Quick Overview
- 1#1: Orion Advisor Solutions - Delivers automated RIA fee billing, householding, tiered calculations, and performance reporting integrated with portfolio accounting.
- 2#2: Envestnet Tamarac - Offers precise AUM-based fee billing, client householding, and customizable billing workflows for Registered Investment Advisors.
- 3#3: SS&C Advent Black Diamond - Provides enterprise-grade portfolio management with advanced fee billing, accruals, and multi-currency support for RIAs.
- 4#4: Addepar - Enables scalable RIA fee billing through data aggregation, householding, and flexible fee schedule modeling.
- 5#5: Schwab PortfolioCenter - Supports accurate fee billing calculations, performance attribution, and billing exports tailored for RIAs.
- 6#6: SS&C Eze Investment Suite - Facilitates sophisticated RIA billing with trade order management, performance fees, and automated invoicing.
- 7#7: Archway Portfolio Accounting - Delivers customizable fee billing solutions with strong householding and tiered fee support for RIAs.
- 8#8: INDATA - Provides portfolio accounting and RIA-specific fee billing with accrual management and reporting capabilities.
- 9#9: Vestr - Offers cloud-based portfolio management with automated fee billing and client invoicing for growing RIAs.
- 10#10: Fidelity Wealthscape - Integrates RIA fee billing, reporting, and custodial services with household aggregation and billing automation.
We ranked these tools by evaluating key factors including feature depth (such as automated workflows and multi-currency support), user experience, integration capabilities, and overall value, ensuring a compilation that balances robustness, practicality, and reliability for RIAs.
Comparison Table
This comparison table aids readers in evaluating Ria Fee Billing Software options, featuring Orion Advisor Solutions, Envestnet Tamarac, SS&C Advent Black Diamond, Addepar, Schwab PortfolioCenter, and more. It clarifies key differences and suitability to help users find solutions aligned with their needs for client management, reporting, or operational efficiency.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Orion Advisor Solutions Delivers automated RIA fee billing, householding, tiered calculations, and performance reporting integrated with portfolio accounting. | enterprise | 9.7/10 | 9.8/10 | 9.2/10 | 9.5/10 |
| 2 | Envestnet Tamarac Offers precise AUM-based fee billing, client householding, and customizable billing workflows for Registered Investment Advisors. | enterprise | 9.1/10 | 9.5/10 | 8.2/10 | 8.7/10 |
| 3 | SS&C Advent Black Diamond Provides enterprise-grade portfolio management with advanced fee billing, accruals, and multi-currency support for RIAs. | enterprise | 8.7/10 | 9.2/10 | 7.5/10 | 8.0/10 |
| 4 | Addepar Enables scalable RIA fee billing through data aggregation, householding, and flexible fee schedule modeling. | enterprise | 8.7/10 | 9.2/10 | 7.8/10 | 8.1/10 |
| 5 | Schwab PortfolioCenter Supports accurate fee billing calculations, performance attribution, and billing exports tailored for RIAs. | enterprise | 7.8/10 | 8.5/10 | 6.5/10 | 7.4/10 |
| 6 | SS&C Eze Investment Suite Facilitates sophisticated RIA billing with trade order management, performance fees, and automated invoicing. | enterprise | 8.2/10 | 9.4/10 | 6.3/10 | 7.1/10 |
| 7 | Archway Portfolio Accounting Delivers customizable fee billing solutions with strong householding and tiered fee support for RIAs. | enterprise | 7.6/10 | 8.4/10 | 6.8/10 | 7.2/10 |
| 8 | INDATA Provides portfolio accounting and RIA-specific fee billing with accrual management and reporting capabilities. | enterprise | 8.2/10 | 8.7/10 | 7.4/10 | 7.9/10 |
| 9 | Vestr Offers cloud-based portfolio management with automated fee billing and client invoicing for growing RIAs. | enterprise | 7.9/10 | 8.7/10 | 7.2/10 | 7.5/10 |
| 10 | Fidelity Wealthscape Integrates RIA fee billing, reporting, and custodial services with household aggregation and billing automation. | enterprise | 7.2/10 | 7.4/10 | 6.8/10 | 7.6/10 |
Delivers automated RIA fee billing, householding, tiered calculations, and performance reporting integrated with portfolio accounting.
Offers precise AUM-based fee billing, client householding, and customizable billing workflows for Registered Investment Advisors.
Provides enterprise-grade portfolio management with advanced fee billing, accruals, and multi-currency support for RIAs.
Enables scalable RIA fee billing through data aggregation, householding, and flexible fee schedule modeling.
Supports accurate fee billing calculations, performance attribution, and billing exports tailored for RIAs.
Facilitates sophisticated RIA billing with trade order management, performance fees, and automated invoicing.
Delivers customizable fee billing solutions with strong householding and tiered fee support for RIAs.
Provides portfolio accounting and RIA-specific fee billing with accrual management and reporting capabilities.
Offers cloud-based portfolio management with automated fee billing and client invoicing for growing RIAs.
Integrates RIA fee billing, reporting, and custodial services with household aggregation and billing automation.
Orion Advisor Solutions
enterpriseDelivers automated RIA fee billing, householding, tiered calculations, and performance reporting integrated with portfolio accounting.
Advanced householding engine that intelligently aggregates multi-account client structures for precise, compliant fee calculations.
Orion Advisor Solutions is a leading comprehensive platform for RIAs, offering advanced portfolio accounting, reporting, and fee billing capabilities. Its RIA Fee Billing module automates complex AUM-based fee calculations, supports tiered structures, householding, and custom schedules with high accuracy. Integrated with major custodians, it streamlines invoicing, ensures regulatory compliance, and provides detailed audit trails for seamless operations.
Pros
- Exceptional automation for complex tiered and householded fee billing
- Seamless integrations with 50+ custodians for real-time data accuracy
- Robust compliance tools and customizable reporting
Cons
- High cost may deter smaller RIAs
- Initial setup and training require significant time investment
- Limited flexibility for highly bespoke fee structures
Best For
Mid-to-large RIAs managing substantial AUM who need scalable, integrated fee billing within a full advisor tech stack.
Pricing
Custom enterprise pricing, typically $1.50-$3.50 per $1M AUM, with tiers based on features and account volume.
Envestnet Tamarac
enterpriseOffers precise AUM-based fee billing, client householding, and customizable billing workflows for Registered Investment Advisors.
Advanced householding engine that consolidates accounts across custodians for precise, unified fee calculations
Envestnet Tamarac is a robust wealth management platform designed for RIAs, featuring advanced fee billing software that automates invoice generation based on AUM, custom schedules, and household structures. It integrates seamlessly with portfolio management, trading, and reporting tools to ensure billing accuracy and compliance. The solution supports multi-custodian environments and complex fee calculations, making it a powerhouse for scalable billing operations.
Pros
- Exceptional accuracy in handling complex fee structures, tiering, and householding
- Deep integrations with custodians like Schwab, Fidelity, and Envestnet's ecosystem
- Comprehensive billing reports and audit trails for compliance
Cons
- High cost with quote-based pricing that may strain smaller firms
- Steep learning curve due to its enterprise-level complexity
- Overkill for RIAs needing only basic billing without full platform
Best For
Mid-to-large RIAs managing significant AUM who require integrated portfolio accounting and precise, scalable fee billing.
Pricing
Custom quote-based pricing, typically $25,000+ annually for mid-sized firms, scaled by AUM and users.
SS&C Advent Black Diamond
enterpriseProvides enterprise-grade portfolio management with advanced fee billing, accruals, and multi-currency support for RIAs.
Sophisticated householding and multi-tiered fee engine that dynamically aggregates accounts for precise, compliant billing.
SS&C Advent Black Diamond is an enterprise-grade wealth management platform designed for RIAs, featuring advanced fee billing modules that automate complex calculations including householding, tiered schedules, and performance fees. It integrates seamlessly with portfolio accounting, CRM, and reporting tools to streamline billing workflows and ensure accuracy across large client bases. The platform excels in handling high-volume, customized billing needs for growing advisory firms.
Pros
- Robust fee billing engine supporting householding, tiered fees, and custom schedules
- Seamless integration with portfolio management and reporting for end-to-end visibility
- Scalable for enterprise RIAs with high AUM and complex client structures
Cons
- Steep learning curve and lengthy implementation process
- High cost unsuitable for small or startup RIAs
- Limited flexibility for simple billing needs without full platform adoption
Best For
Mid-to-large RIAs managing substantial AUM who require an integrated platform for advanced fee billing and portfolio oversight.
Pricing
Custom enterprise pricing based on AUM and modules, typically starting at $50,000+ annually with implementation fees.
Addepar
enterpriseEnables scalable RIA fee billing through data aggregation, householding, and flexible fee schedule modeling.
Household-level billing that aggregates fees across accounts with embedded performance attribution for enhanced client transparency
Addepar is a powerful wealth management platform designed for RIAs, offering portfolio accounting, performance reporting, and integrated fee billing capabilities. It aggregates data from thousands of sources to deliver accurate AUM calculations, tiered fee structures, performance-based billing, and automated billing runs. The software streamlines client invoicing with customizable statements that embed performance attribution, making it suitable for complex advisory practices.
Pros
- Exceptional data aggregation from diverse custodians for precise AUM and fee calculations
- Supports complex billing structures like householding, tiers, and performance fees
- Deep integration with performance analytics for transparent client billing statements
Cons
- High enterprise-level pricing inaccessible to smaller RIAs
- Steep learning curve and requires significant training for full utilization
- Overly complex for basic fee billing needs without leveraging full platform
Best For
Mid-to-large RIAs managing $1B+ AUM who require integrated portfolio accounting, performance reporting, and advanced fee billing.
Pricing
Custom enterprise pricing; typically starts at $100,000+ annually with minimum commitments based on AUM and users.
Schwab PortfolioCenter
enterpriseSupports accurate fee billing calculations, performance attribution, and billing exports tailored for RIAs.
Advanced householding engine that aggregates related accounts for precise, compliant fee allocation and billing
Schwab PortfolioCenter is a robust portfolio accounting and reporting platform designed for RIAs, with integrated fee billing capabilities that support householding, tiered AUM-based schedules, and complex fee structures. It excels in accurate billing calculations, projections, and compliance reporting, making it suitable for firms managing diverse client portfolios. While primarily tailored for Schwab-custodied assets, it offers seamless data integration and customizable billing workflows.
Pros
- Highly accurate and flexible fee billing with support for tiered structures and householding
- Seamless integration with Schwab custodial services for real-time data
- Comprehensive reporting tools including billing projections and performance attribution
Cons
- Steep learning curve requiring significant training and setup time
- Less intuitive interface compared to modern SaaS billing platforms
- Pricing favors Schwab clients; higher costs and limitations for non-custodied assets
Best For
RIAs heavily custodied with Schwab seeking integrated portfolio management and precise AUM-based fee billing.
Pricing
Custom pricing based on AUM or accounts; typically starts at $10,000+ annually for mid-sized firms—contact Schwab for quote.
SS&C Eze Investment Suite
enterpriseFacilitates sophisticated RIA billing with trade order management, performance fees, and automated invoicing.
Real-time fee calculation engine that pulls live portfolio data from integrated OMS/PMS for precise, automated billing across diverse fee structures
SS&C Eze Investment Suite is a robust, enterprise-grade platform designed for investment managers, including RIAs, offering integrated order management, portfolio accounting, compliance, and fee billing functionalities. It excels in automating complex fee calculations based on AUM tiers, performance hurdles, and custom schedules, while generating accurate invoices and client statements. The suite integrates seamlessly with custodians and supports multi-asset class billing for sophisticated advisory firms.
Pros
- Advanced automation for tiered AUM and performance-based fee calculations
- Deep integration with OMS, PMS, and custodian data for real-time accuracy
- Comprehensive reporting and audit trails for compliance-heavy RIAs
Cons
- Steep learning curve and lengthy implementation (often 6-12 months)
- Prohibitively expensive for small to mid-sized RIAs
- Overly complex interface not optimized for simple fee billing workflows
Best For
Large RIAs and institutional advisors managing complex, multi-strategy portfolios who require an all-in-one platform beyond basic fee billing.
Pricing
Custom enterprise pricing via quote; typically $100K+ annually for mid-tier implementations, scaling with AUM and modules.
Archway Portfolio Accounting
enterpriseDelivers customizable fee billing solutions with strong householding and tiered fee support for RIAs.
Sophisticated performance fee engine with automatic hurdle rate tracking, clawbacks, and equalization across accounts
Archway Portfolio Accounting is a comprehensive enterprise-grade platform tailored for investment managers and RIAs, providing precise portfolio accounting, performance measurement, and fee billing capabilities. It excels in handling complex fee structures such as tiered AUM-based fees, performance fees with hurdles and clawbacks, and household billing across multi-asset, multi-currency portfolios. The software integrates with major custodians and offers customizable invoicing and reporting for regulatory compliance and client billing.
Pros
- Robust support for complex fee calculations including tiered, performance, and householding structures
- Seamless integrations with custodians like Schwab, Fidelity, and Pershing
- Advanced performance attribution and multi-currency accounting
Cons
- Steep learning curve due to its enterprise-level complexity
- Custom pricing can be expensive for smaller RIAs
- Limited native mobile app; relies on web interface
Best For
Mid-to-large RIAs managing $500M+ AUM with complex, multi-asset portfolios needing sophisticated fee billing and reporting.
Pricing
Custom enterprise pricing based on AUM, users, and modules; typically starts at $10,000+ annually—contact for quote.
INDATA
enterpriseProvides portfolio accounting and RIA-specific fee billing with accrual management and reporting capabilities.
Advanced household-level fee billing with exclusions and overrides, fully integrated with GIPS-compliant performance attribution
INDATA's IPM platform is a comprehensive portfolio management solution tailored for RIAs, with robust fee billing capabilities that automate calculations based on AUM, tiered schedules, and household structures. It integrates seamlessly with portfolio accounting, performance measurement, and client reporting to streamline billing workflows. The software supports customizable invoices, accruals, and compliance-ready billing, making it suitable for firms managing complex client portfolios.
Pros
- Highly accurate fee calculations with support for tiered rates, minimums, and household exclusions
- Deep integration with performance reporting and GIPS compliance tools
- Customizable billing invoices and automated workflows reducing manual errors
Cons
- Steep learning curve due to its enterprise-level complexity
- Pricing can be prohibitive for small RIAs with under $500M AUM
- Limited native mobile or self-service client portal features
Best For
Mid-sized RIAs with $500M+ AUM seeking an all-in-one platform for portfolio accounting, performance measurement, and precise fee billing.
Pricing
Custom enterprise pricing based on AUM, users, and modules; typically starts at $20,000+ annually with implementation fees—contact for quote.
Vestr
enterpriseOffers cloud-based portfolio management with automated fee billing and client invoicing for growing RIAs.
Sophisticated performance fee engine handling clawbacks, hurdles, and multi-class equalizations
Vestr is a cloud-based portfolio accounting and reporting platform designed for asset managers, including RIAs, with robust capabilities for automated fee billing. It excels in calculating management fees, performance fees, and custom structures like hurdle rates and clawbacks using real-time custodian data. The software also offers client portals, customizable reports, and compliance tools to streamline RIA operations.
Pros
- Advanced performance fee calculations with hurdles and equalizations
- Seamless integrations with major custodians for accurate billing data
- Customizable client reporting and portals
Cons
- Steep learning curve for setup and complex configurations
- Higher cost unsuitable for small RIAs
- Overkill for simple AUM-based billing needs
Best For
Mid-sized RIAs managing alternative investments or complex performance-based fee structures.
Pricing
Custom AUM-based pricing; typically starts at $5,000/month for firms with $500M+ AUM.
Fidelity Wealthscape
enterpriseIntegrates RIA fee billing, reporting, and custodial services with household aggregation and billing automation.
Direct, automated fee debiting from client Fidelity accounts with real-time AUM reconciliation
Fidelity Wealthscape is a robust wealth management platform from Fidelity Investments tailored for RIAs, offering integrated tools for portfolio management, trading, reporting, and fee billing. Its billing module automates AUM-based fee calculations across tiered schedules, household aggregation, and direct debiting from custodial accounts. While powerful within Fidelity's ecosystem, it functions more as a feature within a full-service custodian platform rather than a standalone billing solution.
Pros
- Seamless integration with Fidelity custodial services for direct fee withdrawals
- Supports complex household billing and tiered fee structures
- Scalable for firms of all sizes with reliable uptime and data security
Cons
- Steep learning curve due to enterprise-level interface
- Limited flexibility for non-Fidelity custodians or custom billing workflows
- Billing features buried within broader platform, not specialized
Best For
RIAs custodied at Fidelity who want an all-in-one platform with integrated billing rather than a dedicated standalone tool.
Pricing
Included in Fidelity's custodial platform fees, typically 10-25 basis points on AUM depending on assets under platform and service tier; no separate billing module cost.
Conclusion
The reviewed RIA fee billing software each offer distinct strengths, from automated workflows to enterprise-grade capabilities, addressing diverse operational needs. At the pinnacle, Orion Advisor Solutions leads with its integrated billing, householding, and reporting features, making it the top choice for streamlined practices. For those seeking specialized focus, Envestnet Tamarac and SS&C Advent Black Diamond excel as strong alternatives, ensuring a tool that fits nearly every practice's unique requirements.
Don't miss out on optimizing your RIA fee billing—try Orion Advisor Solutions today to experience seamless operations, accurate calculations, and enhanced client satisfaction.
Tools Reviewed
All tools were independently evaluated for this comparison