John Hancock Financial Network plans to add a new practice management component to Build4Success, the equity and succession planning platform used by its 250 best-performing reps.

Company officials said Monday that the the enhancement will help its advisors build better relationships with clients and grow their books of business by using a business valuation tool developed by FP Transitions, a third-party provider of equity management services, and business assessment and coaching services from practice management consultant Business Health.

"We're providing this new practice management offering to our top financial professionals and advisors because we know that business valuation and assessment tools supported by personalized coaching helps reps drive business growth and improve the client experience," Brian Heapps, John Hancock Financial Network's executive vice president of sales and business development, said in a statement.

Financial advisors, independent and otherwise, often put off succession planning until it's time to retire or transition a book of business, creating some anxious times for both the advisors taking on the new clients and the clients who have come to rely on the same advisor for years or decades.

John Hancock officials worked with FP Transitions to develop a proprietary valuation methodology to accurately determine exactly how much an outgoing advisor's book of business is worth and help advisors establish benchmarks used to forecast and achieve new client and growth targets.

Meanwhile, the application developed by Business Health allows top reps to access its web-based business assessment tool to measure each advisor's practice in 30 different categories and provide a detailed analysis of key business drivers and growth opportunities.

"Lack of information prevents many financial advisors from reaching their full potential," said Business Health's Ray Henderson "Our goal is to use our tools to provide the necessary information to help JHFN's motivated financial professionals reach the next level of success and understand how to build stronger relationships with their clients."

John Hancock Financial Network officials said a recent survey found that financial advisors who invest in and receive coaching enjoyed a 25% spike in revenue through new customer acquisition and retention.

Build4Success, which provides new investment advisory and insurance-based third-party valuation models and planning tools, debuted in November 2009.

"Our Build4Success platform has been focused on helping our financial professionals and advisors build the businesses they envision and provide access to resources to drive growth," Kathy Klingler, JHFN's senior vice president of brand management and strategic marketing, said in a statement.  "By enhancing our platform to include a valuation component and insights from the rep, client, and staff perspective, our reps will have a better view of how they can drive the growth of their practice and build deeper client relationships."