John Hancock Financial Network (JHFN) said the expansion includes a business valuation conducted by FP Transitions, a provider of equity management services and business assessment, and coaching services by Business Health, an international practice management consultancy firm.
FP Transitions worked with JHFN to develop its valuation methodology, as part of the Build4Success equity and succession planning program, which considers investment and insurance-based financial services practices. “Assessing a practice using our model can really help set a benchmark as well as a course of action as a financial adviser strives to grow a practice and better serve his or her clients,” said David Grau, President, FP Transitions.
Practice management coaching services will be provided by Business Health, which uses a program called Healthcheck–a Web-based business assessment tool to benchmark an adviser’s practice in 30 areas and provide a detailed analysis of a practice’s business drivers and growth opportunities.In addition, Business Health will provide advisers the opportunity to see their practices from different perspectives through their proprietary client survey and staff survey process.
“Research shows that financial advisers who invest in coaching experienced 25% growth due to customer acquisition and retention through an improved customer experience and overall deeper relationship,” said Kathy Klingler, Senior Vice President of Brand Management and Strategic Marketing, JHFN.
More information on the Build4Success platform is available here.