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Practice Management > Building Your Business

New AdvisorOne Tool From ActiFi Offers Free Business Evaluations

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AdvisorOne on June 8 pioneered the premiere of a new app to assist advisors considering a career change: the Business Evaluator. Designed by ActiFi and customized for AdvisorOne's readership, the Business Evaluator helps advisors to take a better look at their practices and business metrics so they can make hard decisions on how to progress and grow their businesses.

According to Jamie Green, editorial director at Investment Advisor Group, “For multiple reasons, many advisors these days are rethinking their relationships with their partners, be they wirehouse brokers or independent BD reps or RIAs. To ensure they pick the right business model, advisors need to apply the same tough due diligence on their own practices as they do in evaluating potential investments.”

He added, “The Business Evaluator tool from ActiFi, now on AdvisorOne, is a tested way for advisors to better understand their business metrics so they can make the right decision on which model fits them best. We’re happy that Spenser Segal and his team at ActiFi agreed to make the industry-leading Business Evaluator tool available to our readers.”

The app has been up on the AdvisorOne site for a little over a week, and it offers a way for advisors to evaluate options that they haven’t tried before. Advisors considering whether to go independent or join a company as an employee will likely find the tool useful in presenting advantages and disadvantages that they may not have considered.

Business Evaluator provides recommendations unique to an advisor’s situation in response to information the advisor provides, and intuitively guides the user through exploring a change. Based on user-provided data, the tool creates custom reports and generates recommendations with tangible documents such as business plans and financial projections to assist with any changes.

“Making this free tool available,” said Green, “fits nicely into AdvisorOne's own business model of providing advisors of all stripes with the news, analysis, commentary, data—and now tools—they need to stay better informed, run their practices better and therefore serve their clients better.”

There's one more advantage to this tool: training. Green said, “On June 22, AdvisorOne will host a free Web seminar that explores the use of the tool and enlists the expertise of Mr. Segal, Ron Fiske of Envestnet, and Bill McGovern of BD Search to suggest ways that brokers, reps and advisors can choose the business model that makes the most sense for them individually, and then find success in that model.”

Advisors can register here for the one-hour seminar on June 22.


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