At a glance
- Understudy launched last month as a way to capture an advisory practice for training, continuity and succession.
- The diligence version would let larger RIAs and aggregators compare their own Understudy against a smaller firm's, according to the report.
- CEO Matt Baldwin said the tool will never replace the rapport an advisor builds with clients.
Wallace Finance is building an enterprise version of its Understudy digital-twin tool for RIA roll-ups to vet acquisition targets, due early next year, WealthManagement.com reported.
Understudy launched last month as a way to capture an advisory practice for training, continuity and succession. It collects a firm's documents, policies and procedures, maps its rules and methodologies, then checks them against what the advisor actually does in the CRM, custodian, notetakers and email. Advisor interviews produce a methodology profile.
The diligence version would let larger RIAs and aggregators compare their own Understudy against a smaller firm's, according to the report.
That would extend diligence beyond the book's revenue to how a target's advisors make judgment calls and talk to clients. CEO Matt Baldwin said the tool will never replace the rapport an advisor builds with clients.
Reported by the M&A desk from WealthManagement.com. Published . Corrections