In a 2011 study by Cerulli Associates practice management came out as the second most requested resource by financial advisors, said Oppenheimer.

The new institute offers business management, personal and professional development content, and investment ideas through three channels: presentational content, a multimedia web-based support structure and a team of "fund consultants." It is led by Paul Blease, who joined the firm late last year, and was developed in collaboration with Duke Corporate Education.

There are currently three modules available:

- Nine "recurring conversations" to help advisors pursue their financial goals;

- An architectural framework to help advisors build professional practices; and

- A presentation on how to create the right balance between a "productive career or a fulfilling life."

"The single greatest challenge facing financial advisors today can be captured in a single word, complexity," Blease said. "In the last two decades we've seen an explosion of new investment products and services, a proliferation of new technologies, and an unprecedented confluence of political, economic and financial challenges." 

The firm said the name of the institute reflects the "dual responsibilities" of financial advisors to manage their practices in the manner of a chief executive. It has also changed the titles of its sales team to "senior advisor consultants" and "regional advisor consultants."