Practice Management Index - Where do you rank?

Practice Management Index (PMI)

by Pareto Systems

The Standard of Practice Management Excellence

Plus access the:

Advisor Comparison Tool (ACT)

by First Trust Portfolios

Compare your group with top-performing teams across the industry

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For Clients of First Trust Portfolios
Complete the form to start your PMI & ACT

*Your PMI Report will be CC'd to this email

Start PMI & ACT

The Practice Management Index

The Practice Management Index, or the PMI for short, is a multiple choice assessment that explores 18 Focus Areas of your business that are all centered on Practice Management, Relationship Management and Business Planning. Your PMI Score and Report will help you better understand your Opportunity Gaps, and what action steps you can take now to address them.

It was developed by a team with extensive experience in the Financial Services Industry, and who have worked with 1000's of advisors over the last 25 plus years. Our team is dedicated to giving you the most accurate assessment of your business so that you can thrive in this competitive landscape.

Get Started

Fill in your information and confirm your email. The PMI will start as soon as you submit your details.

Step 1 - FORM

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Step 2 - PMI Assessment

Complete the PMI

Set aside 30 minutes to complete the full PMI. The assessment will progress one section at a time. There are 18 Focus Areas in total covering varying aspects of your business.Focus Areas arrow right

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Receive PMI Score and Report from Pareto

Your score and results for each section will be available in a downloadable pdf report as soon as you complete the PMI. Included in the report will be the action items you can focus on, and the gaps the PMI uncovered, to help drive the enterprise value of your business.

Step 3 - Report

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Step 4 - PMI Assessment

Receive your ACT Report from First Trust

First Trust Portfolios will provide a proprietary Advisor Comparison Tool Report on your business versus industry top-performers. Included in the report are comparisons of your top-line business metrics and key performance ratios as well as guidance on how to address the areas where you underperform against your peers. You will have the option to discuss this report with your First Trust Wholesaler. *PLEASE NOTE: This report is not automatic and will be sent to you via a First Trust Representative. Please allow a few days for processing.

Increase the enterprise value of your business

The PMI Assessment includes 18 Focus Areas covering varying aspects of your business. Each of these Focus Areas fall under one of six categories: Productivity & Efficiency, Client Experience, Branding & Marketing, Client Success, Team Dynamics, and Strategy & Planning. The PMI will help identify where in your business you might have untapped opportunities or overlooked vulnerabilities in each of these areas. The Categories and Focus Areas are listed below in more detail:

Productivity & Efficiency

Client Management

Assesses how effectively you organize and structure your client base. Often, businesses will use a client segmentation or classification system to productively manage their clients and provide appropriate levels of service to them.

Systems & Process

Assesses if you have well-documented procedures, systems and processes in your business.

Time Allocation

Assesses how effectively you proactively manage and allocate your time.

Client Experience

Client Information

Assesses how effectively you collect, store and leverage important information about your clients to create longer lasting relationships and a more personalized client experience.

Assesses whether you take a proactive & consistent client-centered approach to the ongoing service that you provide for your clients.

Assesses if you have defined and can communicate what the most suitable client is for your business; the clients that are the best fit for you, your team and your expertise.

Branding & Marketing

Assesses your professional branding and marketing strategy and how effectively you communicate through various mediums.

Assesses your process and ability to deliver client events that clients truly value.

Strategic Partners

Assesses your ability to collaborate with centers of influence such as Accountants or Lawyers, ensuring that you create a more rounded experience for your clients and develop relationships that can enhance the growth of your business.

Prospective & New Client Process

Assesses if you have a structured, consistent and documented process for working with prospective and new clients, ensuring an exceptional experience.

Client Communication

Assesses how effectively you communicate to clients, ensuring they understand and appreciate your value.

Client Referrals

Assesses if you have successfully communicated and implemented a process for referrals from clients, ensuring that an endorsement from a client becomes an actual introduction.

Team Review, Feedback, Compensation

Assesses how effectively you engage and collaborate with your team on individual performance, strengths, weaknesses and feedback that aligns with business goals and objectives.

Team Communication & Development

Assesses the efforts the team implements to ensure suitable operational communication between team members and clients.

Team Organization

Assesses how effectively you structure and organize your business and team.

Strategy & Planning

Goals & Objectives

Assesses your current actions towards regular goal setting and the outcomes you intend to achieve.

Strategic Planning

Assesses your ongoing efforts towards a cohesive vision and strategic plan for the future of your business.

Key Performance Indicators

Assesses how effectively you are measuring and achieving the key objectives of the business. These metrics can be meaningful (qualitative) or measurable (quantitative).

PMI Opportunity Report

Includes:

PMI Score /10

Breakdown for all 18 Business Focus Areas /100

Detailed Report Summary:
Gain clarity on your
Opportunity Gaps

PMI Breakdown Report

Includes:

Detailed list of specific action
items you can address,
based on your PMI answers

Six core Practice Management Pillar Scores /10

Implementation Tool to assist
you as you work through your Opportunity Gaps

By First Trust Portfolios

ACT Report

Includes:

Comprehensive business benchmarking against industry top-performers.

Evaluation of key business metrics and critical ratios.

Opportunity to engage First Trust for tailored guidance on strategies to drive improved business performance.

*This report is NOT automatic and will be sent to you via a First Trust Representative. Please allow a few days for processing.

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