AdvicePay acquires AdvisorBOB

Finextra

06-05-2025

AdvicePay, the industry-leading platform for managing billing, payments, and compliance of fee-for-service financial planning, today announced the acquisition of AdvisorBOB, the leading independent advisor compensation software company.
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This marks AdvicePay's first acquisition and a strategic step forward to support the full revenue lifecycle for advisory firms, from billing clients to paying advisors.
The transaction reflects AdvicePay's continued focus on strategic, customer-driven growth. It was completed without the need for outside capital, a reflection of the company's strong financial foundation and disciplined approach to expansion. AdvisorBOB adds complementary functionality to AdvicePay's offering, enabling firms to automate advisor compensation and eliminate manual spreadsheet-based processes.
'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,' said Alan Moore, AdvicePay Co-Founder and Chief Executive Officer. '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.'
AdvisorBOB automates complex advisor compensation calculations and payout tracking, offering transparency, line-item detail, and time-saving efficiencies for back-office teams. Firms using both platforms will be positioned to ensure clients are billed properly and advisors are paid accurately, without the manual burden.
'Our origin story is very similar to that of AdvicePay, as we are both advisor-founded technology companies built because there weren't products that fit our needs,' said James Spinelli, Founder of AdvisorBOB and Chief Executive Officer of Great Valley Advisor Group. 'AdvisorBOB joining AdvicePay allows us to help even more firms simplify operations and scale with confidence.'
AdvisorBOB's team, including Chief Executive Officer Colton Pence, will join AdvicePay and continue to operate from its offices in Berwyn, PA.
'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.'
This move aligns with AdvicePay's long-term vision: to support the full advisor revenue flow—from invoice to payout—with modern tools and actionable data. While both platforms will continue to operate independently for now, the future potential of their combined capabilities opens the door to deeper insights and better back-office experiences for firms.
'We're not shifting to an M&A strategy,' added Moore. 'This was 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.'
AdvicePay was advised by Cooley LLP as legal counsel, with financial advisory support provided by Turkey Hill Management, LLC. AdvisorBOB's legal counsel was provided by Stradley Ronon.