Private Wealth Systems vs Black Diamond Comparison

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Private Wealth Systems

Private Wealth Systems

Category
Consolidated Reporting

USA-based Private Wealth Systems provides the digital infrastructure that powers modern family offices across the world. The platform is able to support even the most complex nested ownership structure through its capturing, correcting, calculating and presenting of actionable information across asset classes and currencies.

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black diamond

Black Diamond

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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Company
Employees

  • 11-50
Founded

  • 2014
Ownership

  • Owned by management
  • Clients are also owners
Incorporated

  • United States of America
Locations

  • Charlotte
  • New York
  • Salt Lake City
Top 5 Markets

  • Switzerland
  • United States of America
  • United Kingdom
  • Saudi Arabia
  • Australia
Total AUM

  • $200 billion
Avg. AUM per client

  • $223 million

  • 500+

  • $4.633 million

  • 2003

  • Owned by a larger corporation

  • United States of America

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

  • United States of America

  • $1.9 trillion

  • $1.2 billion
Client
Focus

  • Single-family offices
Serves also

  • Multi-family offices
  • Banks
  • Individual wealth owners
  • Fund managers
Number

  • 650+ UHNWIs and family offices

  • Independent financial advisors

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

  • +1.800 firms
Product
Main tasks

  • Accounting
  • Consolidated reporting
  • Portfolio management
  • Data aggregation
  • Risk management
  • Impact/ESG reporting
Top features

  • Data aggregation – our direct bank feeds captures 3x more data than other providers.
  • Data validation – we perform daily reconciliation and correct bank data errors.
  • Performance calculation – in side by side comparisons with other systems we have proven double-digit accuracy in performance and analytics.
  • Custom reporting – our award winning data model empowers each user to personalize their data any way they want.
  • Digital portal – wealth owners can customize their own mobile dashboards to have total power over their wealth.
Assets supported

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

  • GDPR
Whitelabel

  • Yes

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

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

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

  • RCI
  • SmartRIA

  • Yes
Technology
Type Of Software

  • SaaS
  • Serviced software
Security

  • Multi factor authentication
  • Application scanning
  • Network scanning
  • Encryption at-rest and in-transit
  • Data leakage prevention (DLP)
  • User level access controls
  • Annual audits by global banks
Ecosystem

  • Microsoft
Integrations

  • API that can connect with any third party system including CRM, bill pay
Mobile App

  • Yes

  • Serviced Software
  • SaaS

  • 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

  • Microsoft
  • Linux

  • 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

  • Yes
Simple solutions for complex times.