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Fee billing: a buyer's guide
What we list in this category, where each entry came from, and the questions worth pressing on before you commit.
Every entry below was recorded from a page we opened, and each carries the source we read. Where we could not establish something it is left blank rather than guessed. Read how this site works if you want the detail.
What we list
Every product we hold in this category, in one list. A supplier that has run in production for twenty years and one that launched last year appear together and carry the same fields, because that is the comparison a buyer has to make. Each entry's founding year and owner are on its company page where the company states them, and both bear on continuity: long service is evidence a supplier will still be there, and a young supplier may offer capability and pricing the incumbents do not while carrying fewer references at your size.
- AdvantageFee — Revenue management and fee billing module within the InvestCloud platform; the vendor page returned no readable content, so this entry rests on a search result description only. source
- AdvicePay — Billing, invoicing and payment collection for fee-for-service advice, with compliance workflow and advisor compensation reporting. source
- Altruist — Self-clearing custodian built on its own software, bundling custody with account opening, trading, portfolio reporting and fee billing for independent advisory firms. source
- Asset Vantage — Family office platform that joins a general ledger to portfolio performance, explicitly covering CBOR, IBOR and ABOR plus partnership accounting. source
- BillFin — Lightweight advisory fee billing for RIAs and independent advisors, the entry tier of the Envestnet billing line. source
- BluePrint Fee Billing — Fee billing delivered as software plus outsourced service on STP's BluePrint operations platform for RIAs, alternative managers and private fund advisers. source
- Ceviche — Automates fund expense allocation across multi-entity fund structures according to LPA rules and writes audit-ready journal entries into the general ledger. source
- Databank — Reference data for exchange-traded derivatives across 41,000 products and 75 exchanges, covering position limits, exchange and clearing fees, contract specifications, cross-reference symbology and corporate actions. source
- FAIR (Fee Allocation Incentive Reporting) — Independent validation of the management fees, partnership expenses and carried interest that LPs are charged by private fund managers; colmore.com now redirects to BlackRock's eFront Insight page, so the service appears to have been folded into eFront and I could not confirm its current owner or product name. source
- FinFolio Billing & Payouts — Fee schedules with tiers, flat fees, aggregation and discounts, plus payout distribution to managers and other stakeholders. source
- FirmView — Carry, co-investment and compensation management with waterfall and carry distribution for private funds; Allvue's site states the product came with its acquisition of PFA Solutions. source
- First Rate — Performance measurement, attribution, GIPS composites and client reporting for banks and wealth managers; the site names sub-brands First Rate Ventures, Vantage and Finantech but not a single product name for the core performance engine. source
- Fundwave — Fund accounting and LP reporting for venture, private equity and SPVs, including carry and management fee allocations and portfolio IRR tracking. source
- F|S Fees & Commissions — Calculation engine for fund-industry fees and commissions that computes payables and receivables and produces payments, invoices, statements and credit notes. source
- HRSoft Carried Interest Management — Compensation management platform module for carry allocation tracking, waterfall calculations, vesting logic and participant distribution reporting. source
- Juniper Square Fund Administration — Fund accounting, treasury and waterfall modeling across the private fund lifecycle, covering fee and distribution calculations for GPs. source
- LemonEdge — Private markets accounting engine with event-driven transactions, multi-ledger allocation paths and embedded waterfalls; raised a $21M Series A led by Blackstone with BNY in July 2026. source
- Market Data Spend Analytics — The same price benchmarking applied to market data contracts, covering index providers, rating agencies, pricing and reference data, analytics and ESG vendors. source
- Maybern — Private fund operating system that configures custom fee bases and fee breaks to calculate management fees, and runs waterfalls, carry and capital calls; raised a $50M Series B and $76M in total per Forbes. source
- Meritsoft Asset Servicing Claims Management — Post-trade automation for the money side of corporate actions, including asset servicing claims, interest claims, transaction tax and CSDR penalties. source
- Meritsoft Trade Tracking and Exception Management — Rules-based automation for settlement fails and exceptions, CSDR penalties, interest and asset servicing claims, and trade-related fees and taxes. source
- NAVquant — Software that calculates net asset value and fees for alternative investment funds, actively managed certificates and similar vehicles. source
- Navable — Cloud platform for carried interest, GP compensation and employee co-investment, automating carry waterfall calculations, vesting and forfeitures. source
- Opterra — Post-trade and investment operations platform covering unified accounting, allocations, reconciliations and treasury; paired with Limina for front-to-back. source
- Optimize Spend — Enterprise expense management for market data, research and subscription spend, tracking over $10 billion of subscription cost for financial institutions. source
- Orion Portfolio Accounting (billing) — Advisory fee billing runs inside Orion's portfolio accounting product alongside performance reporting and trading. source
- PureRevenue Platform — Revenue management platform for wealth and asset managers covering fee and billing calculation, advisor compensation and revenue reporting. source
- Research Spend Analytics — Price benchmarks for investment research, letting a buy-side research procurement team compare what it pays banks, brokers and independent providers against what comparable firms pay. source
- Resolvr — Automates expense allocation across funds and legal entities, vendor spend management and legal bill review, aimed at SEC expense misallocation risk at hedge funds and private equity firms. source
- Revenue Manager — Enterprise revenue and fee billing engine for asset managers with a rules engine for negotiated and tiered fee terms, multi-currency calculation and general ledger integration. source
- Revport — Cloud fee billing platform that calculates, validates, accrues, invoices and reconciles management, performance, advisory and custodial fees for institutional asset and wealth managers. source
- Ridgeline — Cloud platform with order management, electronic trading, compliance, accounting and client reporting in one system; recently rebranded from ridgelineapps.com to ridgeline.ai. source
- Wealth Manager (billing) — High-volume client billing, fee disclosure and payout processing for managed account programs at wealth managers and broker-dealers. source
- d1g1t revenue management and billing solution — Billing module within the d1g1t wealth management platform that calculates multi-currency tiered fees and runs fee generation, approval, processing and invoice delivery for advisory firms. source
- qashqade Allocation Calculation Engine — Specialist allocation suite for private funds covering waterfall calculation, GP incentive and carried interest calculation, and independent LPA validation of the results. source
What to ask
These come from the same question bank our request-for-proposal process uses, so a guide and an RFP never drift apart. The four sections below carry the most weight in that bank.
Functional fit
Whether the system does the job for YOUR instruments, markets and volumes — not for the demonstration portfolio. The questions separate what runs in production today from what is on the roadmap, because that distinction disappears in a sales meeting and reappears during implementation. It also asks what still has to be typed in by hand, which every system has and few volunteer.
- Which asset classes does the product support in production today?
- Is there a full audit trail of who changed what and when, and can it be exported?
- Does the system enforce segregation of duties between front and back office?
- Is maker-checker approval supported on material actions, and is it configurable by action type?
- Can a valuation be sourced and approved independently of the people who trade?
Security and resilience
Whether the vendor's security is independently attested or merely asserted. The questions ask for certifications you can read, penetration tests you can see the summary of, and recovery objectives that are written down. Incident history is asked directly, because a vendor that has handled a breach well is often a safer choice than one that has never been tested.
- Which independent attestations do you hold currently?
- Will you provide the most recent report under a non-disclosure agreement?
- Is data encrypted in transit and at rest?
- Is single sign-on supported, and is multi-factor authentication enforced?
- Can your own staff see our data, and is that access logged and reviewable by us?
Compliance and regulatory
Whether the system stands up to your regulator and your auditor. Covers the reporting regimes the product supports directly, whether it can evidence who saw or changed a record, how long records are retained, and where in the world your data physically sits — which is a hard constraint for many firms rather than a preference.
- Can the system evidence to an auditor who saw or changed a given record, and when?
- In which jurisdictions is our data stored and processed?
- Are there any pending criminal matters or debarment proceedings involving the firm, its officers or its managers?
- Which regulatory reporting regimes does the product support directly?
- When a regime changes, is the update included in the licence or charged separately?
Clients and references
Whether they have done this for a firm like yours, and whether those firms stayed. Vendors present client counts and logos readily; they present ATTRITION reluctantly, which is why this section asks for clients lost and migrations completed as separate questions from clients won. Size fit decides more failed implementations than feature lists do, so it is asked directly.
- How many client firms use this product in production today?
- How many of those are of a similar type to our firm?
- How many are within our assets-under-management band?
- How many clients did you LOSE in each of the last three years?
- How many implementations begun in the last three years were abandoned before go-live?
You can send all 167 of these questions to the vendors you choose, and get every answer back side by side. Run an RFP — it is free to you and free to them.