Advisors think their practices are worth more than the market is currently paying, and retired clients can act as a drag on valuations.

That's according to new research from Cerulli Associates, which found that despite the abundance of would-be practice buyers, sellers expect too much based on actual purchases within the last year.

Nearly two thirds of independent advisors (65 percent) are contemplating the purchase of a practice, but most of those (53 percent) are only thinking about it, compared with the 47 percent who are actually shopping around. And for every advisor who buys a practice, there are nine more who want to. With this kind of market pressure, it might be thought to be a seller's market — but that's not necessarily the case. Sellers are looking for more money than market conditions will support.

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