succeeding in wealth management · peter mccarthy (20 years in fsi) melbourne based, 32 staff &...
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Succeeding in Wealth ManagementOwn the Data. Own the Client.
IPA National Congress
Chris Ridd, CEO myprosperity
Chris Ridd
CEO, myprosperity
“In the same way that the cloud made accounting accessible and easy for small businesses, myprosperity simplifies the task of putting all of an individuals’ financial matters in one place, enabling them to be in complete control of their finances.”
Our purpose
“We are the one place where a client can come together with their advisor to get control of their entire financial world”
Our path
Founded in 2011 by Peter McCarthy (20 years in FSI)
Melbourne based, 32 staff & growing,Global aspirations
$7.5M capital raised to date with
Craig Winkler as strategic investor
> 18,000subscribers,440+ partners
$25B assets, $5B liabilities
tracked in system
Finalistfor Fintech Business Awards & EY WAMTechPitchFest 2017$
From customer to CEO
Jul 2015
Signed up to myprosperity as a customer
Jul 2016
Contacted Peter McCarthy, commence as advisor
Nov 2016
Introduced Craig Winkler to myprosperity
Mar 2017
Appointed as CEO to myprosperity
Technology… sorting my world
Consumer categories getting “sorted” with new technology
Combining real-time data & machine learning to help automate our lives
HomeSocial Networks
Music
Photography
Fitness
Personal Wealth
Personal wealth is the forgotten category
“I think the opportunity is absolutely to create the kind of client experience that the clients have in other consumer contexts”
“Why wealth management can’t afford to miss the digital wave”Sink or Swim Report, June 2016
New Digital Players
Adviser
Finance
Advice
Super
Equities
Real Estate leads
Insurances
Client
Understanding the change
Sink or swim: Why wealth management can't afford to miss the digital wave.
The truth about Gen X and Y. 2016 Report.
MLC Quarterly Australian Wealth Behaviour Survey: Q4 2016
KPMG… Banking on the future.
Discover what Gen Y professionals
want in their bank of the future and
how you and your business may need
to respond.
Wealth advice is missing the mark
$6.3 Trillion in consumer net worth
92% of Australians are concerned about financial well-being
14.3M adults are unadvised
Only 14% use a Financial Planner
4.3M planning a financial activity without an advisor
Advisory + Technology is the solution
Younger
Demo
Technology
Use
Advisory
needed
22%Population
= Gen-Y
>50%Workforce by
2021
98%HNWs access
internet apps daily
75%Enthusiastic about
tech
Only 14%Using DIY
advice
Only 24%Financial Planners
using digital channels
80%Want face-to-face
personal advice
>50%Never used a
financial planner
$1.4TIn Net
Wealth
“At the end of the day we are still humans, and humans need other humans. Technology is here to help us, to make us quicker and better at what we do”
“Why wealth management can’t afford to miss the digital wave”Sink or Swim Report, June 2016
Great opportunity…
with new approach.
Collaborate online30% happy with remote advice
Holistic approach63% want focus onwider life goals
Complete data2/3 claim lack of data in getting tailored advice
$2.4TInheritance in next 30 years
25%No lifeInsurancecover
42MDon’t have a will
64%No Income Protection
43%Want help with budget management
“We envisage high potential for Wealth Managers to become data custodians – trusted recipients of a vast range of high-net-worth information that will allow them to offer highly responsive solutions to a broad range of client needs, both financial and non- financial.”
The truth about Gen X & Y,
2016 Report
The world still needs advisors, but you need the data!
Current game planFinance
Property
Super
Banking
SharesInsurances
AccountantFinancial
plannerClient
Tom Jefferies
myprosperity ambassador
“Like many Australians Tom’s finances were all out of control until Tom’s advisor introduced him to myprosperity. Now the Toms of the world get their finances in order. See how.”
Video
A new game planFinance
Property
Super
Banking
Shares Insurances
Client+ AccountantFinancial
planner
Developing your game plan: Who to target?
Business Owners
Get all personal finances in
order, including business
valuation from cloud
accounting software
Estate planning + insurances
Manage risk & deliver
peace of mind with your
clients’ will & insurances
all in one place
Save Time Get Control Mitigate Risk
1.8M 2.1M 4.2M
Landlords
Seamlessly manage & track
property transactions,
documents & receipts
Whole of Wealth is huge opportunity for Accountants
Previously manual
No way of capturing and
tracking personal finances
before myprosperity.
Whole of Wealth
Visibility beyond the business
to see what is happening in
personal life.
Flexible pricing
DIY at $25, DIFM at $90.
Regardless of client we get
all the data.