Myprosperity, a 'Xero for household finance', examines royal commission opportunity

It styles itself as “Xero for household finance” and Melbourne start-up myprosperity now looks more like the Kiwi original, after an adviser to early Xero investor Craig Winkler and a former Xero chief executive joined its board as it hopes for a boost from the banking royal commission.

Myprosperity’s subscription service allows financial advisers to get real-time information on their clients by aggregating data feeds from their bank, mortgage provider or landlord, vehicle financier, insurers and investment platforms.

Currently used by 650 advisers, who pay $15 per month per client household, founder Peter McCarthy said the royal commission was leading to more enquiries.

“The royal commission has emphasised that financial planning has been all about product instead of outcomes,” he told The Australian Financial Review.

“We’re about providing advisers with the real-time data that is going to help them give clients better advice around investments, tax and estate planning, and lift client engagement so financial planning becomes a service that more people are happy to pay for.”

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Source: Myprosperity, a ‘Xero for household finance’, examines royal commission opportunity | afr.com