Black Diamond
Black Diamond is a cloud-based wealth management platform that provides financial advisors with portfolio management, reporting, and client communication tools to streamline their daily operations.
Fathom
Fathom is a financial reporting and analysis software that transforms your accounting data into visual reports, automated insights, and forward-looking forecasts to help you make better business decisions.
Quick Comparison
| Feature | Black Diamond | Fathom |
|---|---|---|
| Website | blackdiamond.advent.com | fathomhq.com |
| Pricing Model | Custom | Subscription |
| Starting Price | Custom Pricing | $55/month |
| FREE Trial | ✘ No free trial | ✓ 14 days free trial |
| Free Plan | ✘ No free plan | ✘ No free plan |
| Product Demo | ✓ Request demo here | ✓ Request demo here |
| Deployment | ||
| Integrations | ||
| Target Users | ||
| Target Industries | ||
| Customer Count | 0 | 0 |
| Founded Year | 2003 | 2010 |
| Headquarters | Jacksonville, USA | Brisbane, Australia |
Overview
Black Diamond
Black Diamond is a comprehensive wealth management platform designed to help you run your advisory firm more efficiently. You can manage complex portfolios, track performance, and handle rebalancing all within a single, unified interface. It eliminates the need for multiple disconnected systems by integrating your back-office workflows with a high-end client experience.
You can provide your clients with a personalized web portal and mobile app where they can view their total net worth and interact with your firm securely. The platform is built to scale with your business, whether you are an independent RIA or part of a large wealth management enterprise. By automating data aggregation and reporting, you can spend less time on manual entry and more time building relationships with your clients.
Fathom
Fathom is a reporting and financial analysis tool that helps you see exactly how your business is performing. Instead of digging through complex spreadsheets, you can create beautiful, automated reports that highlight the metrics that matter most to your stakeholders. You can easily track key performance indicators, monitor trends, and compare different entities or branches side-by-side to identify growth opportunities.
The platform simplifies the way you handle consolidations and multi-currency reporting, making it ideal for franchises or companies with multiple locations. You can also build detailed financial forecasts and 'what-if' scenarios to plan for the future with confidence. It connects directly to your existing accounting software, ensuring your data is always up-to-date and accurate without manual entry.
Overview
Black Diamond Features
- Performance Reporting Create customizable, presentation-ready reports that show your clients exactly how their investments are performing against specific benchmarks.
- Portfolio Monitoring Track all your client accounts in real-time with automated data feeds that ensure your portfolio information is always accurate.
- Client Experience Portal Offer your clients a branded, interactive online portal where they can access their financial documents and track their goals.
- Rebalancing and Trading Execute trades and rebalance portfolios across your entire firm quickly while maintaining strict adherence to your investment models.
- Data Aggregation View a complete picture of your clients' wealth by pulling in data from thousands of financial institutions automatically.
- Billing and Invoicing Automate your complex fee calculations and generate professional invoices to ensure you get paid accurately and on time.
Fathom Features
- Automated Reporting. Create professional, branded reports in minutes using pre-built templates that sync automatically with your accounting data.
- Visual Analytics. Transform dry financial numbers into interactive charts and graphs that make it easy to spot trends and outliers.
- Financial Forecasting. Build three-way forecasts and model different business scenarios to see how today's decisions impact your future cash flow.
- KPI Tracking. Choose from over 50 standard KPIs or create your own custom metrics to monitor what drives your business success.
- Multi-Entity Consolidations. Combine financial data from multiple companies or branches into a single view with automated currency conversions.
- Benchmarking Tools. Compare the performance of different business units or clients against each other to identify top performers and laggards.
Pricing Comparison
Black Diamond Pricing
Fathom Pricing
- All reporting and analysis features
- Financial forecasting tools
- Consolidations and benchmarking
- Unlimited users
- Direct accounting integrations
- Standard and custom KPIs
- Everything in Starter, plus:
- Volume discount per company
- Multi-entity reporting
- Consolidated group analysis
- Intercompany eliminations
- Global currency support
Pros & Cons
Black Diamond
Pros
- Exceptional client portal enhances your professional brand
- Automated data reconciliation saves hours of manual work
- Highly customizable reporting meets diverse client needs
- Strong integration ecosystem with popular CRM tools
Cons
- Initial setup and implementation requires significant time
- Premium pricing may be high for smaller firms
- Learning curve for mastering advanced reporting features
Fathom
Pros
- Beautiful visual reports that are easy for non-accountants to understand
- Seamless integration with Xero, QuickBooks, and MYOB
- Saves hours of manual work on monthly reporting packs
- Powerful consolidation features for complex business structures
Cons
- Initial setup of custom KPIs can be time-consuming
- Forecasting module has a steeper learning curve than reporting
- Pricing can become expensive for firms with many clients