Myprosperity partners with $6.2bn platform

Myprosperity has partnered with an ASX-listed investment and superannuation platform provider to give clients whole-of-wealth solutions.

Clients can now access HUB24 assets via myprosperity.

HUB24 director of strategic development Jason Entwistle said by opening up the HUB24 platform and sharing data, it provides advisers and accountants the freedom to choose the technology solutions that provide the best experience for them and their clients.

Former Xero Australia managing director and Myprosperity chief executive, Chris Ridd, said centralising clients' wealth in one place creates massive opportunities for advisers.

"By minimising time spent on administrative tasks, and providing their clients a bespoke wealth portal powered by live data feeds, advisers can grow their digital brand and increase their revenues," he said.

The private wealth platform has more than 17,000 end users and partners with 400 advisers; it tracks more than $17.5 billion in assets and $3 billion in liabilities.

PictureWealth and Plenty Wealth are among the other start-ups aggregating personal finances via a one-stop-shop.

Plenty Wealth combines human and robo advice and provides a financial roadmap and acts like a "GPS service" in terms of financial goals, covering automated advice from budgeting and cash flows, to insurance, property and investments.

PictureWealth founder David Pettit said the app goes further than aggregating accounts and helps clients understand what they could be doing better or differently in managing their money.

The robo-advice element for instance, will provide guided decisions if it makes sense to buy an investment portfolio or if the money could be used elsewhere to pay off a credit card or mortgage or kept in savings, Pettit said.

As at September, HUB24 reached $6.2 billion in funds under administration, jumping 66% from the year prior.

Read more: MyprosperityHUB24PictureWealthPlenty WealthChris RiddDavid PettitJason EntwistleXero
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