Online work: not just good for the money
The online investment business is the cutting edge of the financial services indus-try, according to Your Prosperity chief executive officer (CEO) John Reid.
The online investment business is the cutting edge of the financial services indus-try, according to Your Prosperity chief executive officer (CEO) John Reid.
Your Prosperity, a wholly owned subsidiary of MLC, is an online personal investment solution service. It provides its clients with up-to-date investment information and the means to transact.
Reid, who has been with Your Prosperity for the past three years, says online business solution people are in “high demand”.
“It’s the exciting thing to do. It is a lot more challenging, as it is immediate, straight to the client, people can tell straight away if they like it or not. Not like regular advisers who do not see their clients every day,” Reid says.
“Online positions are quite highly paid, IT these days is the place to be. They have mega riches in front of them, however, money isn’t the only driver.”
“They do it for the fun as well, so as long as the money is okay, then they are happy.”
As CEO, Reid is accountable for setting the strategy for the business.
Reid began “a long time ago”, as an actuarial clerk in the UK, working in superannu-ation.
“I worked for Eagle Star while I was a student. I began working on a project at work where I had to redo all the computer systems in the company,” Reid says.
“This meant that I worked in every department for six months, and from there I got to see how a life company ticked.”
After moving from his clerk position, Reid moved into the company’s international region, working internationally for nine months in the product development and ad-ministration parts of the business.
Of the countries Reid visited, Australia remained steadfast in his memory, and in the 1980s when Eagle Star was bought by Lend Lease, Reid and his family moved to Australia.
Reid then spent another three years working with Lend Lease, before moving to the online market.
“I knew a bit about the Internet, but I wasn’t an extensive user,” he says. “However, now I have to think completely differently. I think in quarters now, the concept of a five year plan is like your on another planet.”
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
