Carnelli: Truelytics is the first transition management SaaS for wealth advisors
Jeremy Carnelli · 1759 Founder Hit $1.3m ARR During COVID Getting Customers on 3 Year Contracts, How?! · May 18, 2020 · at 2:09
Jeremy Carnelli, CEO of Truelytics, describes how his software platform replaces traditional consulting in wealth management advisor transitions.
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“So it's that, and it's the first one of its kind. Up until this point, the industry's really been dominated by professional services.”
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More from Jeremy Carnelli
Truelytics mandates investment bank to pursue strategic investment or sale
“We just we just actually gave a mandate to an investment bank yesterday after, after going through a pretty rigorous process. And they are going to help us either look for well, generally help us find a strategic. I think that's their mandate.”
Carnelli: Wealth management needs 250,000 new advisors to meet demand
“And I think Sorelli and associates predicts that the industry needs to recruit and or bring in 250,000 new financial advisors just to meet current demands.”
Carnelli: Truelytics counts Fidelity and LPL among top enterprise customers
“As far as our top enterprise customers are concerned, we work with Cetera, LPL Capital Group, HD Vest, Brinker Carson Group Advisor Group Fidelity, the like, the likes of that.”
Truelytics counts 7,500 advisory firms across 16 enterprise relationships
“It's 7500 independent financial advisory firms. Now, the bulk of that, 90% of that came from the wealth management enterprises, of which we have 16 of those enterprise relationships.”
Truelytics charges an average ACV of $70k on three-year contracts
“So the average annual contract value is 70,000 dollars, and they pay that they sign up for three-year contracts.”
Carnelli: Truelytics raised over $3M exclusively from insiders and angels
“We've had two different rounds of fundraising early on when we, to acquire the IP was like, we raised about a million dollars generally from friends and family and some industry insiders. And then at the beginning of 2018, I think we did another two and a half…”