Fortnum Private Wealth has launched a Business Optimisation Service (BOS) to meet the changing needs and demands of advice businesses and their clients.
According to Neil Younger, Fortnum’s group chief executive and managing director, traditional licensee services are fast becoming commoditised, forcing licensees to innovate.
“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,” he said.
“Fortnum is focused on adding value in the areas that advisers care about the most including human resources, business coaching and technology adoption and integration.
“Our mission is to support advice businesses to deliver quality advice and effectively manage and grow their business.”
Fortnum is currently rolling out the BOS program across its practice network. The proprietary program is available to both aligned practices and external businesses and signals the firm’s “ongoing evolution from licensee to strategic business partner”.
The program is meant to help advisers materially improve the quality, profitability and capital value of their businesses.
The first step is a business diagnostic to gain a clear understanding of a firm’s structure, financial position and health. The service provides a comprehensive review of the business across 128 criteria and then puts in place a plan based on a firm’s goals and priorities.
Robert Skinner, Fortnum’s head of practice development and growth, said no two plans will be the same because every business is unique.
“BOS is a tailored program. The strategy and plans developed and put in place will be determined and shaped by the things that matter the most to individual business owners, advisers and staff. It will also focus on areas where the biggest stepped change can be achieved,” he said.
“In addition to operational and financial benefits, other benefits include greater clarity of mission, vision and strategy; higher client and staff satisfaction; and a stronger and more cohesive culture.”
