A Business Optimisation Service to help advisers “materially” improve the quality, profitability and capital value of their businesses has been launched by Fortnum Private Wealth.
The firm says the proprietary program is available to both its aligned practices and external businesses “…signalling the group’s ongoing evolution from licensee to strategic business partner.”
The launch of the service follows the October appointment of Jason Gapps as Practice Development and Growth Manager, which the company says enhances its capacity and capability to support advice businesses.
Neil Younger, Fortnum’s Group Chief Executive Officer and Managing Director, says traditional licensee services are “…fast becoming commoditised, forcing licensees to innovate and differentiate in order to meet the changing needs and demands of advice businesses and their clients.”
He says foundational licensee services like brokerage, product research and compliance remain essential “…but they don’t move the dial and they don’t drive adviser satisfaction.”
Younger says the firm’s mission is to support advice businesses “…to deliver quality advice and effectively manage and grow their business. This program is designed to help advisers lift operational performance, address problems and capitalise on potential opportunities.”
The program is currently being rolled out across Fortnum’s network of more than 90 practices.
The company says the first step is a business diagnostic to gain an understanding of a firm’s structure, financial position and health.
This includes a review of a business’ fundamental components. Businesses are assessed on 128 criteria, which are each rated from weak to strong to identify opportunities, issues and critical areas for improvement.
The company says that based on a firm’s goals and priorities, a plan is put in place with clear actions, responsibilities and time-frames.
