(right) myprosperity CEO Stephen Jackel, (middle) Founder & Executive Chairman Peter McCarthy and (right) myprosperity Director Chris Ridd.

After spending nearly two months in lockdown, we’re finally beginning to see the curve flatten. State Governments are starting to lift some restrictions and conversations are turning to how we’re going to reboot the economy.

Some of the transformations that have happened during COVID-19 will be very hard to unpick – we’re looking at sectors that will forever be changed as a result of the past two months. Take the advisory sector,  we’ve been talking about how technology will transform the industry for the better part of a decade but the uptick didn’t actually happen until literally overnight when face-to-face interactions were wound back. 

Through these trying times, technology has afforded accountants and financial planners the tools to not only continue to run their businesses but to also diversify their offerings. Key processes such as onboarding, document signing, fact finds, tax checklists, and many more have been digitised so much so that advisers now don’t need to worry about leaving the house to work with clients. 

The need for this technology was recently highlighted in a Startup Daily article which shone a light on the myprosperity wealth portal and the uptick in usage we’ve been experiencing for the past few months. The article focuses also on why advisers are finding themselves in need of this technology now more than ever. With high levels of unemployment and economic uncertainty, people are turning to their adviser for crucial guidance and peace-of-mind during this time. 

“We’ve seen a spike in interest from advisers looking for a platform to help older people get their affairs in order and younger people worried about their financial future, especially with uncertainty around job security,” myprosperity Founder Peter McCarthy said.

Peter also highlighted the concern felt by people around debt levels and their ability to make repayments.

“For households, we’ve seen a significant spike in requests around assistance in financial management, retirement and estate planning, highlighting the increase in concern around financial health. These troubling times suggest people are looking for advice to help stem the loss and shore up their financial future,” he said.

With so many Australians in need of assistance, there’s never been a more important time for advisers to be utilising technology to ensure business continuity and remain relevant in the post-COVID world.