Black Diamond Wealth Platform vs Fincite

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black diamond

Black Diamond Wealth Platform

Category
Consolidated Reporting

USA-based, the Black Diamond Wealth Platform offers a cloud-based solution encompassing accounting, consolidated reporting, compliance, portfolio management, trading and data aggregation. Complete with performance reporting, portfolio rebalancing and an immersive client portal, the platform connects to a vast ecosystem of smart integrations.

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fincite

Fincite

Category
Portfolio Management

Fincite solves challenges family offices are facing within their wealth management, advisory, or even self-execution services with the means of intelligent software. From onboarding (risk profile, sustainability preferences, KYC, AML, etc.), advice (automated investment proposal or wealth forecast), investment (portfolio optimizations or rebalancing), order execution (FIX, SWIFT or direct custodian connection) as well as regular reporting (portfolio aggregation and analysis). Their software offering is 100% modular.

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Company
Employees

  • 500+

Revenue

  • $4.633 million

Founded

  • 2003

Ownership

  • Owned by a larger corporation

Incorporated

  • United States of America

Locations

  • Jacksonville
  • Florida
  • New York
  • San Francisco
  • California

Top 5 Markets

  • United States of America

Total AUM

  • $1.9 trillion

Avg. AUM per client

  • $1.2 billion


  • >50


< $50 million


  • 2016


  • Owned by management
  • External investors (neither clients nor staff)


Germany


Frankfurt


  • Germany
  • United States of America
  • DACH
  • Nordics
  • Dutch


–


–

Client
Focus

  • Independent financial advisors

Serves also

  • Single-family offices
  • Multi-family offices
  • Independent financial advisors
  • Registered investment advisors

Number

  • +1.800 firms


  • Multi-family offices


  • Individual wealth owners
  • Single family offices
  • Multi-family offices
  • Investment & Financial Advisors (RIAs/IFAs)
  • Custodians
  • Banks
  • Brokerages


  • 30 clients around the globe, thereof 5 international universal banks, 7 private banks, 4 wealth managers, 1 broker pool, 7 advisors.

Product
Main tasks

  • Accounting
  • Consolidated reporting
  • Compliance (e.g. AML, KYC, regulatory reporting)
  • Portfolio management
  • Trading (execution on platform)
  • Trading (orders only)
  • Data aggregation

Top features

  • User interface
  • End client experience (client portal)
  • Data quality/data integrity
  • Exceptional service model
  • Billing
  • Trading/rebalancing
  • Sophisticated report output
  • Business intelligence

Assets supported

  • Bankable assets
  • Private equity
  • Real estate
  • Rare collectibles (e.g. luxury cars, boats, high-value jewelry)

Compliance

  • RCI
  • SmartRIA

Whitelabel

  • Yes


  • Customer Onboarding
  • Portfolio management
  • Order execution


  • Ability to Whitelabel
  • Custom Development Service
  • Custom Reports
  • Digital Excellence
  • Full Multi-Currency Support
  • Mobile App
  • Proven Agility
  • Sustainability
  • Real-time analytics
  • Asset class aggregation
  • Client Portal


  • Alternatives
  • Bankable or Financial Assets & Funds
  • Cash & Equivalents
  • Digital Assets & Crypto Currency
  • Equities
  • Fixed Income
  • Foreign Exchange
  • Lifestyle Assets & Rare Collectibles
  • Private Equity & Direct Investments
  • Real Estate


  • MiFID II
  • GDPR


Yes

Technology
Type Of Software

  • Serviced Software
  • SaaS

Security

  • SSO & MFA (Single Sign-on and Multi-Factor Authentication)
  • Encryption In-Transit and At-Rest
  • Vulnerability and Penetration Testing
  • Source Code Analysis
  • Data Integrity Validation
  • Multi-Layered Endpoint Protection
  • Network Security including Web Application Firewall and Intrusion
  • Detection Secure Document Vault
  • Access Control (Role Based Permissions with Principle of Least-Privilege)
  • Firm Configurable Security Settings
  • Security Awareness Program

Ecosystem

  • Microsoft
  • Linux

Integrations

  • More than 55 pre-built integrations with other software solutions. We have a robust open API for custom integrations as well. Some key integrations are listed below:
    1. – CRM: Salentica, Redtail, Salesforce
    2. – Trading & rebalancing: Redblack, Blaze, iRebal
    3. – Financial planning: eMoney, RightCapital, MoneyGuidePro, Advizr, Libretto
    4. – Risk management: RCI, Hidden Levers
    5. – Custodian: Schwab, Fidelity, Pershing, Raymond James, LPL, Goldman Sachs
    6. – UMA/SMA: Adhesion, SMArtX

Mobile App

  • Yes


SaaS


  • Microsoft
  • SAP
  • Java
  • Other


  • There is no system we would not integrate with our flexible API data model, e.g. Microsoft Dynamics for CRM, Triple A for PMS/ OMS


Yes