SS&C Technologies Holdings has combined its wealth management offerings into one unified brand and platform under its Black Diamond unit, which is well-known by advisors.
The Windsor, Conn.-based wealthtech firm announced Tuesday that advisors would now access its Black Diamond, Accord, Salentica and family office platforms under a unified Black Diamond Wealth Solutions.
Black Diamond is SS&C’s widely used wealth platform, which includes portfolio management, reporting, trading and CRM. Accord is its alternative investment data aggregator, Salentica is its client relationship management platform, and SS&C also has family office offerings that include portfolio account reporting, partnership accounting, and tax accounting and reporting.
“SS&C Black Diamond Wealth Solutions gives firms a truly integrated experience without the friction of working across separate systems,” Steve Leivent, co-general manager of wealth and investment technologies at SS&C, said in a statement.
SS&C did not immediately respond to a request for comment as to whether the unification would roll up Salentica into Black Diamond, nor how long it had been working on the unification.
Black Diamond has over 800,000 active users overseeing over $3.6 trillion in assets in the wealth management space. According to SS&C’s announcement, those clients will not experience any disruption in the shift.
The move is part of an industry push toward “single-pane” solutions for advisors, who often have to switch between various platforms to serve the growing list of client needs.
“Wealth managers need their technology partners to deliver increasingly connected, modern experiences,” Leivent said in a statement. “This unification represents a strategic evolution designed to help wealth managers operate more efficiently, grow faster, and deliver more personalized service at scale.”
Earlier this year, investing data behemoth Morningstar retired its separate Office platform product for advisors to partner with Black Diamond, which is integrating Morningstar’s Direct Advisory Suite. Black Diamond users will have access to Morningstar’s data and research.
SS&C acquired Black Diamond in 2015 with the purchase of Advent Software. The firm provides services and software in the healthcare and finance industries.
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