The Financial Planning Association of Denver and McLagan Partners Inc. are offering independent advisers a free FPA Practice Management Scorecard through an offer from Fidelity Investments of Boston.
FPA members who would prefer not to share practice data can purchase the FPA Scorecard for $195.
Participants in the scorecard who agree to share their practice data with Fidelity will have their fee waived.
The scorecard, which was created by McLagan Partners, a Stamford, Conn.-based consulting firm, allows advisers to establish practice financial goals and evaluate their progress compared with similar practices in the same market.
The scorecard provides advisers a customized report with a range of local market benchmarks to help them improve their practices, according to the FPA.
Some of the measures tracked in each report include practice revenue, assets, number of clients, average client portfolio size, new assets, profitability, compensation, staffing and expenses.
The scorecard also provides participants with their rank in their market on each performance measure so that they know how they are positioned relative to their peers.
Data submissions are being accepted through June 6, with 2008 scorecard results expected to be released in August.
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