The Discovery Data partnership provides BizEquity access to data on 40,000 RIAs and 700,000 registered representatives, including an estimated 289,000 practicing financial advisors, enabling users of the new service to compare themselves against the financial advisor community.
“It felt to us like BizEquity was the perfect fit to enhance the valuation of an advisor’s practice,” says Bob Hermann, CEO of Discovery Data. “We have extensive data on the firms in the industry.”
Carter views the service as a “dividend” to advisors from BizEquity and Discovery Data. The free valuations are also intended to introduce advisors to BizEquity’s Advisor Office subscription valuation service.
In recent remarks, Carter has indicated that advisors will play a huge role in BizEquity’s future prospects. The company has 2,000 advisors as clients on its Advisor Office platform, with a goal of attracting 20,000 advisor clients by 2020.
The new service will not include practice management advice or recommendations to help advisors optimize their valuations, Carter notes.
Since its 2011 launch, BizEquity says it has developed 33.2 million valuations for businesses globally using its proprietary model and has helped more than 200,000 small businesses determine their value.