RIAs operate in a largely fee-based industry where accuracy is key to building and maintaining trust. Incorrect information and calculations can cause your clients to lose money, damaging your credibility and reputation. That’s why having a reliable fee and billing platform is important for your firm to run smoothly.
But with so many options, finding the tool that suits your needs can be challenging. To help narrow down your choices, we’ll list our picks for the top RIA billing software solutions in this guide. We’ll go over the key features and benefits, so you can have an idea of how these platforms fit your tech stack.
A reliable billing platform is an essential part of an RIA tech stack as it automates and reduces errors in fee calculations. It also improves transparency, which helps strengthen your relationships with clients.
The tools listed below boast features and capabilities that enable your firm to streamline your fee and billing process. We’ll provide a general overview of these key functions. You can check out each platform’s website for complete details of its capabilities. This list of the top RIA billing software is arranged alphabetically.
AdvicePay is a billing and payment processing platform designed for fee-for-service financial planning. This makes the tool suitable for registered investment advisors.
Automation: automates invoicing and payment tracking; subscription feature allows you to set up regular auto payments for your clients through their bank accounts and credit cards
Reporting: provides various reports, including transaction and invoice reports and fee statements
Compliance: fee-for-service model meets compliance requirements for financial advisors; provider partners with a PCI DSS Level 1-certified payment processor and performs a PCI SAQ A assessment annually to maintain security standards
Integrations: eMoney, MoneyGuide, Panoramix (financial planning); Salesforce, Redtail, Wealthbox (CRM); DocuSign, Dropbox Sign (e-signature); Orion (portfolio management); Zapier (automation)
Ease of use: has user-friendly interface; client portal can be accessed via mobile app; simplified onboarding process for new clients
Pricing: $10 per month for Essential plan, which supports 10 clients and one advisor; $50 monthly per advisor for Professional plan, supporting unlimited clients and advisors; custom pricing for Enterprise plan; free demo and 14-day trial
AdvisorBOB is a compensation management platform built for RIAs. The platform, which was recently acquired by AdvicePay, also boasts billing capabilities that RIA firms can find handy.
Automation: automates calculation of advisor compensation, including asset-based fees, RIA payout percentages, and shared account commissions; supports tiered and householding billing structures
Reporting: creates comprehensive profitability and commission reports, as well as customizable reports for billing, compensation and performance
Compliance: prioritizes data security in handling client information
Integrations: eMoney, MoneyGuide (financial planning); Salesforce, Redtail (CRM); Charles Schwab, Fidelity, Raymond James; LPL Financial, TradePMR, Betterment (custodian); Morningstar (data analytics)
Ease of use: intuitive interface and scalable
Pricing: available on request; free demo
Advyzon is considered one of the top portfolio management platforms for RIAs because of its robust features. These include a fee and billing processing function that allows firms to streamline tasks.
Automation: allows flexible fee structures, including AUM-based, flat, or tiered fees, or hybrid models; also lets firms schedule billing cycles
Reporting: generates invoices and statements based on defined fee structures and billing schedules; supports preformatted fee files that can be easily uploaded to major custodians
Compliance: data handling and recordkeeping comply with FINRA and SEC requirements
Integrations: HubSpot, Salesforce (CRM); Fidelity, NetX360, Goldman Sachs, Schwab, SSG, Fusion, Apex (custodian); RightCapital (financial planning); Nitrogen (risk assessment); MyRIACompliance (compliance)
Ease of use: users can customize preferences and settings; user-friendly client portal
Pricing: starts at $6,500 per year for up to 150 client accounts; custom pricing for firms with more than 1,000 accounts; free trial available
Black Diamond is a portfolio management software and ranks among the top CRM platforms for RIAs. Apart from accessing client management features, firms can take advantage of the tool’s fee and billing capabilities to simplify their processes.
Automation: the tool’s billing and revenue management feature lets RIAs set up automated billing cycles, frequency, and output; advisors can also define fee structures and assign them to individual clients or groups
Reporting: allows firms to extract data in various formats for reporting and analysis
Compliance: data extraction and reporting are designed to meet SEC and FINRA regulations
Integrations: Salesforce, Wealthbox, Orion, Redtail (CRM); Morningstar (data and analytics); RightCapital, eMoney, Future Capital (financial planning); SmartRIA, MyRIACompliance (compliance)
Ease of use: intuitive interface; its user-friendly client portal is among its popular features
Pricing: Custom pricing; no free trial
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Blueleaf is a wealth management platform with fee and billing features that RIAs can find handy. Its billing engine automates fee processing and invoicing to ensure accurate and timely payment collection.
Automation: automates the calculation of complex billing cycles, with invoices sent directly to the client portal; supports various billing methods, including flat, tiered, and banded AUM fees
Reporting: has reporting tools to track billing information, including outstanding and overdue invoices
Compliance: aligns with SOC 2, ISO 27001, and the BITS Voluntary Guidelines, which are important for maintaining data security and confidentiality
Integrations: Redtail, Wealthbox, Grendel Online, Pareto (CRM); MoneyGuidePro, Advizr, RightCapital, instream (financial planning)
Ease of use: modern and intuitive interface; client portal with user-friendly design
Pricing: pricing is based on the number of households managed; starts at $49 per month for up to 50 households; free 14-day trial
Empaxis is an outsourcing and technology services provider catering to the investment management industry. It offers RIA billing software solutions as part of its middle- and back-office outsourcing services.
Automation: provides custom tools to handle complex fee structures; also features automated fee reconciliation that compares calculated fees with actual transactions to identify and resolve discrepancies
Reporting: generates customizable billing statements in various formats (Excel, PDF), which can be directly integrated to the client portal
Compliance: Empaxis holds ISO 27001 certification, which is key for maintaining data security; the platform is also SOC-compliant, with SOC1 audits conducted by Ernst & Young
Integrations: Tradar, Orion, Tamarac (portfolio management); Advent Axys, APX (accounting); InvestCloud, Fencore, TAMP1 (tech services)
Ease of use: according to the provider, investment professionals were involved in the design process – including prototyping, usability testing, and iterative improvements – to ensure that the software is intuitive and meets user needs
Pricing: not disclosed; free trial
FINRA compliance is important if you’re in search of an RIA platform with a fee billing function. You can start with this list of FINRA-compliant client management software.
Envestnet | BillFin is one of two platforms on our list designed specifically as an RIA billing software. As such, it boasts features and functions that are tailored to the needs of financial advisors:
Automation: automates fee calculation based on pre-defined rules and schedules; also automates payment processing and invoice generation
Reporting: creates professional-looking invoices and fee statements that can be uploaded easily to various custodians for fee collection
Compliance: addresses common fee billing compliance issues identified by the SEC; the provider also has a Data Privacy Office that ensure compliance with data protection and vendor risk management regulations
Integrations: Redtail, Tamarac (CRM); CircleBlack, BlueLeaf, Wealthscape, Redi2 (billing); MoneyGuide (financial planning); Schwab, Fidelity, Pershing, Altruist (custodian)
Ease of use: many users report positive experience, particularly with the platform’s easy-to-navigate interface and smooth operation after the initial setup
Pricing: flat monthly rate of $125 for a standard plan; FSI members get a 10 percent discount on annual subscription; free seven-day trial; firms can also schedule a 30-minute guided tour with a representative
Orion Advisor Tech provides technological solutions for financial advisors. Among its offerings is an RIA billing software that lets firms calculate, collect, and post advisory fees. Orion also ranks as among the top account management platforms for advisory firms.
Automation: automates most tasks associated with billing, including fee calculation, which RIAs can customize to suit different payment structures and schedules; billing compare tool helps firms identify potential errors or discrepancies in bill runs before these are sent clients
Reporting: allows users to monitor billing activity and create customized reports
Compliance: Orion adopts an information security management system (ISMS) and is ISO 27001 certified; the provider also offers compliance solutions built by industry professionals with firsthand experience in addressing the challenges faced by compliance officers
Integrations: Redtail (CRM); eMoney (financial planning); Apex (custodian); Nitrogen (risk management); Snowflake (data analytics)
Ease of use: RIAs can tailor the platform's interface and reporting tools to match their business needs and preferences
Pricing: pricing for billing software is not available; Orion offers custom pricing based on the unique needs of each business
Panoramix is a portfolio management software designed for RIAs. The platform is popular because of its performance reporting and billing features.
Automation: supports different billing cycles and fee schedules; firms can also set minimum and maximum bill amounts, waive small fees, and apply overrides at the account or holding levels
Reporting: creates fee statements, either individually or in batches, with the option to include detailed fee calculations; reports can be distributed to clients through email or the client portal
Compliance: the provider offers guidance and support for RIAs to comply with GDPR, CCPA and VCDPA requirements related to data management and privacy; the platform is also designed to calculate and report time-weighted returns accurately, which is required for GIPS compliance
Integrations: Redtail, Wealthbox (CRM); MoneyGuidePro (financial planning); Schwab, Apex (custodian); FeeX (billing); Nitrogen (risk management)
Ease of use: features a redesigned layout for smoother navigation; scores high in user-friendliness and user experience surveys
Pricing: User License plan starts at $6,000 annually for the base license, with additional $2,000 per year for Panoramix Pro; pricing for Enterprise plan is customized
Pulse by AssetBook functions as a portfolio management and billing software for RIAs. Apart from investment management, accounting, and performance reporting, the platform boasts features for streamlining payment processing.
Automation: automates the billing process, including creating different fee schedules and billing cycles; can integrate with performance reporting tools to calculate performance-based fees; RIAs can also define specific rules for each client to ensure accurate calculations even with unique billing requirements
Reporting: generates invoices for each client based on the defined fee schedules and rules; firms can customize invoice templates to include branding and specific information
Compliance: AssetBook uses data encryption and secure data storage to protect sensitive client information
Integrations: Wealthbox (CRM); MoneyGuidePro, Wealth.com (financial planning); Schwab, Fidelity, Pershing, TD Ameritrade, TradePMR, SSG, SEI, TIAA, DST (custodian); Pontera (retirement planning)
Ease of use: straightforward and easy-to-navigate interface; offers a portal and document center where clients can access information easily
Pricing: starts at $43 annually per account for the retail version, with discounts for RIAs with more than 500 accounts; free 30-day trial
Created by an RIA attorney, SmartKx is designed specifically to streamline fee billing and contract management for RIA firms. Besides bill processing automation, the software helps with client onboarding, compliance, and revenue optimization.
Automation: automates the billing process by using client contracts as the fee calculator; also provides a streamlined client onboarding process, allowing firms to finalize agreements and start working with new clients faster
Reporting: real-time reporting enables RIAs to gain insights into revenue, fee rates, and client billing status
Compliance: creates a comprehensive and auditable record of all fee calculations and contract details, which is standard for SEC and FINRA compliance; the platform also undergoes regular security audits to identify and address potential vulnerabilities
Integrations: Wealthbox, Redtail (CRM); Schwab, IPX Retirement, Inspira Financial, American Trust Retirement (custodian); HelloSign (e-signature)
Ease of use: user reviews mostly highlight the software’s user-friendliness and positive impact on productivity and efficiency
Pricing: Essential plan costs $99 monthly; Premium plan goes for $225 monthly; Enterprise plan pricing is customizable; free trial available
Check out this special report if you’re looking for the latest investment management platforms to add to your tech stack.
When selecting the best billing platform for your RIA, the first step is assessing your firm’s needs. Consider the different services you provide, the types of fees you collect, and the reporting and compliance requirements you need to meet.
Check out if the features and functions suit your business model. Think about automation, integrations, transparency, user-friendliness, security, and scalability. The right platform must enable you to perform billing tasks quickly and accurately.
But if you’re tight on budget and looking for a free RIA billing software, some custodians, including Raymond James and Altruist, offer billing services for free.
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