Invesco Launches Practice Innovation Index, Powered by Cerulli Associates, Designed to Help Financial Professionals Evaluate Their Businesses
May 18, 2022 — Atlanta
The Practice Innovation Index offers customized insights and actionable ideas designed to help deliver better outcomes for clients
Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, and Cerulli Associates, a leader in market intelligence and consulting solutions for asset and wealth managers, announced today the launch of the Practice Innovation Index. The Practice Innovation Index is a digital analytic tool that benchmarks key traits and characteristics of financial practices across four key areas - business development, wealth management, client service and practice management. This benchmarking methodology leverages more than ten years of Cerulli survey data to analyze where a practice ranks among peers and provides a customized roadmap designed to help them expand their businesses.
“The Practice Innovation Index was created by bringing together the power of Cerulli’s leading research and the strength of Invesco’s robust financial professional business-building programs,” said John McDonough, Head of U.S. Wealth Management Intermediaries Distribution at Invesco. “Financial professionals’ practices are faced with increasing business complexity and client demands. Invesco is committed to being their partner of choice, working to help them strengthen their practices so that they can focus on their clients.”
Invesco and Cerulli believe that high-performing financial professionals measure their success by the impact they make on clients’ lives. According to a recent Cerulli study, advisors most commonly identify new client acquisition (52%), compliance (40%), and managing technology (30%) as their practices’ primary challenges.1 The Practice Innovation Index can help financial professionals by identifying opportunities to enhance all aspects of their businesses and increase their value to clients. The tool goes beyond benchmarking a practice based on assets and revenue. The Practice Innovation Index holistically evaluates a financial practice with the goal of identifying relative strengths and opportunities to help deliver better business and client service outcomes.
“Advisors today face the challenges of addressing demands from investors, financial markets, and regulators, all while striving to scale their businesses,” states Asher Cheses, Associate Director of U.S. Wealth Management at Cerulli. “To help them confront those business challenges, Cerulli and Invesco built the Practice Innovation Index, backed by the industry’s longest-running advisor survey, 2 to provide a quantifiable tool designed to benchmark the attributes of the industry’s leading financial practices and ultimately enable advisors to help their clients achieve their financial goals.”
The Practice Innovation Index begins with an assessment of the financial practice, benchmarking the top performing financial professionals, in the four key areas of their practice. Responses are scored and benchmarked by the Practice Innovation Index’s proprietary methodology, which is powered by Cerulli’s data from over 3,000 financial professionals. Each question is scored against the benchmark, and results are shown for each of the four categories and in aggregate, highlighting how the financial practice ranks among peers. Financial professionals are then shown a customized roadmap designed to leverage their strengths and address opportunities for improvement. For more complex financial practices, advisors could be eligible for access to Invesco’s dedicated coaching to help create actionable plans.
The Practice Innovation Index is part of Invesco Total CX – the total client experience – an all-in-one platform of tools, coaching and content designed to help financial professionals connect with clients, enhance their businesses, and optimize portfolios.
1 Cerulli Associates, U.S. Advisor Metrics 2021: Client Acquisition in the Digital Age, December 2021. Used with permission.
2 The largest study ever done on the language of financial services has been conducted by Invesco Global Consulting and Maslansky + Partners since 2007. Neither Invesco Distributors, Inc., Cerulli Associates nor Cerulli Inc. are affiliated with Maslansky + Partners.