SmartAsset announced that it launched SmartAdvisorMatch.com, an extension of its online advisor-prospect matchmaking service SmartAdvisor that will eventually include free profiles of about 300,000 advisors.
At its launch in late October, the database included 400-word profiles of 50,000 advisors, with plans to increase that number to 100,000 by year-end and to 300,000 by year-end 2019.
The company said in late November that it was ahead of schedule in achieving that 100,000-profile goal by the end of December.
According to the IAA/NRS annual report Evolution Revolution, there were 12,578 RIA firms in the U.S. in 2018; according to FINRA, there were 630,132 registered representatives as of 2017.
However, there are many dual registrants, and many of those registered reps (holding Series 7, for example) are not active brokers providing services to investors, so the 300,000 mark seems accurate in covering the professional advice industry.
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SmartAsset said it was using some of its recent $28 million in Series C funding to create those profiles by using natural language processing software to gather information on advisors from publicly available databases from the SEC and FINRA; advisors’ own websites and LinkedIn profiles.