Traditional licensee models of measuring adviser performance on sales and revenue are outdated and won't survive the advice industry's transition to professionalism.
That is the view of Fortnum Financial Group, which believes its newly-created professional advice framework will successfully drive Fortnum and its underlying practices into the future.
Fortnum designed the framework to provide advisers with a guide to assist them in delivering quality, professional, client-centric advice to increase business efficiency and profitability, driving sustainable growth.
The framework consists of three foundational pillars that Fortnum believes underpin the provision of quality financial advice and client service; professional principles, professional judgement and professional advice processes.
"In a world of change, it is important to have a professional advice framework to provide the basis of business and advice solutions. Well-resourced, innovative and advice focused licensees are ideally positioned to help advisers prepare for, and capture opportunities to enhance the client experience," Fortnum chief executive Neil Younger said.
"We have established the foundation to call ourselves a professional advice services business and we will continue to focus on the outcome and the standard of advice," Younger said.
In addition, Fortnum managing director Joel Taylor said the framework should provide the basis for advice provided by advisers.
"It is a way to ensure consumers have access to quality advice so that businesses can access the things they need to help them grow and succeed," Taylor said.