The Financial Services Institute (FSI) has partnered with Truelytics, an online self-service business intelligence platform that gives financial advisers the ability to truly understand and drive the value of their entire practice.
The partnership follows in the footsteps of the 2015 launch of FSI’s CoveredAdvisor program, which now provides insurance and affinity benefits to over 5,000 enrolled members.
“While our top member benefit always will be advocacy, occasionally an outstanding opportunity such as CoveredAdvisor arises that is so beneficial to our members that we cannot let it pass by,” says FSI President and CEO Dale Brown, adding “Truelytics is clearly one of those opportunities.”
An outgrowth of FSI’s Marketing, Growth and Development Council’s belief that accurately determining and tracking fair market value is essential for the owners of all financial planning and wealth management firms, even owners who have no immediate plans to sell, the Truelytics partnership is aimed at ensuring that members have access to the most advanced, timely and cost-effective valuation and business intelligence software available.
“Truelytics will enable FSI members to analyse their operating and portfolio dynamics against key performance metrics, take objectively informed actions to optimise management efficiency, and deliver a better and more profitable client experience,” according to Truelytics CEO Terry Mullen.
With Truelytics, financial advisers and firms will be able to harness the power of the industry’s top consultants packaged into technology they can easily utilise daily to build profitability and ultimately strengthen their negotiating position when they sell the business.
They will also be able to take the guesswork out of determining market value – knowing the value of your business for sure in minutes, and constantly seeing the value impact of key practice moves and decisions, and gain deep data-driven insight to identifying areas of opportunity and how they stack up to industry peers.
In addition, advisers will be able to save money while bypassing the need for expensive consultants with 20 per cent off the annual rate for Truelytics available to all FSI financial adviser members. (FSI members pay only USD850 instead of the regular USD1,075 annual rate, saving USD225 per year – well more than the USD179 annual FSI individual member dues.) Plus, FSI firm members and OSJs who wish to accelerate their business growth by making data-driven decisions at scale, will have access to enterprise pricing options that include executive dashboards and benchmarking for all of their advisers.