Quick Overview
- 1#1: Orion Advisor Tech - All-in-one wealth platform providing portfolio accounting, performance reporting, trading, billing, and client portals for financial advisors.
- 2#2: SS&C Black Diamond - Powerful portfolio management solution with advanced reporting, analytics, CRM integration, and householding for RIAs.
- 3#3: Envestnet Tamarac - Comprehensive platform for portfolio accounting, automated rebalancing, reporting, and billing tailored to advisory firms.
- 4#4: Addepar - Data aggregation and analytics platform enabling complex portfolio management, custom reporting, and scenario modeling.
- 5#5: Morningstar Office - Integrated investment research, portfolio analysis, asset allocation, and compliance tools for advisors.
- 6#6: Altruist - Modern custody and portfolio management platform with low-cost trading, reporting, and automation for independent advisors.
- 7#7: Advyzon - All-in-one advisor platform combining portfolio management, CRM, financial planning, and document storage.
- 8#8: AssetMark - Unified wealth management platform offering portfolio construction, reporting, and investment solutions for advisors.
- 9#9: eMoney Advisor - Financial planning software with integrated portfolio tracking, goal-based analysis, and client engagement tools.
- 10#10: Riskalyze - Risk alignment platform for portfolio construction, stress testing, and performance monitoring to match client risk tolerances.
These tools were chosen based on a blend of key factors: feature depth (including accounting, reporting, and client tools), user-friendliness, reliability, and overall value, ensuring they cater to the diverse demands of modern financial advisors.
Comparison Table
For financial advisors seeking to optimize portfolio management, selecting the right software is key to efficiency and client success. A variety of industry-leading tools—such as Orion Advisor Tech, SS&C Black Diamond, Envestnet Tamarac, Addepar, and Morningstar Office—each bring distinct features to the table. This comparison table outlines critical functionalities, usability, and key differentiators to help readers identify the best fit for their practice.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Orion Advisor Tech All-in-one wealth platform providing portfolio accounting, performance reporting, trading, billing, and client portals for financial advisors. | enterprise | 9.6/10 | 9.8/10 | 8.7/10 | 9.2/10 |
| 2 | SS&C Black Diamond Powerful portfolio management solution with advanced reporting, analytics, CRM integration, and householding for RIAs. | enterprise | 9.2/10 | 9.6/10 | 8.1/10 | 8.7/10 |
| 3 | Envestnet Tamarac Comprehensive platform for portfolio accounting, automated rebalancing, reporting, and billing tailored to advisory firms. | enterprise | 9.1/10 | 9.4/10 | 8.2/10 | 8.7/10 |
| 4 | Addepar Data aggregation and analytics platform enabling complex portfolio management, custom reporting, and scenario modeling. | enterprise | 9.1/10 | 9.6/10 | 7.8/10 | 8.3/10 |
| 5 | Morningstar Office Integrated investment research, portfolio analysis, asset allocation, and compliance tools for advisors. | enterprise | 8.5/10 | 9.4/10 | 7.6/10 | 8.0/10 |
| 6 | Altruist Modern custody and portfolio management platform with low-cost trading, reporting, and automation for independent advisors. | specialized | 8.7/10 | 8.5/10 | 9.3/10 | 9.5/10 |
| 7 | Advyzon All-in-one advisor platform combining portfolio management, CRM, financial planning, and document storage. | specialized | 8.2/10 | 8.5/10 | 7.7/10 | 8.0/10 |
| 8 | AssetMark Unified wealth management platform offering portfolio construction, reporting, and investment solutions for advisors. | enterprise | 8.4/10 | 8.8/10 | 7.9/10 | 7.6/10 |
| 9 | eMoney Advisor Financial planning software with integrated portfolio tracking, goal-based analysis, and client engagement tools. | specialized | 8.2/10 | 8.7/10 | 7.6/10 | 7.4/10 |
| 10 | Riskalyze Risk alignment platform for portfolio construction, stress testing, and performance monitoring to match client risk tolerances. | specialized | 7.8/10 | 8.2/10 | 9.1/10 | 7.4/10 |
All-in-one wealth platform providing portfolio accounting, performance reporting, trading, billing, and client portals for financial advisors.
Powerful portfolio management solution with advanced reporting, analytics, CRM integration, and householding for RIAs.
Comprehensive platform for portfolio accounting, automated rebalancing, reporting, and billing tailored to advisory firms.
Data aggregation and analytics platform enabling complex portfolio management, custom reporting, and scenario modeling.
Integrated investment research, portfolio analysis, asset allocation, and compliance tools for advisors.
Modern custody and portfolio management platform with low-cost trading, reporting, and automation for independent advisors.
All-in-one advisor platform combining portfolio management, CRM, financial planning, and document storage.
Unified wealth management platform offering portfolio construction, reporting, and investment solutions for advisors.
Financial planning software with integrated portfolio tracking, goal-based analysis, and client engagement tools.
Risk alignment platform for portfolio construction, stress testing, and performance monitoring to match client risk tolerances.
Orion Advisor Tech
enterpriseAll-in-one wealth platform providing portfolio accounting, performance reporting, trading, billing, and client portals for financial advisors.
Household360's unified household-level reporting and performance analytics across all accounts and custodians in real-time
Orion Advisor Tech is a comprehensive, cloud-based portfolio management platform tailored for financial advisors, RIAs, and broker-dealers, providing unified tools for portfolio accounting, performance reporting, trading, rebalancing, billing, and client relationship management. It aggregates real-time data from over 100 custodians and supports household-level views for holistic portfolio oversight. The platform excels in scalability, advanced analytics, and customizable dashboards, enabling advisors to deliver sophisticated client experiences at scale.
Pros
- Unmatched reporting and analytics with household-level aggregation and customizable templates
- Seamless integrations with major custodians like Schwab, Fidelity, and Pershing for real-time data
- Scalable trading, rebalancing, and billing tools that support enterprise-level growth
Cons
- High cost structure that may overwhelm smaller firms
- Steep learning curve for advanced features despite intuitive dashboards
- Custom implementations can require significant upfront time and support
Best For
Mid-to-large RIAs and enterprise advisory firms managing complex, multi-custodian portfolios for high-net-worth clients.
Pricing
Custom enterprise pricing based on AUM, number of accounts, and modules selected; typically $4-10 per account/month with minimums starting at $10,000+ annually—contact sales for quotes.
SS&C Black Diamond
enterprisePowerful portfolio management solution with advanced reporting, analytics, CRM integration, and householding for RIAs.
Advanced householding and cross-custodian aggregation for unified portfolio views
SS&C Black Diamond is a comprehensive wealth management platform tailored for financial advisors, offering portfolio accounting, performance reporting, trading, rebalancing, billing, and client relationship management. It integrates seamlessly with multiple custodians and provides advanced analytics for householding and multi-account aggregation. Designed for scalability, it supports RIAs and high-net-worth advisors in delivering sophisticated client experiences through customizable dashboards and portals.
Pros
- Exceptional performance reporting with deep customization and drill-down analytics
- Seamless multi-custodian integration and householding capabilities
- Scalable enterprise-grade platform with robust trading and rebalancing tools
Cons
- Steep learning curve for full utilization, requiring training
- High cost structure suited more for larger firms
- Complex setup and ongoing customization often needs IT support
Best For
Mid-to-large RIAs and wealth management firms managing complex, high-AUM client portfolios that require advanced reporting and aggregation.
Pricing
Custom enterprise pricing based on AUM; typically starts at $50,000+ annually with tiered models.
Envestnet Tamarac
enterpriseComprehensive platform for portfolio accounting, automated rebalancing, reporting, and billing tailored to advisory firms.
Automated, tax-sensitive rebalancing across multiple custodians and account types in a single workflow
Envestnet Tamarac is an enterprise-level portfolio management platform tailored for financial advisors and RIAs, providing integrated tools for reporting, trading, rebalancing, billing, and performance analysis. It supports multi-custodian environments with automated workflows, customizable client portals, and advanced risk and tax management features. The software excels in handling complex, high-volume portfolios, enabling advisors to streamline operations and deliver sophisticated client insights.
Pros
- Comprehensive end-to-end functionality including trading, rebalancing, and reporting
- Strong multi-custodian integrations (e.g., Schwab, Fidelity, Pershing)
- Advanced customization for reports, models, and client portals
Cons
- Steep learning curve and complex interface for beginners
- High cost structure limits appeal for smaller firms
- Occasional delays in processing large datasets
Best For
Mid-to-large RIAs managing complex, multi-custodian portfolios that require robust automation and detailed reporting.
Pricing
AUM-based pricing, typically 20-40 basis points depending on assets, features, and firm size; custom quotes required.
Addepar
enterpriseData aggregation and analytics platform enabling complex portfolio management, custom reporting, and scenario modeling.
Patented Universal Data Format (UDF) for seamless aggregation and normalization of data from any custodian or asset type
Addepar is a powerful wealth management platform tailored for financial advisors, specializing in portfolio aggregation, performance reporting, and advanced analytics for complex portfolios. It integrates data from over 1,000 custodians and supports diverse asset classes, including alternatives and privates, enabling accurate reconciliation and visualization. Advisors use it for risk assessment, tax optimization, scenario modeling, and customized client reports to deliver institutional-grade insights.
Pros
- Exceptional data aggregation and reconciliation across thousands of sources for unmatched accuracy
- Advanced analytics including risk modeling, performance attribution, and tax optimization tools
- Robust support for alternative investments and illiquid assets
Cons
- Steep learning curve due to its sophisticated interface
- High cost structure that may not suit smaller firms
- Customization can require significant setup time
Best For
Financial advisors at RIAs, family offices, or large wealth managers handling complex, high-net-worth portfolios with diverse assets.
Pricing
Custom pricing based on AUM, typically starting at $50,000+ annually for mid-sized firms with minimums around $500M AUM.
Morningstar Office
enterpriseIntegrated investment research, portfolio analysis, asset allocation, and compliance tools for advisors.
Proprietary Morningstar Ratings and Manager Research for qualitative fund evaluation
Morningstar Office is a robust platform tailored for financial advisors, providing comprehensive investment research, portfolio analysis, and client reporting tools. It leverages Morningstar's extensive database of fund, stock, and ETF data to support asset allocation, performance attribution, and risk assessment. Advisors use it to create customized proposals, monitor portfolios in real-time, and integrate with various custodians for seamless data flow.
Pros
- Unmatched depth of investment research and data coverage
- Advanced portfolio analytics including X-Ray tool for overlap analysis
- Highly customizable reporting and proposal generation
Cons
- Steep learning curve due to data-intensive interface
- Premium pricing not ideal for small practices
- Occasional delays in data updates during market volatility
Best For
Established financial advisors with complex portfolios who prioritize in-depth research and analytics over simplicity.
Pricing
Subscription starts at around $5,000-$10,000 per advisor annually, scaling with seats, assets, or enterprise features.
Altruist
specializedModern custody and portfolio management platform with low-cost trading, reporting, and automation for independent advisors.
Unified workspace combining custody, commission-free trading, automated rebalancing, and advanced reporting in one seamless platform
Altruist is a modern custodial and portfolio management platform built specifically for independent Registered Investment Advisors (RIAs), offering seamless integration of trading, rebalancing, reporting, and billing tools. It provides commission-free trading, automated portfolio management features like model delivery and tax optimization, and a unified advisor dashboard for efficient client oversight. The platform emphasizes low costs, real-time data, and a tech-forward interface to help advisors scale their practices without legacy system friction.
Pros
- Extremely low costs with zero trading commissions and competitive tiered custody fees
- Intuitive, modern interface praised for speed and simplicity
- All-in-one platform covering trading, rebalancing, reporting, and client portals
Cons
- Newer platform (launched 2020) with less proven long-term reliability than incumbents
- Limited third-party integrations and customization options
- Best suited for equity/ETF portfolios; less robust for complex alternatives
Best For
Tech-savvy independent RIAs with mid-sized AUM seeking a cost-effective, streamlined alternative to traditional custodians.
Pricing
Zero platform or trading fees; custody fees start at 0.25% of AUM (tiered down for higher balances).
Advyzon
specializedAll-in-one advisor platform combining portfolio management, CRM, financial planning, and document storage.
Unified Managed Household view for aggregating and managing multi-account client portfolios holistically
Advyzon is a comprehensive cloud-based platform tailored for financial advisors, integrating portfolio management, CRM, reporting, billing, and client portals into a single solution. It supports seamless data aggregation from multiple custodians like Schwab and Fidelity, enabling unified household views and customizable performance reporting. The software emphasizes advisor efficiency with mobile access and automated workflows for rebalancing and billing.
Pros
- All-in-one integration reduces reliance on multiple vendors
- Highly customizable reporting and household grouping
- Strong client portal with secure document sharing and mobile app
Cons
- Learning curve for advanced features and customization
- Customer support can be inconsistent or slow
- Limited advanced trading and model portfolio tools compared to top competitors
Best For
Small to mid-sized independent advisory firms needing an affordable, integrated portfolio management and CRM platform.
Pricing
Starts at around $120/user/month for basic plans, scaling to $300+/user/month for enterprise features; custom quotes required.
AssetMark
enterpriseUnified wealth management platform offering portfolio construction, reporting, and investment solutions for advisors.
Unified Managed Household (UMH) technology for aggregating and managing entire client households across accounts seamlessly
AssetMark is a turnkey asset management platform (TAMP) tailored for financial advisors, providing end-to-end portfolio management, including model portfolios, automated trading, rebalancing, and reporting through its Elevate technology platform. It integrates custodial services, billing, compliance tools, and a client portal to streamline advisor workflows and enhance client experiences. The solution supports unified managed accounts (UMAs) and householding, allowing advisors to manage complex client portfolios holistically while outsourcing back-office operations.
Pros
- Comprehensive integration of portfolio management, trading, reporting, and custody services
- Extensive model marketplace with third-party managers for diversified strategies
- Robust householding and UMA technology for holistic client portfolio oversight
Cons
- Higher asset-based fees compared to standalone software tools
- Steeper learning curve for full platform utilization
- Less flexibility for advisors preferring in-house customization
Best For
Independent financial advisors or small-to-mid-sized RIAs looking for a full-service TAMP to outsource operations and scale efficiently.
Pricing
Asset-based pricing typically 20-50 basis points on AUM, plus potential platform and service fees; custom quotes required.
eMoney Advisor
specializedFinancial planning software with integrated portfolio tracking, goal-based analysis, and client engagement tools.
Household Pulse for unified, real-time views of entire family wealth across all accounts and goals
eMoney Advisor is a comprehensive wealth management platform designed for financial advisors, offering integrated financial planning, portfolio aggregation, and client engagement tools. It provides household-level views that consolidate data from multiple accounts, enabling advisors to analyze asset allocation, performance, and risk across family portfolios. The software supports goal-based planning, scenario modeling, and customizable reporting to facilitate informed portfolio management decisions.
Pros
- Seamless household-level aggregation for multi-account portfolio views
- Advanced financial planning tools integrated with portfolio analytics
- Robust client portal enhancing advisor-client communication
Cons
- High pricing that may not suit smaller firms
- Steeper learning curve for full feature utilization
- Less emphasis on advanced trading and rebalancing compared to dedicated PMS tools
Best For
Financial advisors at mid-to-large firms who prioritize holistic financial planning alongside portfolio management for high-net-worth clients.
Pricing
Custom enterprise pricing, typically starting at $5,000-$10,000 annually per advisor, with tiers based on users and features.
Riskalyze
specializedRisk alignment platform for portfolio construction, stress testing, and performance monitoring to match client risk tolerances.
The proprietary Risk Number, a single-score metric blending willingness and capacity to take risk for precise portfolio matching.
Riskalyze is a risk analytics platform tailored for financial advisors, focusing on quantifying client risk tolerance through its proprietary 'Risk Number' metric. It enables portfolio analysis, stress testing, Monte Carlo simulations, and customized investment proposals to align holdings with client risk profiles. While strong in risk assessment and client engagement, it integrates with other tools for broader portfolio management rather than serving as a full standalone PMS.
Pros
- Highly accurate and intuitive risk tolerance assessment with the Risk Number
- Engaging client-facing reports and scenario analysis tools
- Seamless integrations with CRMs, custodians, and other PMS platforms
Cons
- Lacks core PMS functions like automated trading, rebalancing, or billing
- Pricing scales with client count or AUM, which can become costly for large firms
- Limited depth in performance attribution and advanced reporting compared to full PMS solutions
Best For
Advisors prioritizing client risk alignment, education, and proposal generation over comprehensive back-office portfolio operations.
Pricing
Starts at $140/user/month for basic plans, with per-client fees (~$10/client) or AUM-based tiers for enterprises.
Conclusion
The reviewed tools, spanning diverse needs, showcase standout performers at the top. Orion Advisor Tech leads as a comprehensive all-in-one platform, integrating accounting, reporting, trading, and client management seamlessly. SS&C Black Diamond and Envestnet Tamarac follow, excelling with advanced analytics for RIAs and automated rebalancing/billing respectively, serving as strong alternatives. Ultimately, while priorities vary, Orion’s robust feature set makes it the top choice.
Take the first step toward optimizing portfolio management by exploring Orion Advisor Tech—its versatile tools can enhance both efficiency and client satisfaction for financial advisors.
Tools Reviewed
All tools were independently evaluated for this comparison