Determining profit and revenue per client and per adviser are just some of the functions available to firm owners via a tool launched this week.
FP Advance says its Business Fitness Report enables firms to benchmark their "business health" against that of their competitors.
According to the transition planner, owners, or principals, will be able to see what good performance "looks like", which areas are holding the firm back and where the business is likely to generate the most improvement.
"Understanding the drivers of a business takes years of hard work and experience," FP Advance chief executive Brett Davidson says. "But with this tool all you need is an internet connection.
"It will provide information and ideas to help you improve the efficiency, profitability and value of your business."
FP Advance says the Business Fitness Report has already collated the details of more than 50 UK IFAs in a number of areas, including key performance indicators, enabling new users to compare their numbers with a range of industry averages.
It says firms can discover how they compare on a number of "key business ratios", including: profit per principal, revenue per client, funds under management per client, profit per client, revenue per adviser, revenue per member of staff and clients per adviser.
As part of the report's diagnostic process, owners are required to answer around 100 questions which FP Advance says will take between 45 and 60 minutes to complete. In return, a report will be made available online within 48 hours and via hard copy within 14 days.
Three years at Wells Fargo
Effective from 9 December 2019
One firm with permission suspensions left
Continuing the Architas education series for clients.
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