Paul Harding-Davis, general manager of advice at Australian Unity Personal Financial Services, said the scorecard also provides benchmarking across a number of peer groupings so each practice principal can easily see areas in their practice that could be improved as well as areas in which they are at or near ‘best practice’.
“The ‘practice scorecard’ helps advisers target areas for improvement where they can achieve the ‘biggest bang for their buck’. In doing so, they can build a more efficient and profitable practice, with a better service to clients — and help more people achieve financial wellbeing,” Mr Harding-Davis said.
“We also provide key metrics for employed advisers so their principals can identify areas requiring improvement there as well.
“The scorecard combines information from a five-minute questionnaire each adviser completes as well as extensive data from our sophisticated adviser and remuneration software.
“Principals can follow up their scorecard results with discussions with our practice development team, as well as with the implementation of our ‘Best Practice’ program which outlines the most effective way to execute each task in the financial planning process,” Mr Harding-Davis added.
