Russell Investments has launched a new practice management offering designed to help Australian advisors enhance their advice model and increase practice revenue.

Russell Practice Management is currently being offered in the US, Canada, and the UK. In a statement, the firm said that its launch in the local market is in response to the Future of Financial Advice reforms.

"As the FoFA reforms are implemented, it's more important than ever for advisors to future-proof their businesses to ensure that they evolve and grow," commented Patricia Curtin, the managing director for retail investment services.

RPM provides front- and back- ofice support in terms of business management, operations, human resources, and client servicing, with topics including client engagement, fees and pricing, client value propositions, leadership, change management, and business structuring. The unit will be led by John Nolan as practice development manager, intermediaries, who will be responsible for its rollout in the local market. Nolan used to be the head of advice capability at Ipac Securities and has also held key positions at AMP Financial Planning and Asgard Wealth Solutions.