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Financial Services
RIAs, wealth managers, lenders. AUM, regulatory standing, client retention.
90 day typical timeline2-3x revenue (insurance agency), 2-3% of AUM (RIA), 3-5x EBITDA (advisory)
Document categories
The diligence checklist is organized into these top-level categories. Each one has its own subchecklist auto-generated when you launch a deal.
Financial Statements
Tax Returns
Legal & Corporate
Regulatory & Licensing
Compliance
Client Book / AUM
Carrier & Product Agreements
Insurance (E&O)
Employment & Advisors
Technology Systems
Revenue Breakdown
Industry-specific documents
These are the documents that matter most for financial services — things you'd miss with a generic checklist.
- 📄Advisor registrations (FINRA, state, CFP)
- 📄Form ADV and ADV Part 2 (if RIA)
- 📄Client book summary with AUM or premium by account
- 📄Carrier appointments and commission schedules (insurance)
- 📄Trailing commissions and residual revenue detail
- 📄Compliance exam findings and FINRA audit letters
- 📄E&O claims history (7 years)
- 📄Advisor non-solicit and non-compete agreements
- 📄Book transition and client retention procedures
- 📄Custodian and clearing firm agreements
Common red-flag patterns
The AI scans uploaded documents for these patterns and surfaces them with source citations so you can investigate quickly.
- Client concentration above 20% with any single relationship
- Recent regulatory enforcement or FINRA disclosures
- Advisor departures with takeable books
- E&O claims trending upward
- Compensation model heavily dependent on trailing commissions
- AUM decline or net outflows over 12 months
- Compliance supervisory gaps flagged in exams
Key metrics tracked
Pulled from financial statements and operational data, these metrics anchor the diligence narrative.
AUM or Premium Under Management
Revenue per Advisor
Client Retention Rate %
Net Client Acquisition
Recurring Revenue %
Compliance Issue Count
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