Overview
ADV Part 2 Brochure Intelligence lets you compare two versions of an SEC ADV Part 2 brochure and see exactly what changed, without downloading files or comparing them by hand. The platform retrieves the filed versions, maps them to each other, and uses AI to detect and highlight changes at the section level, so you can focus your review on what actually moved.
Reviewing ADV Part 2 changes used to be a manual exercise. You had to locate each brochure on the SEC website, download the current and any historical versions, match the correct files, and then compare them page by page or paste them into a separate tool to summarize the differences. This feature brings that entire workflow into DiligenceVault.
How a brochure comparison works, from selecting a brochure to reviewing highlighted changes.
Using brochure comparison, you can:
- Reduce the manual effort of reviewing lengthy ADV filings.
- Identify material regulatory, fee, and strategy changes quickly.
- Improve visibility into how a firm's ADV filings have changed over time.
- Lower the risk of missing an important disclosure or compliance-related update.
Where to Find It
From the left navigation panel, go to Data Hub > ADV Portfolio, open the firm you want to review, and select the Part 2 Brochure History tab.
On a firm's page, brochure history is split into two tabs: Part 1 History and Part 2 Brochure History. Brochure comparison lives under Part 2 Brochure History.
Running a Comparison
On the Part 2 Brochure History tab:
- Select Brochure: choose the brochure you want to compare. The list shows every ADV Part 2 document on file for the firm, along with its filing dates.
- New Filing Date: choose the more recent version. Then, under Old Filing Date, choose the earlier version to compare it against.
- The comparison always runs a newer filing against an earlier one, so any date that would reverse that order cannot be selected as the old filing date.
- Select Compare Brochures to start the comparison.
The Part 2 Brochure History tab, where you select a brochure, set the two filing dates, and start a comparison.
What to Expect While It Runs
- The comparison runs in the background, so you can move to other parts of the platform while it processes.
- Processing usually takes few minutes, depending on the size of the two documents.
- When the results are ready, a notification appears. Select it to open the comparison.
- Completed comparisons are saved under Comparison History on the same tab, so you can reopen them at any time.
Reviewing the Results
The comparison opens with the brochure name and the two filing dates being compared at the top. Detected changes are listed on the left, and the full brochure is shown on the right so you can read each change in context.
The comparison view: the change list with AI summaries on the left, and the full brochure with highlighted changes on the right.
The Change List and Summaries
Filters : Changes are grouped by the brochure section, or Item, in which they occur, along with the page where each change appears.
Note : Only items that are changed, are listed in the Items filter.Change summary : Each change includes a short, AI-generated summary describing what changed, for example a change to the filing date or a newly added disclosure.
Changes : Where relevant, a change shows its New Value and Old Value, so you can see the exact wording before and after.
Navigation : Use the previous and next arrows to step through changes one at a time. Selecting a change scrolls the document to that location.
Search and Download : Search for any text in the document or easily download the brochure in a click.
The Full Document View
- The complete brochure is displayed, not just isolated snippets, so the surrounding text is always visible.
Use the New and Old toggle to switch between the two versions. The view keeps your place and highlights the matching text in each version.
Understanding Change Types
Every detected change is classified into one of five types. This makes it easy to prioritize your review and to filter to the changes that matter most.
The five change types identified during a comparison.
Filtering Your Review
Two filters help you narrow a long list of changes:
- Filter by section: the section list shows only the Items that contain changes. Choose an Item to focus on the changes within that section.
- Filter by change type: narrow the list to a single type, such as Added or Modified. The number next to each type shows how many changes it contains.
Filter changes by section (left) or by change type (right).
You can combine both filters, for example to review only the Modified changes within a specific fee section.
Comparison History
Every comparison you run is saved under Comparison History on the Part 2 Brochure History tab.
- Each entry shows the brochure name, the two filing dates compared, when the comparison was requested, and who requested it.
- Select View Results on any entry to reopen that comparison.
Users will also be able to see the comparisons requested by other users of their firms.
Tips and Best Practices
- Comparisons might take a few minutes to run in the background. Start one and continue your other work. You will be notified when it is ready.
- You can only compare a newer filing against an earlier one. Dates that would reverse that order are not selectable.
- A change in page number on its own is not treated as a relocation. Only content that moves to a different Item or section is classified as Relocated.
- Combine the section and change-type filters to focus on specific areas, such as only the fee or strategy sections, or only the Modified items.
- Both versions of the brochure are always available in the comparison, so you can read any change in its full context.
- The summaries make the changes clear at a glance: Example, the brochure and filing date were updated to June 30, 2026, and a new disclosure was added stating that an investment strategy will be available on or after July 15, 2026.
Questions?
If you have questions about brochure comparison, contact the DiligenceVault team at ask@diligencevault.com.