MyProsperity appoints new CEO

In a statement yesterday, MyProsperity named Chris Ridd as its new CEO.

Mr Ridd left Xero in April 2016 before scouring the market for an “interesting tech start-up”, the statement said.

After using the MyProsperity platform himself, Mr Ridd decided to get involved.

“I was thrilled that Chris was so taken with our product and could see the substantial market opportunity,” said MyProsperity founder Peter McCarthy.

“Shortly after that meeting, Chris came on board as an adviser and it became clear to me that he would bring enormous value to our plans to rapidly grow our presence in the market.

“With Chris’ appointment as CEO and the new investment round closed, we are now ready to bring this product to every adviser, accountant and household in Australia.”

Mr Ridd said he believes there is no platform on the market like MyProsperity.

“It connects individuals with their accountant or adviser and provides them with a real-time financial picture, giving them a true sense of their financial prosperity at any given time,” he said.

“In the same way that Xero made accounting accessible and easy for small businesses, MyProsperity simplifies the task of putting all of an individual's' financial matters in one place, enabling them to be in complete control of their finances.

"This provides significant peace of mind because they can know their financial position at any given moment.”

MyProsperity is used by more than 250 advisers and 10,000 subscribers, the statement said, and also tracks more than $15 billion of assets.