Key Takeaways
- According to advisers' own websites and SEC Form ADV filings, Orion is the portfolio reporting system SEC-registered wealth managers use most, by 479 advisers or 30% of those we could see using one.
- According to the same sources, Black Diamond is second with 360 advisers; together the two reach 52% of advisers using a portfolio reporting system.
- Of 5,237 wealth managers' websites read on October 28, 2026, 1,576 (30%) show a portfolio reporting system through a client sign-in or their filing.
- Where an adviser's website and its Form ADV filing both name a portfolio reporting system, they agree for 92% of advisers.
Orion is the portfolio reporting system SEC-registered wealth managers use most, by 479 advisers or 30% of those we could see using one. Black Diamond is second with 360, and Envestnet Tamarac third with 337.
Form ADV rarely says which portfolio reporting system an adviser runs: it asks where records are kept, not which systems a firm uses. So this page reads two sources. The first is the adviser's own website, where it links its clients to the product's sign-in. The second is its Form ADV filing, where some advisers name the product as keeping their records. Of 5,402 SEC-registered wealth managers, we read 5,237 websites on October 28, 2026, and 1,576 (30%) use a portfolio reporting system that one of the two sources shows.
The portfolio reporting systems wealth managers use
Counted by advisers, each adviser once per product. The middle columns say which source shows it: 1,477 advisers through their website, 159 through their filing. The last column is the median assets those advisers reported in the SEC's monthly file of September 1, 2026: the median, because one very large adviser can carry a total.
| Rank | Portfolio reporting system | Advisers using it | On their website | In their filing | Share of advisers that use a portfolio reporting system | Median assets those advisers manage |
|---|---|---|---|---|---|---|
| 1 | Orion | 479 | 434 | 61 | 30.4% | $406 million |
| 2 | Black Diamond | 360 | 347 | 17 | 22.8% | $473 million |
| 3 | Envestnet Tamarac | 337 | 302 | 57 | 21.4% | $640 million |
| 4 | Advyzon | 296 | 287 | 13 | 18.8% | $236 million |
| 5 | Addepar | 112 | 100 | 21 | 7.1% | $950 million |
| 6 | SEI | 32 | 32 | 0 | 2.0% | $299 million |
| 7 | AssetMark | 22 | 22 | 0 | 1.4% | $259 million |
Download this table (CSV), free.
This table counts products. Which advisers use which, with the sign-in link or filing that shows it, the date it was seen, and each adviser's assets, clients and registration, are in the adviser-level workbook: one row per wealth manager in scope, identified by its SEC number, updated for a year.
Run an advisory firm? Check what this data says about yours, correct anything that is wrong, and see what firms your size use. For all four categories in one license, see the RIA technology data.
Who uses a portfolio reporting system, by size
Advisers using any of these 7 products, by the assets they manage.
| Assets the adviser manages | Advisers using a portfolio reporting system |
|---|---|
| Under $100 million | 25 |
| $100 million to $1 billion | 1,188 |
| $1 billion to $10 billion | 326 |
| $10 billion and over | 37 |
50 advisers use more than one, so the products' counts add up to more than 1,576.
Do the two sources agree?
Where an adviser's website and its filing both name a portfolio reporting system, they name the same one for 55 of 60 advisers (92%). The website is the wider source, because most filings name none; the filing is the older one, as of December 31, 2024. Agreement where both speak is what says a sign-in link means what it seems to.
What the sources can and cannot say
- A sign-in link is strong evidence of use. An adviser links its clients to the system they log in to. Of the website links counted here, 97% point to a sign-in or portal address; the rest point to the product's own site, from an adviser's page about the tools it uses.
- No link is evidence of nothing. Many advisers do not link a client login at all, or link only their custodian's. An adviser can use a product its website does not show.
- Wealth managers only. The count covers SEC-registered advisers that manage at least half their assets for individuals, manage at least $25 million, and list a website.
- Read once so far. The websites were read on October 28, 2026. Each quarter's reading will show which advisers added or changed a product.
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How this was counted
From the SEC's registered-adviser file of September 1, 2026, every adviser managing at least $25 million, half or more of it for individuals, with a website on file. Each homepage was read, with up to two of the site's own sign-in pages, and every outside link matched to a product by the address it points to, never by words on the page. The same advisers' Form ADV filings through December 31, 2024 were read for products named in Schedule D, Section 1.L. Each adviser is counted once per product.
Limits
- Shares favor products clients log in to. A product with a client sign-in shows on an adviser's website; one the adviser uses only in its own office does not, unless the filing names it. Read the shares as shares of what can be seen.
- Products we recognize only. A product is counted when its sign-in address is known to us; a product whose portal we have not identified is not in these counts.
- One adviser, one site. An adviser with several websites is read at the one it lists first.
- Some sites could not be read. 5,237 of 5,402 were.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
30% of SEC-registered wealth managers that use a portfolio reporting system use Orion, according to a Finantrix Atlas analysis of advisers' websites and Form ADV filings.
Suggested citation: Finantrix Atlas, "Which Portfolio Reporting Software Do RIAs Use?", from advisers' websites read October 28, 2026 and SEC Form ADV filings through December 31, 2024. https://www.finantrix.com/articles/ria-portfolio-reporting-software
Embed the chart:
<a href="https://www.finantrix.com/articles/ria-portfolio-reporting-software"><img src="https://www.finantrix.com/atlas/ria-portfolio-reporting-software.png" alt="portfolio reporting systems used by RIAs, from Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/ria-portfolio-reporting-software">Finantrix Atlas</a>, from advisers' websites and SEC Form ADV data.</p>
Frequently asked questions
Q: Which portfolio reporting system do the most RIAs use? A: Among SEC-registered wealth managers, Orion, used by 479 advisers according to their websites and Form ADV filings, 30% of those we could see using a portfolio reporting system.
Q: How do you know which portfolio reporting system an adviser uses? A: From the sign-in link on its own website, or from its Form ADV filing where it names the product as keeping its records. Where both name one, they agree for 92% of advisers.
Download the data
Two CSV files, free: the 7 rows on this page, and the full dataset of all 7 rows, as of October 28, 2026.
Frequently Asked Questions
Which portfolio reporting system do the most RIAs use?
Among SEC-registered wealth managers, Orion, used by 479 advisers according to their websites and Form ADV filings, 30% of those we could see using a portfolio reporting system.
How do you know which portfolio reporting system an adviser uses?
From the sign-in link on its own website, or from its Form ADV filing where it names the product as keeping its records. Where both name one, they agree for 92% of advisers.