If not, you’re missing out. And here’s why.
Imagine having a one stop shop for your whole financial world. Where you can see all your bank accounts in one place, see where your debts are at, manage your budget, store your important documents and get help when it comes to tax time.
Well, dream no more. We have what you’re looking for.
MyFramework, powered by My Prosperity, is a secure portal that helps you track, manage and organise your finances. And you can do all of this while on the go!
Here’s how the app can help you take control of your financial world.
Do you know the details of all of your financial accounts – all your bank accounts, credit cards, loans, savings, details of a rental property or your estate plan?
You can add the following to MyFramework and connect all the aspects of your financial world:
There is an option to enable live feeds for a live, comprehensive snapshot of your financial position. See below for more details on the information you can get on your home and investment property.
Securely store all of your valuable documents such as insurances, Will, Powers of Attorney and many more.
MyFramework is now our dedicated area for storing documents related to your advice. We’ll be storing your review documents, statements, and items that may be associated with any work we create for you such as Statements of Advice, Product Disclosure Statements for new products etc.
Now that you’ve added all the above information to MyFramework, you can track and categorise your spending. All of your transactions can be tagged so you can see if you’re spending too much on coffee (is there such a thing?), shoes or on takeaway. You can see how much you’re spending on loan and mortgage repayments and tag any items that you need to track for tax deductions.
Importantly, tracking your spending allows you to see where your money is going, where you can make savings and create new habits… fewer takeaways maybe?
With your transactions categorised you can now start some pain-free budgeting. View how much you’re spending in areas such as groceries, clothing, transport and then create a budget for how much you want to spend in each of those areas. MyFramework can show you how you’re tracking and where you may need to reduce spending (looking at takeaways again?).
You can also add your receipts, helping you at tax time.
Planning to buy another property? Pay off your credit card? Create a legacy for your family? Whatever your goals, MyFramework can help you get there. The goal setting tool provides a clear picture of where you want to get to, and how you are progressing.
Let’s say you want to clear your credit card debt, you’ve added the credit card to MyFramework so you can link this to your goal, then choose a time frame to pay it off. MyFramework works out how much you need to pay (you choose the frequency), you can adjust your goals at any time. With the live feeds enabled, you can log in and see how you’re tracking. You will receive monthly reports to show your progress.
You can also create to-do items to help you with smaller steps you need to achieve your goal. If we use the example above, you could create a to-do item to use your tax return to pay more off your credit card. Or simply set a to do item not related to a goal such as updating your Will or increasing your mortgage payments.
As mentioned, you’ll receive monthly reports straight to your inbox. This will help you keep on track with your budget, your goals and your overall financial position. Keeping your finances and goals top of mind will help you get where you want to be.
With powerful reports and purpose-built wizards like the Tax Assistant, MyFramework is full of tools to help make managing your finances a breeze.
You can invite family members and professionals, like your property manager and accountant, to collaborate in MyFramework. No more emailing (or posting) your sensitive information, with the secure document storage you can give access to your professionals to the documents they need. You assign the permissions and control what they can view or change.
We’ve got you covered there too. Add the details of property, including investment properties and get real time valuations. You can even look at historical data and track your property’s value over time.
For those with investment properties, you can add your property manager to MyFramework and they can send rent statements to MyFramework for easy access. You can also tag and filter property-related transactions, upload receipts and other important documents.
The Rooms function within MyFramework allows us to communicate through the app, all in one space… no more messy emails or having to search your inbox to find the information we sent you. Rooms acts like a chat room where we can communicate with each other on the progress of your application or advice, all conversations are recorded so you can view the conversation history. You’ll receive a notification through the app when we send you information or respond to your query.
Digital signatures are a quick, easy and secure way to sign your important documents. MyFramework makes it easy by letting you log into the app and sign documents on the go. This function is also available on your desktop or tablet. Once signed, your documents are automatically stored in MyFramework for easy access when you need them.
Why you ask?
Well, for starters it doesn't cost anything to provide you with access. Secondly, we provide this valuable tool to all of our clients, we take it upon ourselves to do all that we can for our clients and this is includes helping them with oversight of their finances.
MyFramework uses the same 256- bit encryption that banks use to protect your private details. And like banks, it has a layered security infrastructure with “checkpoints” throughout to minimise risks.
It is very important that you understand that the information above is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. It is also worth noting that the Australian financial and taxation system is ever changing, and the information above may no longer be relevant. Again, we suggest seeking professional advice from a financial adviser before proceeding.