Introduction
Managing client portfolios, relationships, documentation, and communications has become more complex as regulations tighten and client expectations rise. Wealth management professionals require robust technology solutions to efficiently run their business and deliver a superior client experience. This guide examines the top 15 wealth management software platforms based on key criteria to help advisors select the best solution for their unique needs.
Methods of Evaluation
Each platform is evaluated based on capabilities like portfolio management, client reporting, billing/invoicing, documentation workflow, and digital client experience. Additional consideration is given to industry reputation/experience, number of clients supported, platform scalability, and pricing/cost structure. Modern evaluation criteria like number of backlinks, traffic, and keyword search trends are also examined to gauge a platform’s online presence and popularity.
1. Salesforce Financial Services
Salesforce Financial Services Cloud is a cloud-based brokerage management software developed by Salesforce, the global leader in CRM. The platform offers a comprehensive suite of tools to manage relationships, gain insights and automate processes across the entire wealth management lifecycle.
Pros: Some key advantages of Salesforce Financial Services Cloud include:
– Deep CRM capabilities tailored specifically for wealth management workflows
– Tight integration with the rest of the Salesforce ecosystem allowing a unified view of customers and contacts
– Strong brand recognition and trusted by many large wealth and asset management enterprises
Cons: A potential disadvantage could be the higher pricing compared to some other players in the brokerage management software space due to Salesforce’s brand reputation and focus on large enterprises.
Pricing: Salesforce Financial Services Cloud pricing starts at $150 per user per month. It also offers flexible pricing plans tailored for specific needs and volume-based discounts for large deployments.
Some key stats about Salesforce Financial Services Cloud include:
– Used by over 5,000 wealth and asset management firms globally
– Handles over $34 trillion in managed assets
– Integrates with other Salesforce products like Marketing Cloud and Commerce Cloud
2. Morningstar Office
Morningstar Office is a comprehensive portfolio management software from renowned financial services company Morningstar. Used by financial advisors, wealth managers, and institutional investors, Morningstar Office provides industry-leading portfolio analysis, reporting, rebalancing and compliance tools to help users efficiently manage client portfolios.
Pros: Some key advantages of Morningstar Office include:
– Leading portfolio management capabilities from a reputed brand in the financial research space.
– Broad investment research covering traditional and alternative investments to help make informed decisions.
– Integrated client reporting solution to seamlessly generate customized reports for investors.
Cons: A potential disadvantage of Morningstar Office could be the pricing, as the software tiers and additional add-ons may not suit all budget types, especially for smaller advisory firms.
Pricing: Morningstar Office pricing starts from $99 per user per month for the basic Essential tier and goes up to $249 per user per month for the top Advisory tier. Additional add-ons like account aggregation, portfolio rebalancing and customized reporting are available for extra fees.
Some key stats about Morningstar Office include:
– Over 25,000 financial advisors and wealth managers rely on Morningstar Office globally.
– Supports over 40 custodial interfaces for easy data import and automated trades.
– Offers independent research on over 37,000 investment offerings including funds, stocks and ETFs.
3. Fiserv
Fiserv is a leading global fintech and payments provider that offers a broad suite of wealth management solutions. As one of the largest fintech providers globally, Fiserv has strong technological capabilities to power its financial software and services. Its brokerage management software is a comprehensive platform designed to help broker-dealers, RIAs, and wealth managers grow their businesses.
Pros: Some key advantages of Fiserv’s brokerage management software include:
– Full-service brokerage platform with CRM, portfolio management, reporting, and more
– Constantly updated to meet changing regulatory requirements
– Api-first architecture allows for integration with any third-party apps
– Dedicated client service team for implementation and ongoing support
Cons: A potential disadvantage is the upfront costs may be higher than some competitors due to Fiserv’s reputation and capabilities as an industry leader. However, the platform offers strong features and functionality to help justify the costs.
Pricing: Pricing for Fiserv’s brokerage management software varies based on firm size and configuration needs. Generally, fees are based on a combination of upfront implementation costs plus ongoing monthly or annual user licensing and maintenance fees. Contact a sales representative for a customized quote.
Some key stats about Fiserv’s brokerage management software include:
– Used by over 2,000 firms globally managing over $4 trillion in assets
– Supports over 15 million customer accounts
– Continuously enhanced with new features based on client feedback
– 99.99% uptime service level agreement
4. Clark
Clark is a robo advisor and personal financial management tool that provides automated investment solutions for customers. Founded in 2011, Clark uses technology to offer affordable investment advice and help users achieve their financial goals.
Pros: Some key advantages of Clark include:
– Robo advisor with full digital client experience
– Targeted to mass affluent through goals-based plans
– Low cost managed portfolios integrated throughout
Cons: While Clark provides affordable investment management, it has fewer customized investment options compared to full-service financial advisors.
Pricing: Clark’s plans start from $500 and annual fees range from 0.25% for portfolios under $10,000 to 0.05% for balances over $500,000. There are no commissions or account fees.
Clark currently manages over $3 billion in assets for over 250,000 customers. It offers target-date portfolios and customized portfolio options based on a user’s risk tolerance and financial goals. Plans start from as little as $500 and average fees are around 0.25% annually.
5. Broadridge Wealth Management
Broadridge Wealth Management is a leading provider of wealth management technology solutions. Founded in 1971 and headquartered in Lake Success, New York, Broadridge employs over 10,000 people across 17 countries. As a global fintech leader, Broadridge helps wealth managers and broker-dealers with communications, technology, data, and intelligence solutions.
Pros: Some key advantages of Broadridge Wealth Management software include:
– Comprehensive wealth management solutions including portfolio management, reporting, trading, and CRM capabilities
– Strong portfolio management capabilities including rebalancing, trading, and performance reporting tools
– Deep industry experience and expertise to help wealth managers address regulatory changes and optimize operations
Cons: A potential disadvantage is that as an established player, Broadridge solutions may not be as cutting-edge or customizable as some newer fintech offerings.
Pricing: Broadridge Wealth Management pricing is based on number of users, assets under management, and customized implementation and integration needs. Prices typically range from $10,000 to $30,000 per year for startups and independent RIAs to over $100,000 per year for largerwealth management firms.
Some key stats about Broadridge Wealth Management include:
– Serves over 1,000 wealth management firms globally
– Supports over $5 trillion in assets under administration
– Over 40 years of experience in the financial services industry
6. Vertafore
Vertafore is a leading SaaS provider of insurance agency management software. Founded in 1982, Vertafore provides software solutions that help insurance agencies and carriers manage their business operations more effectively. Some key facts about Vertafore include that they serve more than 20,000 agencies and 300 insurance carriers globally. They have over 35 years of experience in the insurtech space.
Pros: Some key advantages of Vertafore’s agency management software include its full suite of solutions to manage the entire agency workflow, integrations with leading E&O systems for policy issuance, and real-time data insights through powerful reporting and analytics dashboards. Agents appreciate the comprehensive training and support options provided.
Cons: One potential disadvantage is that Vertafore caters mainly to larger agencies given its robust feature set and pricing. Smaller agencies may find some of its solutions too complex or expensive for their needs.
Pricing: Vertafore pricing depends on the specific modules licensed. Basic CRM and policy management start at around $100 per user per month. More advanced analytical and commercial lines solutions can be $200-300 per user monthly. Volume discounts are available for larger deployments.
Vertafore handles more than $130 billion in total written premiums annually through its software. Some key capabilities of their software suite include customer relationship management (CRM), policy issuance, billing and payments workflows. Vertafore integrates with over 35 customer management systems (CMS) used across the industry.
7. Sapiens Agency
Sapiens Agency is a cloud-native broker management platform developed by Sapiens, a leading global provider of software solutions for the insurance industry. The platform offers a fully digital experience for brokers, underwriters, and policyholders with streamlined workflows from quote to claim.
Pros: Key advantages of Sapiens Agency include:
– Streamlined quoting and binding through a guided digital experience
– Advanced business intelligence and reporting tools for data-driven insights
– Document workflow automation that digitizes paper-based processes
– Tight integration with core backend insurance systems for a unified view of the customer
Cons: A potential disadvantage is that the platform requires integration with a broker’s existing core administration systems, which can involve some upfront implementation work.
Pricing: Sapiens Agency is priced on a per-user subscription model starting at $50 per user per month. This includes full access to the platform and its features. Implementation, customization, and support services are sold separately.
Some key stats about Sapiens Agency include:
– Over 300 insurance brokers globally use the platform
– Processes over $4 billion in premium volume annually
– Integrates with all major policy administration systems
8. RightAsset
RightAsset is a brokerage management software developed by RightAsset. RightAsset helps brokerages, wealth managers and financial advisors manage their client relationships and brokerage operations on one platform.
Pros: Some key advantages of RightAsset include:
– Integrates seamlessly with banking and accounting software
– Robust reporting and analytics capabilities
– Manage client relationships and workflows efficiently
Cons: One potential disadvantage is that the software is only available as a hosted/cloud solution and not an on-premise installation.
Pricing: RightAsset pricing starts at $49 per user per month for the basic plan and goes up to $99 per user per month for the premium plan. Volume discounts are available for firms with over 50 users.
Some key stats about RightAsset include:
– Used by over 500 financial advisors and brokerages
– Integrates with over 50 accounting and portfolio management platforms
– Average client portfolio size of $500k managed through the platform
9. Envestnet | Tamarac
Envestnet | Tamarac is a leading brokerage management software provider offering a comprehensive suite of solutions including practice management, CRM, portfolio management, rebalancing, billing, compliance, and client reporting tools. Their platform works to help financial advisors and broker-dealers deliver a unified client experience.
Pros: Main advantages of the Envestnet | Tamarac platform include:
– Comprehensive suite for investment management, CRM, billing, and compliance capabilities in a single platform.
– Scalable and flexible solution that can support firms from startup to large enterprise.
– Intuitive interface designed specifically for financial advisors and planners.
Cons: One potential disadvantage is the platform is more expensive compared to some alternatives and has higher minimum requirements for firm and advisor book sizes.
Pricing: Pricing starts at $249 per advisor per month for essential packages and scales up based on additional users and functionality. Volume discounts are available for larger firms.
Some key stats about Envestnet | Tamarac include:
– Used by over 1,600 advisory firms managing over $650 billion in assets.
– Supports firms of all sizes from solo advisors to large enterprises.
– Cloud-based platform ensures advisors can access tools and client data from anywhere.
10. SimCorp
SimCorp is a global leader in investment management solutions, providing integrated, front-to-back office software and implementation services to prestigious asset managers worldwide. Their flagship product, SimCorp Dimension, is a comprehensive and scalable platform for portfolio management, trade processing, compliance, risk management and more.
Pros: Some key advantages of SimCorp Dimension include:
– Sophisticated trading and portfolio management capabilities for complex strategies
– Robust compliance and risk management tools to help meet evolving regulations
– Flexible, scalable architecture to support multi-asset workflows for large fund managers
Cons: One potential disadvantage is the premium pricing due to the depth of functionality and costs associated with implementation projects for larger firms.
Pricing: SimCorp Dimension is sold primarily through multi-year enterprise software license agreements which vary considerably based on assets under management, number of users and implementation services required. They do not publish standard rate cards but pricing typically starts at millions of dollars.
Some key stats about SimCorp Dimension include:
– Over 250 global clients with $35 trillion in assets under management on the platform
– More than 35 years of experience in the investment management industry
– Supports a wide range of asset classes including stocks, bonds, funds and alternatives
11. Riskalyze
Riskalyze is a brokerage management software solution that provides financial advisors with risk profiling and analysis tools. Founded in 2008 and headquartered in San Francisco, Riskalyze helps over 25,000 advisors better serve over 4 million investors. Their software integrates tightly with some of the most popular advisor platforms like Envestnet and Schwab Portfolio Connect, streamlining the workflow for advisors.
Pros: Some key advantages of using Riskalyze include:
– Robust risk profiling and analysis tools that help advisors better understand client risk tolerance
– Tight integration with major advisor platforms like Envestnet and Schwab Portfolio Connect for streamlined workflows
– Ability to generate detailed and customized client facing risk reports to demonstrate risk vs. reward tradeoffs of various portfolio options
Cons: A potential disadvantage is that Riskalyze is primarily designed for wealth management firms and large financial advisors. Solo practitioners or very small firms may find some of its features and integrations unnecessary or not cost effective for their specific needs.
Pricing: Riskalyze offers four pricing tiers based on the number of users:
– Essentials ($99/user/mo): For firms with up to 5 users
– Professional ($79/user/mo): For firms with 6-24 users
– Team ($59/user/mo): For firms with 25-99 users
– Enterprise (Custom Pricing): For firms with 100+ users
Some key stats about Riskalyze include:
– Over 25,000 advisors use Riskalyze globally
– Covers over 4 million investor accounts
– Integrations with over 50 custodians and portfolio management systems
– Robust library of over 5,000 models and 250,000 securities for analysis
12. eMoney Advisor
eMoney Advisor is a financial planning software provider that has been serving the financial services industry for over 25 years. They offer a full suite of tools to help advisors, planners, and RIAs manage all aspects of their business from client onboarding and portfolio management to financial planning and reporting.
Pros: Some of the key advantages of eMoney Advisor include:
– Goal-based planning tools to develop customized financial plans for clients
– Robust portfolio management and trading capabilities to manage client investments
– Integrations that allow advisors to sync data with various third-party platforms for a streamlined experience
Cons: A potential disadvantage is the pricing, as eMoney Advisor plans and pricing can be more expensive compared to some competitors. However, they do offer a wide range of functionality to make the cost worthwhile for many financial advisors and planners.
Pricing: eMoney Advisor offers various plans and pricing options depending on needs. Starting plans begin at $149/month. However, their most popular corporate plan runs $299/month and includes financial planning, portfolio management, client onboarding, document storage, email marketing and more.
Some key stats about eMoney Advisor include:
– Over $3 trillion in assets on the platform
– Used by over 25,000 financial professionals
– Integrations with over 150 custodians, broker-dealers, and home offices
– Award-winning financial planning software
13. Black Diamond
Black Diamond is a portfolio management and reporting software created by SS&C Advent. Founded in 1993, SS&C Advent is a leading provider of financial technology and outsourcing solutions for the global investment management industry. With over 30 years of experience, SS&C Advent powers investing and trading for over 1,500 clients around the world with over $15 trillion in assets under management or administration.
Pros: Some of the key advantages of Black Diamond include:
– Complete front-to-back office functionality including portfolio management, trading, accounting and client reporting capabilities
– Customizable client portals and communication tools for collaborative digital experiences
– Strong branding and customization capabilities for large enterprises and teams
– Deep integration capabilities with other financial systems through APIs
Cons: A potential disadvantage is the upfront cost, as Black Diamond is an enterprise-level solution best suited for large institutions rather than smaller or startup asset managers due to its pricing structure.
Pricing: Black Diamond pricing is customizable based on client needs and size. It is typically priced on a per-user annual subscription model starting at around $50,000 per year for the core portfolio management and reporting modules.
Some key stats about Black Diamond include:
– Over 1,500 clients worldwide across 49 countries
– Supports over $15 trillion in assets under management or administration
– 30 years of experience developing portfolio management software
– Integrates front, middle and back office operations into a single platform
14. MoneyGuidePro
MoneyGuidePro is a leading financial planning and retirement planning software created by Envestnet. With over 25 years of experience, MoneyGuidePro helps financial advisors and planners deliver comprehensive, automated financial plans to their clients through an intuitive web-based platform.
Pros: Some key advantages of MoneyGuidePro include:
– Wealth and retirement planning with robust Monte Carlo simulations
– Integrated client portal for sharing plans, gathering client data, and running customized proposals
– Frequent feature updates and innovations based on advisor feedback
– Intuitive and easy-to-use interface streamlines the financial planning process
Cons: A potential disadvantage is the annual subscription fee, which can be a higher ongoing cost compared to one-time purchase planning software.
Pricing: MoneyGuidePro pricing is based on an annual subscription model. Pricing starts at $99 per month for the basic Essentials package and scales up based on the number of clients and additional integrated modules.
Some key stats about MoneyGuidePro include:
– Used by over 4,000 financial advisors and planners
– Manages over $500 billion in client assets
– Provides sophisticated Monte Carlo simulations for retirement planning
– Integrated client portal allows advisors to share plans and run proposals
15. Redtail
Redtail is a leading provider of client relationship management (CRM) software for financial advisors. Founded in 2002, Redtail has been a pioneer in developing web-based platforms tailored specifically for financial advisors and wealth managers. Their flagship product, Redtail CRM, helps advisors deepen client engagement, scale their practices, and seamlessly manage workflows and regulatory requirements.
Pros: Some key advantages of Redtail CRM include:
– Popular choice for emerging and established advisor firms
– Powerful compliance workflows to streamline ADV filing, Form CRS delivery, and more
– Integrated client portal and communication tools to enhance client experience
– Flexible APIs and integrations that deeply connect Redtail with other core systems
Cons: One potential disadvantage is the higher upfront and ongoing costs compared to some less fully-featured competitor solutions. However, Redtail aims to provide significant value and ROI for larger advisory firms through robust functionality and scalability.
Pricing: Redtail offers flexible pricing plans tailored for firms of all sizes. Standard pricing starts at $99 per user per month for the basics and scales up based on firm size and desired functionality like client portal, document storage, marketing modules, and integrations.
Some key stats about Redtail CRM include:
– Used by over 1,000 advisory firms worldwide
– Supports over 25,000 active users
– Integrates with over 150 financial planning, portfolio management, and client portal solutions
Conclusion
Selecting the right wealth management software platform is crucial for running an efficient, compliant, and profitable advisory practice. This guide simplifies the evaluation process by identifying the top options based on functionality assessments and other key differentiating factors. Advisors can use this research to explore platforms that best fit their business model, resources, and clientele to power their growth in the new year.