Most Accurate Financial Benchmarks
Non-Financial KPI Data
Performer Reporting
Achieve top performance at every stage of the business life cycle for your Financial Planning Practice
Start │ Buy │ Invest
Prevent buyer/successor remorse
Identify industry strongest/weakest drivers Access most accurate industry financial benchmarks & exclusive non-financial KPI data Formalise a Top Performer Plan
Top 3 Concerns
Where does your practice sit?
1. Principal(s) Reliance
65% of practices owners state this as their biggest concern
2. Principal(s) Absence
2% of owners stated that their absence for >3 months would have no impact on the practice
3. Lack of Successors identified
69% of practices have informal, unstructured or no successor program
Most Accurate Industry Benchmarks
Extensive financial/non-financial data: Financial Planning
Earnings before interest and taxation (EBIT) as a percentage of gross fees after partner(s) salaries
Fair market value business valuation multiples (sourced from a trusted and reliable business valuation tool)
Industry Average: 24.5%
Industry Average: 5.72
Industry Benchmark: 41.6%
Average of the top 20% Improvement Opportunity: 69.8%
Industry Benchmark: 6.14
Answers & Concerns ppts Improvement
7.3%
Grow │Improve
86% - take more than six days to deliver SOA’s to clients
Non-Financial KPI stats
Compare your practice to 63 KPIs, here are six…
84% - don’t have a mentor/develop program for successors
73% - believe there will be a high/very high impact on the business in the event of losing a key staff member
58% - use software &/or outsource SoA & RoA document production
38% - offer specialist services (e.g. SME & Family Office services)
22% - have active COI relationships (e.g. accountants, lawyers, mortgage brokers)
Generate more referrals
• Existing clients and centres of influence are strong sources of new referrals.
• It is important to ‘give back’ to your referral partners so they can grow their business.
• Top Performing Financial Planners have deep trusted referral relationships which are valued by both parties.
• In the accounting industry, demand for business valuations is growing.
• One way of adding value to accounting practices is to share the White Paper: Judgement and Data, Replicable and Defensible Small-Family-SME Business Valuations.
• It will help accountants deliver compliant business valuations (the value-add) and lead to more SME referrals.
Value │ Succession │ Exit
Understand AI risks
Internal succession
Determine your practice current and true value
Manage formal succession planning to grow wealth in and outside your practice
Attain value needed to achieve financial independence
The rapid emergence of AI presents a significant risk to all advisory enterprises
Study the risks to ensure AI can have a positive impact on your practice
Succession Planning
Attract experienced revenue writers and future successors
Internal
Succession
Motivate revenue writers
Attract with performance rewards Develop professional & business skills Retain with ownership pathways
Succession Essentials
Only 53% of Partners are like minded with the same vision
Practice valuation & annual revaluation
Top Performer Plan & sounding board support
Reduce personal goodwill risks
Planned, structured exits
Case Study: Personal Goodwill Who owns your practice clients?
Case Study Insights
“The business had no documented succession plan. Shareholder & staff agreements did not address key succession risks such as personal goodwill. The share sale was deferred.”
Peak Performance Start now!
• Complete a Risk-Profit-Value Driver analysis on your practice
• Why do the analysis?
o Lower risks & secure funding
o Discover profitable growth opportunities
o Identify key strengths/weaknesses
o Leverage the power of non-financial KPIs to build a stronger, more valuable practice
• Receive a personalised Scorecard, Top Performer Report and improvement planning action items
Improvement Planning & Accountability Support
Action items to fix high concerns & practice weaknesses
Why Strategy 360 by Collins Hume?
Adding real value: specialist advice & support
Highly respected & trusted advisory practice
Industry thought leaders
Specialists in Dental Practice data mining
Most accurate industry financial & valuation benchmarks
Exclusive, scalable AUS/NZ non-financial KPI data
Helping clients become an industry Top Performer Support gap?
Has your accountant, banker, financial planner, finance broker, industry group offered you these data insights and support?
