Portfolio management software is an essential tool for RIAs who want to manage and monitor client assets efficiently. Think of it as your firm’s command center where you keep track of client investments, assess performance, consolidate portfolio data, and create in-depth reports.
But with so many options, finding a platform that matches your business’ needs can be challenging. To make this task easier, we list our picks for the best RIA portfolio management software in this guide. We’ll go over the key features and benefits to help you decide which of these tools suit your operations.
An effective portfolio management platform lets your firm stay on top of multiple accounts with ease and precision. At the same time, it provides your clients with a clear picture of what’s happening with their investments, which in turn helps build trust.
The tools listed below offer these advantages and more. Note, however, that our list isn’t exhaustive. Each RIA comes with unique needs and faces different challenges, and there’s no one-size-fits-all solution in the market.
All told, our picks for the best portfolio management software boast features that help RIA firms simplify the handling of client assets. The list is arranged alphabetically.
Addepar’s strengths lie in data aggregation, integration of client records, and financial insights. These core features help reduce administrative burdens for RIAs. The cloud-based platform uses AI to create detailed reports and portfolio breakdowns with real-time analysis of financial data.
The portfolio management software suits RIA firms that handle high-net-worth and complex assets, such as alternative investments.
Here are some of the platform’s key features:
portfolio trading and rebalancing: aligns portfolios to targets using real-time data and allows rebalancing by account, household, portfolio, or your full book anytime
scenario modeling and forecasting: models asset allocations – including illiquid assets – to match clients’ goals and cash flow needs
streamlined billing: allows you to calculate, generate, and track fees across all accounts and view billing summaries and detailed fee breakdowns in an easy-to-read layout
According to its website, Addepar has more than $7 trillion in assets under management (AUM). The RIA software has over 100,000 users from around 50 markets globally.
Advisor360° boasts features that go beyond portfolio management. It comes with key wealth management functions, including:
Apart from these functions, the platform allows RIAs to perform customer relationship management (CRM) tasks. Advisor360° lets you personalize dashboards, widgets, saved searches, and work processes.
You can also access its WealthGuide tool, which enables advisors and wealth managers to streamline the financial planning process.
Advisor360° uses its proprietary unified data fabric (UDF) technology to aggregate and evaluate data from various sources and get an accurate view of client information. The platform also made it to our list of the best new technology and software solutions for investment managers.
Advyzon is an all-in-one platform that has become a popular choice for small and mid-size RIAs for its simplicity and ease of use. Apart from portfolio management features, the tool enables CRM, billing, and document storage functions.
Considered one of the best portfolio management software for RIAs, Advyzon is highly customizable and integrates with popular productivity and collaboration tools. These include Google’s G Suite and Microsoft 365. The platform also consistently ranks high in customer satisfaction surveys.
Among Advyzon’s standout features are:
rebalancing: with the Quantum rebalancer tool you can perform account and household level, model-based, and custom rebalancing
dashboard and business intelligence: allows you to track AUM growth, revenue, performance, and new assets across your entire book
investment strategy management: lets you create custom models and quick proposals, and monitor strategies easily
portfolio alerts: provide automatic notifications for cash deposits, RMDs, drifted portfolios, and more
If you’re searching for a tool specifically to manage client interactions, you might be able to find one in our list of the best RIA CRM platforms.
AssetBook is another portfolio management software that suits small and mid-size RIA firms. It offers standard wealth management features, including performance tracking, report generation, and fee billing. Users can access portfolio information, documents, and reports through the client portal.
While portfolio management is AssetBook’s core function, it comes with an open API. This allows seamless integration with other financial tools like CRM, trading platforms, and financial planning software. This also enables your RIA firm to access multiple rebalancing and trading modes. These include modules for trading based on model deviation and handling out-of-balance portfolios.
AssetBook is an affordable option, priced at $43 per account. Discounts are available for RIAs with at least 500 accounts. It also has a Growing Advisor Program, offering tiered pricing for new firms. The price starts at $4,000 annually for the first year, going up to $6,000 in year three, before reaching standard pricing in the fourth year.
If your RIA caters mostly to high-net-worth clients who demand extensive reporting, Black Diamond can be a good choice. In terms of portfolio management, the platform allows:
Other standout features include:
Black Diamond integrates with various third-party applications, such as CRM systems and financial planning tools. It is also pre-networked with more than 40 solutions, which makes building an effective RIA tech stack easier.
If you’re curious about AI's impact on portfolio management, this video provides an overview.
Envestnet | Tamarac is an RIA portfolio management software designed for larger firms with complex wealth management needs. The platform comes with the following core functions:
data aggregation: gathers data from various financial sources for accurate and up-to-date reporting
performance reporting: creates customizable reports detailing portfolio performance, holdings, asset allocation, and capital flows
portfolio rebalancing: rebalances portfolios efficiently across a wide range of accounts and households, with features for managing complex model portfolios and executing directed trades
trading tools: various trading options, including RIA-led and outsourced trading, with functions for model portfolio construction, daily portfolio monitoring, and cash management
Just like most platforms on the list, Envestnet comes with a client portal that lets investors access data on their assets’ performance, financial goals, and spending summaries.
The platform integrates with Tamarac CRM, giving you a centralized system for managing client relationships and workflows. It also boasts a compliance monitoring feature that helps advisors stay compliant with industry regulations.
Morningstar Wealth Platform is an all-in-one investment platform, with portfolio management among its core functions. The platform provides access to Morningstar's extensive investment data and insights from a network of more than 100 researchers worldwide. This helps you identify investment opportunities, assess risk, and gain timely insights to navigate market conditions.
Morningstar Wealth Platform ranks as one of the top RIA portfolio management solutions offering tools for asset management, performance reporting, and trading. Its Morningstar Direct indexing feature allows you to manage multiple highly personalized accounts from a wide range of clients. Additionally, its Total Rebalance Expert (TRX) feature enables portfolio rebalancing at the client and account levels, or a mix of both.
Users also benefit from risk management and compliance and regulatory support.
According to its website, the platform uses adaptive technology to meet the changing needs of RIAs and their clients. It also actively seeks user feedback to improve the tool’s functionality and user experience.
Orion Advisor Tech ranks among the most popular portfolio management software for RIAs, thanks to its robust features. Its core functions include:
With Orion’s recent acquisition of Redtail CRM, the platform now has a customer relationship management feature. This is a plus for RIA firms that don’t want to purchase a separate CRM system.
Orion Advisor Tech features automated compliance monitoring and documentation management to ensure your firm meets regulatory requirements. You can also access an advisor dashboard. This provides a centralized view of client portfolios, investment performance, and other key metrics.
Orion Advisor Tech scores high in customer satisfaction surveys. It helps that the platform uses behavioral finance (BeFi) tools to improve client outcomes and strengthen relationships.
Looking for the best risk analytics software tailored for RIA firms? Check out this guide to see our top picks.
Panoramix specializes in billing and performance reporting. It also comes with many of the portfolio management features that help streamline RIA firms’ workflows. These include:
But what really makes the platform stand out is its intuitive user interface. The tool’s modern and user-friendly design makes it easy for RIAs to navigate and manage portfolios. While it doesn’t have its own CRM system, it integrates with popular platforms such as Redtail and Salesforce.
Panoramix is a good option if you want a cost-effective platform with robust reporting features and a flexible billing system.
Wealthscape is a wealth management platform from financial services giant Fidelity Investments. It provides tools to help RIA firms manage client accounts, access data and research, and execute trades. The portfolio management software also allows RIAs to rebalance portfolios manually or automatically based on specific asset classes and sub-models. This gives your firm flexibility in how you manage and adjust investment allocations.
Wealthscape is designed to be scalable and customizable. This lets you tailor the platform based on specific needs. Wealthscape also integrates with other platforms through Fidelity Integration Xchange. These include eMoney Advisor, the company’s financial planning tool, and other third-party fintech services.
For investors, the Wealthscape InvestorSM portal allows them to view their account information, manage investments, and access documents such as statements and tax forms.
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When choosing the right portfolio management software for your RIA firm, there are several key features to consider. These are the most essential functions:
The platform must be able to source data from a variety of specialized providers and exchanges. These include market data vendors, financial data providers, and company information services. It must also be able to reconcile positions and transactions daily to ensure that the holdings and balance information you have is accurate and updated.
Rebalancing ensures that portfolios align with clients' investment strategies and risk tolerance. Go with a platform that allows you to automate and customize the process and allows multi-level rebalancing.
A strong portfolio management platform can generate detailed customizable reports that clients can easily understand. These include asset allocation, benchmark comparisons, internal rate of return (IRR), and time-weighted returns. The tool must also enable clients to incorporate branding and commentary into their reports.
A wealth management tool that allows you to calculate management fees based on AUM or fixed schedules is important. This lets firms adapt to the unique needs of diverse clients, which can improve client satisfaction. It can also help drive revenue growth.
An ideal RIA portfolio management platform must track changes, trades, and notes on accounts. This makes audits easier and ensures compliance with regulatory requirements.
A user-friendly portal or mobile app where clients can view their portfolio, performance metrics, statements, and documents is key in establishing trust.
Integration helps streamline operations and enhance data accuracy and client service. They also lead to more efficient decision-making. Good RIA software must be able to connect different tools, such as your CRM and financial planning systems.
A solid portfolio management platform allows RIA firms to keep track of client assets, manage risk, and generate accurate reports. Features like performance tracking, allocation analysis, and goal planning make it easier for you to serve clients and maintain transparency.
When choosing the right tool for your business, always consider the core functions, scalability, and integration capabilities. You must also look at how the platform can streamline workflows and improve client relationships.
Check out our GoRIA section for more news and information on the best RIA portfolio management software. Don’t forget to bookmark this page for easy access to industry updates.
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