Truelytics: Empowering Wealth Management Enterprises through Business Intelligence

Terry Mullen, CEO & Founder
The wealth management industry is undergoing a great transition driven by the growing demographic shift among financial advisors, rapidly evolving regulatory challenges, and transformative technological innovations. Alongside, the transition of an estimated $30 trillion wealth from one generation to another has placed immense pressure on Independent Broker-Dealers, OSJs, and large RIAs to understand the key drivers of their businesses, the health of their distribution channel (financial advisors), and how they stack up to the competition. However, many of these firms lack the tools needed to efficiently gather meaningful insights into their advisors’ performance, which in turn, increases the cost of practice management and the complexity/cost of both succession planning and advisor recruitment.

Until recently, the major focus of digital transformation within the wealth management space has been around offering Client Personal Financial Management (PFM) Portals, Trading/Rebalancing software, Portfolio Accounting software, Robo-Advice, CRM, and Document Management software. Most, if not all, Advisor Practice Management Dashboards are simply views into the aforementioned solutions. Far too little has been done in terms of helping financial advisors directly measure their business performance; informing practice managers where their help is most needed; and offering executives the ability to benchmark advisors. Truelytics, a fintech solution provider located in Boston, MA, seeks to change that with their business intelligence solution, making them a new and critical player within the core financial advisor tech stack.

“Our aim is to propel financial advisory to the next echelon,” says Terry Mullen, founder and CEO of Truelytics. “Our first-mover advantage in this industry allows us to gain enormous market share which in turn expands the valuable data set, paving the way to present users with an entirely new means of evaluating their practice: peer comparables and insights.”

By obtaining enterprise-wide access to Truelytics’ software and data, advisors and practice managers can determine where they are succeeding and where they are falling short. Once a user is invited to Truelytics’ platform, they answer a detailed online questionnaire about their firm and customers. A report is generated via a proprietary set of eValuation Index models, which grades them across their client, business, and market stability. An overall Truelytics Score™ is calculated from those three grades (like a GPA) and close to 50 KPIs are presented via a scorecard dashboard. Finally, Truelytics calculates a First Look Valuation™ based on a discounted cash flow model and offers alternative valuation models such as multiples of revenue, EBITDA, and EBOC.

Advisors, practice managers, and wealth management executives are also offered a portfolio of valuable benchmarks. Financial advisory firms can compare themselves with their peers (+/- 25 percent of their AUM) against a host of factors including their Truelytics Score, Firm Value, Expenses, Client Count, Average Client Age, Client Churn, etc.

Our ultimate aim is to propel financial advisory to the next echelon

Executives are able to benchmark their network of advisors against one another internally and externally (against the marketplace at large.)

Ultimately, Truelytics helps independent financial advisors increase their overall firm valuation. Independent broker-dealers and large RIAs benefit from improved practice management focus, decreased cost of AUM replacement, and streamlined succession planning/recruiting. Custodians benefit from cost savings on benchmarking and data collection. Asset Managers derive value from the platform via enhancing their value-added services for practice management consulting while offering data and insights for wholesaling purposes.

With just over a year in business, Truelytics is already working with the industry’s top firms, including Carson Wealth, ProEquities, and Cetera, to name a few. Advisor Group, one of the largest network of independent broker-dealers in the U.S.A. with over 6,000 registered representatives, included Truelytics as a core piece of functionality in its succession planning platform, introduced in October 2017. supports succession-planning-focused mergers and acquisitions across the various firms that make up Advisor Group. Through a partnership with Truelytics, users of the platform can obtain a First Look Valuation™, which provides them a fair market estimate of the value of their business.

With the help of Fidelity and Barron’s, Truelytics recently launched The Wealth Management Consortium for Business Intelligence (WMCBI). After evaluating many industry challenges, Truelytics realized business information and metrics available to Financial Advisors is much too fragmented and inconsistent, and that Financial Advisors and their firms need to have a hand in defining the information requirements for their businesses. This new consortium seeks to advance the way the industry generates, collects, understands, and utilizes key business intelligence through digital transformation. “Our goal is to build conviction into everyday data and establish a platform to measure and support industry best practices,” states Mullen.

Truelytics is set to roll out the 2.0 version of their platform this May, which will feature an enhanced user experience, white-label functionality, enterprise content management, and more. Beyond this major release, “Truelytics plans to continue developing new benchmarks monthly, giving our clients new ways to visually access their data and compare themselves against their peers and the marketplace as a whole,” concludes Mullen.


Wellesley, Massachusetts

Terry Mullen, CEO & Founder

Truelytics provides groundbreaking business intelligence platform to help advisors strengthen their business