The 12th annual Wealth Solutions Executive Forum occurred in Vilano Beach, near St. Augustine, Florida. This 460-year-old historic city symbolizes a legacy of transformation and progress. It was a fitting location as this year’s theme focused on growth, not only in assets and firm expansion, but also in technology, talent, and strategic partnerships.
SS&C Black Diamond and Morningstar Strategic Alliance
One of the most significant discussions focused on the Morningstar-Black Diamond strategic alliance that the firms announced jointly in February. This initiative offers advisors a direct migration path as Morningstar sunsets Office and creates a seamless integration between SS&C’s Black Diamond Wealth Platform and Morningstar's Direct Advisory Suite (DAS).
Key features of the integration include:
- Single Sign-On (SSO): Advisors can log into both Black Diamond and Morningstar’s Direct Advisory Suite with one set of credentials
- Accounting and household information: Automatic sync from Black Diamond into DAS
- Overnight Batch Import: Portfolio and investment data updates automatically sync overnight, ensuring up-to-date insights each morning
- Access to Morningstar Research: Advisors can retrieve Morningstar’s research and investment planning tools in real-time through Black Diamond’s Client View dashboard
By aligning Black Diamond’s household and account data with Morningstar’s powerful research capabilities, we are setting a new standard in advisory technology. It makes it easier for firms to manage portfolios, generate proposals, and deliver an elevated client experience.
According to Steve Leivent, SVP and Co-General Manager of SS&C’s Wealth and Investment Technologies division, “This alliance makes Black Diamond the first platform of its kind to integrate Morningstar’s rich research and data capabilities advisors have relied on for decades and provides seamless integration of Morningstar’s industry-leading data and analytics with client workflows.”
Client-centric enhancements delivered in 2024
As part of its commitment to deliver cutting-edge technology, Black Diamond's product team, led by VP of Product Management John Milne, shared significant advancements made in 2024 that benefit advisory firms. These include enhanced reporting and rebalancing features, expansion of trust services, alternative investment capabilities, and CRM API integrations. These enhancements reinforce Black Diamond's vision of creating a fully integrated advisory platform that allows firms to automate manual processes, improve compliance, and scale more effectively.
Insights from the Client Executive Forum
One of the key discussions at the Executive Forum was led by Doug Fritz, Founder and Executive Chairman of F2 Strategy, who highlighted that the wealth management industry has historically struggled with organic growth. Fritz's session explored how AI, automation, and modern technology stacks are essential to scaling advisory firms without increasing headcount. He emphasized several critical insights, including:
- Advisors must embrace AI-powered solutions to drive efficiency and enhance client engagement
- Technology management in down markets is crucial as firms look for cost-saving solutions without sacrificing service quality
- A more unified tech ecosystem is necessary to eliminate redundant processes and maximize firm growth potential
- Partnering with proven technology vendors, rather than untested startups, can reduce risk, ensure long-term reliability, and provide a stable foundation for innovation
Fritz states, “As the industry continues to evolve, firms that embrace modern, unified technology platforms – and choose partners with a track record of success – will be best positioned for long-term success.”
With Black Diamond, advisors have the tools needed to thrive in an increasingly complex financial landscape. By leveraging trusted, battle-tested technology solutions, firms can drive efficiency, scale operations, and focus on what matters most: building lasting client relationships and driving meaningful growth.
To learn how the SS&C Black Diamond Wealth Platform can support your unique wealth management business, request your personal demo, call 1-800-727-0605, or email info@advent.com.
