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This software is taking the accounting market by storm – is this the next Xero?

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Peter McCarthy

Created to help everyday Australians, in conjunction with their professional adviser, take control and stretch the value of their money, myprosperity.com.au is a powerful and simple online financial tool engineered with live feeds from the ASX, Redbook, Yodlee and RP Data, all via a secure online portal.

It securely links an individual’s bank accounts, credit cards, loans, super, shares, property, car and more, all in one place, and can also manage and organise spending.

This digital solution can also be a useful tool for accounting firms, as it provides a secure platform for clients to disclose their financial information to the firm, making tax time easier.

The platform has been rolled out via accounting and financial planning firms. The response has been amazing and it is seeing leading Accounting firms, ASX listed financial services companies sign up as Partners.

Could this be the new Xero? The next Class perhaps?

Why the need for this tool?

“With the development of online, self-completion tools, accountants and financial advisors now want to provide a personalised experience for their clients by moving into fields of wealth management and succession planning,” explains Founder & Director, Peter McCarthy.

He further adds, “The ability to provide advice depends on the quality of the data you have at your disposal and in this current digitally-driven financial environment, those that have the best digital solutions will be the ones to thrive.”

myprosperityWho are the minds behind myprosperity.com.au?

Following a successful corporate career with Zurich Australia, Peter founded Strategic Financial Management (SFM), a Melbourne based boutique financial advisory firm, in 1995.

Under Peter’s leadership SFM grew into a successful business that managed approximately $500 million of funds and acted for clients with a combined net worth of more than $1 billion. Peter sold SFM in 2010 to Plan B Holdings, who are now a subsidiary of IOOF.

“It just seemed crazy that being in control of my financial world was so complicated.  Having an accountant, mortgage broker, investment adviser, lawyer all pulling in different directions and giving me new logins to see parts of my finances just made things more out of control,”intimated Peter on being asked what the inspiration for myprosperity.com.au was.

“So rather than someone having to go to multiple places wouldn’t it make sense that all their data comes to one online place for everything financial.”

Stephen Jackel, the Chief Information Officer, is a passionate leader with an extensive technical background, who has a strong focus on providing technical designs and architectural solutions to projects whilst also taking a proactive stance on the hardware and systems infrastructure of myprosperity.

Understanding that innovation is the driver behind all long term success in companies, Stephen was a key driver of the Carsales innovation program and mobile division which develops versions of the websites for mobile devices as well as specific apps for devices such as iPhones.

Stephen has hand-picked the team to build the worldclass myprosperity platform, leveraging cloud based technologies to allow for rapid growth.

Having graduated from Monash University with a Bachelor of Software Engineering with honours in artificial intelligence, Stephen is now a 10 year veteran in the Australian IT industry and enjoys leading teams to deliver on challenging technical projects.

The company is growing its partner numbers at more than 20 per cent per month and is now tracking more than AUD$8 billion in household wealth.

The business has been funded predominately by capital from founders. Over the past 12 months they have added a small select group of external investors (representing just over 20 per cent of issued capital) to the register.

One of these is Michael Happell, Chairman of PwC joining the board earlier this year.

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