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Advisors are inflating the value of their practices, according to new research by Cerulli Associates.

On average, advisors believe their practices are worth 2.8 times their total revenue, but for those advisors who actually purchased a practice within the past 12 months, the average revenue multiple paid was 2.2 times revenue, explains Kenton Shirk, associate director at Cerulli, in the Boston-based research firm’s fourth quarter edition of The Cerulli Edge–Advisor Edition.

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