AdviserSource, a consulting services firm focused on the financial advisory sector, has acquired succession planning and valuation app provider Advisory Equity.
The deal, whose financial details are unknown, was carried out by AdviserSource with additional growth capital from Austin Capital General Partner-managed venture fund Fintech Fund II.
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AdviserSource said that the takeover, which concluded on 1 July 2021, will help fortify its position in the financial advisory firm consulting services.
The firm stated that Advisory Equity’s platform will enable it to enhance the way financial advisers and institutions connect for M&A, succession, transition, recruiting, and funding opportunities.
The acquired outfit also offers a proprietary valuation software and reporting tool designed to support firm stakeholders in determining enterprise value.
Commenting on the deal, AdviserSource president Phillip Chang said: “We are excited to bring the Advisory Equity platform into AdviserSource as another tool we can offer to help provide objective marketplace valuation services for financial services companies.
“Advisory Equity’s platform is well positioned to help us service the growing demand for succession planning among independent financial advisory firms.
“We see tremendous opportunities to drive continued growth and our strategic investment will support the company’s long-term vision and commitment to its clients.”
AdviserSource is an M&A platform comprising an online marketplace and valuation software to support wealth management firms and financial advisers.
Meanwhile, last week, B. Riley Financial, which provides business advisory and financial services, acquired the investment advisory business of 272 Capital.
The deal was in line with B. Riley’s focus on active small cap management and is expected to serve both firms’ investment offerings for institutional and individual high-net-worth clients.
