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Standard Life plans adviser benchmarking service

Standard Life is planning to pilot a system through which advisers can benchmark themselves against their peers. 

The free peer comparison service will ask a series of questions designed to identify an advice firm’s weaknesses. 

The provider says the questions will be used to try and identify competence levels in skills such as communication and qualifications. Scores will be used to produce a benchmark comparison against other advisers.

It says the benchmarking question process will initially be done face-to-face but could be made available online depending on take-up.

It adds the benchmarking system could be expanded in future to include categories such as profitability and turnover.

Standard says its business services tem will offer support to firms that identify particular weaknesses using the benchmark. 

Head of business services Innes Miller says: “We suggest that if the questions are answered by a number of people across the business then you can build up a 360 degree picture of what the business looks like.”


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