Was every client billed exactly what their agreement and fee schedule say?
We recompute every fee to the cent and list the exceptions in dollars, in both directions.
Menlo Exam Ready
Your compliance, tested the way an SEC examiner would.
Menlo Exam Ready tests a small investment adviser's compliance the way an SEC examiner would, and hands the compliance officer the proof.
Small advisory firms get examined by the SEC. The examiner asks the same things every time. Did you bill clients exactly what their agreements say? Does your marketing match your ADV and the rules? Did your people trade only what your code of ethics allows? Do you watch your vendors? Can you show what you tested and what you fixed?
Most small firms answer those questions with a spreadsheet, a binder and a stressful week. Exam Ready answers them with software.
You give us your own files: billing exports, agreements, your ADV, your website and ads, employee brokerage statements. We run the tests and list every exception in plain words and dollars. Your compliance officer gets a dated, signed record of what was tested and what was found. Every quarter, and a full one once a year.
01 · The six tests
Six tests, in plain words.
Each one answers a question the examiner will ask.
Do your website, brochures and ads say the same thing as your Form ADV?
We read them side by side, then check them against the SEC's marketing rule: performance, testimonials and hypothetical results.
Did employees trade only what your code of ethics allows?
We match brokerage statements against your restricted list and your pre-clearance log.
Do you have the vendor list, due-diligence evidence and breach-notice clauses the SEC's Regulation S-P expects?
We check each vendor for a due-diligence file and a breach-notice clause, and list what is missing.
Is every filing and delivery on time?
ADV amendment, brochure delivery, 13F and the rest where they apply. What is due, what was filed, what is late.
Can you show an examiner what was tested, with what data, what was found and what was fixed?
One dated PDF per quarter and one per year. Your CCO signs it. An examiner reads it.
02 · Who it's for
Small advisers, and the consultants who serve them.
For advisers
Registered investment advisers with 1 to 10 people.
Especially firms that registered recently or have never been examined. The SEC's 2027 exam priorities, published 23 October 2026, say those firms come first.
For consultants
Compliance consultants and fractional CCOs who serve small firms.
Run Exam Ready under your own name for your clients. You keep the relationship; we do the testing. Your brand goes on the report.
03 · How it works
Four steps, then every quarter.
Send your files
Billing exports, agreements, your Form ADV, your website and ads, employee brokerage statements. Account IDs only, never client names. Into a shared folder, or your own cloud tenant.
We run the tests
The six tests run on your own numbers and documents. Every exception comes back in plain words and in dollars.
You get the record
A dated PDF: what was tested, with what data, what was found, what was fixed. Your CCO reviews it, signs it and files it. The first one comes with a one-hour walkthrough.
Repeat every quarter
Quarterly testing keeps the file current. Once a year, the full record. When the examiner asks, you hand it over.
04 · What it is not
Not your compliance officer. Not a law firm.
We are not your compliance officer, not a law firm, and we don't give legal or investment advice.
Your CCO stays in charge of the program. We do the testing and the paperwork, so the CCO can show the work.
05 · Pricing
Fixed prices.
In US dollars, agreed before the work starts.
First-exam package
All six tests once, the testing record, and a one-hour walkthrough with your CCO. Credited against the first year if you continue.
USD 3,500, fixed.
Ongoing
Quarterly testing plus the annual record.
USD 200 a month.
Under your own name
Wholesale pricing or a revenue share. Your brand on the report.
Wholesale or revenue share. Ask.
06 · Security and data
What happens to your files.
- Account IDs only. Billing and brokerage files come to us with account IDs, never client names.
- Files deleted after delivery. Working files are deleted once the record is delivered. The record keeps file names, counts and hashes, so what was tested can be shown later.
- Your cloud tenant, on request. If you prefer, the work runs inside your own cloud account and nothing leaves it.
- No custodian logins. We never ask for passwords to your custodian, your billing system or your e-mail. Exports only.
- 72-hour breach notice. If we ever have a security incident involving your files, you hear from us in writing within 72 hours.
07 · Also
We also build AI automations for finance teams.
One process at a time, fixed scope, fixed fee. You own what is built.
- Diagnostic. Two weeks. Up to three processes measured, a ranked list of what to automate with fixed quotes, and a one-page go or no-go. Samples are enough; no system access.From USD 2,500, credited in full to a Sprint signed within 60 days.
- Automation Sprint. Three to six weeks. One workflow live: a reconciliation, document intake, management or investor reports, or a small secure app that replaces a spreadsheet. Tests, a parallel run, human approval points, a runbook and training included.From USD 10,000, half at signature, half at go-live.
- Run and Improve. Monthly. Monitoring, fixes, model updates, improvement hours and a one-page monthly report. Three-month minimum.From USD 1,500 a month.
08 · Contact
Thirty minutes, no charge.
Tell me about your firm and when you were last examined. If Exam Ready is not the right fit, you hear it on the call. US Central hours, in English and Spanish. Please do not send client data by e-mail.