Quick Overview
- 1#1: Orion Advisor Tech - Comprehensive portfolio management platform offering accounting, reporting, billing, trading, and client portals for RIAs.
- 2#2: SS&C Black Diamond - End-to-end wealth platform providing portfolio accounting, performance reporting, CRM, and householding for investment advisors.
- 3#3: Envestnet Tamarac - Integrated solution for portfolio rebalancing, reporting, billing, and CRM tailored to RIAs.
- 4#4: Addepar - Cloud-based platform for portfolio aggregation, analytics, and custom reporting across complex asset classes.
- 5#5: Morningstar Advisor Workstation - Investment research, portfolio analysis, asset allocation, and client reporting tools for advisors.
- 6#6: eMoney Advisor - Financial planning software with interactive client portals, goal tracking, and advisor dashboard integration.
- 7#7: Wealthbox - Modern CRM built for financial advisors with task management, email integration, and pipeline tracking.
- 8#8: Redtail CRM - Advisor-focused CRM with document storage, workflow automation, and seamless integration with financial tools.
- 9#9: RightCapital - Cloud financial planning tool emphasizing retirement projections, tax optimization, and Social Security analysis.
- 10#10: Holistiplan - Automated tax alpha software that identifies tax-saving opportunities and Roth conversions for clients.
Tools were chosen based on depth of features (including functionality, scalability, and integration), user experience, reliability, and overall value, ensuring a list of solutions that empower RIAs to thrive in a competitive market.
Comparison Table
This comparison table examines top Registered Investment Advisor Software tools, including Orion Advisor Tech, SS&C Black Diamond, Envestnet Tamarac, Addepar, and Morningstar Advisor Workstation, to guide professionals in selecting the right solution. By analyzing features, integration capabilities, and user experience, readers will gain clear insights to streamline operations and enhance client service efficiency.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Orion Advisor Tech Comprehensive portfolio management platform offering accounting, reporting, billing, trading, and client portals for RIAs. | enterprise | 9.4/10 | 9.7/10 | 8.7/10 | 9.1/10 |
| 2 | SS&C Black Diamond End-to-end wealth platform providing portfolio accounting, performance reporting, CRM, and householding for investment advisors. | enterprise | 9.2/10 | 9.6/10 | 7.8/10 | 8.4/10 |
| 3 | Envestnet Tamarac Integrated solution for portfolio rebalancing, reporting, billing, and CRM tailored to RIAs. | enterprise | 8.8/10 | 9.4/10 | 7.8/10 | 8.2/10 |
| 4 | Addepar Cloud-based platform for portfolio aggregation, analytics, and custom reporting across complex asset classes. | enterprise | 8.7/10 | 9.3/10 | 7.5/10 | 8.0/10 |
| 5 | Morningstar Advisor Workstation Investment research, portfolio analysis, asset allocation, and client reporting tools for advisors. | enterprise | 8.6/10 | 9.4/10 | 7.8/10 | 8.0/10 |
| 6 | eMoney Advisor Financial planning software with interactive client portals, goal tracking, and advisor dashboard integration. | specialized | 8.4/10 | 9.2/10 | 7.6/10 | 7.9/10 |
| 7 | Wealthbox Modern CRM built for financial advisors with task management, email integration, and pipeline tracking. | specialized | 8.1/10 | 8.0/10 | 9.2/10 | 7.5/10 |
| 8 | Redtail CRM Advisor-focused CRM with document storage, workflow automation, and seamless integration with financial tools. | specialized | 8.2/10 | 8.4/10 | 8.9/10 | 8.1/10 |
| 9 | RightCapital Cloud financial planning tool emphasizing retirement projections, tax optimization, and Social Security analysis. | specialized | 8.4/10 | 8.6/10 | 9.1/10 | 7.9/10 |
| 10 | Holistiplan Automated tax alpha software that identifies tax-saving opportunities and Roth conversions for clients. | specialized | 7.8/10 | 8.2/10 | 8.5/10 | 7.2/10 |
Comprehensive portfolio management platform offering accounting, reporting, billing, trading, and client portals for RIAs.
End-to-end wealth platform providing portfolio accounting, performance reporting, CRM, and householding for investment advisors.
Integrated solution for portfolio rebalancing, reporting, billing, and CRM tailored to RIAs.
Cloud-based platform for portfolio aggregation, analytics, and custom reporting across complex asset classes.
Investment research, portfolio analysis, asset allocation, and client reporting tools for advisors.
Financial planning software with interactive client portals, goal tracking, and advisor dashboard integration.
Modern CRM built for financial advisors with task management, email integration, and pipeline tracking.
Advisor-focused CRM with document storage, workflow automation, and seamless integration with financial tools.
Cloud financial planning tool emphasizing retirement projections, tax optimization, and Social Security analysis.
Automated tax alpha software that identifies tax-saving opportunities and Roth conversions for clients.
Orion Advisor Tech
enterpriseComprehensive portfolio management platform offering accounting, reporting, billing, trading, and client portals for RIAs.
Unified Managed Households (UMH) for atomic-level data aggregation and holistic family portfolio views
Orion Advisor Tech is a comprehensive portfolio management platform tailored for Registered Investment Advisors (RIAs), integrating portfolio accounting, trading, performance reporting, billing, and client relationship management into a single ecosystem. It excels in aggregating data across custodians for household-level reporting and provides advanced analytics to support data-driven decision-making. Scalable for firms managing billions in AUM, Orion streamlines operations while enhancing client engagement through customizable portals and mobile access.
Pros
- Unmatched data aggregation and householding capabilities across multiple custodians
- Powerful customizable reporting and performance analytics with drill-down insights
- Seamless integrations with CRM, custodians, and third-party tools for workflow efficiency
Cons
- High enterprise-level pricing that may not suit very small firms
- Steep learning curve for advanced customization and features
- Occasional delays in support response for complex technical issues
Best For
Large and mid-sized RIAs managing complex, multi-custodian portfolios who need scalable, enterprise-grade technology.
Pricing
Custom enterprise pricing based on AUM; typically starts at $5-10 per $1M AUM annually, with minimums around $50K-$100K/year.
SS&C Black Diamond
enterpriseEnd-to-end wealth platform providing portfolio accounting, performance reporting, CRM, and householding for investment advisors.
Advanced household reporting that dynamically aggregates and attributes performance across multiple accounts and asset classes in real-time.
SS&C Black Diamond is a robust, enterprise-grade wealth management platform tailored for Registered Investment Advisors (RIAs), offering integrated portfolio management, performance reporting, trading, billing, and CRM capabilities. It enables advisors to handle complex, multi-account client portfolios with advanced analytics, rebalancing tools, and customizable client portals. The platform emphasizes data aggregation across household accounts, providing deep insights into performance attribution and risk metrics for high-net-worth clients.
Pros
- Exceptional customizable reporting and performance analytics with household-level aggregation
- Seamless integration of front-, middle-, and back-office functions including trading and billing
- Scalable for large RIAs with strong data security and compliance tools
Cons
- Steep learning curve and complex interface for smaller teams
- High implementation costs and lengthy onboarding process
- Pricing can be prohibitive for firms under $500M AUM
Best For
Mid-to-large RIAs managing high-net-worth clients who require sophisticated multi-account reporting and portfolio optimization tools.
Pricing
Custom pricing based on AUM (typically 5-15 bps) or user licenses; annual costs start at $50,000+ for mid-sized firms, quoted upon request.
Envestnet Tamarac
enterpriseIntegrated solution for portfolio rebalancing, reporting, billing, and CRM tailored to RIAs.
Advisor Rebalancing: Advanced, tax-aware automation that handles household-level trades, drift management, and custom models across multiple custodians in real-time.
Envestnet Tamarac is a robust, integrated wealth management platform tailored for Registered Investment Advisors (RIAs), providing end-to-end solutions for portfolio management, advanced reporting, trading, rebalancing, and client portals. It automates complex workflows like tax-efficient rebalancing and delivers highly customizable performance reports compliant with industry standards. Designed for scalability, Tamarac helps RIAs streamline operations, enhance client relationships, and optimize decision-making across unified model portfolios and direct indexing capabilities.
Pros
- Comprehensive reporting with extensive customization and drill-down analytics
- Powerful automated rebalancing and trading tools integrated across custodians
- Scalable platform supporting growth for mid-to-large RIAs with strong compliance features
Cons
- Steep learning curve due to feature depth and complexity
- Premium pricing that may not suit smaller firms
- Occasional delays in support response and system performance during peak times
Best For
Mid-sized to large RIAs managing significant AUM who need an enterprise-grade, all-in-one platform for sophisticated portfolio management and client reporting.
Pricing
Custom enterprise pricing based on AUM, typically $5-$15 per $1M AUM annually, with minimums starting at $10,000-$50,000 per year.
Addepar
enterpriseCloud-based platform for portfolio aggregation, analytics, and custom reporting across complex asset classes.
Unified data normalization for illiquid and alternative assets, enabling accurate holistic portfolio views unattainable in most competitors.
Addepar is a comprehensive cloud-based platform for Registered Investment Advisors (RIAs), specializing in portfolio aggregation, advanced analytics, and reporting for complex, multi-asset portfolios. It aggregates data from thousands of custodians and alternative investment sources, normalizing illiquid assets like private equity, real estate, and hedge funds for unified views. The software enables detailed performance attribution, tax optimization, and customizable client reporting to support high-net-worth advisory practices.
Pros
- Superior data aggregation across 1,000+ sources including alternatives
- Advanced analytics and customizable reporting dashboards
- Robust performance attribution and tax reporting tools
Cons
- Steep learning curve and complex interface for new users
- High enterprise-level pricing not ideal for small RIAs
- Lengthy onboarding and implementation process
Best For
Large RIAs and family offices managing complex portfolios with significant alternative investments for high-net-worth clients.
Pricing
Custom quote-based pricing, typically AUM-based starting at $50,000+ annually for mid-sized firms, with enterprise plans scaling higher.
Morningstar Advisor Workstation
enterpriseInvestment research, portfolio analysis, asset allocation, and client reporting tools for advisors.
Portfolio X-Ray® for uncovering hidden risks, style drift, and sector concentration in client holdings
Morningstar Advisor Workstation is a comprehensive research and analytics platform tailored for registered investment advisors, providing access to Morningstar's vast database of securities data, fund ratings, and portfolio tools. It enables portfolio construction, performance measurement, asset allocation modeling, and customized client reporting to support informed decision-making. The software excels in delivering objective, independent research on mutual funds, ETFs, stocks, and alternative investments, helping RIAs optimize client portfolios and demonstrate value.
Pros
- Unmatched depth of independent investment research and data coverage
- Advanced portfolio analytics including X-Ray and optimization tools
- High-quality, customizable client reports and performance attribution
Cons
- Steep learning curve due to dense interface
- High cost may not suit smaller firms
- Somewhat dated UI and slower performance at times
Best For
Established RIAs with complex portfolios seeking premium research and analytics over simplicity.
Pricing
Custom subscription starting at ~$25,000/year per advisor; scales with users and modules.
eMoney Advisor
specializedFinancial planning software with interactive client portals, goal tracking, and advisor dashboard integration.
Household Decision Center for aggregated, interactive planning across family members
eMoney Advisor is a robust wealth management platform tailored for Registered Investment Advisors (RIAs), offering advanced financial planning, account aggregation, and client engagement tools. It enables household-level planning, scenario modeling, and interactive client portals to foster deeper advisor-client relationships. The software integrates seamlessly with major custodians and supports comprehensive reporting for portfolio analysis and goal tracking.
Pros
- Comprehensive household-level financial planning with dynamic scenario modeling
- Highly engaging client portal that boosts client retention and interaction
- Strong integrations with custodians and CRM systems for efficient workflows
Cons
- Steep learning curve due to feature-rich interface
- Premium pricing that may not suit smaller RIAs
- Limited customization options in reporting templates
Best For
Mid-to-large RIAs serving high-net-worth clients who require sophisticated, household-centric planning and strong client collaboration tools.
Pricing
Custom enterprise pricing, typically starting at $10,000+ annually per advisor with tiered plans based on AUM and users; contact for quote.
Wealthbox
specializedModern CRM built for financial advisors with task management, email integration, and pipeline tracking.
Universal Timeline view that aggregates all client interactions (emails, calls, notes, tasks) into a single, chronological feed for effortless relationship oversight.
Wealthbox is a modern CRM platform designed specifically for financial advisors and RIAs, focusing on client relationship management, activity tracking, and workflow automation. It provides tools for managing contacts, tasks, opportunities, and communications in a centralized dashboard with seamless integrations to tools like Outlook, Google Workspace, and portfolio platforms such as Orion or Black Diamond. The software emphasizes ease of adoption with a clean interface and mobile app support, making it suitable for teams prioritizing client engagement over complex portfolio analytics.
Pros
- Intuitive, modern interface that's quick to learn
- Robust integrations with 50+ financial and productivity tools
- Powerful activity timelines and workflow automation for client management
Cons
- Limited native reporting and analytics capabilities
- Pricing scales up quickly for advanced features and teams
- Lacks built-in portfolio management or trading functionality
Best For
Small to mid-sized RIA firms seeking a user-friendly CRM to streamline client interactions and compliance workflows.
Pricing
Starts at $55/user/month (Launch plan, billed annually); tiers include Growth ($65/user/month) and Professional ($95/user/month) with added features like advanced automations.
Redtail CRM
specializedAdvisor-focused CRM with document storage, workflow automation, and seamless integration with financial tools.
Advanced householding and relationship mapping that automatically links spouses, dependents, and advisors for a holistic client view
Redtail CRM is a cloud-based customer relationship management platform tailored for financial advisors, including Registered Investment Advisors (RIAs), focusing on client relationship management, task automation, and workflow efficiency. It offers secure document storage, contact householding, and seamless integrations with popular financial planning tools like eMoney, Morningstar, and RightCapital. Designed to support compliance needs and streamline advisor-client interactions, it helps RIAs manage pipelines, service calendars, and communications effectively.
Pros
- Intuitive interface with strong mobile app support for on-the-go access
- Robust integrations with key RIA tools like financial planning software and e-signature services
- Effective householding and relationship mapping for complex client structures
Cons
- Reporting and analytics are somewhat basic compared to enterprise CRMs
- Limited native portfolio management or performance tracking capabilities
- Customization options may require additional setup or third-party apps
Best For
Independent RIAs and solo advisors who need a straightforward, advisor-centric CRM with solid integrations and minimal learning curve.
Pricing
Starts at $99 per user per month for the Professional plan, with Enterprise tier at $150+; volume discounts and broker-dealer partnerships available.
RightCapital
specializedCloud financial planning tool emphasizing retirement projections, tax optimization, and Social Security analysis.
Interactive client portal allowing real-time 'what-if' scenario adjustments by clients
RightCapital is a cloud-based financial planning platform designed specifically for Registered Investment Advisors, providing tools for retirement, tax, cash flow, and estate planning. It excels in interactive scenario modeling, Monte Carlo simulations, and Social Security optimization to help advisors create dynamic plans. The software features engaging visualizations and secure client portals that enable real-time collaboration and client self-service exploration.
Pros
- Modern, intuitive interface with excellent visualizations
- Strong client engagement through interactive portals
- Robust scenario planning and Monte Carlo analysis
Cons
- Higher pricing compared to some competitors
- Limited depth in advanced estate and insurance planning
- Fewer CRM and custodian integrations than top-tier tools
Best For
RIAs seeking user-friendly, client-centric planning software with strong visual reporting and engagement features.
Pricing
Starts at $150 per advisor per month for basic plans, scaling to $200+ for enterprise features with annual contracts.
Holistiplan
specializedAutomated tax alpha software that identifies tax-saving opportunities and Roth conversions for clients.
Tax-alpha engine that precisely models and quantifies lifetime tax savings from strategies like Roth conversions and asset location.
Holistiplan is a web-based financial planning software tailored for Registered Investment Advisors, specializing in holistic retirement, tax, estate, and Social Security optimization. It features advanced Monte Carlo simulations, scenario modeling, and decumulation strategies to help advisors create personalized client plans. The platform integrates seamlessly with CRMs like Wealthbox and Redtail, delivering interactive reports and visualizations for client engagement.
Pros
- Robust tax planning tools including Roth conversion analysis and tax-alpha quantification
- Intuitive drag-and-drop interface with excellent visualizations
- Strong CRM integrations and client portal for collaborative planning
Cons
- Limited native portfolio management or rebalancing capabilities
- Pricing can be steep for solo advisors or small firms
- Advanced features require some training despite overall ease of use
Best For
RIAs specializing in retirement and tax planning for high-net-worth clients who prioritize modeling over trading execution.
Pricing
Starts at $149 per month per advisor (billed annually), with enterprise tiers up to $299/month including unlimited clients and advanced support.
Conclusion
The reviewed tools showcase a range of robust solutions, with Orion Advisor Tech emerging as the top choice for its comprehensive portfolio management features, seamlessly integrating accounting, reporting, billing, trading, and client portals. SS&C Black Diamond and Envestnet Tamarac follow closely, offering strong alternatives—SS&C for end-to-end wealth management and Envestnet for tailored RIA needs—each with unique strengths to suit different operational priorities. Regardless of the selection, these tools empower advisors to enhance efficiency and client engagement.
Ready to elevate your practice? Begin with Orion Advisor Tech, the top-ranked platform, to unlock its full potential, or explore SS&C Black Diamond or Envestnet Tamarac if your focus lies in wealth workflows or rebalancing—either way, the right tool will transform how you serve clients.
Tools Reviewed
All tools were independently evaluated for this comparison