The FPA has launched its new online diagnostic tool to help FPA Professional Practices benchmark their businesses against other practices, and in doing so, help them become ready for the future of financial planning.
“The FPA READY Index is a diagnostic tool that provides a comprehensive assessment of the success of your business,” said FPA Professional Partnerships Manager, Ken Whitton CFP®. “The tool will enable practices to benchmark their businesses against their peers and evaluate how ready for the future their business really is.”
According to Managing Director of CoreData, Jason Andriessen CFP®, through an independent online assessment, the FPA READY Index allows practice principals to clearly see the strengths and weaknesses of their business across a range of categories.
“This tool, which was developed in response to a need by practice principals to help them understand the success drivers of the future and to highlight how their business compared to that of their peers, shows what parts of their business are working well and what other parts may need attention,” said Andriessen.
The FPA READY Index is part of the suite of services for FPA Professional Practices, and while the tool will be available exclusively for these practices, Whitton believed other practices would see the value in accessing this benchmarking tool.
“That’s why the FPA will also soon offer a mini version of the FPA READY Index to the wider practitioner member base, providing them with a taste of what this tool can do. We envisage that more practices will recognise the value of the FPA READY Index and choose to join the FPA Professional Practice program to access this tool in its entirety.”
CoreData is also currently working on adding a Client Feedback tool to the FPA READY Index, which will allow FPA Professional Practices to get feedback from their clients.
The FPA READY Index is available online through the FPA Member Centre.
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FPA READY INDEX
The FPA READY Index benchmarks across five key areas that are important drivers of practice readiness – Risk and compliance, Efficiency and technology adoption, Aspirations, Differentiation to meet client needs, and Yield. These five elements make up the acronym for READY.
