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Cerulli Associates says he partnered with an asset manager Invesco a new tool to help financial advisors assess their practices.

The Practice Innovation Index, as the new offering is called, compares various characteristics of a consulting practice across four areas: business development, wealth management, client service and practice management, according to Cerulli. .

The index acts as a benchmarking tool to rank a practice against its peers and then provide a roadmap for growth by leveraging various relative strengths and opportunities, the research firm says.

The benchmarking leverages “over 10 years of Cerulli survey data”, while the index itself “is powered by Cerulli data from over 3,000 finance professionals”, according to the research firm. research.

According to research by Cerulli, advisors most often identify new client acquisition (52%), compliance (40%) and technology management (30%) as their firms’ top challenges.

The Practice Innovation Index can help finance professionals by identifying opportunities to improve all aspects of their business and increase their value for clients, according to Invesco. The tool goes beyond benchmarking a practice based on assets and income, and comprehensively assesses a financial practice with the aim of identifying relative strengths and opportunities to help deliver better business and customer service results, says Invesco.

In addition to using the new index, advisers will also be able to get advice through Invesco’s coaching offering, according to Cerulli.

The index is part of Invesco Total CX, a platform of tools, coaching and content aimed at helping finance professionals connect with clients, grow their businesses and optimize portfolios, a Cerulli said.

“Advisors today face the challenges of meeting the demands of investors, financial markets and regulators, while striving to scale their businesses,” Chess Asherassociate director of US wealth management at Cerulli, said in a statement.

“To help them address these business challenges, Cerulli and Invesco created the Practice Innovation Index, backed by the industry’s longest-running advisor survey, to provide a quantifiable tool designed to compare the attributes of industry leading financial practices and ultimately enable advisors to help their clients achieve their financial goals,” he added.

The Practice Innovation Index begins with a financial practice assessment, comparing the top performing finance professionals in the four key areas of their practice. Responses are scored and compared by the Practice Innovation Index’s proprietary methodology, which is powered by Cerulli’s data from more than 3,000 finance professionals. Each question is scored against the benchmark, and results are displayed for each of the four categories and overall, highlighting the financial practice’s ranking among its peers.

Finance professionals then receive a personalized roadmap designed to build on their strengths and seize opportunities for improvement. For more complex financial practices, advisors could have access to dedicated coaching from Invesco to help them create action plans.

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