The Financial Advisor's Guide
Orion, Black Diamond, Envestnet, & Altruist
Choosing the right portfolio management system is critical for RIA firms looking to scale efficiently while maintaining excellent client service. This analysis compares four leading platforms — Orion, Black Diamond, Envestnet, and Altruist — to help you understand which solution aligns best with your firm's needs and growth trajectory.
About reframeRIA
At reframeRIA, we help emerging RIA practices ($25M-$500M AUM) select, implement, and optimize the right technology stack for their unique needs. We're vendor-neutral consultants — we don't get paid to push a particular portfolio management software. We get paid to help you find the solution that actually works for your team.
Ready to make the right decision? Let's talk about your specific needs and help you avoid costly mistakes.
Bottom Line Up Front
Orion
- Comprehensive feature requirements
- Multi-custodian flexibility
- Tax-intelligent trading
Black Diamond
- Client-facing reporting excellence
- Customization priority
- Best-of-breed tech stack
Envestnet
- Complex investment needs
- Outsourced investment management
- Advanced tax optimization
Altruist
- Streamlined operations focus
- Cost reduction priority
- Technology-forward practices
Which is best for your RIA?
For New/Breakaway RIAs (<$50M AUM)
Primary Recommendation: Altruist
- Free software eliminates major startup cost
- Fast account opening critical for new client acquisition
- Modern platform doesn't require unlearning legacy processes
- VIP transition support helps with launch
- Can always switch custodians later if outgrow platform
Alternative: Orion Growing Advisor Program
- If you need multi-custodian support
- If you want more mature CRM integration
- $4K first year pricing very competitive
For Firms Under $100M AUM
Recommendation: Altruist or Orion
- Choose Altruist if: Cost reduction is top priority, comfortable with single custodian, want modern tech
- Choose Orion if: You need multi-custodian flexibility, want industry standard, value mature ecosystem
Consider Black Diamond if: Client reporting is your primary differentiator and pricing is competitive
For Firms $100M-$500M AUM
Recommendation: Orion or Altruist (detailed analysis needed)
- Choose Orion if: You want the industry standard with best ecosystem, multi-custodian support critical
- Choose Altruist if: $15K-$30K annual savings meaningful, single custodian acceptable, prioritize efficiency
- Choose Black Diamond if: Customization and reporting sophistication are top priorities
Alternative: Envestnet only if combining technology with investment management services
For Firms $500M+ AUM
Recommendation: All four viable, depends on strategic priorities
- Choose Orion if: You want best-in-class technology with maximum flexibility and integration options
- Choose Black Diamond if: You need ultimate customization and reporting sophistication
- Choose Envestnet if: You want the most comprehensive ecosystem and investment solutions
- Choose Altruist if: Cost reduction is still meaningful and single-custodian model works (many large firms ARE switching)
Overview
Orion
The Industry Standard
Pros
Cons
Black Diamond
The Reporting Specialist
Pros
Cons
Envestnet
The Enterprise Ecosystem
Pros
Cons
Altruist
The Disruptor
Pros
Cons
Deep Dive
Unique Positioning: The Custodian vs. Software Distinction
Critical Understanding
Orion, Black Diamond, and Envestnet are portfolio management SOFTWARE platforms that:
Sit on top of your custodian relationship
Aggregate data from Schwab, Fidelity, Pershing, TD, etc.
Provide reporting, analysis, and trading tools
Work with any custodian
Cost $12K-$75K+ per year
Altruist is a CUSTODIAN (like Schwab or Fidelity) that:
Holds your client assets
Provides custody AND built-in software
Replaces your current custodian (can't use multiple custodians with Altruist software)
Eliminates the need for separate portfolio management software
Costs $0 for software if you custody exclusively with them
This is a fundamentally different decision
Choosing Orion/Black Diamond/Envestnet = Choosing software (keep your custodian)
Choosing Altruist = Changing custodians AND getting free software
Pricing Analysis
Orion
Structure: Custom pricing based on AUM, users, and features
Typical Range: $15,000-$30,000+ annually for firms with $100M-$500M AUM
Minimum: ~$15,000/year (industry standard)
Per Account: Approximately $40-70/year per account
Pricing Model:
Base platform subscription
Tiered based on assets under management
Additional fees for premium modules (compliance, ASTRO optimizer, etc.)
Growing Advisor Program available for new firms (starts at $4,000/year, graduating to full pricing by year 4)
What's Included:
Portfolio accounting and performance reporting
Integrated CRM (Redtail)
Client portal
Trading and rebalancing
Business intelligence tools
Notes: Orion raised prices by 8.9% in April 2024, citing data cost increases from third-party providers. Pricing is generally considered mid-range for the value provided.
Black Diamond
Structure: Custom quotes (not publicly disclosed)
Typical Range: $12,000-$25,000+ annually for emerging RIAs
Positioning: Generally competitive with Orion, sometimes slightly lower
Per Account: Variable based on complexity and AUM
Pricing Model:
AUM-based or tiered structure
Discounts available for firms with 500+ accounts
Implementation and training costs separate
Premium support packages available
What's Included:
Core portfolio management and reporting
Performance analytics
Client portal
Trading capabilities
45+ pre-built integrations
Notes: Black Diamond has been aggressive with promotional pricing, especially when targeting firms transitioning from legacy systems. May offer discounts for multi-year commitments.
Envestnet
Structure: Enterprise-level, custom pricing (most opaque of the four)
Typical Range: $25,000-$75,000+ annually for mid-sized RIAs
Positioning: Premium pricing tier, often most expensive
Model: Often AUM-based or per-account basis points
Pricing Model:
Complex tiered structure
May include revenue sharing on investment solutions
Platform fees plus overlay manager fees if using investment products
Additional costs for analytics and compliance tools
Significant economies of scale for large firms
What's Included:
Comprehensive platform access
Integration with Tamarac CRM
Access to investment solutions marketplace
Research and due diligence
Extensive reporting tools
Notes: Envestnet's pricing reflects its comprehensive ecosystem approach. The platform is often considered cost-prohibitive for firms under $250M AUM unless bundling investment solutions. Best value proposition for firms using both technology and investment management services.
Altruist
Structure: Transparent, simple pricing - most disruptive in the industry
Software Fees:
FREE for advisors who custody exclusively with Altruist (zero portfolio accounting software fees)
First 100 accounts free for non-exclusive custody
$1/month per account after first 100 (for non-exclusive custody)
Brokerage Fees:
$0 commission on stock/ETF trades
Competitive mutual fund, options, and other transaction fees
~8,900 no-transaction-fee (NTF) mutual funds available
Standard custodial brokerage fees (account closures, transfers, etc.)
What's Included (at no additional software cost):
Portfolio accounting and performance reporting
Trading and rebalancing (automated, rules-based)
Fee billing
Client portal and mobile app
Account opening and funding
Custody and clearing services
Revenue Model: Altruist makes money primarily through:
Interest on cash balances
Securities lending
Margin and options revenue
NOT through software fees
Notes: Altruist's pricing model is revolutionary in the RIA space. By eliminating the typical $15,000-$30,000/year software cost, they save firms thousands to tens of thousands annually. There's a tradeoff: you must custody with Altruist to get free software, which means using them as your custodian (replacing Schwab, Fidelity, Pershing, etc.).
Pricing Comparison Summary
Most Affordable
Altruist (free software if exclusive custody)
Best Value for Growing Firms
Tie between Altruist (free) and Orion (Growing Advisor Program)
Most Expensive
Envestnet (enterprise pricing)
Most Competitive Mid-Market
Black Diamond
Most Transparent
Altruist (all fees published online)
Integration Ecosystem
Orion
Strength: Extensive integrations with 100+ partners
Notable: Native integration with Redtail CRM (acquired), eMoney Advisor, Riskalyze, all major custodians
Philosophy: Open architecture with robust API
Custodian Support: All major custodians (Schwab, Fidelity, Pershing, TD, etc.)
CRM Options: Redtail (owned), Salesforce, Wealthbox
Planning Tools: Multiple options (eMoney, MoneyGuidePro, RightCapital)
Black Diamond
Strength: 45+ pre-built integrations, highly customizable
Notable: CRM options, financial planning tools, analytics platforms
Philosophy: Flexible technology stack approach
Custodian Support: Comprehensive custodian connectivity
CRM Options: Salesforce, Redtail, proprietary options
Planning Tools: Third-party integrations required (eMoney, MoneyGuidePro)
Envestnet
Strength: Most comprehensive ecosystem with proprietary solutions
Notable: Deep integration with Envestnet investment products, MoneyGuide (owned), Yodlee data aggregation (recently sold)
Philosophy: Unified platform with controlled ecosystem
Custodian Support: All major custodians
CRM Options: Tamarac CRM (Microsoft Dynamics-based), Salesforce integration
Planning Tools: MoneyGuide (owned), third-party options
Altruist
Strength: Direct integrations with key advisor tools, API-first architecture
Notable: Orion, Redtail, eMoney, MoneyGuide, Kwanti, IncomeLab integrations
Philosophy: Open platform, seamless data flow via APIs
Custodian Support: N/A (Altruist IS the custodian)
CRM Options: Integrations with Redtail, Wealthbox, Salesforce (no native CRM)
Planning Tools: Integrations with eMoney, MoneyGuide, RightCapital
Key Difference: Altruist is fundamentally different because it's a custodian with built-in portfolio management, while Orion, Black Diamond, and Envestnet are software platforms that integrate with multiple custodians. This means:
Altruist clients: Use Altruist as their custodian (like Schwab or Fidelity) AND get the software
Other platforms: Can work with any custodian but are software-only solutions
Implementation Timeline
Orion
Typical Timeline: 3-4 months
Key Phases: Planning (2-4 weeks), Data migration (4-6 weeks), Training (4-6 weeks), Go-live (ongoing)
Success Factors: Dedicated implementation manager, clear milestones, comprehensive training
Black Diamond
Typical Timeline: 3-5 months
Key Phases: Discovery (3-4 weeks), Configuration (6-8 weeks), Integration (4-6 weeks), Training (2-4 weeks)
Success Factors: Strong data migration support, flexible configuration, proactive service team
Envestnet
Typical Timeline: 4-6 months
Key Phases: Planning (4-6 weeks), Configuration (6-8 weeks), Migration (6-8 weeks), Training (4-6 weeks), Optimization (ongoing)
Success Factors: Dedicated consultant, extensive training resources, patience with complexity
Altruist
Typical Timeline: 1-3 months (fastest in industry)
Key Phases: Planning (1-2 weeks), Account migration (2-4 weeks via ACAT), Training (2-3 weeks), Go-live
Success Factors: VIP transition team, digital account opening (minutes vs. days), streamlined process
Unique Advantage: Firms have successfully transitioned 500+ accounts in one month with Altruist
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