FPA launches benchmark tool
The Financial Planning Association (FPA) has launched an online diagnostic tool to allow its FPA Professional Practices to identify strengths and weaknesses of their business and to compare these against their peers.
The FPA Ready Index was created with CoreData and would identify which areas of the business needed attention including revenue growth and profit margins, and compare them with the industry average to gauge and track overall performance.
The tool would benchmark across five areas that were important drivers of practice readiness including:
- Risk and compliance;
- Efficiency and technology adoption;
- Aspirations;
- Differentiation to meet client needs; and
- Yield.
FPA Professional Partnerships manager, Ken Whitton, said: “The FPA Ready Index will provide a comprehensive assessment of the success of your business. Practices will now have the opportunity to compare their businesses against their peers and really evaluate, assess and understand how they are positioned for the future”.
Practices would take a 20-minute questionnaire to find out their performance.
The FPA noted it was also working on the FPA Ready Client Index, which would allow direct feedback from clients.
Recommended for you
Momentum Media has announced 26 winners across 10 individual and 15 group categories for its brand-new Australian AI Awards.
The financial services industry is currently “overwhelmed with quality and quantity of candidates”, Kaizen Recruitment explains, leading executives to face 12-month long recruitment processes.
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
The financial services technology company has appointed two non-executive directors following its AGM earlier this year, where it flagged it would embark on a board renewal process.