Aris Liacopoulos at Class Ignite 2023

Since the start of the COVID-19 pandemic, client portal producer Myprosperity has seen a shift away from clients accessing client portals over computer web browsers to smartphone apps.

Speaking at Class Ignite on Thursday in Sydney, Myprosperity head of sales Aris Liacopoulos said prior to COVID-19, only 30 per cent of Myprosperity’s client base used its portal through its app.

“This shifted dramatically after COVID-19,” he said.

According to the firm’s internal client usage data, roughly 30 per cent of clients are now using the portal by logging into the browser, with 70 per cent preferring the app.

“That’s how they’re getting their documents; that’s how they’re communicating with their accountant,”  Liacopoulos said.

He added there has been a 605 per cent growth in secure document uploads from March 2020 to August 2023.

“I’m not talking about emails with attachments – I’m talking about accountants and advisers uploading documentation to a secure client portal for their clients to access,” he said.

“This is a huge, massive shift in behaviour.”

Liacopoulos was not surprised when he saw these statistics, however. Rather, he found them “compelling”.

“More and more people are looking at how to collaborate with their clients more securely and have a digitised experience.”

The increase in technology usage during the first waves of the COVID-19 pandemic, as well as better integration between platforms and software providers, has led to increased profit margins for better-run advice practices, according to recent research from Investment Trends. This is despite much of the industry being slow to adapt to new technological options.

Myprosperity was acquired by HUB24 earlier this with CEO Andrew Alcock seeing the opportunity in adding further services to the platform.

The use of client portals has become a more secure communication method for professionals, as opposed to traditional means, such as emails.

Mentality shift