Succeeding in Wealth Management · Peter McCarthy (20 years in FSI) Melbourne based, 32 staff &...

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.