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Truelytics, Fidelity and Barron’s Host Wealth Management Consortium for Business Intelligence

Jeremi Karnell
Mar 20, 2018
Last week in Orlando, Truelytics launched The Wealth Management Consortium for Business Intelligence to innovate and transform the way the industry generates, collects, and transforms critical advisor business intelligence into actionable strategies for the improvement of enterprise value and practice management. The Consortium will consist of leaders representing a cross-section of industry advisors and service providers.

At the first meeting of the Consortium on March 13th, 2018, we confirmed the challenges that the industry is facing:
  • Lack of standardization around data leads to imprecise and unreliable benchmarking
  • Valuations are inconsistent and often inflated, resulting in unrealistic expectations for sellers
  • Data credibility is a concern because of an over-reliance on self-reporting
  • The transferability of businesses (and associated failure risk) presents an obstacle to industry growth

One of the immediate priorities is to standardize valuation methodologies and data benchmarking. We will accomplish this by creating industry accepted standard data fields, including financial categories. Creating industry focused P&L templates based on business complexity and size will better allow us to qualify and quantify data, while also getting more granular with the information that is collected.

It is imperative that we simplify data collection (fast and easy) as a component of this and increase the credibility of the information that is captured. To authenticate data, we discussed how to better map, link or import verified data from its various sources.

Truelytics will collaborate with industry leaders so that the Truelytics FirstLook Valuation will become the industry standard for valuations and practice management benchmarking, creating the go-to mechanism in the space to measure and manage what’s most important. The goal is to build conviction into everyday data and establish a platform to measure and support industry best practices. This output will be utilized by practitioners and practice management professionals to provide actionable advice that will resonate with advisors as they compare themselves to their peers.

As this new standard is adopted around the industry, we will explore the expansion of dataset, including that of “Zillow-like” information for further transparency in the space. In tandem, the development of a succession Marketplace is a natural extension, one that is being actively explored by our enterprise clients.

Truelytics wishes to extend a special ‘thank you’ to Sterling Shea of Barron’s and David Canter of Fidelity for sponsoring the event. We also are thankful for the participation of many others, including Jost Britton, Sam O'Neil, Lillian Peros, and Catherine Davies from Fidelity, Ron Carson and Aaron Schaben of Carson Wealth, Lucas Winthrop of Winthrop Wealth Management, Jeff Conception of Stratos, and Jim DeCarlo of Strategic Wealth Management Group.

If you would like to join the WMCBI or simply learn more about our mission, please register here.

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