The new marketplace is the result of an alliance between back-office support firm Concert Advisor Services and Succession Link, that provides an online marketplace for buying and selling financial advisory practices.

"We are more interested in providing a cost-effective marketplace — a more casual environment where buyers and sellers can be introduced," said Phillip Flakes, Succession Link's cofounder and CEO, in a statement. "So far we've had great success in doing this."

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Felipe Luna, co-CEO, director and founder of Concert, is aiming to help along that marketplace. "Often selling advisors think the value of their practice should be derived from a 2x annual revenues formula, and this can be totally unrealistic."

Flakes agreed that the formula selling advisors are so focused on at present doesn't take into account several other important factors, such as the firm's operations, client base, investment choices, efficiency or profitability. "It's important to get the valuation right, and it helps to have some idea of that value prior to starting negotiations," he said.

Succession Link is working toward that end by providing sellers with a business valuation tool that is derived from a proprietary formula. The tool provides advisors an initial idea as to the value of their business, without them having to pay for a full-scale appraisal upfront.

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