Phil Billingham: What Top Planning Firms Have In Common

In this latest session, Abraham Okusanya speaks to Phil Billingham, a highly regarded industry consultant and founder of Phil Billingham Partnership.

Phil recently carried out some research (in conjunction with the Institute of Financial Planning) looking at commonalities between Accredited Planning Firms, which are some of the best planning firms in the country. In this video, we discussed the findings of the study, looking at the average asset under advice, turnover and profit of these firms. We also talk about what softwares they use and where they fall short.

According to Phil, a typical accredited planning firm has 3 planners/fee earners with a turnover of £830,000, which translates to around £275,000 per fee earner. Phil notes that this is at least 50% higher in productivity than an average adviser.

In terms of what the firm need to improve on, profitability is one key area as the average profit margin after accounting for the full market rate of around £80,000 to £100,000 a year, is around 12%. Succession planning and development for the junior staff within the firms are other issues identified as areas that these firms need to improve on.

You can download the full report here.

Abraham Okusanya
Director
Abraham is the founder of FinalytiQ, a research consultancy for platforms, asset managers, and advisory firms. Recognised as one of the country’s leading experts in retirement income, platforms and investment propositions, Abraham has authored several papers on these subjects and delivered talks to the Personal Finance Society, The FCA and several conferences across the country.

Read Full Bio

Submit a Comment

Your e-mail address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.