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:
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.
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:
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.