Phono stage for newbie...

I am currently using a rega P7 TT with a Dynavector 20X-H (high output MM) cartridge. My preamp (Rotel RC-1082)has an onboard phono pre that sounds good. I have never experienced a separate phono pre so I have no idea where to start. My budget would be $500 - 700. Will this get me a phono pre that would sonically better the Rotel?