Wealth management software can mean very different things depending on your firm.
For some teams, the biggest pain is portfolio reporting: pulling data from custodians, normalizing it, and producing client-ready performance reports on time.
For others, especially family offices, fund administrators, and alternative investment managers, the hard part is getting the accounting right: multi-entity structures, partnership allocations, capital activity, fee calculations, and audits.
Most firms aren’t choosing between “good” and “bad” tools. They’re choosing between tools that are good at different jobs. A platform that’s excellent for client portals and advisor workflows may not be the right system of record for complex investment accounting. And a strong accounting engine may be more than a simple RIA needs.
This guide compares leading platforms and explains when each one is worth a look, while keeping the focus on what matters: accuracy, repeatability, and reporting you can defend.
Key Takeaways
- If you need accounting and reporting in one place, FundCount stands out. It combines portfolio accounting, partnership accounting, and a general ledger on a single platform, so reporting ties back to the books.
- If you report to investors or family members, FundCount’s built-in portal reduces side systems. Statements, documents, and secure delivery live inside the same environment as the accounting engine.
- Check whether you prefer AUM-based pricing or fixed pricing before you shortlist vendors. AUM-based can scale with growth (and sometimes feels “lighter” early), while fixed pricing can make budgeting predictable as your entity count and reporting workload grow.
- FundCount is a strong fit when wealth management includes alternatives, multiple entities, and allocation-heavy structures. If your reality involves complex ownership, detailed fee logic, and audit pressure, rather than only clean custodian feeds, FundCount is built for that level of operational complexity.
Compare wealth management platforms
| Platform | Accounting + GL (system of record) | Partnership / investor allocations | Multi-entity consolidation | Data aggregation & integrations | Client / investor portal | AI document intelligence | Pricing |
|---|---|---|---|---|---|---|---|
| FundCount | Built-in | Built-in | Strong | Built-in (feeds + imports) | Built-in (investor portal) | Yes. Alt statements: PDF/Excel extraction + verification + reconciliation) | Starting from $21,928 / year; Sandbox monthly option |
| SS&C Black Diamond | Not a full GL | Limited | Household-level | Strong integrations | Strong client portal | Yes (with SS&C Accord) | Quote-based |
| Orion Advisor Tech | Not a full GL | Limited | Household-level | Integrations ecosystem | Client portal | Not clearly documented as document extraction (but strong alts data feeds) | Quote-based |
| Envestnet Tamarac | Not a full GL | Limited | Household-level | Integrations + CRM links | Client portal + document vault | Yes (via Canoe integration) | AUM-based + quote |
| Addepar | Not a full GL | Limited | Strong (complex portfolios) | Strong (integrations + API) | Client portal experience | Yes (first‑party + ecosystem) | AUM-based + enterprise quote |
| InvestCloud | Depends on modules | Depends on modules | Depends on modules | Integrations (implementation-dependent) | Strong digital portal options | Not clearly documented as alt-statement document intelligence | Quote-based |
| SEI Archway Platform | Built-in GL | Built-in (partnership accounting) | Strong | Built-in aggregation | Client portal | Yes (via Canoe integration) | Quote-based |
| Eton Solutions | Built-in GL + fund accounting | Supported (family office focus) | Strong | Built-in + services | Portal/document workflows | Yes (EtonAI) | Quote-based |
| SS&C Advent Geneva | Built-in accounting | Investor accounting supported | Strong | Integrations (varies) | Portal via setup/partners | Yes (via SS&C FundHub → Geneva) | Quote-based |
| Clearwater Analytics | Investment accounting focus | Limited | Strong for institutions | Strong aggregation/recon | Typically client reporting outputs | Yes | Quote-based |
Notes: This table is a practical summary from vendor documentation and product briefs, not a feature checklist for procurement. Confirm details with each vendor for your exact use case.
Now that you’re familiar with the best wealth management reporting software, let’s delve into the options worth considering.
FundCount
FundCount is built for teams that can’t treat reporting as a front-end layer. It’s designed as a back-office accounting and investment analysis platform that integrates portfolio accounting, partnership accounting, and general ledger, so your reports can reconcile cleanly to the underlying books.
That integrated approach matters most when you’re dealing with multiple entities, alternative investments, capital activity, fee allocations, and investor-level reporting. These are the situations where spreadsheets and reporting-only tools tend to break down.
Key features
- Integrated portfolio + partnership + general ledger accounting on one platform
- Alternative investment document intelligence to extract, verify, and reconcile data from alternative investment statements (PDF/Excel) and post it into the accounting workflow.
- Multi-currency, multi-book general ledger supporting different accounting frameworks (e.g., IFRS/GAAP)
- Investor Portal for statement delivery, document sharing, and secure communication
- Reporting library + flexible reporting workflows, including online distribution through the portal
- Data aggregation workflows to bring in external data and reduce manual rekeying
- Support for complex structures (multi-entity arrangements, contributions/distributions, fee logic)
- Audit-friendly traceability: reporting tied to accounting records rather than presentation-only summaries
SS&C Black Diamond
SS&C Black Diamond is widely used in the advisor space for performance reporting, portfolio management, and client experience. It’s often evaluated when firms want polished reporting outputs and a portal experience supported by an integration network.
Black Diamond is typically strongest when your primary goal is advisor workflows and client-facing reporting, and you don’t need the platform itself to be the general ledger or partnership accounting engine.
Key features
- Performance reporting and portfolio reporting capabilities
- Portfolio rebalancing tooling
- Client portal experience
- Integrations ecosystem
- Implementation support resources (varies by engagement)
Cons
- May not replace a true back-office general ledger for complex accounting needs
- Partnership allocations and investor-level accounting are typically not its core job
- Alternatives (especially private investments) can require extra process and supporting systems
- Data onboarding and ongoing data quality depend heavily on upstream feeds and setup
- Custom reporting can be limited by what’s exposed in standard tooling
- Total cost can be high for smaller teams once you include adjacent systems
Orion Advisor Tech
Orion is commonly used by advisory firms for portfolio accounting, performance reporting, billing, trading/rebalancing, and a client portal.
Orion tends to make sense when you want an advisor-oriented platform that connects reporting and operational workflows, especially for traditional RIA reporting and billing.
Key features
- Portfolio accounting + performance reporting
- Advisory fee billing tools
- Trading and rebalancing capabilities
- Client portal and mobile access
- Integrations ecosystem (varies by setup)
Cons
- If you need fund-style partnership accounting, you may still need a dedicated accounting engine
- Complex entity structures can be harder to represent than in accounting-first systems
- Some functionality is modular, which can increase complexity and cost
- Alternatives/private assets can require more manual handling depending on the case
- Reporting consistency still depends on data normalization rules and governance
- Implementation quality varies widely by data complexity and internal resources
Envestnet Tamarac
Tamarac is a well-known platform for advisors focused on portfolio management, performance reporting, billing, and client portal delivery, including a document vault and portfolio/risk analysis tooling.
It’s often chosen by firms that want a single advisor-oriented environment to run reporting and operational cycles without building a custom stack.
Key features
- Professional performance reporting (PDF report packages)
- Online client portal + document vault
- Portfolio and risk analysis
- Billing automation for complex billing scenarios
- CRM integration pathways (e.g., Salesforce)
Cons
- Not designed to be a full general ledger for complex accounting structures
- Partnership allocations/investor accounting typically require other systems
- Alternatives/private investments may need additional workflows and verification
- Portals and reporting are only as reliable as the underlying data feeds and mapping
- Firms with highly customized reporting standards can hit template limits
- Platform migrations can be disruptive if you have a deep history and custom billing rules
Addepar
Addepar is known for data aggregation and portfolio analytics/reporting across complex holdings. It’s commonly evaluated by firms that want a strong data layer and client-ready views across multiple custodians and asset types.
Addepar can be a strong fit when the challenge is “make sense of all this portfolio data and present it well”, especially when accounting is handled elsewhere.
Key features
- Portfolio data aggregation and normalization focus
- Reporting and analytics for wealth management teams
- Integration ecosystem (via Integration Center)
- Client-facing reporting experiences
- API-based connectivity options (varies by integration)
Cons
- Typically not positioned as a complete general ledger replacement
- Partnership/investor allocations may require a dedicated accounting system
- Data onboarding and ongoing data governance can be a major project
- Your “truth” can drift if accounting and reporting live in separate platforms
- Costs can be significant at enterprise scale
- Teams still need clear controls for pricing, classification, and alternative asset updates
InvestCloud
InvestCloud is often used by enterprises building client portals, digital experiences, and wealth workflows, with solutions that can include portfolio accounting and fee billing, depending on modules and configuration.
This can be a good path when your organization wants a configurable platform and has the appetite for implementation work.
Key features
- Wealth-focused digital experiences and client engagement tools
- Enterprise solution set that can include portfolio accounting and fee billing (module-dependent)
- Integration-driven architecture (implementation-dependent)
- Flexible delivery patterns for different business lines
- Designed for larger teams coordinating multiple workflows
Cons
- Outcomes depend heavily on which modules you buy and how you implement them
- Implementation can be longer and more resource-intensive than accounting-first tools
- Total cost can be hard to estimate without a detailed scope
- Firms may still need a dedicated accounting engine for complex partnership accounting
- Reporting quality varies with data model decisions and governance
- Heavier platforms can be overkill for smaller firms with straightforward needs
SEI Archway Platform
SEI’s Archway Platform is positioned for family offices and institutions needing integrated accounting, data aggregation, and reporting, including an integrated general ledger and partnership accounting capabilities.
It’s also notable for a client portal approach and a large report library for wealth reporting use cases.
Key features
- Integrated general ledger + accounting foundation
- Partnership accounting capabilities
- Data aggregation + performance reporting for complex wealth
- Large library of customizable reports
- Secure/mobile client portal for delivering reporting packages
Cons
- Can be heavier than many firms need if the use case is “basic performance reporting”
- Implementation scope can be significant for complex entities and historical data
- Some firms prefer owning more configuration internally than a services-heavy model allows
- UI and workflows may feel designed for accounting teams first (not always a con, but a fit issue)
- Integrations and data feeds still require governance and ongoing attention
- Best value often comes when you use a meaningful portion of the platform—partial adoption can dilute ROI
Eton Solutions
AtlasFive is presented as an integrated platform for family offices, bringing together entity management, portfolio management, general ledger and fund accounting, transaction processing, and document management.
It’s generally evaluated in UHNW and family office environments where operational coordination matters as much as performance reporting.
Key features
- Integrated GL + fund accounting and related back-office functions
- Entity management + portfolio management in one environment
- Transaction processing and document management support
- Family office orientation (UHNW complexity)
- Scale claims and product evolution signals (vendor-reported)
Cons
- Fit is strongest for family office workflows; it may be less ideal for pure RIA reporting needs
- The platform breadth can add implementation complexity
- Teams may need a process change (not just a software install) to get full value
- Some capabilities can be tightly tied to services and agreed workflows
- Data migration quality is a make-or-break factor (especially for alternatives)
- Smaller teams may find it more platform than they require
SS&C Advent Geneva
Geneva is a long-standing platform in investment accounting, positioned for multi-asset, multi-currency portfolios, complex fund structures, and investor accounting/reporting.
It’s often considered when the core requirement is a serious accounting system rather than a reporting overlay.
Key features
- Portfolio management + accounting with investor accounting/reporting
- Multi-asset and multi-currency coverage
- Support for complex global fund structures and workflows
- Deployment options (locally installed or cloud delivery model)
- Widely referenced in SS&C’s fund accounting positioning
Cons
- Often requires specialized expertise to implement and operate well
- Can be too complex if your primary need is only client reporting
- Custom reporting may require deeper configuration skillsets
- Integrations and upstream data quality still drive most operational pain
- Some firms prefer simpler interfaces and faster time-to-value
- Total cost and implementation effort can be substantial for smaller orgs
Clearwater Analytics
Clearwater is positioned around automated investment data aggregation, reconciliation, accounting, and reporting, with support for multiple accounting bases (e.g., GAAP/IFRS/STAT/TAX) and multi-currency coverage.
It’s frequently associated with institutional-grade investment operations, where daily or frequent closes and rigorous reporting requirements are central.
Key features
- Automated book-of-record investment accounting + reconciliation
- Reporting outputs across asset classes and large account volumes
- Multi-basis accounting support (e.g., GAAP/IFRS/STAT/TAX)
- Multi-currency and multi-asset class focus
- Data aggregation and reporting automation emphasis
Cons
- Often oriented to institutional investment accounting more than partnership/investor allocations
- Family-office-style entity structures may require additional design work
- Implementation success depends on data mapping discipline and internal ownership
- It may not replace front-office advisor tools (billing, rebalancing, CRM workflows)
- Custom client presentation layers may still require additional tooling
- Not every firm needs the operational rigor (and cost) of an institutional platform
How to choose wealth management software
Start by separating these questions:
- Where does your “truth” live? (the system of record: accounting, allocations, audit trail)
- How do you deliver that truth? (reports, portals, dashboards, client communications)
Many painful implementations happen when firms buy a beautiful reporting layer but still rely on spreadsheets; or when they buy a strong accounting engine but underestimate change management, integrations, and reporting needs.
A good selection process is less about feature count and more about fit: your asset mix, your reporting obligations, the number of entities you consolidate, and how defensible your process must be in an audit.
12 key considerations
- Your real reporting outputs: investor statements, net worth, performance, capital activity, fee schedules, tax packages
- Asset mix: public securities vs. alternatives (PE/VC, hedge funds, real estate, direct deals, structured products)
- Entity complexity: trusts, partnerships, holding companies, nested structures, special-purpose vehicles
- Accounting requirements: do you need a true GL, journal entries, and audit-ready financials?
- Allocations & capital activity: contributions, distributions, waterfalls, fee allocations, multiple share classes
- Data sources: number of custodians, administrators, banks, and private asset statements you ingest
- Reconciliation workflow: how exceptions are handled, reviewed, and documented
- Reporting flexibility: templates vs. self-service builders; how you handle one-off requests without breaking standard packages
- Portal and delivery: who needs access, what they need to download, and what “secure delivery” means for your clients
- Controls and audit trail: approvals, change logs, and repeatable month-end/quarter-end processes
- Implementation reality: data migration, historical performance expectations, training time, internal ownership
- Total cost: subscription + implementation + integrations + the other tools you still need (and the people-hours to run them)
Why choose FundCount
If you are considering tools that focus on presentation, FundCount is worth a closer look because it treats accounting as the foundation. Portfolio activity, partnership allocations, and the general ledger stay connected, so you can trace reported numbers back to transactions without rebuilding them in Excel.
It is also built for multi-entity structures, alternative assets, and investor-level reporting. You can publish statements and share documents through an investor portal that runs off the same data used for accounting and reporting.
Across case studies, the takeaway is consistent: stronger confidence in the numbers, fewer disconnected tools, and reports that hold up when structures get complex.
- “With FundCount’s solid accounting functionality, we can support… clients regardless of complexity.”—Marc L. Rinaldi, Partner-In-Charge, PKF O’Connor Davies
- “Most important, we know the data is accurate and consistent.”—Ken Eyler, CEO, Aquilance
- “Technology that relies on spreadsheets and disconnected systems will never be as accurate and as efficient as FundCount…”—Mikhail Davidyan, Co-founder, Theorem Fund Services
- “FundCount saves time… [Custom Reports] connect fund managers and fund administrators… with a few clicks.”—Divyanshu Gunjal, Product Manager, Hatcher+
If you only need basic performance reporting and a client portal for standard custodian-fed accounts, an advisor-oriented platform may be enough.
But if you need a platform where reporting is anchored to accounting across entities, investors, currencies, and complex assets, FundCount is the most complete option on this list for doing that in one system.
