Whether you’re a registered investment advisor (RIA) or a high-net-worth individual (HNWI) who likes to take a DIY financial approach, if you’re interested in financial management you’ve probably heard of Addepar.
But if Addepar isn’t suitable for you for whatever reason, there are plenty of Addepar competitors and alternatives in the investment management world. And in this article, we’re going to dive into a variety of them — some of which are geared toward financial advisors and managers and others that are easily accessible for individual investors.
The Ins and Outs of Addepar
Addepar is wealth management software that promises to help RIAs, family offices, private banks, and broker-dealers create “the best client experiences.”
Serving around 500 firms, managing trillions in assets, and backed by nearly $300 million in venture capital; Mountain View, CA,-based Addepar has become one of the top wealth and investment management platforms for financial pros.
There are a few key features that define Addepar’s platform. First, Addepar helps financial services pros aggregate client assets to create a comprehensive view of their portfolio. The Addepar platform then continues to collect data on these assets so it can be analyzed for insights and checked for inaccuracies. This empowers pros to visualize asset relationships and drill down into all financial transactions and holdings in real-time. The reporting capability features templates as well as drag-and-drop functionality to create customizable client reports. Finally, application programming interface (API) technology enables users to integrate Addepar’s platform with other financial management tools they use.
In addition, Addepar has expressed plans to release more data-driven products for investors. The company has already released its Investor Sentiment Index, which provides insight based on trades made within the platform.
"We're setting the stage," Addepar CEO Eric Poirier said. "[This] is product number one of many ... [because] we're now at the point of critical mass where we can really derive meaningful insights from [accumulated client data]."
Addepar doesn’t provide any easily-found pricing information. From what we could find at the time of writing, it appears Addepar offers firm-based licenses that are priced by assets under management (AUM) and more.
3 Addepar Competitors for RIAs and Other Financial Pros
Looking for an Addepar competitor? Here are some options for financial advisors, wealth managers, and other financial pros with diverse needs.
A High-Tech Addepar Competitor: Orion
Orion Advisor Tech provides, as their name indicates, a lot of different technological tools for financial pros of all types: RIAs, broker-dealers, banks, compliance officers, operations officers, and more.
Their suite of solutions includes modules that handle tax management, risk intelligence, reporting, billing, client experience, trading, compliance, business intelligence, marketing, data services, and financial planning.
Orion offers these modules on a mix-and-match basis to allow tech-savvy advisors to build out a custom platform to serve clients. And since each of these modules uses APIs to work together seamlessly, the whole platform remains flexible and prepared for integration and growth.
While there is no pricing information on the Orion website, there are several ways to get in touch with the Orion team and try the product. We assume pricing is based on which of their financial management modules you choose, as well as other factors.
The Risk-Focused RIA Platform: Riskalyze
Riskalyze is a full-service advisor platform with a prevalent guiding feature — risk alignment.
Riskalyze employs a unique process to help investors arrive at their Risk Number, which the company defines as “ … an objective, quantitative measurement of an investor’s true risk tolerance and the risk in a portfolio.”
Advisors can wield this number in a variety of ways. They can utilize it to help clients realign their current portfolios to better meet their true risk tolerance, they can use it to make informed investment suggestions, and they can even apply it to retirement planning to ensure clients can reach their goals at their current risk comfort levels. And, it turns out that offering a Risk Number assessment has also proven to be a powerful lead generation tool for financial managers.
Riskalyze provides abundant features for financial advisors: asset aggregation, detailed portfolio data, retirement planning, reporting, scenario mapping, marketing, a trading dashboard, tax optimization, and more.
At the time of this writing, Riskalyze runs from $250 to $450 per month, per user.
An Addepar Competitor for Fast-Paced Pros: Backstop Solutions
Backstop Solutions positions itself as a tool for business development/investor relations teams, investment teams, operations teams, and accounting teams with one thing in common: a need for speed.
The “productivity suite” offers a mix of software and services that all aim to do one thing — streamline investment management processes so users can spend more time building their businesses and improving customer experiences.
Backstop Solutions’ products include a research management system (RMS), portfolio management platform, an investor relations tool, a brandable investor portal, capital-raising lifecycle management, and a customer relationship management (CRM) platform.
Backstop Solutions Pricing
While there is no pricing information readily available, we assume pricing is based on which of Backstop Solutions’ products you choose. Their team can be contacted via their website to learn more.
3 Addepar Competitors for HNWIs
If you’re more of the do-it-yourself type, here are three more Addepar competitors that are consumer-focused, easy to access, and a pleasure to use.
User-Friendly Wealth Management for Pros and DIYers Alike: Kubera
Kubera is a bit of an outlier on this list as it’s useful for both DIY and pro investors.
For the financial advisor, wealth manager, and any other institutional professional, Kubera offers a white-label solution for aggregating and managing pretty much any account and asset type (see some of them here). With a modern, easy-to-use interface that tracks modern assets like domains, crypto, DeFi assets, and even NFTs, it’s also a powerful lead gen tool for securing millennial, Gen Z, and other tech-savvy client segments. Take Kubera’s pro platform for a spin by signing up for a demo here or emailing the team at email@example.com.
But don’t worry if you’re an individual investor — Kubera’s wealth tracker is just as powerful and easy to use for you.
Bank accounts, baseball cards, homes, domains, NFTs, crypto and DeFi holdings, rare coins, antiques, and more. If you can own it, Kubera can track it. Just add your asset to the clean, modern interface. Most account-based assets will update immediately, but for those that don’t, it’s easy to add and update information like cost, current value, etc.
Why does this matter? Because once you have all your accounts and assets added to Kubera, you’ve got a single source of truth that gives you an overview of net worth and portfolio performance. This kind of overview is key to helping you make intelligent investment decisions and informed plans for the future.
Kubera is secure, easy to share with partners or financial professionals, and has one more interesting trick up its sleeve — beneficiary management. With this feature that provides a safe space for important documents (think titles, wills, etc.) and an automated system for sharing your portfolio once you’re no longer able to manage it, Kubera becomes not just an investment management tool but a life management tool.
At the time of writing, Kubera has a free trial as well as pricing tiers for personal use, advisors, and institutions. Individuals can sign up to use Kubera for $150/year. All others should contact the company at firstname.lastname@example.org to create a plan.
An Addepar Competitor for HNWIs with Business-Tracking Needs: Quicken
Quicken is a robust, consumer-focused financial management platform.
With Quicken, users can manage bills, build out a budget, track performance with mainstream investment institutions, and monitor progress on retirement goals. But there’s one more feature that makes Quicken a little more interesting than other personal financial management apps — its focus on business ownership.
Business owners can manage personal and business finances from the same Quicken account. Business management capabilities include visibility into assets, liabilities, profits, and more; invoice sending; and tax prep support.
And if your business is real estate, you're in luck. Quicken has a portal where property owners can view rental details like income and expenses, store rental resources like contracts and tenant contact info, track rent payments, and perform tax prep.
Quicken has many products and tiers. As of right now, the company is running a sale (and seems to do so often), but regular pricing ranges from $36 for Quicken Starter to $104 for Premium.
A True DIY Approach: Digital Spreadsheets
Spreadsheets are our final and most DIY wealth management option of all.
Spreadsheet programs like Google Sheets and Microsoft Excel are affordable, accessible, and customizable. With some understanding of formulas — and maybe a little help from templates — you can create a document that tracks any financial element you want.
However, what you get in customization and control you pay for in lost automations. That means every time you want to update the value of an asset or account and capture how it impacts the rest of your portfolio, you have to manually go in and do so. For an HNWI with a lot of varied investments, this is likely to be prohibitively time consuming.
But one thing that can make it easier is a tool like Tiller, which plugs into your financial accounts and then into Sheets and Excel to automatically update your spreadsheets with financial information. Tiller comes with templates but is highly customizable, updates your transactions and balances daily, automatically sends a regular summary email, and is backed by a user community.
Pricing will depend on the solution you choose. Sheets is free. A free version of Excel is available online, but an offline version can also be purchased through Microsoft. Tiller is $79 per year.
Choose Your Addepar Competitor
Addepar isn’t the only solution for financial advisors, wealth managers, or DIY investors. With a little research, which hopefully starts here, you should be able to find the perfect tool for your needs.
To find out if that tool is Kubera, take us for a test drive today.