Advice firms with mature operating models are delivering EBIT margins of 35–40% and employee and client satisfaction scores above 90%, according to a new paper published by Vital Business Partners in partnership with Zurich Financial Services Australia.
The report, Optimum Operating Models for Advice Firms, looks at how practices are redesigning operations and adopting artificial intelligence and automation to manage declining adviser numbers, rising compliance demands, and higher client expectations.
The firms that thrive are those that combine structure, systems and leadership…
Drawing on its work with firms of varying sizes, Vital Business Partners has identified 10 core characteristics of high-performing practices. These include:
- Clearly defined roles
- Documented processes
- Measurable service standards
According to Sue Viskovic, Head of Consulting at VBP, efficiency alone is no longer enough to guarantee success.
“The firms that thrive are those that combine structure, systems and leadership to create businesses that are both scalable and sustainable,” she said.
“At their core, they’re also client obsessed. Client service is cultural not positional, and everyone in the firm, from the front line to back office, shares responsibility for delivering an excellent client experience.”
Zurich head of retail Tim Kane said advisers play a key role in helping clients meet financial goals, including establishing appropriate insurance protection, and that tools such as the paper can support more consistent, client-focused outcomes in a complex operating environment.
