Australia-based Fortnum Private Wealth has introduced a new business optimisation service (BOS) to enable advisers enhance their business operations.

The BOS allows advisers to upgrade the quality, profitability and capital value of their businesses.

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It is currently available to more than 90 practices of Fortnum, which plans to expand the service to the company’s aligned practices and external businesses in future.

The BOS has been designed to receive an overview of an entity’s structure, financial status and health.

It examines businesses based on 128 parameters, each of which is rated from weak to strong to understand opportunities, problems and scopes for enhancement.

The BOS then outlines a plan incorporating an entity’s targets and priorities.

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Fortnum group CEO and managing director Neil Younger stated that conventional licensee services are being ‘commoditised’, which has compelled licensees to look for innovations to meet the new requirements of advice organisations and their clients.

Younger said: “Foundational licensee services like brokerage, product research and compliance remain essential, but they don’t move the dial and they don’t drive adviser satisfaction.

“Fortnum is focused on adding value in the areas that advisers care about the most including human resources, business coaching and technology adoption and integration.”

He further noted that Fortnum aims to help advice businesses to offer improved solutions and expand their business.

Fortnum head of practice development and growth Rob Skinner said: “BOS is a tailored programme.

“The strategy and plans developed and put in place will be determined and shaped by the things that matter the most to individual business owners, advisers, and staff.

“It will also focus on areas where the biggest stepped change can be achieved.”