HUB24’s myprosperity acquisition proving timely

Seven months after HUB24 sealed the deal to acquire myprosperity for $40 million, the investment looks to be on solid ground as financial advisers increasingly look to determine whether artificial intelligence can help them deliver more affordable advice.

HUB24 senior business strategy manager, Greg Hansen explained the myprosperity approach to last month’s Financial Advice Association of Australia conference in Adelaide where the level of interest in AI and how it can be utilised was high.

Speaking to Financial Newswire ahead of the FAAA Conference, Hansen said the objective was to help financial advisers to generate efficiencies via technology, and machine learning represented a part of that equation.

HUB24 has developed a presentation aimed at showcasing MyProsperity’s capability under the headline of digitising the client experience.

That presentation outlines the degree to which integrations can be implemented across practice management, e-signatures and fund feeds including samples of how advisers can more efficiently onboard clients.

In explaining the approach, Hansen said that the company had identified the lack of quality data and said machine learning could be utilised to address the problem.

HUB24 had had a relationship myprosperity since 2017 when, even then, both companies were suggesting that the offer created a significant opportunity for advisers by minimising time spend on administrative tasks while providing clients with a wealth portal powered by live data feeds.

The rapid evolution of artificial intelligence has simply added to the value.