A financial adviser’s guide to risk management software

Risk management software is getting a lot of attention following the new requirements introduced by the DOL fiduciary rule.

Risk management software is getting center stage these days, especially with the Department of Labor’s fiduciary rule, which requires all advisers act in their clients’ best interests on retirement accounts. Financial advisers will need to put extra effort into ensuring their clients’ accounts are properly allocated, and that their portfolios match their risk tolerance. Here is a chart breaking down risk management software for financial advisers.

	Riskalyze	Finametrica	Kwanti	RiXtrema	FinMason	SmartRisk Pro by PrairieSmarts	HiddenLevers	Pocket Risk
Price	$145/month	$990 annual subscription; discounts available	$80/month	$150-$300 (Standard-PRO subscription)	Depends on integration and feature set	10-day free trial, $125/month; $1,375 annual	$250-$1,000 month (basic to elite); custom pricing for enterprise	1 adviser: $64 per month; 2 advisers: $99 per month; 3-5 advisers: $215 per month; 6+ advisers: Custom pricing
Mobile ready	✓	✓	✓	✓	✓	✓	✓	✓
Client portal	Not in Riskalyze; Yes in Autopilot	✖	✖	✓	✓	In development	✖	✓
Single risk tolerance questionnaire	✓	✓	✖	✓ (in partnership with FinaMetrica)	✓	Via integrations	✓	✓
Couple risk tolerance questionnaire	✓	✓	✖	✓ (in partnership with FinaMetrica)	✓ (depending on platform)	Via integrations	✓	✓
Custom risk questionnaire	✓	✖	✖	✖	Depends on adviser platform	Via integrations	✓	✓
Report generator	✓	✓	✓	✓	✓	✓	✓	✓
Stress testing	✓ (4 ‘standard’ stress tests and unlimited adviser-driven stress tests)	✓ (through integration with Rixtrema)	✓ (predefined scenarios)	✓	✓ (full suite of historical, hypothetical and statistical stress tests)	✓	✓	✖
Custom branding	✓	✓	✓	✓	✓	✓	✓	✓
Portfolio Optimizer	✓	✓ (through integration with Rixtrema)	✓	✓	✖	✖	✓	✓
Re-assessment reminders	✓	✓	✖	✓	Depends on adviser platform	✓	✓	✖
Downside scenarios	✓	✓ (through integration with Rixtrema)	✖	✖	✓	✓	✓	✓
Custom feature availability	✓ (firm, asset manager or adviser level)	✓ (can customize adviser portal with branding and client messaging)	✖	✓	✓	✓ (custom time frames, risk factors benchmarks, model portfolios, mock portfolios/custom metrics available through enterprise offering)	✓	✓
Customer support (phone/email /web)	✓ (phone, live chat, email, live training, knowledge base, etc.)	✓ (phone/email/web)	✓ (phone/email)	✓ (24-hour help desk plus dedicated consultant)	✓ (email/web)	✓ (in addition to 1×1 training and consultations with Ph.D.s)	✓ (one-on-one training, phone support, online chat, email support)	✓ (phone/email /web)
Integrations	Advizr, Albridge, Black Diamond, Blueleaf, CircleBlack, eMoney, Hidden Levers, Morningstar Office, Orion, RBC, Redtail, RetireUp, Salesforce, Trust Company of America, TD Ameritrade Institutional, Wealthbox, Zapier	MoneyGuidePro, Finance Logix, PlanPlus, Redtail, Rixtrema, Orion and IPSadvisorPro (fi360)	Black Diamond, TD Ameritrade, Advyzon, BlueLeaf, TradePMR, Redtail	TD Ameritrade, Albridge, Morningstar, FinaMetrica, Quovo, Black Diamond	✖	Orion, Redtail (other major platforms upcoming)	23 integrations, including single sign-on, and portfolio sync with major software providers and custodians	Redtail – CRM