The Institute for Innovation Development, which describes itself as the “only innovation-focused business development organization for financial advisors,” has launched.
It was built, according to its statement, to “support two key elite groups – growth-oriented financial advisors and financial industry executives – who share three common goals: ongoing dynamic growth, competitive differentiation, and unique community engagement strategies for their businesses.”
The new organization is intended to serve as “a catalyst for making innovation happen as an essential, practical business process to support the continuing growth of leading financial services businesses,” Bill Hortz, founder and dean of the Institute, says in the statement, which contrasts “other advisor development programs [which] focus on financial services industry’s best practices,” with the Institute’s approach of “providing an innovation network and central repository for cross-industry, global innovation resources; processes for developing ‘new’ best practices; and ongoing innovation coaching.”
Founding sponsors include Innovation Equity Partners, Pershing, Ultimus Fund Solutions, Fidelity, Meridian IQ/Advice IQ, and Charter Financial Publishing (FA & Private Wealth magazines), according to the statement.
The Institute intends to help its members address such questions as: “How do I apply innovation to my business? What are the steps? How can I use innovation best practices for more dynamic growth, competitive positioning and community engagement strategies?”
“There is a huge universe of proven innovation practices, active business model experimentation and global collaboration that the financial services industry is not actively participating in,” Dean Hortz says in the statement. “The Institute will play an active role in bringing the expansive world of innovation to the industry. This will be achieved by increasing awareness, stimulating debate, an industry innovation website and provoking active innovation development with local community innovation centers, unique strategic partnership opportunities and active coaching.”
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