Fortnum Private Wealth (Fortnum) has launched a Business Optimisation Service (BOS) to help advisers materially improve the quality, profitability and capital value of their businesses.
The proprietary program is available to both Fortnum’s aligned practices and external businesses, signalling the group’s ongoing evolution from licensee to strategic business partner.
The launch of BOS follows the October appointment of Jason Gapps as Practice Development and Growth Manager, which further enhances the group’s capacity and capability to support advice businesses.
According to Neil Younger, Fortnum’s Group Chief Executive Officer and Managing Director, 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.
“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. This program is designed to help advisers lift operational performance, address problems and capitalise on potential opportunities.”
The BOS program is currently being rolled out across Fortnum’s network of over 90 practices.
The first step is a business diagnostic to gain a clear understanding of a firm’s structure, financial position and health.
The stage includes a comprehensive 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.
Based on a firm’s goals and priorities, a plan is put in place with clear actions, responsibilities and timeframes.
According to Rob Skinner, Fortnum Head of Practice Development and Growth, 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.”
For a confidential discussion about Business Optimisation Service, please contact Rob Skinner, Head of Practice Engagement & Growth or Neil Younger, CEO and Managing Director on 02 9904 2792.
At Fortnum, we are known for our caring, energetic approach, adviser-aligned licensee ownership and a highly collaborative community of financial planning practices. We provide freedom within a proven framework which has a robust approach to risk and governance that creates opportunity for financial planners to build their ideal financial planning business.
