Fortnum positions itself as ‘strategic partner’

Mike Taylor

Managing Editor/Publisher, Financial Newswire

22 November 2022

Financial advice group Fortnum has launched a Business Optimisation Service (BOS) as part of what it is describing as an ongoing evolution from financial planning licensee to strategic business partner.

It said the new service is aimed at helping advisers materially improve the quality, profitability and capital value of their businesses.

Fortnum said the program would be available both to aligned practices and external businesses.

Commenting on the move, Fortnum group chief executive, Neil Younger said that the traditional licensee services were fast becoming commoditised, forcing licensees to innovate and differentiate in order to meet the change needs and demands of advice busiensses an 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.”

The BOS program is currently being rolled out across Fortnum’s network of over 90 practices.

It said 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.