Independent Financial Advisors
The independent financial advisor segment is one of the fastest growing sectors in financial services. McLagan has joined together with the Financial Planning Association, the leading industry group for financial planners and independent financial advisors, to offer the FPA Practice Management Scorecard. Based on McLagan’s proprietary technology, the Scorecard addresses the unique practice management challenges of independent financial advisors by providing locally relevant performance and pay benchmarks in a customized report.
We also help independent financial advisory firms identify performance improvement opportunities and advise on setting advisor pay levels that are consistent with market pay and performance standards.
We help Independent Financial Advisory firms improve performance by helping them create business plans that reflect realistic goals on each of the key drivers of performance. Our extensive pay and performance databases enable us to identify performance gaps and help practices focus on those areas which will yield the greatest results.
"I think this is a big deal. I think it's a really savvy tool." Chip Roame, Tiburon Strategic Advisors
The Practice Management Scorecard is a:
Customized report showing the performance of your practice relative to other similar practices in your local market and identifying improvement opportunities.
Confidential process where your information is processed by McLagan Partners and is protected by a non-disclosure agreement.
Concise review of a complete set of benchmarks covering revenues, assets, and clients, revenue by product, financial advisor productivity, growth, expenses, and profitability that will take less than one hour of your time to complete.
Peer-review tool, created "for Financial Advisors, by Financial Advisors".
Ranks your practice versus other practices in your market which provides a concrete way to track progress.
Measures return on assets to help manage pricing and revenue realization.
Measures productivity per client to identify improvement opportunities with existing clients.
Compares mix of staff to other local practices similar in size.
Examines key expense items as a percentage of revenue to asset cost control.
Analyzes overall practice profitability as percentage of revenue per advisor.
Benchmarks productivity of each financial advisor to those having similar experience to local markets.
Compares compensation of each advisor to production to assess whether competition is set appropriately.
To sign up, click here:
