MTD opens door for myprosperity wealth portal
Australian personal wealth software specialist myprosperity has set its sights on the UK as a springboard for international growth.
Over the past six years, myprosperity has developed a niche among 650 accountancy firms in Australia that use the app as a platform to serve more than 20,000 private clients.
The developers describe their program as a personal wealth portal that brings together income and expense data alongside investment portfolio, pension and insurance details and other relevant documents.
The system has direct links to Xero and an open programming interface for other applications. With a single sign-in and a shared document store with electronic authorisation, myprosperity is designed to be a one-stop repository for the client’s personal finance information.
MyProsperity CEO Stephen Jäckel has been visiting the UK during 2018 to research the market and find out more about local requirements. Thanks to Making Tax Digital (MTD), he sees a massive opportunity within the country’s 27m households.
“Changes in the way people need to provide information for tax are always an opportunity for us,” Jäckel said. “Quite often they affect the typical mum and dad company where family members are employed – so household issues can affect the business and vice versa.”
By combining live accounting and bank feeds along with credit card data and other transactions not captured in accounting software, myprosperity can bring together “all that data for MTD”, he said.
At Xerocon in London recently, myprosperity flagged up its latest integration with Spotlight Reporting, allowing small business owners and advisers to combine summaries of their business and household positions to get a rounded picture of their finances.
“This is an incredibly powerful mix,” said Spotlight Reporting CEO Richard Francis. “Not only will this be relevant and powerful for family offices and high net worth individuals, but the typical ‘Ma and Pa’ businesses that power our economies will now enjoy a more holistic and complete view of their financial story.”
Myprosperity’s UK Xerocon debut went well, according to Jäckel. “We’ve found UK accountants are very open to our idea – 20 firms signed up as partners on day one.
“They told us they were using Xero for business, but had no platform for everything else: rental properties and probate, personal receipts and documents like powers of attorney. Mid-to-high net worth people are looking for things like estate planning and a generational approach to wealth. Good accountants know their goal is to serve the need of business owners and they can see that if they help clients with personal issues, they’re not going anywhere,” he said.
“They can have those personal conversations around MyProsperity and tools like the MyGoals section can help them track how clients are doing against their plans.”
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