Myprosperity prospers with Macquarie partnership
Former Xero managing director Chris Ridd’s new start-up myprosperity is partnering with Macquarie, in a deal that will allow his customers access to Macquarie’s investment and cash management accounts.
The company, which offers a personal wealth platform for advisers, says it is now up to 530 advisers and 23,000 active users, and is tracking more than $33 billion in assets and $6bn in liabilities. Mr Ridd told The Australian the partnership, one of a growing number of bank/start-up deals, would help give customers control of their own data.
“The big issue that has come out of the royal commission is the fact that fee for no service is now a thing of the past and advisers must be able to show they are acting in the best interests of their clients,” he said.
“Therefore, having data on a client’s financial position is now absolutely essential and to date getting that data and keeping it current has been really hard. Orchestrating direct feeds via APIs with banks and financial institutions across the various financial products that advisers deliver to their clients is now a must have. We believe this is the only way they can really understand the client and act in their best interest.”
Mr Ridd said the myprosperity app was available on desktop and mobile as a white-label portal, with accountants and financial planners granting access to their clients on a subscription basis. Clients connected their financial affairs via a suite of automated data feeds to gain a real-time, consolidated view of their financial position.
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