Truelytics today launched the first free version of its software-as-a-service application allowing financial advisors to value and grow the value of their firms.
By accessing the new tool financial advisors enter key information about their business to receive an estimate of their firm’s value. This estimate is based on Truelytics suite of eValuation Index™ models which were developed in response to the significant challenges advisors face when attempting to accurately measure their success, plan for succession, and improve their bottom line.
Starting today all users companies will also receive their Truelytics Score™, a weighted average from 1 to 4 incorporating a firm’s business, client and market stability ratings. Premium subscribers receive a detailed breakdown of the firm’s performance against 40+ key performance indicators (KPIs) along with actionable insights on how to improve their valuation.
"We're getting great feedback from the market about the Truelytics Score which advisors are seeing as an industry-standard method of quickly assessing a firm's value and stability," says Brendan McSheffrey, President of Truelytics.
“Every business owner should know how much their firm is worth,” says Terry Mullen, CEO of Truelytics. “Unfortunately, in our industry many advisors don’t think of themselves as business owners and therefore don’t know or focus on their value. Today we remove all barriers to understanding the current value of their business. Even better, we continue to improve the Truelytics product so it’s easier than ever to take action to grow that value over time.”
Today’s expansion also adds improvements to the platform’s valuation algorithm and modifies the advisor questionnaire. It is the first in a series of regular improvements of the Truelytics platform. Launched in January, Truelytics sells its product directly to advisors, as well as through RIAs, OSJs, broker dealers, product sponsors and distribution platforms. Currently Truelytics has over 300 financial advisors using the platform.
Truelytics' Advisor Transition Management Platform is the first end-to-end data-driven system to help wealth management and insurance enterprises attract, retain, and support advisory businesses while also reducing time and costs related to transitions.