Quick Overview
- 1#1: Addepar - Delivers advanced portfolio accounting, performance calculation, attribution analysis, and customizable client reporting for RIAs.
- 2#2: SS&C Black Diamond - Offers a comprehensive wealth platform with householding, performance reporting, billing, and client portal features for advisors.
- 3#3: Orion Advisor Solutions - Provides integrated portfolio management, accurate performance reporting, rebalancing, and CRM tools tailored for RIAs.
- 4#4: Clearwater Analytics - Cloud-native platform for investment data aggregation, reconciliation, performance measurement, and regulatory reporting.
- 5#5: Envestnet - Unified technology solutions including portfolio management, performance analytics, and reporting for wealth advisors.
- 6#6: Morningstar Office - Investment analysis workstation with performance tracking, asset allocation, and client reporting capabilities for advisors.
- 7#7: FactSet - Robust portfolio analytics platform offering performance attribution, risk analysis, and custom reporting tools.
- 8#8: PortfolioCenter - Desktop portfolio accounting software with multi-currency performance reporting and GIPS-compliant calculations.
- 9#9: Bloomberg - Enterprise software for portfolio management, real-time performance monitoring, and advanced analytics.
- 10#10: MSCI - Risk and performance analytics platform with benchmarking, attribution, and reporting for investment portfolios.
These tools were chosen based on a focus on key features like performance calculation precision, reporting flexibility, and integration capabilities, balanced with usability, technical robustness, and value to ensure they meet the demanding needs of modern RIAs.
Comparison Table
Explore a comparison of RIA performance reporting software tools, including Addepar, SS&C Black Diamond, Orion Advisor Solutions, Clearwater Analytics, Envestnet, and more, to gain insights into key features, usability, and support. This table equips readers with the information needed to identify the software that best fits their firm's specific requirements.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | Addepar Delivers advanced portfolio accounting, performance calculation, attribution analysis, and customizable client reporting for RIAs. | enterprise | 9.6/10 | 9.9/10 | 8.2/10 | 9.1/10 |
| 2 | SS&C Black Diamond Offers a comprehensive wealth platform with householding, performance reporting, billing, and client portal features for advisors. | enterprise | 9.2/10 | 9.5/10 | 8.1/10 | 8.7/10 |
| 3 | Orion Advisor Solutions Provides integrated portfolio management, accurate performance reporting, rebalancing, and CRM tools tailored for RIAs. | enterprise | 8.7/10 | 9.2/10 | 7.8/10 | 8.1/10 |
| 4 | Clearwater Analytics Cloud-native platform for investment data aggregation, reconciliation, performance measurement, and regulatory reporting. | enterprise | 8.7/10 | 9.4/10 | 7.2/10 | 8.1/10 |
| 5 | Envestnet Unified technology solutions including portfolio management, performance analytics, and reporting for wealth advisors. | enterprise | 8.1/10 | 8.6/10 | 7.4/10 | 7.7/10 |
| 6 | Morningstar Office Investment analysis workstation with performance tracking, asset allocation, and client reporting capabilities for advisors. | specialized | 8.2/10 | 9.1/10 | 7.4/10 | 7.6/10 |
| 7 | FactSet Robust portfolio analytics platform offering performance attribution, risk analysis, and custom reporting tools. | enterprise | 8.2/10 | 9.4/10 | 6.7/10 | 7.5/10 |
| 8 | PortfolioCenter Desktop portfolio accounting software with multi-currency performance reporting and GIPS-compliant calculations. | specialized | 8.1/10 | 8.7/10 | 7.2/10 | 8.0/10 |
| 9 | Bloomberg Enterprise software for portfolio management, real-time performance monitoring, and advanced analytics. | enterprise | 7.6/10 | 9.2/10 | 5.4/10 | 6.1/10 |
| 10 | MSCI Risk and performance analytics platform with benchmarking, attribution, and reporting for investment portfolios. | enterprise | 7.6/10 | 8.7/10 | 6.2/10 | 6.8/10 |
Delivers advanced portfolio accounting, performance calculation, attribution analysis, and customizable client reporting for RIAs.
Offers a comprehensive wealth platform with householding, performance reporting, billing, and client portal features for advisors.
Provides integrated portfolio management, accurate performance reporting, rebalancing, and CRM tools tailored for RIAs.
Cloud-native platform for investment data aggregation, reconciliation, performance measurement, and regulatory reporting.
Unified technology solutions including portfolio management, performance analytics, and reporting for wealth advisors.
Investment analysis workstation with performance tracking, asset allocation, and client reporting capabilities for advisors.
Robust portfolio analytics platform offering performance attribution, risk analysis, and custom reporting tools.
Desktop portfolio accounting software with multi-currency performance reporting and GIPS-compliant calculations.
Enterprise software for portfolio management, real-time performance monitoring, and advanced analytics.
Risk and performance analytics platform with benchmarking, attribution, and reporting for investment portfolios.
Addepar
enterpriseDelivers advanced portfolio accounting, performance calculation, attribution analysis, and customizable client reporting for RIAs.
Proprietary calculation engine providing drillable, time- and money-weighted performance across alternatives and privates with full GIPS compliance
Addepar is a comprehensive wealth management platform tailored for RIAs, specializing in portfolio accounting, performance reporting, and advanced analytics. It aggregates data from over 1,000 custodians and sources to deliver precise, GIPS-compliant performance calculations across multi-asset classes, including alternatives and privates. The software enables customizable client reports, risk attribution, householding, and scenario modeling to support data-driven advisory decisions.
Pros
- Seamless data aggregation from thousands of sources for unified reporting
- Advanced GIPS-compliant performance attribution and risk analytics
- Scalable enterprise architecture handling complex, illiquid portfolios
Cons
- Premium pricing accessible mainly to larger firms
- Steep learning curve due to depth of functionality
- Implementation requires significant upfront integration effort
Best For
Large RIAs and family offices managing multi-custodian, complex portfolios that demand institutional-grade performance reporting.
Pricing
Custom pricing based on AUM, typically starting at $100,000+ annually for mid-sized firms with tiered enterprise plans.
SS&C Black Diamond
enterpriseOffers a comprehensive wealth platform with householding, performance reporting, billing, and client portal features for advisors.
Advanced Data Gateway (ADG) for seamless, real-time aggregation from 100+ custodians with automated reconciliation
SS&C Black Diamond is a comprehensive wealth management platform designed for RIAs, offering advanced performance reporting, portfolio accounting, and client portal capabilities. It aggregates data from multiple custodians, delivers GIPS-compliant performance attribution across multi-asset classes, and enables customizable, branded client reports. The software integrates seamlessly with trading, billing, and CRM systems to streamline RIA operations.
Pros
- Sophisticated performance attribution and analytics with GIPS compliance
- Real-time multi-custodian data aggregation and unified reporting
- Highly customizable client reports and scalable for enterprise use
Cons
- Steep learning curve for new users and complex setup
- High implementation costs and lengthy onboarding process
- Premium pricing may not suit smaller RIAs
Best For
Mid-to-large RIAs managing complex, multi-asset portfolios that require enterprise-grade performance reporting and data integration.
Pricing
Custom enterprise pricing based on AUM or users; typically $50,000+ annually for mid-sized firms with minimum commitments.
Orion Advisor Solutions
enterpriseProvides integrated portfolio management, accurate performance reporting, rebalancing, and CRM tools tailored for RIAs.
Sophisticated multi-level performance attribution engine dissecting returns by allocation, selection, and interaction effects across asset classes.
Orion Advisor Solutions is a comprehensive wealthtech platform offering advanced performance reporting for RIAs, aggregating data from over 100 custodians to provide real-time portfolio analytics, attribution, and GIPS-compliant reports. It enables household-level views, customizable client statements, and detailed return calculations across multiple methodologies like time-weighted and money-weighted returns. The software integrates seamlessly with portfolio management and trading tools for end-to-end efficiency.
Pros
- Extensive custodian integrations for accurate data aggregation
- Advanced performance attribution and GIPS compliance tools
- Real-time reporting with householding capabilities
Cons
- Steep learning curve and complex interface
- High cost relative to AUM scale
- Limited flexibility in report design for non-standard needs
Best For
Mid-to-large RIAs needing integrated performance reporting with portfolio accounting and custodian data aggregation.
Pricing
Custom pricing based on AUM, typically $1.50-$4 per $1M AUM for core reporting and portfolio modules.
Clearwater Analytics
enterpriseCloud-native platform for investment data aggregation, reconciliation, performance measurement, and regulatory reporting.
Patented daily P&L reconciliation engine for precise, real-time portfolio valuations across global assets
Clearwater Analytics is a cloud-native investment management platform specializing in portfolio accounting, performance attribution, risk analytics, and customizable client reporting for RIAs. It processes multi-asset class data from hundreds of sources, delivering accurate daily valuations and sophisticated performance metrics. The platform automates reporting workflows, enabling advisors to generate compliant, white-labeled reports efficiently.
Pros
- Extensive multi-asset class support and integrations with 100+ custodians
- Advanced performance attribution and risk analytics
- Scalable cloud platform with daily automated reconciliations
Cons
- Steep learning curve and complex setup for smaller teams
- High pricing limits accessibility for boutique RIAs
- Customization requires significant implementation time
Best For
Mid-to-large RIAs managing complex, multi-asset portfolios who need enterprise-grade performance reporting and analytics.
Pricing
Custom enterprise pricing, typically $50,000+ annually based on AUM and usage; no public tiers.
Envestnet
enterpriseUnified technology solutions including portfolio management, performance analytics, and reporting for wealth advisors.
GIPS-compliant composite reporting with automated attribution and multi-custodian aggregation
Envestnet, through its Tamarac Reporting & Rebalancing platform, delivers comprehensive performance reporting solutions tailored for Registered Investment Advisors (RIAs). It enables detailed portfolio performance analysis, GIPS-compliant reporting, attribution breakdowns, and customizable client statements across multiple custodians. The software supports composite reporting, risk analytics, and seamless data aggregation for accurate, regulatory-ready outputs.
Pros
- Highly customizable reports with GIPS compliance and advanced attribution
- Strong integrations with custodians like Schwab, Fidelity, and Pershing
- Scalable for enterprise-level data processing and multi-account views
Cons
- Steep learning curve and complex interface for new users
- Pricing can be prohibitive for smaller RIAs
- Occasional delays in support response for custom configurations
Best For
Mid-sized to large RIAs managing significant AUM who need robust, compliant performance reporting integrated into a broader wealth management platform.
Pricing
Custom pricing based on AUM, typically 8-15 basis points annually, with minimum fees for smaller accounts starting around $10,000-$20,000 per year.
Morningstar Office
specializedInvestment analysis workstation with performance tracking, asset allocation, and client reporting capabilities for advisors.
Proprietary Morningstar Manager Research ratings embedded directly into performance reports for unique advisor insights
Morningstar Office is a robust platform tailored for Registered Investment Advisors (RIAs), delivering advanced performance reporting, portfolio analytics, and client presentation tools. It leverages Morningstar's proprietary data for GIPS-compliant performance calculations, attribution analysis, and benchmarking against extensive peer universes. The software integrates seamlessly with research tools, enabling advisors to create customized reports that highlight portfolio performance and manager insights.
Pros
- Exceptional data quality and coverage from Morningstar's vast database
- Advanced performance attribution and GIPS-compliant reporting
- Seamless integration of research ratings into client reports
Cons
- Steep learning curve for new users
- High pricing that may not suit smaller firms
- Limited flexibility in report customization compared to specialized tools
Best For
Mid-sized to large RIAs with complex portfolios needing integrated research and high-fidelity performance analytics.
Pricing
Custom enterprise pricing based on AUM or users, typically $15,000–$50,000+ annually.
FactSet
enterpriseRobust portfolio analytics platform offering performance attribution, risk analysis, and custom reporting tools.
FactSet Workstation's seamless integration of proprietary datasets with AI-driven performance attribution and scenario analysis
FactSet is a comprehensive financial data and analytics platform that provides robust performance reporting tools for RIAs, including GIPS-compliant calculations, attribution analysis, and customizable client reports. It integrates vast proprietary datasets with portfolio management capabilities to deliver accurate benchmarking, risk assessment, and multi-asset class performance metrics. Designed for professional investors, it supports automated reporting workflows and compliance monitoring within a unified workstation environment.
Pros
- Unparalleled depth of global financial data and real-time analytics
- Advanced performance attribution and GIPS compliance tools
- Highly customizable reporting with Excel integration
Cons
- Steep learning curve and complex interface
- Prohibitively expensive for small RIAs
- Overly enterprise-focused, less intuitive for solo advisors
Best For
Large RIAs and institutional firms requiring integrated data analytics, performance reporting, and compliance in a single platform.
Pricing
Custom enterprise licensing; typically $25,000–$100,000+ annually per user based on modules and data access.
PortfolioCenter
specializedDesktop portfolio accounting software with multi-currency performance reporting and GIPS-compliant calculations.
Advanced householding that aggregates and reports performance across related accounts as a single entity
PortfolioCenter from Schwab is a comprehensive portfolio accounting and performance reporting software tailored for Registered Investment Advisors (RIAs). It excels in calculating time-weighted and money-weighted returns, generating GIPS-compliant reports, and aggregating data across accounts and households. The platform supports custom reporting, compliance monitoring, and integration with Schwab's custodial services, making it a staple for mid-to-large RIAs focused on precise performance attribution.
Pros
- Highly accurate GIPS-compliant performance calculations and attribution
- Seamless integration with Schwab custody and data feeds
- Robust householding and composite management for multi-account reporting
Cons
- Steep learning curve and complex user interface
- Limited customization options for advanced reporting templates
- Primarily desktop-based with minimal mobile or cloud flexibility
Best For
RIAs with significant assets custodied at Schwab seeking enterprise-grade performance reporting and compliance tools.
Pricing
Included at no additional cost for Schwab Advisor Services clients with qualifying AUM; custom pricing for non-Schwab users starts around $10,000-$20,000 annually based on assets.
Bloomberg
enterpriseEnterprise software for portfolio management, real-time performance monitoring, and advanced analytics.
Real-time global market data feeds embedded directly into performance attribution and reporting
Bloomberg provides RIAs with powerful performance reporting through its Bloomberg Terminal and associated platforms like PORT, offering detailed portfolio analytics, performance attribution, and GIPS-compliant reporting. It integrates vast real-time market data, risk metrics, and compliance tools to generate customized client reports and benchmarks. While primarily known for institutional use, it supports RIA needs with advanced calculation engines for returns, volatility, and scenario analysis.
Pros
- Unmatched real-time market data integration for accurate benchmarking
- Sophisticated performance attribution and risk analytics
- Highly customizable reports with regulatory compliance support
Cons
- Steep learning curve and complex interface
- Prohibitively expensive for most RIAs
- Overly broad platform not tailored specifically for RIA reporting workflows
Best For
Large RIAs or hybrid firms with institutional clients needing integrated market data and advanced analytics in their performance reports.
Pricing
Terminal subscriptions start at ~$28,500 per user/year; enterprise licensing varies with add-ons.
MSCI
enterpriseRisk and performance analytics platform with benchmarking, attribution, and reporting for investment portfolios.
Multi-factor performance attribution that breaks down returns by Barra risk factors for precise portfolio insights
MSCI offers sophisticated investment analytics and performance reporting tools, including performance measurement, attribution, and risk analytics via platforms like Barra and MSCI Analytics. Designed primarily for institutional investors and large asset managers, it enables RIAs to generate GIPS-compliant reports, dissect portfolio returns, and integrate ESG factors into performance analysis. While powerful for complex portfolios, it requires significant data integration and expertise to fully leverage.
Pros
- Advanced performance attribution and risk decomposition
- GIPS compliance and regulatory reporting support
- Robust integration with market data and ESG metrics
Cons
- Steep learning curve and complex interface
- High cost unsuitable for small RIAs
- Enterprise-focused with limited customization for retail advisors
Best For
Large RIAs managing complex, institutional-grade portfolios who need deep analytics and attribution beyond basic reporting.
Pricing
Custom enterprise licensing; annual fees typically range from $50,000+ based on assets under management and modules selected.
Conclusion
The reviewed tools showcase distinct strengths, with Addepar leading as the top choice for its advanced portfolio accounting, customizable reporting, and comprehensive analytics. SS&C Black Diamond stands out for its integrated wealth platform, while Orion Advisor Solutions excels in tailored CRM and rebalancing tools, offering strong alternatives based on specific needs.
RIAs looking to enhance their performance reporting should consider Addepar first—its robust features and user-friendly design make it a standout option to streamline processes and elevate client engagement.
Tools Reviewed
All tools were independently evaluated for this comparison