Quick Overview
- 1#1: Orion Advisor Tech - Delivers advanced portfolio accounting and automated billing solutions optimized for financial advisors managing client assets.
- 2#2: Envestnet | Tamarac - Provides householding billing, performance reporting, and rebalancing tools specifically for RIAs.
- 3#3: SS&C Black Diamond - Offers scalable wealth platform with sophisticated multi-tiered billing and client reporting capabilities.
- 4#4: Advyzon - All-in-one advisor software featuring flexible AUM, retainer, and transaction-based billing.
- 5#5: BillGoodToo - Specialized invoicing tool that automates billing for financial advisors with CRM integrations.
- 6#6: Wealthbox - CRM with integrated time tracking, task-based billing, and invoicing for advisory firms.
- 7#7: Practifi - Salesforce-powered wealth CRM including billing automation and fee management workflows.
- 8#8: AdvisorEngine - Digital wealth platform with streamlined billing, client portals, and performance tracking.
- 9#9: PortfolioShop - Trade order management system with precise billing and commission tracking for advisors.
- 10#10: Altruist - Custodial platform providing transparent, low-cost billing and account management for RIAs.
These tools were carefully chosen based on features such as billing flexibility, automation capabilities, user-friendliness, and overall value, ensuring they deliver robust performance for financial advisory firms of all sizes.
Comparison Table
Financial advisor billing software streamlines administrative tasks, and selecting the right tool requires careful evaluation of features and suitability. This comparison table includes Orion Advisor Tech, Envestnet | Tamarac, SS&C Black Diamond, Advyzon, BillGoodToo, and more, providing readers with insights to identify the best fit for their practice.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Orion Advisor Tech Delivers advanced portfolio accounting and automated billing solutions optimized for financial advisors managing client assets. | enterprise | 9.8/10 | 9.9/10 | 9.3/10 | 9.5/10 |
| 2 | Envestnet | Tamarac Provides householding billing, performance reporting, and rebalancing tools specifically for RIAs. | enterprise | 9.2/10 | 9.5/10 | 8.1/10 | 8.6/10 |
| 3 | SS&C Black Diamond Offers scalable wealth platform with sophisticated multi-tiered billing and client reporting capabilities. | enterprise | 8.4/10 | 9.2/10 | 7.5/10 | 8.0/10 |
| 4 | Advyzon All-in-one advisor software featuring flexible AUM, retainer, and transaction-based billing. | enterprise | 8.4/10 | 8.7/10 | 7.9/10 | 8.2/10 |
| 5 | BillGoodToo Specialized invoicing tool that automates billing for financial advisors with CRM integrations. | specialized | 8.1/10 | 7.8/10 | 8.5/10 | 9.2/10 |
| 6 | Wealthbox CRM with integrated time tracking, task-based billing, and invoicing for advisory firms. | specialized | 6.8/10 | 5.2/10 | 8.7/10 | 6.5/10 |
| 7 | Practifi Salesforce-powered wealth CRM including billing automation and fee management workflows. | enterprise | 8.1/10 | 8.6/10 | 7.2/10 | 7.7/10 |
| 8 | AdvisorEngine Digital wealth platform with streamlined billing, client portals, and performance tracking. | enterprise | 8.1/10 | 8.6/10 | 7.8/10 | 7.4/10 |
| 9 | PortfolioShop Trade order management system with precise billing and commission tracking for advisors. | specialized | 7.8/10 | 8.5/10 | 7.0/10 | 7.5/10 |
| 10 | Altruist Custodial platform providing transparent, low-cost billing and account management for RIAs. | enterprise | 8.0/10 | 8.3/10 | 8.7/10 | 9.1/10 |
Delivers advanced portfolio accounting and automated billing solutions optimized for financial advisors managing client assets.
Provides householding billing, performance reporting, and rebalancing tools specifically for RIAs.
Offers scalable wealth platform with sophisticated multi-tiered billing and client reporting capabilities.
All-in-one advisor software featuring flexible AUM, retainer, and transaction-based billing.
Specialized invoicing tool that automates billing for financial advisors with CRM integrations.
CRM with integrated time tracking, task-based billing, and invoicing for advisory firms.
Salesforce-powered wealth CRM including billing automation and fee management workflows.
Digital wealth platform with streamlined billing, client portals, and performance tracking.
Trade order management system with precise billing and commission tracking for advisors.
Custodial platform providing transparent, low-cost billing and account management for RIAs.
Orion Advisor Tech
enterpriseDelivers advanced portfolio accounting and automated billing solutions optimized for financial advisors managing client assets.
Advanced householding engine that automatically groups accounts for precise, compliant multi-tiered billing across complex client structures
Orion Advisor Tech is a leading portfolio management and reporting platform designed for financial advisors, with robust billing capabilities that automate fee calculations across households and accounts. It supports flexible billing models including AUM-based, fixed, and tiered fees, integrating seamlessly with major custodians for accurate, real-time invoicing. The software provides detailed billing reports and client statements, streamlining operations for RIAs and enhancing advisor efficiency.
Pros
- Comprehensive household billing that aggregates multiple accounts for accurate fee calculations
- Seamless integrations with 20+ custodians and CRM systems for automated data flow
- Scalable platform handling billions in AUM with real-time reporting and audit trails
Cons
- Higher cost structure may deter very small firms
- Steeper learning curve for advanced customization features
- Limited out-of-the-box support for non-standard fee schedules without configuration
Best For
Mid-to-large RIAs and enterprise advisory firms managing significant AUM who need an integrated billing and portfolio solution.
Pricing
Custom pricing based on AUM, typically $1.50-$3.50 per $1M AUM annually, with minimum fees and enterprise tiers available.
Envestnet | Tamarac
enterpriseProvides householding billing, performance reporting, and rebalancing tools specifically for RIAs.
Advanced householding engine that consolidates multi-account households for unified, pro-rata billing and reporting
Envestnet | Tamarac is an enterprise-grade platform providing sophisticated billing software tailored for financial advisors and RIAs. It automates complex fee calculations based on AUM, tiered structures, householding, and custom schedules, while integrating with portfolio accounting, reporting, and custodian data for accuracy and compliance. The solution streamlines billing workflows, generates detailed pre-billing reports, and supports batch invoicing to reduce errors and save time.
Pros
- Precise automation for complex fee structures and household billing
- Seamless integration with Envestnet ecosystem and multiple custodians
- Robust compliance tools and customizable pre-billing reports
Cons
- High cost suitable mainly for mid-to-large firms
- Steep learning curve and lengthy onboarding process
- Less flexibility for highly customized or non-standard billing without support
Best For
Mid-sized to large RIAs managing substantial AUM that need integrated portfolio management, reporting, and precise billing automation.
Pricing
Custom pricing, typically AUM-based at $8-15 per $1M annually, with minimums starting around $15,000-$25,000 per year.
SS&C Black Diamond
enterpriseOffers scalable wealth platform with sophisticated multi-tiered billing and client reporting capabilities.
Integrated household billing that automatically aggregates accounts and applies unified fee schedules with performance-based adjustments
SS&C Black Diamond is a comprehensive wealth management platform that includes robust billing software tailored for financial advisors, automating fee calculations, household billing, and invoicing across complex client structures. It integrates billing directly with portfolio management, performance reporting, and CRM functionalities for a unified advisor experience. Designed for scalability, it supports custom fee schedules, tiered billing, and regulatory compliance reporting.
Pros
- Advanced billing automation with householding and multi-tiered fee structures
- Seamless integration with portfolio accounting and performance analytics
- Scalable for enterprise-level firms with strong compliance and reporting tools
Cons
- Steep learning curve and complex interface for new users
- High enterprise pricing not suitable for small practices
- Customization requires significant setup and vendor support
Best For
Mid-to-large RIAs and wealth management firms managing substantial AUM who need integrated billing within a full-suite platform.
Pricing
Custom quote-based pricing, typically starting at $50,000+ annually for mid-sized firms, scaled by AUM and users.
Advyzon
enterpriseAll-in-one advisor software featuring flexible AUM, retainer, and transaction-based billing.
Household billing that automatically aggregates assets from multiple custodians for precise, unified fee calculations
Advyzon is a comprehensive all-in-one platform tailored for financial advisors, offering CRM, portfolio accounting, billing, performance reporting, document management, and a client portal. Its billing module supports flexible AUM-based fee structures, tiered billing, household aggregation across custodians, and automated invoicing to streamline revenue management. The software integrates these tools to reduce reliance on multiple vendors, enhancing efficiency for RIAs.
Pros
- All-in-one platform minimizes need for multiple tools
- Advanced billing with household aggregation and multi-custodian support
- Robust reporting and secure client portal for better engagement
Cons
- Steep learning curve for full utilization
- Pricing can be costly for small firms
- Some users report occasional glitches in reporting
Best For
Mid-sized RIAs needing an integrated solution for billing, CRM, and client management without piecing together disparate software.
Pricing
Custom pricing based on AUM (typically 5-12 bps) or per-user plans starting around $150/month, with setup fees and minimums for smaller firms.
BillGoodToo
specializedSpecialized invoicing tool that automates billing for financial advisors with CRM integrations.
Advanced householding that intelligently groups client accounts and applies unified fee schedules
BillGoodToo is a specialized billing software designed for financial advisors, focusing on automating AUM-based invoicing, fee calculations, and client billing runs. It supports data imports from custodians like Schwab and Fidelity, custom fee schedules with tiers and waivers, and householding to group related accounts for consolidated billing. The tool emphasizes simplicity, allowing users to generate professional invoices and export data to Excel for further customization.
Pros
- Affordable pricing with excellent value for small firms
- Strong householding capabilities for accurate consolidated billing
- Straightforward setup and Excel integration for flexibility
Cons
- Dated interface lacking modern UI/UX
- Limited integrations with advanced CRMs or portfolio tools
- Basic reporting without advanced analytics
Best For
Small to mid-sized financial advisory firms seeking simple, cost-effective AUM billing without needing extensive integrations.
Pricing
Starts at $49/month for up to 500 households, scaling to $199/month for 5,000+ households; annual discounts available.
Wealthbox
specializedCRM with integrated time tracking, task-based billing, and invoicing for advisory firms.
Deep integrations with leading financial tools like Orion and RightCapital for seamless billing data sync
Wealthbox is a CRM platform designed specifically for financial advisors, focusing on client relationship management, opportunity tracking, task automation, and workflow customization. While it excels in core CRM functionalities, it lacks native billing features and relies heavily on integrations with third-party tools like Orion, Black Diamond, and Advyzon for invoicing and billing management. This makes it more of a complementary tool rather than a dedicated Financial Advisor Billing Software solution.
Pros
- Intuitive, advisor-focused interface
- Strong integrations with billing and portfolio platforms
- Robust mobile app and automation tools
Cons
- No native billing or invoicing capabilities
- Higher cost relative to billing-specific tools
- Limited reporting and analytics for billing workflows
Best For
Financial advisors who prioritize CRM functionality and use integrations for billing needs.
Pricing
Advance plan starts at $65/user/month (billed annually); Elite at $89/user/month; free trial available.
Practifi
enterpriseSalesforce-powered wealth CRM including billing automation and fee management workflows.
Revenue Manager with direct custodian integrations for automated, accurate fee billing and reconciliation
Practifi is a Salesforce-native CRM and practice management platform tailored for financial advisors and wealth management firms, offering integrated billing, client management, compliance, and reporting tools. It automates fee billing based on AUM, household structures, and custom schedules, with seamless integrations to custodians like Schwab and Fidelity for accurate invoicing and revenue tracking. The platform supports end-to-end workflows from onboarding to billing reconciliation, making it ideal for RIAs seeking scalability.
Pros
- Advanced billing automation with AUM-based fees and household billing
- Deep Salesforce integrations for scalability and customization
- Built-in compliance and reporting tailored for financial advisors
Cons
- Steep learning curve due to Salesforce foundation
- High cost suitable mainly for mid-to-large firms
- Customization often requires technical expertise
Best For
Mid-sized RIAs and wealth management firms needing an all-in-one Salesforce-powered solution for complex billing and practice management.
Pricing
Custom enterprise pricing, typically $150-$300 per user/month depending on features and scale; quotes required.
AdvisorEngine
enterpriseDigital wealth platform with streamlined billing, client portals, and performance tracking.
Real-time billing calculations powered by direct custodian data feeds for precise AUM tracking
AdvisorEngine is a comprehensive wealth management platform designed for financial advisors, featuring an integrated billing module that automates fee calculations based on assets under management (AUM). It supports household billing, tiered fee structures, custom schedules, and seamless integration with custodian data for accurate, real-time invoicing. Beyond billing, it offers CRM, portfolio management, client portals, and reporting tools to streamline advisory operations.
Pros
- Automated AUM-based billing with custodian integrations for accuracy
- Flexible household and custom fee structures
- Seamless integration within a full-suite platform reducing manual work
Cons
- High cost may not suit small firms focused only on billing
- Steeper learning curve due to extensive features
- Pricing lacks transparency and is quote-based
Best For
Mid-sized advisory firms needing integrated billing within a broader wealth management ecosystem.
Pricing
Custom quote-based pricing, often $10,000+ annually based on AUM, users, and features.
PortfolioShop
specializedTrade order management system with precise billing and commission tracking for advisors.
Sophisticated householding engine that automatically consolidates related accounts for precise, error-free fee billing
PortfolioShop is a dedicated billing and reporting platform tailored for registered investment advisors (RIAs) and financial advisors, specializing in automated fee calculations based on assets under management (AUM). It excels in householding multiple client accounts for accurate consolidated billing, generates customizable invoices and performance reports, and integrates with custodians like Schwab, Fidelity, and Pershing. The software streamlines compliance-ready billing processes while providing household-level analytics to optimize advisor workflows.
Pros
- Highly accurate AUM-based and tiered billing with robust householding
- Strong integrations with major custodians and basic CRM support
- Customizable client reports and invoices for compliance
Cons
- Dated user interface that feels less intuitive than modern alternatives
- Limited advanced CRM or portfolio management features
- Pricing scales quickly for larger firms, less ideal for very small shops
Best For
Mid-sized RIAs prioritizing precise household billing and custodian integrations over a sleek, all-in-one platform.
Pricing
Custom subscription starting at ~$500/month, typically scaled by AUM or number of households/accounts.
Altruist
enterpriseCustodial platform providing transparent, low-cost billing and account management for RIAs.
Real-time performance-based fee billing integrated directly with portfolio NAV calculations
Altruist is a modern custodian platform for RIAs that includes integrated billing software for calculating and collecting advisory fees based on AUM, performance, or custom schedules. It automates invoicing, supports householding for multi-account billing, and enables direct ACH payments with minimal manual intervention. As part of a full-service ecosystem, it combines billing with portfolio accounting, trading, and reporting to streamline operations for financial advisors.
Pros
- Low-cost structure with competitive custody fees
- Automated billing calculations including performance fees
- Intuitive modern interface with seamless integrations
Cons
- Requires custodianship with Altruist for full access
- Limited standalone use without platform commitment
- Fewer advanced customizations compared to dedicated billing tools
Best For
RIAs seeking a low-cost, all-in-one platform with reliable billing who are willing to custody assets with Altruist.
Pricing
Free platform access; custody fees average ~10bps (tiered lower for larger AUM), no commissions or ticket charges.
Conclusion
After evaluating the top 10 financial advisor billing tools, Orion Advisor Tech stands as the preeminent choice, delivering advanced portfolio accounting and automated billing tailored to advisors managing client assets. Envestnet | Tamarac and SS&C Black Diamond also excel, with Envestnet offering robust householding and reporting for RIAs, and SS&C providing scalable, multi-tiered billing capabilities that suit growing practices.
Take the first step toward seamless billing efficiency—explore Orion Advisor Tech today to leverage its standout features and streamline your practice operations.
Tools Reviewed
All tools were independently evaluated for this comparison
Referenced in the comparison table and product reviews above.