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08 February 2024

From Dragons to Digital | SS&C Black Diamond's Visionary Approach to Wealth Management

According to the Chinese Zodiac, 2024 is the "Year of the Dragon," which provides an advantageous forecast for a seminal year. Dragons hold a significant place in Chinese culture as auspicious and extraordinary creatures, unparalleled in talent and excellence, symbolizing power, nobility, honor, luck, and success. As a result, 2024 is forecasted to bring opportunities, changes, and challenges – which could be considered a comprehensive metaphor for the wealth management industry.

We are excited about this upcoming year, especially as we look at our wealth management business, where the SS&C Black Diamond® Wealth Platform sits at the heart of our wealth management offerings. Building upon significant platform enhancements launched in 2023, Black Diamond is positioned to help advisors grow, compete, and succeed.

Strategic Enhancements

Last year, we released several critical deliverables embraced by advisors and their clients, including enhancements to the Black Diamond Rebalancer, which experienced record volumes. In the future, the team will focus on further enhancing key rebalancing functionality such as tax loss harvesting, cash management, and a re-designed dashboard.

Additionally, we continue to invest in the broad adoption of SS&C Rendezvous, a powerful, end-to-end investment management platform designed to streamline investment management. Fully embedded within Black Diamond, these upgrades include enhanced proposal generation capabilities and a connection to a managed accounts platform that provides access to a highly differentiated and outsourced investment management solution.

Along these lines, we also made significant strides in creating more operational efficiencies, such as the ability to merge accounts independently and automate transaction backdating. Additionally, we are laser-focused on finding new ways to speed up critical processes, particularly now that we have over 4 million accounts on the platform, and we continue to bring firm-wide scale to manage growth.

We introduced the new Black Diamond CRM, built on Salesforce, promising a seamless and efficient CRM experience. We are also thrilled to simplify alternative investment aggregation. Tapping into the power of the over-arching SS&C platform, SS&C Accord, makes alternative asset reporting even more accessible and user-friendly. This functionality provides both Black Diamond users and their clients with a comprehensive understanding of portfolios, particularly as this asset class continues to grow.

Safeguarding Communications

As the world becomes increasingly digital, advisors and compliance officers are inundated with trillions of electronic messages in emails, texts, social media posts, and more.

To help firms get their arms around this massive task, the upcoming launch of a new Digital Message Surveillance (DMS) module from the SS&C Risk & Compliance Intelligence Platform (RCI) will empower Black Diamond users with a highly customizable and comprehensive feature set that supports the analysis and archiving of all digitally based conversations. Particularly now that regulators have made digital message management a compliance priority, this new integrated capability will go a long way to protecting firms from potential liabilities and exposure while delivering needed efficiencies to manage the ever-increasing volumes of digital communications.

As we look out on the road ahead, we remain fully committed to the wealth management industry, seeking out even more ways to help advisory firms and their clients do more, overcome challenges, and take advantage of the many opportunities that this Year of the Dragon will bring.

To learn how the SS&C Black Diamond Wealth Platform can support your advisory firm, request your personal demo, call 1-800-727-0605, or email