Quick Overview
- 1#1: eMoney Advisor - Comprehensive financial planning platform that automates personalized Investment Policy Statement creation and client goal tracking.
- 2#2: Morningstar Advisor Workstation - Investment research and portfolio management tool with customizable IPS templates and asset allocation modeling.
- 3#3: Orion Advisor Tech - Cloud-based portfolio accounting and reporting software featuring dynamic IPS generation and performance attribution.
- 4#4: Envestnet Black Diamond - Unified wealth management platform providing automated IPS reporting, rebalancing, and household-level views.
- 5#5: Advyzon - All-in-one advisor platform integrating CRM, trading, and IPS document creation with compliance features.
- 6#6: Riskalyze - Risk tolerance assessment tool that generates data-driven risk sections for accurate IPS documentation.
- 7#7: Nitrogen - Behavioral portfolio analysis software that informs IPS risk profiling and behavioral coaching insights.
- 8#8: RightCapital - Goal-based financial planning software supporting IPS development through scenario modeling and projections.
- 9#9: Asset-Map - Visual asset mapping tool that creates intuitive diagrams for IPS asset allocation and estate planning.
- 10#10: Addepar - Advanced portfolio analytics platform enabling custom IPS reports across complex multi-asset portfolios.
Tools were evaluated based on key factors including feature depth, user-friendly design, data precision, and overall value, ensuring a ranking that balances technical excellence with practical effectiveness for wealth professionals
Comparison Table
This comparison table helps professionals evaluate leading Investment Policy Statement software tools, featuring eMoney Advisor, Morningstar Advisor Workstation, Orion Advisor Tech, Envestnet Black Diamond, Advyzon, and more. It outlines key features, usability, and functionality to guide readers toward the best fit for their practice.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | eMoney Advisor Comprehensive financial planning platform that automates personalized Investment Policy Statement creation and client goal tracking. | enterprise | 9.7/10 | 9.9/10 | 9.2/10 | 8.9/10 |
| 2 | Morningstar Advisor Workstation Investment research and portfolio management tool with customizable IPS templates and asset allocation modeling. | enterprise | 8.7/10 | 9.5/10 | 7.8/10 | 8.0/10 |
| 3 | Orion Advisor Tech Cloud-based portfolio accounting and reporting software featuring dynamic IPS generation and performance attribution. | enterprise | 8.7/10 | 9.2/10 | 8.0/10 | 7.8/10 |
| 4 | Envestnet Black Diamond Unified wealth management platform providing automated IPS reporting, rebalancing, and household-level views. | enterprise | 8.4/10 | 8.7/10 | 7.9/10 | 8.0/10 |
| 5 | Advyzon All-in-one advisor platform integrating CRM, trading, and IPS document creation with compliance features. | enterprise | 8.3/10 | 8.7/10 | 7.9/10 | 8.1/10 |
| 6 | Riskalyze Risk tolerance assessment tool that generates data-driven risk sections for accurate IPS documentation. | specialized | 8.4/10 | 9.1/10 | 8.0/10 | 7.6/10 |
| 7 | Nitrogen Behavioral portfolio analysis software that informs IPS risk profiling and behavioral coaching insights. | specialized | 7.6/10 | 8.2/10 | 7.3/10 | 7.0/10 |
| 8 | RightCapital Goal-based financial planning software supporting IPS development through scenario modeling and projections. | specialized | 7.6/10 | 7.2/10 | 8.4/10 | 7.0/10 |
| 9 | Asset-Map Visual asset mapping tool that creates intuitive diagrams for IPS asset allocation and estate planning. | specialized | 7.6/10 | 6.8/10 | 9.2/10 | 7.4/10 |
| 10 | Addepar Advanced portfolio analytics platform enabling custom IPS reports across complex multi-asset portfolios. | enterprise | 7.8/10 | 8.5/10 | 6.8/10 | 7.2/10 |
Comprehensive financial planning platform that automates personalized Investment Policy Statement creation and client goal tracking.
Investment research and portfolio management tool with customizable IPS templates and asset allocation modeling.
Cloud-based portfolio accounting and reporting software featuring dynamic IPS generation and performance attribution.
Unified wealth management platform providing automated IPS reporting, rebalancing, and household-level views.
All-in-one advisor platform integrating CRM, trading, and IPS document creation with compliance features.
Risk tolerance assessment tool that generates data-driven risk sections for accurate IPS documentation.
Behavioral portfolio analysis software that informs IPS risk profiling and behavioral coaching insights.
Goal-based financial planning software supporting IPS development through scenario modeling and projections.
Visual asset mapping tool that creates intuitive diagrams for IPS asset allocation and estate planning.
Advanced portfolio analytics platform enabling custom IPS reports across complex multi-asset portfolios.
eMoney Advisor
enterpriseComprehensive financial planning platform that automates personalized Investment Policy Statement creation and client goal tracking.
Dynamic IPS generation that automatically updates with live market data, client portfolio changes, and scenario modeling for always-current policies.
eMoney Advisor is a comprehensive wealth management platform that excels in generating and managing Investment Policy Statements (IPS) through its integrated financial planning tools. Advisors can create customized IPS documents outlining client goals, risk tolerance, asset allocation strategies, and constraints, with real-time data aggregation from multiple accounts. The software seamlessly links IPS to portfolio construction, performance reporting, and scenario analysis, making it a powerhouse for holistic investment policy management.
Pros
- Highly customizable IPS templates with dynamic asset allocation modeling
- Seamless integration with account aggregation and Monte Carlo simulations for robust risk assessment
- Advanced reporting and client portal sharing for compliant, professional IPS delivery
Cons
- Steep learning curve for new users due to extensive feature set
- Enterprise-level pricing may be prohibitive for solo advisors or small firms
- Overkill for basic IPS needs without leveraging full platform
Best For
Established financial advisory firms seeking an all-in-one solution for sophisticated IPS creation integrated with comprehensive wealth planning.
Pricing
Custom enterprise pricing starting at around $10,000+ annually per advisor, often with tiered plans based on AUM or users; contact sales for quotes.
Morningstar Advisor Workstation
enterpriseInvestment research and portfolio management tool with customizable IPS templates and asset allocation modeling.
Proprietary Morningstar ratings and quantitative analytics embedded directly into customizable IPS templates for data-driven policy statements
Morningstar Advisor Workstation is a comprehensive platform for financial advisors that provides extensive investment research, portfolio analytics, and reporting tools. It supports Investment Policy Statement (IPS) creation through customizable templates, asset allocation models, risk tolerance assessments, and integration with vast Morningstar data on funds, stocks, and ETFs. Advisors can generate professional IPS documents tailored to client objectives, constraints, and portfolio holdings, backed by proprietary ratings and forward-looking analytics.
Pros
- Unparalleled depth of investment research and data integration for robust IPS foundation
- Advanced asset allocation and risk modeling tools for precise client customization
- Seamless portfolio integration to dynamically update IPS documents
Cons
- Steep learning curve due to extensive feature set
- High cost may not suit solo advisors or small firms
- Interface can feel overwhelming for IPS-only workflows
Best For
Established advisory firms with complex portfolios needing integrated research, analytics, and reporting for sophisticated IPS development.
Pricing
Custom subscription pricing upon request; typically $5,000–$15,000+ annually per advisor depending on modules and users.
Orion Advisor Tech
enterpriseCloud-based portfolio accounting and reporting software featuring dynamic IPS generation and performance attribution.
Real-time synchronization of IPS guidelines with live portfolio performance and rebalancing data
Orion Advisor Tech is a comprehensive wealth management platform that includes robust Investment Policy Statement (IPS) tools, enabling advisors to create, customize, and manage client IPS documents outlining objectives, risk tolerance, asset allocation, and constraints. It integrates IPS creation with real-time portfolio data, performance reporting, and compliance monitoring for dynamic updates. The software supports scalable workflows for firms handling complex client relationships.
Pros
- Deep integration with portfolio accounting and reporting for automated IPS updates
- Highly customizable templates and compliance features
- Scalable for enterprise-level advisory firms
Cons
- High cost prohibitive for small firms
- Steep learning curve due to feature-rich platform
- Not a standalone IPS tool; requires full Orion suite
Best For
Mid-to-large advisory firms needing integrated IPS within a broader portfolio management ecosystem.
Pricing
Custom enterprise pricing based on AUM, typically starting at $5,000+ per month for mid-sized firms.
Envestnet Black Diamond
enterpriseUnified wealth management platform providing automated IPS reporting, rebalancing, and household-level views.
Dynamic IPS-to-portfolio linkage with automated rebalancing and real-time compliance alerts
Envestnet Black Diamond is a robust wealth management platform that supports Investment Policy Statement (IPS) creation and management as part of its comprehensive portfolio accounting and reporting suite. It allows advisors to define client-specific investment objectives, risk tolerances, asset allocations, and constraints within customizable templates integrated with performance tracking and rebalancing tools. The software ensures IPS documents are dynamically linked to client portfolios for ongoing compliance and monitoring.
Pros
- Seamless integration of IPS with portfolio rebalancing, reporting, and custodian data feeds
- Extensive model marketplace for IPS-aligned strategies
- Strong compliance features with audit trails and version control
Cons
- Steep learning curve due to enterprise-level complexity
- High cost makes it less accessible for small firms
- IPS functionality is embedded rather than standalone, requiring full platform adoption
Best For
Mid-to-large RIAs and wealth management firms needing IPS integrated into a full-service platform.
Pricing
AUM-based pricing, typically 15-30 basis points with tiered enterprise plans; custom quotes required.
Advyzon
enterpriseAll-in-one advisor platform integrating CRM, trading, and IPS document creation with compliance features.
Automated IPS generation pulling live data from integrated CRM and portfolio systems
Advyzon is a comprehensive advisor platform that includes Investment Policy Statement (IPS) software for creating, customizing, and managing client IPS documents. It offers pre-built compliant templates, automated data integration from CRM and portfolio systems, and e-signature capabilities for efficient workflows. The tool supports ongoing IPS reviews and updates tied to portfolio changes, making it suitable for holistic financial planning.
Pros
- Seamless integration with CRM, reporting, and portfolio management for automated IPS population
- Customizable templates with built-in compliance features and version control
- Electronic workflows including e-signatures and client portals for approvals
Cons
- Steep learning curve due to the full-suite platform complexity
- Less specialized for IPS-only users compared to dedicated tools
- Pricing scales with AUM and features, potentially costly for small firms
Best For
Mid-sized advisory firms already using Advyzon's ecosystem who need IPS integrated into broader client management workflows.
Pricing
Custom pricing starts at ~$150/user/month, tiered by AUM and features; often bundled in enterprise plans.
Riskalyze
specializedRisk tolerance assessment tool that generates data-driven risk sections for accurate IPS documentation.
The Risk Number™ metric, providing a standardized, quantifiable risk score for both clients and portfolios
Riskalyze is a risk alignment platform designed for financial advisors to assess client risk tolerance using a proprietary Risk Number (1-99 scale) and align portfolios to it, including automated generation of Investment Policy Statements (IPS). It leverages Monte Carlo simulations and stress testing to create compliant IPS documents that detail risk parameters, objectives, and strategies. The software integrates with CRMs, custodians, and planning tools for seamless workflow in advisor practices.
Pros
- Proprietary Risk Number for precise client-portfolio matching
- Automated, compliant IPS generation with Monte Carlo analysis
- Robust integrations with CRMs and custodians
Cons
- Higher pricing may not suit solo advisors
- Steeper learning curve for full risk analytics
- Less emphasis on customizable IPS templates compared to dedicated tools
Best For
Advisory firms prioritizing risk-aligned IPS within a broader portfolio management workflow.
Pricing
Starts at ~$1,250/year per advisor for basic plans, scaling to $3,000+ for enterprise features and support.
Nitrogen
specializedBehavioral portfolio analysis software that informs IPS risk profiling and behavioral coaching insights.
Behavioral Alpha engine that quantifies psychological biases for tailored IPS risk alignment
Nitrogen (nitrogen.co) is a specialized platform for financial advisors that focuses on creating personalized Investment Policy Statements (IPS) through behavioral finance and risk alignment tools. It uses psychometrically validated questionnaires to assess client risk tolerance and goals, automating the generation of customized IPS documents. The software emphasizes documenting investment strategies that align with client psychology, helping advisors build trust and compliance-ready policies.
Pros
- Psychometrically validated risk assessments for precise IPS personalization
- Automated IPS generation with behavioral insights
- Strong advisor-client communication tools integrated into the workflow
Cons
- Higher pricing may deter solo advisors or small firms
- Moderate learning curve for full behavioral analytics utilization
- Limited native integrations with some popular CRM or portfolio management systems
Best For
Mid-sized advisory firms aiming to incorporate behavioral finance into compliant, client-centric IPS creation.
Pricing
Tiered subscription for advisors starting at ~$995/month, scaling with AUM or users; custom enterprise plans available.
RightCapital
specializedGoal-based financial planning software supporting IPS development through scenario modeling and projections.
Dynamic IPS linking to real-time Monte Carlo simulations and scenario modeling for adaptive investment policy updates.
RightCapital is a comprehensive cloud-based financial planning platform that includes tools for generating Investment Policy Statements (IPS) as part of its broader advisory services. It allows advisors to document client investment objectives, risk tolerance, asset allocation guidelines, and constraints within customizable templates integrated into client plans. While not a standalone IPS solution, it supports IPS creation alongside retirement projections, tax optimization, and Monte Carlo simulations for holistic planning.
Pros
- Intuitive interface with drag-and-drop customization for IPS templates
- Seamless integration with financial planning modules like cash flow and retirement analysis
- Strong visualization tools for presenting IPS to clients
Cons
- Lacks advanced standalone IPS features like automated compliance checks or portfolio drift alerts found in dedicated tools
- Higher pricing may not justify for advisors focused solely on IPS
- Customization options for complex institutional IPS are somewhat limited
Best For
Financial advisors who want an all-in-one planning platform with solid IPS functionality integrated into client financial models.
Pricing
Starts at $150 per advisor per month for the Essentials plan (unlimited clients), with Pro at $165/month and enterprise custom pricing.
Asset-Map
specializedVisual asset mapping tool that creates intuitive diagrams for IPS asset allocation and estate planning.
Interactive, one-page asset allocation maps that dynamically visualize IPS-aligned portfolios in a client-friendly format
Asset-Map is a visualization tool designed for financial advisors to create interactive, graphical representations of clients' asset allocations, household balance sheets, and investment portfolios. It integrates with major custodians to automatically pull and display data in an intuitive map format, facilitating client discussions and reporting. While excellent for visualizing portfolio holdings that align with an Investment Policy Statement (IPS), it lacks robust native tools for drafting, templating, or managing formal IPS documents and compliance requirements.
Pros
- Stunning visual asset maps that make complex portfolios easy to understand and discuss with clients
- Seamless integrations with custodians like Schwab, Fidelity, and others for automated data import
- Highly shareable reports that enhance client engagement during IPS reviews
Cons
- Limited dedicated IPS drafting, versioning, or compliance tracking features compared to specialized tools
- Customization options for formal policy documents are basic and require workarounds
- Pricing can add up for firms with multiple advisors without deep IPS-specific functionality
Best For
Visual-oriented financial advisors who use asset maps to illustrate and communicate IPS implementation to clients rather than needing full IPS document management.
Pricing
Starts at $75 per advisor per month (billed annually); scales with additional users and advanced features up to enterprise plans.
Addepar
enterpriseAdvanced portfolio analytics platform enabling custom IPS reports across complex multi-asset portfolios.
Investment guideline surveillance engine that automatically monitors and alerts on IPS violations across multi-custodian portfolios
Addepar is a robust wealth management platform that supports Investment Policy Statement (IPS) creation, monitoring, and compliance through its advanced portfolio accounting and analytics tools. It aggregates data from thousands of sources to enforce investment guidelines, track objectives, and generate customized IPS reports for clients. While not a standalone IPS tool, it integrates policy surveillance seamlessly into broader portfolio management workflows.
Pros
- Exceptional data aggregation from 1,000+ sources for comprehensive IPS compliance monitoring
- Advanced analytics and automated guideline surveillance with breach alerts
- Scalable for enterprise-level wealth managers handling complex portfolios
Cons
- Steep learning curve and complex interface not ideal for smaller firms
- High cost with custom enterprise pricing
- Overkill for basic IPS needs, lacking simple document templating
Best For
Large RIAs and family offices managing billions in AUM that require integrated IPS enforcement within a full-suite portfolio platform.
Pricing
Custom enterprise pricing based on AUM, typically $50K+ annually for mid-sized firms.
Conclusion
Among the top 10 tools, eMoney Advisor emerges as the leading choice, offering a comprehensive platform for automated, personalized investment policy statement creation and goal tracking. While Morningstar Advisor Workstation stands out with its customizable templates and research-driven allocation modeling, and Orion Advisor Tech impresses with cloud-based dynamic IPS generation and performance insights, eMoney’s holistic approach sets it apart. All three tools elevate IPS development, catering to distinct advisor needs but united in driving efficiency.
Take the first step toward more effective policy crafting—explore eMoney Advisor to unlock streamlined, client-focused planning.
Tools Reviewed
All tools were independently evaluated for this comparison