testament to our talented development team and the hard work they have put into evolving the product over the past 12 months, when we were first nominated as a finalist in the “Software Innovator of the Year” category.
Following a busy few weeks running around the country at the MYOB Incite roadshow, we’re very excited to be participating in the Accounting Business Expo on March 21 & 22. I’ll be hosting a session on how to talk to your business clients about personal wealth so if you’re planning on attending, come say hi!
The Rise of DIY Finance
One final note – I promised a little video surprise and here it is. In my research on macroeconomic trends I came across a number of really interesting data points. Rather than summarising it all in a blog post, we put together a short video on personal wealth trends in 2018 and how advisers can get on the frontfoot. Check it out below and let me know what you think!
On that note, all the best as we say farewell to Summer, hello to Autumn and get back into the swing of things for a new footy season and end of tax year. Bring it on!