myprosperity becomes integral part of leading advisory firm
myprosperity has partnered with highly lauded advisory firm, Cranage Private Wealth. myprosperity MD, Peter McCarthy, previously an adviser himself, couldn’t be more pleased.
“I’m extremely excited to be working with a such an outstanding firm that is sure to be an industry leader in the years to come,” Peter said. Considering Cranage recently won a Victorian state award for greatest revenue growth measured over a 2-year period, their future certainly looks bright.
The partnership between the software company and the planning firm situated in inner city Melbourne came about after a need for Cranage to be more efficient, add value to their services and improve the overall experience of the customer.
They also understood that to cater to their clients – predominantly young wealth accumulators that are too time poor to look after their finances – that they had to utilise the latest innovative technology.
“We had been looking for software to help us for quite some time and already tried a few options out there,” said Sam Cranage. Sam is an adviser at Cranage Private Wealth and goes on to explain that Cranage were in the process of building their own financial software when they came across myprosperity.
“It was like what we were trying to do, but so much better, so we ditched the development of our platform,” Sam said.
Sam said that myprosperity is right for their business, because it complements the core philosophy of the firm – helping clients achieve their potential rather than their best life. The software assists with this, because not only can advisers see the total financial position, but they can show clients their progress.
“Before implementation, it used to be difficult to gather financial information, because it was all over the place. We had to source data for multiple locations, print it off and review it before seeing a client. On top of that, there was no way to verify that the information given to you by your client was accurate. You can’t provide the best advice if the data is not up to date,” Sam said.
Having everything in one place was a huge advantage to Cranage Private Wealth and 6 months after roll out, they are definitely seeing the dividends and are moving more clients to the platform each week.
“It frees up a lot of our team, because we don’t have to chase data. It also helps us service our clients better – before we often went into meetings blind, but now we can look over a client’s net position with real time data before we see them. It also allows us to be much more proactive with our clients, rather than reactive. And the automated communication provides a lot more contact with clients and helps us to build better relationships with them,” Sam said.
The feedback Sam has received from client has been very positive, especially from high net worth clients.
“They loved having access to their total net worth. I think it gives peace of mind to couples and those with adult children – if the worst were to happen and someone passes away, they know that their partner has access to all the financial information. The doc storage feature also comes into place, because you can keep important documents like wills and insurance policies safe within the portal.”
And while many firms have some difficulties in rolling out new tech, Cranage seem to an anomaly.
“The biggest hurdle was meeting with a client to introduce them to the software and getting them set up. After that, it was easy.”
Sam’s a big fan of myprosperty, stating he uses it to organise his own finances. He’s also noted an upturn in efficiency – he’s saved time that he’s able to reinvest into “having a better conversation with clients.”