Related Posts
Hi queers, queens and everything in between 💕
Hi Fishes,
Is S&P planning to open offices?
Additional Posts in Independent RIA
Texas FA’s when is your office re-opening?
How do you advertise?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
and decided on Morningstar. I can’t tell you how disappointed I am in their tool and especially the service. I didn’t hear from anyone at Morningstar, other than when I would call the customer service # with issues, until it was time for me to renew. I just met with the salesperson there and he told me, even though my contract doesn’t renew until 6/30, I missed the 90 day window to cancel the contract. So after all this time I am stuck until 90 days until my next year’s renewal. I don’t have to tell you how frustrating it is when you put all the effort in to make sure you have autonomy with your clients and your career, to have a big corporation tell you, you can’t move due to the fine print. So for anyone out there, look elsewhere for a reporting software and help me find a new company to service my clients. Thanks in advance for any advice.
Panoramix
We just moved to Orion but have issues with their reports. Not very customizable and painfully slow to run. Anyone else have issues?
You can have them help set up many of the reports for you. They have always been willing to help us.
Black diamond for billing and performance reporting
Morningstar is the worst, you spend countless hours finding, fixing and reconciling their mistakes.
We went with Orion, not cheap, but they do everything. Recently there was a mispricing of a security, which happens, and they alerted us that it was fixed. They also let us know what reports we had run with the wrong information and prompted us to rerun them.
Unbelievable service and product.
Orion. It’s a monster to set up, but super powerful
We used to use Portfolio Center (we custody with Schwab) but since the PC sale to Tamarac we’re moving to Orion
Morningstar Office is not all that it’s hyped up to be. A friend of mine (who runs a three advisor RIA) uses that and he’s constantly disappointed. Orion and Black Diamond are usually prohibitively expensive for a solo-advisor operation. Look at Blueleaf.com or AssetBook.com.
I’m a solo-advisor RIA and my primary custodian is Interactive Brokers. I also use Betterment For Advisors as a third party asset manager for small accounts I don’t want to manage myself.
Both of these custodian options take care of billing, calculating client fees and pulling the fees from client accounts and sweeping to my company account. They also offer performance reporting for free. Betterment’s reporting is all online. No ability to create nice PDFs to print or save, other than screen shots. Which I don’t particularly like. Interactive Brokers offers a very robust performance reporting system that you can customize and create PDF reports.
The downside to both of these is that they only report on assets they custody. The upside is that they are free
Look at Capitect
Advyzon.
Another vote for Advyzon. Regular updates and enhancements, and I can’t think of any issues. More budget friendly than the Orions and Black Diamonds, but equally capable. Great system!