While researching software to start RIA, I'm coming across the term Portfolio Management Software. Wondering about the ones you've used, the cost, and benefits in terms of managing client assets?

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Good ones to look into for small firm - Advyzon, panoramix, blue leaf

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I'd take some time to spec out what you really need and decompose the pieces that make up your vision of PM software. If you are small, you will probably have an a la cart setup with some free or cheap portfolio accounting software, some various research and analytics at low cost and then maybe some type of portfolio rebalancer and reporting piece (which, the rebalancer could be from the custodian for free if you don't need a lot of sophistication or are unwilling to pay and the reporting could just be a combo from the custodian and then the portfolio accounting system unless you pony up for something better).Morningstar will give you basic research and I'd imagine almost everyone at least has that. You aren't going to get a high degree of portfolio analytics from it like you would from FactSet or Bloomberg though. Really depends what you need and how you run the ship.

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For research Morningstar is good but there are free tools from investment companies that already incorporate M*s data and allow you to do comparisons of portfolios. Two companies that already do this are Vanguard on their financial advisor site and First Trust. Kwanti is a company that offers low cost portfolio modeling software. Ycharts is a lower cost research tool for getting performance and market related data but is not software to build portfolios. If you are talking about something that shows performance and client portfolios with a client login component you should look at Blueleaf and Orion. Feel free to message me and I would be happy to help, our firm has spent extensive time researching technology solutions and tried out a bunch of tools.

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You need a way to bill your accounts, rebalance your accounts, and show performance to your clients. If you are at Ed Jones you might be surprised that starting your own RIA means you have to do all of this yourself. The custodian just holds your assets, not much else. The statements show how many dollars up or down the portfolio is, but not % performance. TD has one of the best rebalancing tools out there (iRebal) and it’s free for firms that custody with TD. Like Clint said, you can use Blueleaf for performance reporting, and they have a discounted price to use Billfin for billing.

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Started an ria over 18 months ago. Already was audited by sec earlier in the year. . we use Orion and they were invaluable in producing the reports the sec required. Orion will charge by account with a min commitment. Might be overkill for a small firm but just make sure to ask any potential provides how there software will help make any audit less painful and don't skimp on this feature.

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Blueprint is right, we have been through two audits from WI and they really wanted to see calculations of the billing and match it up with account transactions. We custody with TD and iRebal is awesome and it is free.

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Mstar--$6kish--its a little less but that is the ballpark

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Guess you are no longer at Edward Jones?

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