MStar Advisor Workstation or Advent
Anyone have an opinion for a HNW wealth management practice?
What do you value more…
1.) Investment analytics, or
2.) Performance reporting.
If you prefer to have a stronger investment analytics platform, then the
Morningstar platform is the way to go. It offers an integrated billing and
analytics platform that allows you to download your client data, create
performance reports, and analyze portfolios no different than you would
If you have a stronger need to provide fully customizable performance
reporting, without the strong need for investment analytics, then Advent
is the program for you to consider. You can customize your own reports
with a level of customization that is far more flexible than Morningstar.
Both systems are strong systems. For me, I’d prefer to separate my
analytics platform from my reporting system. We use a company called
Black Diamond that receives a direct feed from our custodian. We
customize the reports, and the data is organized for each partner in an
excellent format. They take care of everything during your conversion,
and you don’t have to reconcile your own accounts each day (that’s the
rub with the other systems which you have to maintain). I’d give them a
call, seriously, and see if they can give you a web demo.
I believe that Advent may also offer a ‘hands off’ version of their software,
where they scrub and maintain your data and allow for a user to login to
the website and view the data. Not sure exactly, but I think they provided
my firm that service as an option if we didn’t want to have someone
maintain our data through the standalone system.
It’s all good stuff.
The Office Edition Advisor Workstation is actually $5400 a year, not $15,000. The license is valid for one advisor and one assinged assistant.