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User Benefits

Prospera financial modelling supports revenue generation and client retention

Revenue Generation

Prospera supports a fee-for-service business model enabling financial advisers to sell their financial advice. It offers three revenue generation opportunities for financial advice professionals:

Up-front Fees

Advisers are able to earn up-front fees by working with clients to develop alternative investment strategies and implement the preferred strategy. Advisers work with clients through “what if” scenarios relating to investment products, debt recycling, lifestyle choices (children, schooling, holidays, housing ambitions, retirement goals,), remuneration trajectory, desired or unanticipated unemployment periods etc . After demonstrating the long-term financial outcomes of various financial strategy scenarios they assist the client with implementation of the chosen scenario. Advisers earn fees for this service typically in the range $2,000 to $5,000 per client.

Ongoing Fees

A financial strategy is only as good as its implementation and for it to be useful it needs to be followed and modified as circumstances dictate. Prospera features a comprehensive Track to Plan capability that enables advisers to update their client’s actual situation on a monthly basis. The software generates graphical and tabular comparisons of the client’s actual financial situation against their chosen strategy.

Plan tracking provides an opportunity for regular contact between adviser and client and facilitates early indication of when a client may need to make changes to their financial strategy. Plan tracking is the service most highly valued by clients, and advisers earn ongoing monthly fees (typically $150-$250 per month) for providing it.

Product Fees

Prospera’s ability to model different scenarios makes it easy for advisers to demonstrate risks around income interruption and the varied income profiles of different types of investment. Clients are therefore better informed of the impact on the long-term financial security of different risk-mitigation and income generating products. Through the strategic financial planning process and ongoing plan-tracking service, advisers attain a trusted position with their clients and hence clients are comfortable buying commission-generating products from their adviser.

Client Retention

Prospera is focused on delivering in the clients’ best interest. Financial advisers who base client relationships on product sales often experience high levels of client “churn” when clients find a cheaper but similar product. Advisers basing client relationships on the provision of strategic financial advice develop a long-term, trusted relationship with their clients. Most importantly they are able to demonstrate the overall wealth creation benefits of the implemented financial strategy through Prospera’s detailed reporting. Not only do these clients remain with their adviser for ongoing strategic advice, they are also more likely to purchase financial products (such as investments and insurances) from the adviser.

Software Benefits

Prospera is cloud-based, subscription software featuring a powerful calculation engine. The software is updated regularly to reflect tax and superannuation legislative changes. Additional features include:

  • the ability to model unlimited financial strategies (based on different variables and assumptions) and compare these to the client’s existing financial plan
  • easy-to-understand table and graph-based reports to support goal-centred conversations between advisers and clients
  • a monthly “Track to Plan” report that keeps you up-to- date on plan progress
  • seamless integration of tax, investment income, investment capital growth, inflation, superannuation rules and cash flow into results and
  • an inbuilt debt-recycling strategy that models the transition of non-deductible home loan debt into deductible investment debt.

Importantly, Prospera offers real-time remodelling of financial strategies. Financial advisers empower clients to set long-term goals and make the short-term choices needed to achieve them. By using monthly client data to generate and track client progress, Prospera facilitates “what if” analysis, scenario-testing and rapid remodelling as circumstances dictate.

The software also features a built-in dashboard that highlights legislative requirements governing the Australian financial services industry. Using a simple warning light system, Prospera draws users’ attention to items that may need consideration as they model different client scenarios.

Apart from an its online user manual, Prospera prides itself on the timeliness and comprehensiveness of responses to support requests made through its online ticketing system and or by direct phone contact.

Prospera Products

Prospera

Prospera is the fully functional version of the software that enables modelling of all types of asset, debt, revenue and expense classes. Ideal for financial advisors who view the provision of fee-for-service strategic financial planning as a core line of business.

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Recycle My Debt (RMD)

RMD is a scaled down version of Prospera and an excellent entry-level product to strategic financial planning. Like Prospera, it enables advisers to model detailed cashflow forecasts throughout their clients’ working lives and into retirement.

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Financial Modelling

Prospera offers an ad-hoc modelling service that is suitable for individuals, or for financial professionals with insufficient client demand to justify an ongoing software subscription.

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