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Best Wealth Management Reporting Software: 7 Tools for RIAs and Family Offices
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Stop Working Around Your Tech—Start Working With It
As an investment advisor, your time is valuable – and so is the quality of your client experience. Investing in software that’s built to support your workflow isn’t just about keeping up with technology – it’s about gaining an edge in how you serve your clients, manage information, and grow your business.
Let’s be honest – no one wants to look at static spreadsheet reports anymore. Today’s clients expect more: they want clarity, context, and confidence. The right technology transforms data into insight and brings their wealth in full view – and in real time.
This isn’t just about performance reporting. It’s about how you make your clients feel – confident, informed, and in complete control of their wealth.
“Visually, from a user interface perspective, Masttro is by far the easiest platform to add assets and to see our family mapping.” — Daniel Forman, CIO, Jefferson River Capital
Key Takeaways
Deeper Insights: A robust financial reporting tool provides deeper insights into cash flows, asset allocation, and overall financial health.
Strategic Decisions: A reliable source of truth supports better financial decision-making and investment decisions, whether dealing with private equity funds and other illiquid assets, or day-to-day financial needs.
Regulatory Compliance: Complex requirements for tax reporting and other compliance needs demand advanced reporting capabilities, with accuracy and transparency in every financial report.
Operational Efficiency: When performance data flows automatically, you eliminate manual tasks, reduce operational inefficiencies, and free up family office teams to focus on broader strategic matters.
Modern Wealth Reporting Software
for RIAs and Family Offices
Today's portfolios are increasingly sophisticated, incorporating not only traditional equities but also private equity, hedge funds, real estate, and other illiquid investments.
Modern financial reporting tools need to deliver automated, real-time data, advanced analytics, and intuitive interfaces. Whether managing private wealth or multi-family office operations, both RIAs and family offices demand comprehensive yet user-friendly solutions.
Here, we examine leading performance reporting and financial management software that meets the diverse needs of RIAs and family offices. Each solution, featuring compelling advantages such as consolidated investment data, interactive dashboards, and AI-powered reporting capabilities, is designed to help you effectively manage multi-asset portfolios, including private and alternative investments.
1. Masttro — The Gold Standard in Wealth Reporting
Your Platform for Wealth in Full View
Masttro gives family offices a real-time, interactive view of total wealth, ensuring every asset – public and private, liquid and illiquid – is in full view. Our proprietary Global Wealth Map transforms complex structures into an intuitive visualization of your entire wealth in one interactive interface.
Standout Features:
- Global Wealth Map – Visualize your entire estate, across entities, asset classes, and geographies, in one intuitive, interactive platform.
- Consolidate 100% of Your Wealth Data – From public markets to private equity, real estate, and collectibles – ensuring a real-time, complete balance sheet.
- Alternative Investment Tracking – Track capital calls, distributions, and valuations seamlessly – powered by AI, with no manual reconciliation needed.
- 600+ direct custodian Integrations – The largest network of direct data feeds ensures real-time reporting accuracy and security, eliminating the risk of third-party aggregators.
- Security Without Compromise – Masttro never uses client data. Military-grade encryption ensures complete privacy and client-controlled access only, at all times.
Why Choose Masttro for Family Office Wealth Reporting?
Masttro wins at handling complex portfolios, fusing user-friendly interface design with advanced analytics that gives wealth owners, wealth managers, and investment managers the real-time data they need for informed decisions. Whether you’re monitoring cash flows, optimizing an asset allocation model, or tracking illiquid assets, Masttro performs the heavy lifting so you can focus on strategic planning.
2. AssetBook
AssetBook offers cloud-based reporting services and portfolio management tools that cater to wealth advisors. The platform focuses on simplifying manual tasks through a user-friendly interface, providing performance updates across multiple asset classes.
Standout Features:
- Attractive, easy to use, intuitive portfolio management system
- Comprehensive reporting on performance, tax considerations, or asset allocation
- Interactive Dashboards for tracking performance at a glance
- Custom investment classifications for up to 4 levels; build model portfolios at any level
- APIs to seamlessly integrate AssetBook with other software platforms
3. Schwab Advisor Portfolio Connect
Schwab Advisor Portfolio Connect is a proprietary platform designed primarily for Schwab-affiliated asset managers and wealth managers. Its consolidated reporting and data views help streamline operations, while robust security and compliance measures support regulatory requirements.
Standout Features:
- Daily account performance for Schwab accounts without need for data reconciliation
- Interactive client dashboards with account and account group views, including time-weighted returns with basic benchmarking and security classification
- Seamless integration with Schwab’s custody services for minimal manual workloads
- Not multi-custodial, but is available free of charge to advisors whose clients custody at Schwab
4. Advisor360
Advisor360 is a connected wealth management software that delivers tailored solutions, saving financial advisors time while increasing efficiency. Is a flexible wealth management platform that solves digital transformation needs, building, integrating, and delivering software that ensures greater productivity.
Key Capabilities:
- Bundle, schedule, and run fully reconciled reports
- Client portal to help advisors foster digital collaboration with their clients
- Create a centralized advisor experience and efficient workflows
- Wealth management data storage that meets compliance requirements
5. Wove by BNY Pershing
An easy, intuitive operating system created specifically for wealth management firms and their financial advisors and investors. Built with the highest levels of integration, Wove connects technology and data to deliver a truly interoperable, complete platform experience.
Key Capabilities:
- Streamlines advisor’s most important tools, tasks and workflows; simplifies daily functions
- Delivers a single view of client accounts, intuitive self-service tools, and collaboration features
- A centralized marketplace for multi-custody APIs, web components and third-party integrations
- End-to-end cloud data experience that helps wealth management firms integrate, manage, and optimize their enterprise data
6. First Rate Vantage
The Vantage Suite of products delivers a wide range of benefits, from streamlining investor management and automating processes to enhancing reporting accuracy, improving efficiency, and empowering smarter, data-driven decisions.
Key Differentiators:
- A unified alternative investments platform that consolidates all data
- Accurate, comprehensive reports effortlessly with advanced reporting software
- A robust investor portal enables real-time updates and transparency with investors and stakeholders
- Automate complex tasks and reduce manual errors
7. PowerAdvisor Tools
A Portfolio Management Software system designed to boost efficiency for RIAs. Offers unlimited capability for clients, accounts, contacts, securities, asset classes, groups, models, indices and more.
Why It Stands Out:
- An intuitive user interface with enhanced data security
- Create quality reports and increase processing efficiency with batch reporting and multiple export formats including PDF and Excel
- Built-in solutions for managing compliance including 18 audit-ready compliance reports
- Databases are protected by state-of-the-art data encryption and rigorous security protocols
Key Considerations for Choosing your Wealth Reporting Tools
1. Multi-Asset Support & Illiquid Investments
The latest wealth reporting solutions should handle all asset types, from hedge funds to private equity funds, and direct alternative investments. This is essential to incorporate every asset type into a single, real-time performance reporting view.
2. Automation & Reduction of Manual Workloads
Minimizing manual tasks is vital for family office teams dealing with large volumes of data. Solutions should automate repetitive tasks and seamlessly integrate with your current tech stack – particularly for asset tracking, cash flow projections, accounting, and financial planning.
3. Interactive Dashboards & Custom Reports
A modern platform offers customizable dashboards, real-time analytics, and thorough reporting capabilities that don’t require an engineer to see a complete picture of your financial landscape. The best financial reporting tool can break down performance metrics by entity, family member, percentage of ownership, or asset class.
4. Scalable Security & Compliance
Evaluate each cloud-based platform for encryption, regulatory compliance, and internal controls that protect sensitive data about illiquid assets and private assets from unauthorized access or compliance breaches. Multi-factor authentication is a must.
5. User-Friendly Interface & Peace of Mind
High-level executives, trustees, and other stakeholders often lack the time to parse complicated systems. Intuitive, user-friendly design fosters quick adoption across family office clients, empowering them to make informed decisions with peace of mind.
6. Advanced Analytics & Predictive Features
Tools that incorporate artificial intelligence or predictive analytics can support strategic decisions by flagging anomalies, identifying emerging trends in asset allocation, and streamlining reporting requirements.
Final Thoughts
Selecting the right wealth reporting software is crucial for both RIAs and family offices.
Masttro stands out as the comprehensive solution to manage complex portfolios, emphasizing powerful data aggregation, military-grade security, AI-powered alts workflow automation, and a superior user experience.
Platforms like AssetBook, Schwab Advisor Portfolio Connect, Advisor360, Wove, First Rate Vantage, and PowerAdvisor Tools all offer strong capabilities for RIAs and family offices, each suited to different operational complexities and budget considerations.
The right solution for your needs should provide accurate reporting, streamlined operations, and empowered decision-making, positioning your advisory or family office business for continued success.
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