Industry News

If this were a regular this vs. that type of article, it would start by defining why it’s challenging to choose between best in class or all-in-one platforms. We would offer up a pros and cons list and then leave you right where you started, still unsure how to go. Nope, this isn’t that type of article.

At AssetBook, we know that one of the first choices you make when you move to independence as an RIA is custodian use. You choose a trading and rebalancing software and a performance reporting provider that best meets your needs. These first decisions provide the critical components of starting an advisory business. Without the appropriate software, making trades and reporting transactions to clients can be hindered.

While it may seem advantageous to choose an all-in-one system containing components for almost everything an advisor needs, you often pay for components that are rarely used. Worse yet, all-in-one systems often ‘sunset’ when mergers, partnerships, or buyouts occur, or the tech provider closes their doors and you are left scrambling to replace everything. These dilemmas rarely occur from best in class software from multiple providers.

AssetBook is a company that focuses on a niche in the industry. We are a master of one trade, not a jack of all trades. Just as clients rely on you for your expertise, you should be able to rely on your technology partners for theirs in the same way. We are the experts when it comes to portfolio accounting, management, and reporting for RIAs. All of our time, energy, and focus are invested in making our Pulse software an even better product that provides our clients with the best experience:

  • Advisors give our software a 9.5 out of 10 rating.
  • Our customer support is top-notch.
  • AssetBook’s team has four times (4X) more tenure than the industry average.
  • Our team collectively has over 320 years of experience in the financial services industry.
  • We support a specific product –
  • Because portfolio monitoring and reporting are our sole focus, we can innovate faster than any all-in-one provider.

Now let’s address the elephant in the room; price. Although the price is a differentiating factor in this comparison, it’s short-sighted to stop there. The tech stack you choose is a fundamental part of your business. We are not saying you should throw your money away; quite the opposite. Selecting the wrong stack will stunt the growth of your firm. Yes, a la carte/build your own/best in class most likely will cost more than an all-in-one, which is essentially a bulk purchase.

The benefits of building a tech stack where you choose each piece are in the “name” – best in class. This feature makes it easy to swap out components if you don’t like the service, etc., of the provider instead of being stuck in an all-in-one. Best in class integrations work together seamlessly 24/7 with no downtime. However, when all-in-ones go down, everything is down.

At AssetBook, we believe that the choice to add tech components should be well thought out. Here are some factors to consider:

  • Each tech provider continually upgrades and integrates with other best-of-breed providers.
  • All the software is easy to use.
  • The support teams respond quickly and in person.
  • Integration of the ‘back-office’ is streamlined and real between providers.
  • Data flow between the custodians, and the software is uninterrupted.
  • The software integration partners strive to keep each other and their software agile.
  • Each provider’s capability expands by finding complementary components to offer its users.

Best in class platforms benefit you in multiple ways by providing access to emerging wealth tech, a fully integrated back office, and economic and operational benefits. Contact us to find out why Pulse is the best choice for your portfolio monitoring and reporting software.