Practice Intel, a growth platform to help advisors align their practices with what clients value most, is pleased to announce the official launch of its groundbreaking solution to help advisors improve the advice experience and increase firms’ valuations. Headed by a seasoned leadership team, Practice Intel provides advisors with deep insights into key client perspectives and the necessary tools to elevate their quality of advice.
Practice Intel boasts an experienced team from financial services, fintech, business, and academia including:
- Tom Rieman, founding partner and chief executive officer
- Preston Cherry, Ph.D., co-founder and chief evangelist
- Kathy Cottrell, Ph.D., co-founder and chief of staff
- Larry Shumbres, president
- Nicholas Gudz, chief growth officer
- Andrew J. Evans, chief experience officer
Their varied and extensive experience, amassed from noteworthy institutions such as J.D. Power, Succession Link, Charles Schwab, eMoney, and Disney, will equip advisors with the insight and expertise to elevate their practices.
“Practice Intel’s advisors will know with certainty what their clients think about their advice. We provide an irrefutable moment of truth to motivate change and illuminate the path to delivering a great advice experience and create more value for their practice,” said Rieman. “The common narrative in our industry is that we can’t readily replicate the best advisors; it’s their practice, their way. They’re seen as unicorns. But we’ve cracked the code by understanding both the strategic drivers of an ideal advice experience and the mechanisms to accelerate their adoption. By providing a model for success, guidance on execution, and the ability to measure progress, we can help experienced advisors up their game and reduce future advisors’ learning curves by years.”
Recent J.D. Power studies revealed that less than 15% of clients say their advisor provides an ideal advice experience, which is defined as delivering on core attributes; these include delivering comprehensive advice, a deep understanding of the client, putting the clients’ best interests first, and being connected to the clients’ life, among others. In the aggregate, these attributes form the basis of a compelling and differentiated advisor value proposition that yields exceptional client advocacy — both of which are primary growth drivers.
This less-than-ideal “state of advice” can be attributed, in part, to the industry’s legacy sales culture and limited insights into individual advisor practices. To solve this, the Practice Intel platform incorporates practice-level research capabilities, advisor development resources, embedded growth valuations and artificial intelligence-driven insights. In addition, its proprietary Relationship Quality Index™ (RQI) combines multiple metrics to measure the quality of client relationships, which has a direct impact on practice valuation.
“Every advisor should know their number,” said Gudz. “Their RQI score is a direct reflection of their value proposition and the value of their practice.”
Dr. Cherry added, “I’m drawn to Practice Intel’s mission because, when executed thoughtfully, the advice experience can be truly transformative for both clients and advisors. As advisors, we have the potential to make a significant impact on our communities. Comprehensive advice provides individuals with a better grasp of their financial well-being, leading to success defined on their terms. Additionally, as our referral networks grow through advocacy, we can extend our help to more people, amplifying our positive influence.”
For more information about Practice Intel, go to pracintel.com.
About Practice Intel
Practice Intel is dedicated to closing the gap between what advisors deliver and what clients want. Its goal is to create the quality experience clients deserve while empowering firms to reach their full potential in stature and valuation. As a growth platform, Practice Intel offers practice-specific insights along with innovative e-learning resources that help advisors elevate their work. Additionally, its objective Relationship Quality Index (RQI) evaluates firm performance, enabling a higher valuation and positioning firms to thrive.
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