Trade monitoring software doesn’t just function as a compliance tool; it’s also an essential part of a well-managed and ethically sound RIA. The right platform can help firms identify and address potential violations, reduce the burden of manual reviews, and maintain regulatory compliance.
In this guide, we’ll list the top 10 trade monitoring and surveillance platforms that your RIA can take advantage of. We’ll provide an overview of the key features to make your search easier.
An effective trade monitoring platform allows you to streamline the trading process and protects your firm against potential legal and financial risks. This list is designed to give you options.
Here, we’ll go over the functions and capabilities that make employee trade monitoring more accurate and efficient. You can also visit each platform’s website to get the complete description of its core features.
These are our picks for the best trade monitoring software in alphabetical order:
Advyzon is one of the top portfolio management platforms for RIAs in the market. It boasts a range of tools for streamlining your firm’s operations, including customer relationship management, billing, and document management. It also offers a trade monitoring tool as part of its integrated wealth management platform.
Automation: automates employee trade submissions and pre-clearance; consolidates employee and client transactions for easy monitoring and comparison; reviews employee trades against pre-set parameters to flag any potential violations
Reporting: provides reporting capabilities for compliance officers, allowing them to supervise and manage the trade monitoring process; offers customizable performance reporting capabilities for investors; trade monitoring tool is integrated with compliance features, including 13F filings and compliance calendars
Integrations: Salesforce, HubSpot (CRM); RightCapital (financial planning); Nitrogen (risk assessment); TradePMR, MyRIACompliance (trade monitoring & compliance); Fidelity, NetX360, Schwab, SSG, Apex (custodian)
Data security: uses cloud infrastructure with physical security measures such as surveillance systems, access controls, and environmental monitoring; utilizes data encryption and granular access control; provides users with training on best practices for data security and privacy
Ease of use: users can personalize preferences and settings and access a user-friendly client portal
Pricing: trade monitoring feature is not offered as a standalone product; Advyzon offers free trial of its wealth management tools
Black Diamond is another popular portfolio management software for RIAs. The platform provides a range of wealth management capabilities, including trade monitoring and compliance.
Automation: monitors the difference between a portfolio's current asset allocation and its target allocation and alerts advisors when it exceeds set thresholds; rebalancing feature lets RIAs execute trades to bring the portfolio back into alignment with the target allocation
Reporting: allows firms to generate detailed and customizable reports for clients; keeps comprehensive trade records for easy review and retrieval
Integrations: Orion, Redtail, Salesforce, Wealthbox, (CRM); RightCapital, eMoney, Future Capital (financial planning); SmartRIA, MyRIACompliance (compliance); Morningstar (data and analytics)
Data security: sensitive data is encrypted and its access restricted to authorized personnel; maintains compliance with data privacy laws and regulations
Ease of use: intuitive interface; its user-friendly client portal is among the platform’s most popular features
Pricing: trade monitoring software is not offered as a standalone product; Black Diamond provides custom pricing for its wealth management platforms
iRebal is a trade monitoring and rebalancing platform from industry giant Charles Schwab. The tool helps RIA manage and optimize client portfolios by automating the trading and rebalancing process.
Automation: enables firms to review and approve trades, manage models, and edit system settings, with options for different user permission levels; tax-sensitive function helps clients take advantage of tax-loss harvesting opportunities while also avoiding wash-sale rule violations
Reporting: provides explanation reports detailing the reasons behind buy and sell decisions or why trades were not executed
Integrations: integrated into Schwab Advisor Center, providing advisors with real-time access to market data, positions, and trading information; integrates with MyRIACompliance for automating employee trade monitoring, including pre-clearance, review, and reporting
Data security: Schwab Advisor Services maintains data security through a combination of layered defenses, encryption, and strict security protocols
Ease of use: new widget-based dashboard makes the platform more intuitive and easier to navigate
Pricing: RIAs custodied with Schwab can access iRebal at no additional cost
An efficient trading monitoring software is an essential part of a strong RIA tech stack. This guide shares practical tips and strategies for building one.
RIA in Box offers MyRIACompliance among its lineup of wealth management and compliance tools. The tool helps SEC- and state-registered RIAs to manage and automate regulatory tasks, including employee trade monitoring.
Automation: automates tracking of employee personal securities transactions; consolidates information into a centralized system, eliminating the need for manual reviews and storage; automates pre-clearance processes to ensure compliance with firm policies
Reporting: provides detailed reports and tools to track employee trading activity, allowing RIAs to identify potential compliance violations
Integrations: integrates with more than 15,000 financial institutions for automated data feeds of employee personal securities holdings and transactions
Data security: RIA in Box uses data encryption and routine vulnerability tests and intrusion detection to spot and address potential cybersecurity gaps
Ease of use: simple interface allows advisors to link brokerage accounts, automate pre-clearance requests, and consolidate trade reviews; ticker database is updated daily to improve the system's ability to flag potential trading violations
Pricing: employee trading monitoring enhancement is offered as an add-on; RIA in Box provides custom pricing for MyRIACompliance; free demo and trial available
Orion Eclipse is a trade monitoring and rebalancing platform offered under Orion Advisor Solutions’ range of tools for RIAs and other investment management firms.
Automation: through Orion’s Inform tool, firms can monitor employee trading activity, track compliance with the firm's code of ethics, and access data from over 1,000 custodians; automates approvals and rejections of client orders based on configurable policies and provides a full audit trail
Reporting: creates custom reports using pre-built templates, including those for holdings, performance, allocation, and benchmarks
Integration: Advyzon, Redtail, Salesforce (CRM); Pontera (retirement planning); Snowflake (document management and analysis); Orion Eclipse also uses the Orion API to integrate with custom solutions
Data security: Orion adopts an Information Security Management System (ISMS) and is ISO/IEC 27001-certified, which indicate a high standard for information security; the provider also uses data encryption and strict access controls
Ease of use: users can navigate, execute trades, and manage models easily with features like drag-and-drop functionality and color-coded asset classes
Pricing: not disclosed; free demo
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RIA Compliance Technology is designed for automating and managing regulatory compliance tasks. The tool suits RIAs of all sizes, as well as broker-dealers and compliance consulting firms. Among RIA CompTech’s offering is the Simple Trade Monitor, which its website dubs as the “simplest personal trade monitoring and RIA trading platform.”
Automation: automates the collection, review, and archiving of employee trade data, eliminating the need for manual data entry and paper-based processes
Reporting: provides real-time alerts for potential policy violations; trade records are stored in a secure online portal, simplifying the review process for compliance officers and allowing for easier audits
Integration: Forms Logic (data entry)
Data security: encrypted forms and secure storage are integrated into the system
Ease of use: intuitive online portal allows employees to submit their trade data easily and compliance teams to review and manage trade information efficiently
Pricing: not disclosed, although provider offers custom pricing for the RIA CompTech platform; free demo
SmartRIA provides RIAs a centralized platform for managing all aspects of compliance, including SEC, FINRA, and state regulations. It helps firms stay on top of regulatory filings, employee compliance, and fiduciary duties. Among the software’s key features is employee trade monitoring.
Automation: automates tracking and analysis of employee trading activity to ensure compliance with regulations and internal policies; flags unusual trades and compliance gaps and sends alerts to the compliance team
Reporting: creates automated reports, such as trade blotters and personal trading activity summaries, to make compliance reviews and audits easier
Integration: integrates with several financial institutions for collecting employee trade data, eliminating the need for manual statement uploads
Data security: uses different measures, including multi-factor authentication, strong passwords, data encryption, and secure storage
Ease of use: employees can link brokerage accounts to the Smartria platform; allows RIAs to customize alert thresholds based on specific needs and risk profiles
Pricing: custom pricing; free demo
Tamarac Trading is a portfolio rebalancing and trade monitoring software under the Envestnet | Tamarac platform. The tool allows firms to automate model portfolio construction and management. It also lets advisors monitor accounts for trading triggers and executes trades directly with brokers.
Automation: automates account monitoring for trading triggers and executing trades; implements pre-clearance procedures and identifies potential conflicts before trading
Reporting: combines with Tamarac Reporting, which includes a tool, called Report Builder, that allows users to convert holdings and performance data into comprehensive tables
Integrations: Tamarac Trading is designed to work seamlessly with other Advisor Xi platforms, such as CRM and performance reporting; also works with various custodians
Data security: the tool is built on the Envestnet | Tamarac platform, which boasts strong data security measures like encryption and access controls
Ease of use: user-friendly interface features icons and tooltips to guide users and make navigation easier
Pricing: not disclosed; Envestnet | Tamarac offers free consultation and demo for most of its platforms
Tamarac Trading is integrated with Tamarac's RIA platform, called Advisor Xi, which also includes Advisor CRM and Advisor View.
If you’re looking for the right CRM platform for your RIA, this guide can be handy.
Fusion is the RIA custodian TradePMR’s core platform. The tool is designed to streamline various aspects of an RIA’s practice, including account management, billing and CRM. The platform also supports employee trade monitoring through partnership with Smartria.
Automation: integration with Smartria allows joint customers to connect their accounts on both platforms; this enables firms to use TradePMR data for employee trade monitoring and client account holdings for various compliance tasks
Reporting: lets RIAs submit and track requests related to account support and other needs
Integration: Advyzon, Orion, Black Diamond (portfolio management); Smartria (trade monitoring and compliance); DocuSign (e-signature); CircleBlack (wealth management);
Data security: provides a secure space for communication and collaboration within the platform
Ease of use: user-friendly interface and customizable widgets
Pricing: custom pricing; free 30-minute demo
TT Trade Surveillance is a platform designed to monitor and analyze trading activity for potential market abuse and regulatory violations. RIAs can use the software for employee trade monitoring to ensure this aligns with firm policies and regulatory requirements. The platform was developed by the industry software provider Trade Technologies.
Automation: automates collection, review, and monitoring of employee trades; uses machine learning and pattern recognition to flag unusual trading behaviors and potential compliance breaches
Reporting: provides tools for creating compliance reports; integrates with various data sources, including brokerage feeds, to monitor compliance
Integration: integrates with Trading Technologies platforms, such as TT FIX Inbound Drop Copy for data collection; also connects with various order and execution management systems (O/EMS)
Data security: boasts security features like advanced firewall settings, secure access protocols, and protection against DDoS attacks; uses machine learning to identify and prevent potential security breaches
Ease of use: uses various visualization tools to make it easy to understand and analyze trading data, including Heatmaps, Scorecards, and Market Ladder Replay
Pricing: custom pricing
Check out our Best in Wealth Special Reports page if you’re looking for the latest software to bolster your tech stack. Recently, we unveiled the excellence awardees for the best new technology for investment management firms. Learn more in this special report.
To choose the right trade monitoring platform, your focus should be on functionality. Ask questions like: does it have features and capabilities your RIA needs? Does it integrate with your existing tech and popular third-party tools? How much does it cost?
Consider features like compliance monitoring, automation, reporting, data security, and integration with existing systems. Prioritize platforms that can scale with your firm's growth.
An effective trade monitoring software helps your RIA firm streamline compliance processes, detect potential violations, and meet regulatory requirements. By automating the process, you can ensure compliance with firm policies and industry regulations. This way, you can also reduce the risk of costly penalties and reputational damage.
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This guide breaks down what you should consider when searching for the right portfolio management software for your advisory firm
