fbpx

There are very few advisors or investment firms that don’t use a portfolio management tool. This type of wealth management software solves many problems in one spot: it allows one to visualize portfolios and thus make better decisions and provide keener advice. Also, it helps in selling investment advice because clients understand complex concepts better when they can visualize them. Additionally, portfolio management tools are extensively relied on for integrations and data sources—the more custodians and other platforms they can access, the more comprehensive view they will provide to their clients and the more efficient advice it will inspire. In this pick, you can find the T3 report’s top ten best portfolio management tools in 2020 along with some of the most noticeable information about them.

BNY Mellon Albridge

BNY Mellon’s Albridge

Read the WealthTech Club interview with Albridge.

BNY Mellon’s Albridge is a provider of enterprise data management solutions that deliver a single view of an investor’s broad range of assets. It aggregates multi-custodial, insurance, and direct-to-fund data from hundreds of sources to provide a consolidated view of assets. 

As part of the BNY Mellon’s ecosystem, Albridge, together with Pershing, is the world’s No. 1 portfolio management tool and holds the biggest market share, according to a T3 2020 report. Being an affiliate company of a custodian and collaborating with one of the world’s biggest banks expands the opportunities Albridge provides to its customers and partners, which makes a positive difference compared to other consolidated view solutions.

Albridge was one of the first to develop and deliver an integration network, referred to as Applink®. The Albridge Data Platform includes API, Single Sign-On (SSO) iFrame, Albridge File Delivery, and Replicated Data. Albridge Enterprise Reporting Platform includes Advisor Portal, Client Portal, Quarterly Performance, and Home Office Reporting and Business Intelligence. These modules are accessible to other platforms via APIs and offer basics such as holdings and balances as well as rate-of-return performance calculations. The same APIs can be used by Fintechs, broker-dealers, and RIAs.

“Our approach is really simple. We want to make it easy for whoever is using our solution, whether it’s a financial advisor or a broker-dealer, to be able to use other solutions within this network. We’re pretty open in that respect. We typically get a lot of solutions that come to us saying, ‘Hey, can we become an integration partner?’ We have a toolkit and a sandbox we make available to partners to enable them get started. ”Marc Butler, Former COO at Albridge

According to T3, Albridge nosed out the competition with the highest market share, 17.55%, for the second year in a row. Although this number declined from last year, Albridge’s user rating rose incrementally, suggesting its users are not displeased with its functionality.

Among the integrations they have, you can find Redtail, Riskalyze, eMoney, HiddenLevers, and many more. The list is very broad, you can find it here.

Pricing: custom quote only.

Morningstar

Morningstar Office

Morningstar Office is Morningstar’s Web-based solution for financial advisors. It brings together the best of our capabilities in investment research, portfolio accounting, and client communications.

This year, Morningstar’s market share reached 14.11%.

Morningstar Office helps advisors consolidate and improve their everyday routine by bringing together all aspects of an advisor’s practice to a single system to help streamline workflow and eliminate data-processing bottlenecks. Tight integration with third-party software packages allows advisors to customize their experience while maintaining a single source of client and investment data. The solution also offers a client web portal, where clients can access their reports at any time on multiple devices.

WealthTechClub Morningstar Dashboard

The platforms with which Morningstar is integrated include eMoney, Envestnet MoneyGuide, HiddenLevers, MoneyTree, NaviPlan by Advicent, Redtail, RightCapital, Riskalyze, and others.

Pricing: custom quote only.

Orion

Orion Advisor Services

Read the WealthTech Club interview with Orion.

Orion Advisor Services is a privately held portfolio accounting service bureau for financial advisors. Orion Advisor Services provides portfolio accounting services to fiduciary investment advisors. These services include reporting, trading, and billing technologies that can be used to create operational efficiencies for the better client experience.

According to T3, Orion is the fastest climber in the market share rankings at 12.37%—perhaps aided by a very high 7.84 user satisfaction rating.

Orion Advisor Services Screenshot

Orion’s technology platform is open architecture and supports integration with other technologies and systems through a web-based API framework. The company invests heavily in open architecture integrations and considers this important in making these technologies more efficient for advisors. According to Eric Clarke, CEO of Orion, integration technology is a journey, not a destination, so it’s constantly being improved with bilateral tech strategies.

“We believe that independent advisors need to select the technology that’s the best fit for their business. We’re not believers in an all-in-one solution.”—Erik Clarke, CEO at Orion

Orion Advisor Services Screenshot

Among the integrations they have onboard you can find Schwab, Junxure, MoneyGuide, Right Capital, Quovo, Redtail, Salesforce, TD Ameritrade, and so on. Find the full list here.

Pricing: $15,000 dollar a year minimum fee (source).

Envestnet | Tamarac

Envestnet | Tamarac

Envestnet’s Tamarac closes what seems to be a Big Four in this category according to T3. Tamarac provides portfolio and client management software, empowering investment firms to operate with greater efficiency and profitability while delivering a superior level of service to your clients. Tamarac serves over 1,000 RIA firms, collectively managing more than $1.2 trillion in assets. Investment advisors that use Tamarac’s solution range in size from managing less than $10 million in assets to over $10 billion.

Envestnet | Tamarac

What’s about integration partners, first of all, Tamarac is connected to the Envestnet ecosystem, which includes MoneyGuide and Yodlee. On top of it, they have integrations with Salesforce, Fidelity, Albridge, eMoney, Morningstar, HiddenLevers, Laserfiche, BlackRock, DocuSign, Sungard, and more.

Pricing: based on AUM and starts at $10,000 per year, before discounts for bundling the Advisor Rebalancing with other Envestnet solutions (source).

Advent BlackDiamond

Advent/Black Diamond

The Black Diamond Wealth Platform is the comprehensive wealth management solution encompassing portfolio management, reporting, rebalancing, outsourced reconciliation, and client communication. With a mobile-friendly Client Experience and powerful client interaction capabilities, Black Diamond empowers advisors to steer the client conversation toward long-term, life goals. As a cloud-based platform backed by a dedicated service team, it reduces your operational overhead and enables you to focus on building a great business.

Advent BlackDiamond

In the T3 report, Advent/Black Diamond showed up as a strong competitor in the space, with a growing market share number (which is 6.42%) and a big jump in user satisfaction, up to a sparkling 7.76.

Advent BlackDiamond

“What we’ve heard from our clients for all those years is that being able to connect the core pieces of the technology stack that they run their businesses on is vital to have a practice that runs efficiently and provides a great experience for their clients.” – Justin Wayne, Senior Solutions Manager at Black Diamond

Advent BlackDiamond

Pricing: custom quote only.

charles-schwab

Schwab Advisor PortfolioConnect

Charles Schwab is a full-service investment firm with technology that can suit a wide variety of investors, from active traders and self-directed investors who handle their own investing to clients who are looking for investment advice and portfolio management. Schwab Advisor Portfolio Connect delivers core capabilities and features through an intuitive, modern experience, without the need to download and reconcile data. As the company claims, its goal is to provide advisors with a different choice in portfolio management, offering a more scalable, cost-effective option for managing Schwab accounts.

Charles Schwab investment strategy

“The focus for Portfolio Connect is to keep it purpose-built and simple. It’s not a fully customizable system like you would get from a third-party portfolio management system. And that’s very intentional. We did not have intentions to evolve this into a multi custodial, fully customizable system.”Lauren Wilkinson, vice president of digital advisor solutions at Schwab

Pricing: this solution is not multi-custodial but is available free of charge to advisors whose clients custody at Schwab.

Broadridge Financial Solutions

Broadridge/Investigo

Broadridge’s Investigo promises its client to gain a complete view of their business, get performance reports, track and audit representative activity, flow data through third-party applications seamlessly, and beat competitors to key insights. Enterprise data warehouse makes it easy to glean actionable insight from current and historical data, as well as reduce vendor risks and costs.

Broadridge Clients

“Finding the right business partner to create new, innovative value is complex. At Broadridge, its simple – we are not successful unless our partners are. Our vast network and partner relationships are a testament to our collaborative approach and deep expertise.”Ira Newman, VP Global Alliances & Partnerships at Broadridge

Pricing: custom quote only.

Advyzon

Advyzon

Read the WealthTech Club Interview with Advyzon.

Advyzon is an intuitive cloud-based platform for investment advisors that streamlines clients’ operations so they can focus on growing their business. Among the services they provide are flexible billing, customizable performance reporting, CRM, Business Intelligence, Document storage, configurable client portals, and more. 

“It’s all about efficiency, gains, and our ability to scale our client base. If the technology is easier to manage, that’s less dependency on your tech consultant or your relationship manager. On the Advyzon side, that’s more clients that we can support, [and] that’s a better experience for the end advisor.”Dirk Pearson, Chief Product Officer at Advyzon

Advvyzon

Advyzon has data integrations with all major custodians as well as deep custodial integrations with Schwab’s OpenView Gateway and TD Ameritrade Institutional’s next-generation advisor platform, Veo One. Additionally, Riskalyze, Quovo, and Kwanti integrate with Advyzon.

Pricing: the base price for a single advisor is $6,000, data conversions for a single user typically start at about $1,500. Costs vary depending on the volume and nature of the data to be converted (relevant for 2017).

Capitect

Capitect

Read the WealthTech Club Interview with Capitect.

To bridge the gap between digital and traditional wealth management, Capitect offers two solutions. One of them is a client portal and portfolio reporting tool, which has a mobile-friendly online user interface, performance and allocation reporting, client fee billing, and account aggregation. The second solution is called Portfolio and Rebalance Architect. It allows advisors to build custom portfolios for every client, calculate trades, and then ultimately submit them to their custodian. Advisors can fully brand Capitect’s solutions to fit their preferences and what they want to focus on. 

Capitect Client view

Among its technology partners are Schwab, SSG, TD Ameritrade, Redtail, Salesforce, MoneyGuide, Kwanti, Morningstar, XY Planning Network, and so on.

Pricing: the Discover Starter package is the cheapest at $125/month. Other plans are available for $225/month and $350/month for the first 100 households + $125/month for each additional 50 households. See more details at the official site.

Takeaways

Portfolio management is the second most used software category available to the advisor community. Fully 81% of the survey respondents use at least one of the portfolio management tools listed in the T3 report. This article shows how many integrations each company in this category has and the huge influence they have in the overall market.

Empowering Financial Advisors with AI and Integrations

Empowering Financial Advisors with AI and Integrations

AI-driven technology allows advisors to have better insights into client data, cope with unsure markets, maximize their productivity, and attract a new breed of tech-savvy clients. With April Rudin, Lex…

Can Wealth Integrations Improve Advisors’ Productivity?

Can Wealth Integrations Improve Advisors’ Productivity?

Financial advisors are using more and more digital tools for their everyday activities. But if these tools are not integrated into one platform, they don’t really increase advisors’ efficiency. We…

Rebalancing and Trading Tools Overview: Part 2

Rebalancing and Trading Tools Overview: Part 2

Rebalancing software, one of the most important tools for financial advisors, helps advisors retain clients’ asset allocation and protect them from undesirable risks. We continue our overview of popular rebalancing…

Top Rebalancing and Trading Tools Overview

Top Rebalancing and Trading Tools Overview

Rebalancing software is considered one of the most influential forms of WealthTech technology because it is used on a regular basis to readjust levels of asset allocation and protect investors…

Portfolio Management Tools Overview: Part 2

Portfolio Management Tools Overview: Part 2

It's vital to know the whole wealth management ecosystem and partner with the leading providers in every category. We continue presenting the best portfolio management software that is available on…

Top WealthTech Influencers to Follow in 2020

Top WealthTech Influencers to Follow in 2020

At the age of market turbulence, it’s important to gain advice from authoritative sources that are relevant to your business needs. This pick of influencers is here to help you…

Overview of Popular CRM Software for Financial Advisors. Part 2

Overview of Popular CRM Software for Financial Advisors. Part 2

CRM is a business-management component that helps financial advisors and firms handle their day-to-day operations on the personal relationship front and see what factors lead to success and help advisors…

Overview of the Most-Used CRM Software for Financial Advisors

Overview of the Most-Used CRM Software for Financial Advisors

CRM software helps financial advisors streamline processes and stay connected with their clients while improving contact management and focusing on relationships with individual people. I’ve gathered information about the CRM…