AdvicePay, a platform for fee-for-service financial planners to manage billing, payments and compliance, is acquiring AdvisorBOB, a compensation software firm for RIA back-office staff and advisors.
The deal is AdvicePay’s first acquisition and serves as “a strategic step forward to support the full revenue lifecycle for advisory firms, from billing clients to paying advisors,” the firm said Monday.
“AdvicePay was created to solve the pain points around billing and compliance for fee-for-service financial planning. Expanding into compensation is a natural extension of that mission,” according to Alan Moore, its co-founder and CEO.
“We consistently hear from firms that comp is a major operational headache. This isn’t about replacing software — it’s about replacing spreadsheets. It becomes a critical need the moment you have variable comp. You need a system that gets it right, down to the penny,” Moore added.
AdvisorBOB’s team, including CEO Colton Pence, will join Bozeman, Montana-based AdvicePay and continue to operate from its offices in Berwyn, Pennsylvania.
“With this acquisition, AdvicePay is validating the contributions AdvisorBOB has made to advisor practices,” Pence said. “Together, we’re well-positioned to help firms grow with the operational infrastructure they need.”
Moore says that AdvicePay is “not shifting to an M&A strategy.” It sees the AdvisorBOB deal as “an opportunity that aligned perfectly with our roadmap and values."
AdvisorBOB and AdvicePay are "powerful on their own — but together, they make the back office smarter, faster, and more scalable,” he added.
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