Orion vs Black Diamond: Enterprise Wealth Platforms for RIAs in 2026

Orion and Black Diamond represent two different philosophies for enterprise wealth management technology. Orion has built an all-in-one ecosystem—CRM, portfolio accounting, trading, planning, compliance—while Black Diamond focuses on best-in-class reporting and portfolio management for complex, high-net-worth situations.

This guide helps RIAs and wealth managers evaluate which platform architecture fits their practice—and what client-facing capabilities neither provides.

Last reviewed: January 18, 2026.

Quick verdict

Choose Orion if: You want a unified platform that handles everything—CRM, portfolio accounting, trading, planning, and compliance—from one vendor. Orion's scale ($5.6 trillion AUA) and market-leading position mean extensive integrations and continuous development. Best for firms wanting to consolidate their tech stack.

Choose Black Diamond if: You serve ultra-high-net-worth clients or family offices with complex, multi-entity portfolios and alternative investments. Black Diamond's reporting and data aggregation are unmatched for sophisticated wealth situations. Best for firms where client presentation matters as much as back-office efficiency.

Consider X1 Wealth as a complement if: You want to give clients family-office-quality planning documents—values articulation, governance frameworks, estate plan analysis—without building these capabilities yourself. Neither Orion nor Black Diamond provides client-facing strategic planning tools.

Comparison at a glance

Understanding Orion

Orion has grown from a portfolio accounting platform into a comprehensive wealth technology ecosystem. Through acquisitions (Redtail CRM, HiddenLevers risk analytics, Brinker Capital) and internal development, Orion now offers an all-in-one solution that can power an entire RIA's operations.

Orion's scale and market position

The numbers tell the story:

• $5.6 trillion in assets under administration
• $124 billion in wealth management platform assets
• 7.8 million technology accounts
• #1 market share in CRM and portfolio accounting (T3 Advisor Survey 2025)
• 17 of top 20 Barron's RIA firms use Orion technology

Key strengths

1. All-in-one ecosystem

Orion's value proposition is consolidation. One vendor for:

• Portfolio accounting and reporting
• CRM (Redtail integration)
• Financial planning (Orion Planning)
• Trading and rebalancing (Eclipse platform)
• Compliance management
• Risk analytics (HiddenLevers)
• Client portal and mobile app

2. Trading excellence

Eclipse, Orion's trading and rebalancing engine, is considered industry-leading. Household trading, tax-loss harvesting, asset category groupings, and sophisticated rebalancing rules give advisors institutional-grade execution.

3. Continuous innovation

Recent launches include:

• Tailored Allocation Portfolios — Tax-aware, personalized portfolios at scale combining custom indexing with model portfolios
• AI-powered meeting agendas — Auto-generated client meeting prep
• Foundation Stack — Entry-level package for smaller RIAs with discounted Redtail pricing

4. Integration depth

With dominant market share, Orion has the most extensive integration ecosystem. Most fintech vendors prioritize Orion compatibility.

Orion pricing

Orion uses modular pricing based on which components you need and firm size. Specific pricing requires direct consultation, but options include:

• Foundation Stack — Entry-level for smaller RIAs (includes portal, planning, portfolio accounting, billing, reporting)
• Custom Indexing — 0.15% for various ESG and thematic SMAs
• Full platform — Custom pricing based on AUM and modules

Orion limitations

• Complexity — All-in-one means steep learning curve and dedicated ops staff
• Interface age — Some components feel less modern than point solutions
• Vendor lock-in — Deep integration makes switching costly

Understanding Black Diamond

Black Diamond, owned by SS&C Technologies (through Advent), takes a different approach: be the best at portfolio reporting and client communication for complex wealth situations. Rather than building everything, Black Diamond excels at its core and integrates with best-of-breed solutions for other needs.

Key strengths

1. Premium reporting and visualization

Black Diamond's reports are consistently rated as the most visually appealing and client-friendly in the industry. For firms where client presentation matters—especially with HNW clients who expect premium everything—this differentiation matters.

2. Alternative asset excellence

Family offices and UHNW clients have complex portfolios: private equity, hedge funds, real estate, art, collectibles. Black Diamond's data aggregation and alternative asset servicing handles these better than most competitors.

3. Multi-entity complexity

Trusts, LLCs, family limited partnerships, foundations—wealthy families have complicated structures. Black Diamond is built for this complexity, providing consolidated reporting across entities.

4. Client portal quality

The Black Diamond client portal is highly rated, offering:

• Configurable dashboards with performance, income projections, allocations
• Two-way secure document vault
• Outside account aggregation for complete net worth view
• Balance sheet reporting

5. Integration ecosystem

55+ pre-built integrations plus open API. Black Diamond integrates with most major CRM, planning, and trading platforms rather than trying to replace them.

Black Diamond pricing

Black Diamond uses AUM-based pricing:

• Approximately 1 basis point (0.01%) of total client AUM annually

For a firm with $500M AUM, that's roughly $50,000/year. Pricing may vary based on services, firm size, and negotiation.

Black Diamond limitations

• No native CRM — Must integrate with Salesforce, Redtail, or others
• No native financial planning — Must integrate with eMoney, RightCapital, etc.
• Smaller market share — 9% vs Orion's 20% means fewer integration priorities
• Implementation time — 3-6 months for firms under $1B AUM, 6-9 months for larger

Feature-by-feature breakdown

Portfolio accounting

Orion: Comprehensive portfolio accounting with sophisticated multi-currency, multi-custodian support. The Eclipse trading engine is tightly integrated.

Black Diamond: Strong portfolio accounting focused on complex wealth situations—alternatives, multi-entity structures, illiquid assets.

Winner: Tie—Orion for trading integration, Black Diamond for complexity handling.

Reporting

Orion: Robust reporting with customization options. Functional and comprehensive, if not always visually stunning.

Black Diamond: Premium, visually appealing reports designed to impress sophisticated clients. This is Black Diamond's core differentiator.

Winner: Black Diamond for client-facing presentation quality.

Trading and rebalancing

Orion: Eclipse is industry-leading. Household trading, tax-loss harvesting, model management, and sophisticated rebalancing at scale.

Black Diamond: Capable trading and rebalancing, but not the platform's primary focus.

Winner: Orion, clearly.

CRM

Orion: Redtail CRM included (with discount) or integrate alternatives. Tight workflow integration across the platform.

Black Diamond: No native CRM. Integrates with Salesforce, Redtail, Wealthbox, and others.

Winner: Orion for included functionality.

Financial planning

Orion: Orion Planning provides native planning capabilities. Also integrates with RightCapital, eMoney, MoneyGuidePro.

Black Diamond: No native planning. Integrates with major planning platforms.

Winner: Orion for included functionality.

Client portal

Orion: Solid client portal with mobile app. Performance views, document sharing, account aggregation.

Black Diamond: Highly rated portal with configurable dashboards, document vault, and detailed balance sheet reporting.

Winner: Black Diamond for portal quality and customization.

Alternative investments

Orion: Good alternative asset support that has improved significantly.

Black Diamond: Excellent alternative data aggregation and servicing—a core strength for family office work.

Winner: Black Diamond for complex alternative portfolios.

Implementation

Orion: Typically 3-6 months depending on firm complexity and which modules are implemented.

Black Diamond: 3-6 months for firms under $1B AUM, 6-9 months for larger firms.

Winner: Comparable, though Orion's modular approach may allow faster partial implementations.

Who should choose Orion?

Orion is right for you if:

• You want to consolidate multiple vendors into one platform
• Trading and rebalancing efficiency is a priority
• You value having CRM, planning, and compliance from one vendor
• You serve a range of client types (not exclusively UHNW)
• Integration ecosystem breadth matters for your tech stack
• You're comfortable with a steeper learning curve for comprehensive features

Ideal Orion firm: A growing RIA with $200M-$2B AUM that wants operational efficiency through consolidation, values trading capabilities, and serves a diverse client base.

Who should choose Black Diamond?

Black Diamond is right for you if:

• Client-facing reporting quality is a competitive differentiator
• You serve UHNW clients and family offices with complex situations
• Alternative investments are significant in client portfolios
• Multi-entity structures (trusts, LLCs, foundations) are common
• You already have preferred CRM and planning tools
• Premium presentation matters to your client base

Ideal Black Diamond firm: A wealth manager serving $5M+ clients with complex portfolios, multiple entities, and alternative investments, where sophisticated reporting justifies premium positioning.

What neither platform offers

Both Orion and Black Diamond focus on advisor operations—the back-office efficiency that helps firms scale. But neither addresses what clients increasingly expect from their wealth relationships:

Values-based planning

Neither platform helps you document what clients actually care about—their family values, decision-making frameworks, or legacy intentions. You're left building these deliverables manually.

Governance frameworks

For wealthy families, governance is critical: How do they make financial decisions together? What's the process for major choices? Neither platform provides these frameworks.

Estate plan analysis

Clients have trusts and estate documents they don't understand. Neither Orion nor Black Diamond helps them—or you—make sense of these critical documents.

Client-ready strategic documents

Both platforms produce reports. But what do you hand clients between meetings that helps them understand their wealth strategy beyond performance numbers?

X1 Wealth: the client deliverable layer

X1 doesn't compete with Orion or Black Diamond for portfolio accounting or advisor operations. We think both are excellent at what they do.

Instead, X1 provides client-facing planning documents that complement your operational platform:

Family Constitution: Values articulation, decision frameworks, and governance structures that wealthy families actually use.

Family Office Outputs: Wealth Philosophy Profile, Risk DNA Report, Legacy Blueprint—documents that position you as a comprehensive wealth partner.

Estate Plan Analysis: Upload client trust documents and generate plain-English explanations they can share with family members.

Advisor Packets: Shareable bundles of financial snapshots, documents, and strategic context that prep clients for meetings.

Best for: Advisors using Orion or Black Diamond who want to deliver family-office-quality planning documents without building them from scratch.

See how X1 complements your advisor tech stack →

Methodology

This comparison was developed through:

• Analysis of T3 Advisor Software Survey and Kitces Research data
• Review of official product documentation from both vendors
• Industry analyst reports and user feedback
• Pricing information verified where publicly available (January 2026)

We have no affiliate relationship with either Orion or Black Diamond.

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Looking for different comparisons? See our guides to RightCapital vs eMoney for planning software or Addepar vs Black Diamond for HNW reporting platforms.