According to John O’Connell, CEO of the Oasis Group, wealth platforms should not be evaluated on a simple good-versus-bad scale.

“It’s not good or bad necessarily,” O’Connell says. “One of the biggest things that came out of this study is that when you look across all the platforms, they’re very use-case specific.”

Some platforms are more effective for multifamily offices, while others are better suited for single-family offices or firms in hyper-growth mode, according to O’Connell. For example, firms opening large volumes of accounts may prioritize digital onboarding capabilities, while high-net-worth advisers may focus more on rebalancing and tax efficiency.

A recent report from the firm emphasizes that wealth management firms selecting technology platforms should focus on finding tools that match their business model, not just those with the flashiest features

The study, the third in the company’s Peaks Research for Wealth Platforms series, highlights three main takeaways. According to Oasis, firms must: match platform capabilities to use cases; define detailed requirements before evaluating sellers; and ensure platforms manage multi-custodian operations effectively.

For firms that operate across multiple custodians—such as Schwab and Fidelity—a wealth platform is not optional.

“You kind of have to have a wealth platform if you’re going to go multi-custodian,” O’Connell says. Without one, advisers would need to manually merge data from different sources, repaper clients and manage redundant workflows.

Polished Software Demonstrations

O’Connell cautions firms not to be swayed by polished software demonstrations that are “always going to look good.”

Instead, he recommends that firms start by building a detailed list of platform requirements based on the study’s 11 focus areas. From there, firms can request custom demonstrations tailored to real workflows—such as how to move money between accounts or how to process a new client’s onboarding. This forces vendors to show how the platform truly performs in scenarios that matter most to the firm.

The report analyzed 10 leading platforms—Addepar, Advisor360, AdvisorEngine, Advyzon, d1g1t, Envestnet, Masttro, Orion, Private Wealth Systems and SS&C Black Diamond—on 11 areas, including digital account opening; billing; trading and rebalancing; performance reporting; and long-term client servicing.

Oasis intends the study as a strategic resource for wealth managers, noting that the analysis can help reduce evaluation fatigue, shorten decision cycles and improve the likelihood of selecting a platform that will serve the firm well for years to come.