In keeping with the firms’ previously announced strategy to cherrypick the best existing services at its broker/dealers and share them, Cetera Financial Group recently launched a rollout of a practice management and business development service developed by First Allied Securities.
Cetera announced Thursday that the Pentameter platform, a combined software and consulting support system that assesses advisors’ practices for growth and efficiency opportunities, would be available to all 9,500 advisors across its network of 11 b/ds.
“By giving our advisors a sophisticated level of visibility into their own businesses and linking each of them directly to resources that can most effectively help them capitalize on the opportunities available to them, Pentameter puts the power of the Cetera network behind each of our advisors,” says Adam Antoniades, president of Cetera Financial Group. “We expect Pentameter will enable a higher level of engagement between our advisors and the professionals who are positioned to help them achieve their long-term strategic goals.”
The Pentameter platform, first launched by First Allied last June, starts with an advisor-facing reporting dashboard that aims to help advisors assess the strengths and weaknesses of their practices. The system measures business success in five areas: business development, operational efficiency, human capital, business management and succession planning. Advisors are then directed to work with Cetera's business consulting team to add value and efficiencies to the advisor's practice.
Following its launch at First Allied, over 40 percent of the b/d’s advisors have used the platform. Pentameter’s initial Frist Allied rollout also encouraged deeper relationships between advisors and the Cetera business consulting team, as evidenced by a significant increase in advisors reaching out to develop long-term business plans, Cetera said.
As part of the Cetera-wide release, new tools have been added to Pentameter, including enhanced analytical features on the platform’s dashboard and expanded access to third-party content and expertise through the portal. Cetera says it also plans to add a basic valuation calculator.