Truelytics, a Wellesley, Mass.-based B-to-B Enterprise SaaS for financial advisors, has selected SkyView Partners in Wayzata, Minn., as its exclusive lending partner, according to a news release.
The partnership will reportedly benefit financial advisory and wealth management firms on Truelytics’ Advisor Transition Management platform, which helps firms improve mission-critical “transition-driven” business processes, such as recruitment, practice improvement, business valuation and succession management.
SkyView is a correspondent lender to wealth management enterprises, RIAs, and independent advisors seeking to transact mergers, acquisitions, and succession plans.
The companies say the partnership is a win-win for both parties since the core component of Truelytics’ Advisor Transition Management platform is its growing database of 7,000+ independent financial advisory firm books of business, including details of firm ownership, staff, clients, processes, revenue and expenses.
The data is the backbone of the TruePerformance Indices and KPIs, and represents the industry’s first-ever business health record to be leveraged for practice management, including key transitional moments.
“In an industry that has been starved for capital solutions, SkyView has been able to put together a nationwide stable of banks that can provide the fuel for advisors and wealth management firms to grow, said Terry Mullen, CEO of Truelytics.
Mullen, commenting in a news release, said that the most exciting aspect of the partnership was the ability of a participant firm to use its “cash-out” option.
“This solution provides liquidity for a firm owner to take hard-earned money off the table,” Mullen said. “Like a home equity loan, it is tax-efficient and you don’t have to give up equity in your firm.”
Scott Wetzel, CEO of SkyView, said his company recognized the strong potential for both firms to benefit from each other’s strengths.
“Truelytics captures multiple data points requisite for the financing process, making the process more efficient for the borrower,” he said in a news release. “The Truelytics evaluation is a favorable component of SkyView’s PurchasingPower platform calculated on APBOE for buying wealth management practices.”