The wealth management industry is experiencing a fundamental shift in how RIAs approach technology. Gone are the days when a single platform could meet all your needs. Today's most successful advisory firms are building modular tech stacks that prioritize integration over consolidation—and the results speak for themselves.

The Rise of the Modular Tech Stack

The RIA technology landscape has evolved dramatically. Michael Kitces' Financial AdvisorTech Solutions Map has grown from 189 companies in 2018 to over 551 companies across 36 categories as of 2025. This explosion isn't just about more vendors—it represents a fundamental reimagining of how advisory firms should approach technology.

The traditional all-in-one platform promised simplicity: one vendor, one contract, one support line. But this convenience came at a steep cost. Firms found themselves locked into rigid systems that couldn't adapt to their unique workflows, forced to accept mediocre functionality across multiple areas simply because it was "included."

[IMAGE: Kitces AdvisorTech Map showing growth from 189 to 551 companies] Source: https://www.wealthmanagement.com/financial-technology/the-kitces-fintech-map-charting-wealth-management-s-tech-evolution

Today's winning approach is different. The most efficient RIAs are building what industry experts call "best-of-breed" tech stacks—selecting the top performer in each category and connecting them through modern integrations. The key is choosing tools that excel at their core function while playing nicely with the rest of your ecosystem.

Why Schwab/Fidelity Integration Is Mission-Critical

Your custodian isn't just where client assets live—it's the foundation of your entire tech stack. Schwab and Fidelity continue to dominate the RIA custodian market, but their value extends far beyond custody services.

Here's what makes custodian integration non-negotiable:

Data accuracy and real-time access: Your portfolio management, billing, and reporting systems all depend on accurate, timely custodian data. Poor integration means manual reconciliation, billing errors, and reporting delays that erode client trust.

Open architecture advantage: Schwab maintains over 235 third-party integrations, while Fidelity's WealthScape platform similarly supports extensive third-party connectivity. This open architecture approach allows you to build your ideal tech stack without being constrained by a single vendor's limitations.

Multi-custodial flexibility: Nearly 30% of RIAs now use multiple custodians, creating a defensive posture against service disruptions and tech outages. But this strategy only works if your tech stack can seamlessly integrate with both platforms.

The hidden cost of poor custodian integration isn't just operational—it's strategic. When your systems don't communicate effectively with Schwab or Fidelity, you're spending valuable advisor time on data entry instead of client relationships. That's not a technology problem; it's a growth problem.

Building the Modern Stack: Core Components

A resilient RIA tech stack typically includes four foundational layers, each requiring best-in-class solutions:

1. Custody Layer (Foundation)

Your custodian provides the base infrastructure:

• Asset custody and safekeeping

• Trade execution capabilities

• Client account access

• Core compliance and reporting

Leading options: Schwab, Fidelity, Altruist (emerging)

2. Portfolio Management & Trading

This layer handles the investment operations:

• Portfolio rebalancing and optimization

• Model management and implementation

• Performance reporting and analytics

• Tax-loss harvesting

Top solutions: Black Diamond, Orion, Tamarac, Addepar

3. Client Relationship Management (CRM)

CRM platforms see 94% adoption among RIAs for good reason—they're the operational hub:

• Client data centralization

• Workflow automation

• Communication tracking

• Task management

Popular platforms: Wealthbox, Redtail, Salesforce Financial Services Cloud

4. Financial Planning

93% of RIAs use dedicated financial planning software, making it nearly universal:

• Comprehensive financial planning

• Scenario modeling

• Goal tracking

• Client collaboration tools

Leading options: RightCapital, eMoney, MoneyGuide Pro

The Integration Imperative

The magic happens in the connections between these layers. Modern tech stacks rely on APIs and open architecture to ensure data flows seamlessly. When your CRM automatically pulls portfolio data, your financial planning software reflects real-time account values, and your billing system calculates fees without manual input—that's when the modular approach delivers its true value.

Cost Analysis: Integrated Suite vs. Modular Approach

The all-in-one platform pitch is seductive: "One price covers everything." But does it really save money? Let's break down the real economics.

All-in-One Platform Costs

Traditional integrated suites (like TAMPs offering full-service platforms) typically charge:

• 20-50 basis points on AUM for investment management

• Fixed monthly fees for technology access ($200-500+ per month)

• Per-user licenses for additional team members

• Limited customization without additional fees

For a $300M RIA, this could mean $60,000-150,000 annually in technology and platform fees alone, before accounting for the opportunity cost of suboptimal functionality.

Modular Stack Economics

A thoughtfully built modular stack might include:

• CRM: $50-100 per user/month

• Financial planning: $150-300/month

• Portfolio management: $200-400/month

• Trading/rebalancing: $100-300/month

• Additional tools (compliance, document management, etc.): $100-200/month

Total monthly cost: $600-1,300 for the core stack, or roughly $7,200-15,600 annually. Even at the higher end, this is dramatically less than most all-in-one solutions, while delivering superior functionality in each category.

The Real ROI

The cost comparison tells only part of the story. The true value of modular stacks emerges in:

Time savings: Advisors using TAMPs report saving 9 hours per week by outsourcing investment management. But best-of-breed portfolio management tools can deliver similar efficiency gains while maintaining control.

Scalability: As your firm grows, modular stacks let you upgrade individual components without ripping out your entire infrastructure. All-in-one platforms often require complete migration when you outgrow them.

Competitive advantage: When you can select the absolute best tool for financial planning, portfolio analytics, or client communication, you deliver a superior client experience that differentiates your firm.

Why One-Stop-Shop TAMPs Are Losing Ground

TAMPs (Turnkey Asset Management Platforms) once promised the ultimate convenience: outsourced investment management wrapped with technology and support services. For firms under $150M in AUM, they still serve a purpose. But the model is showing cracks.

The TAMP Value Proposition Is Eroding

TAMPs traditionally competed on three fronts:

• Investment expertise without hiring a CIO

• Consolidated technology

• Compliance support and efficiency

The problem? Each of these advantages is being unbundled by specialized providers who do it better.

Investment management: Modern portfolio management platforms like Black Diamond or Addepar deliver institutional-quality analytics without TAMP fees. Model marketplaces provide access to top investment strategies without giving up control.

Technology: TAMP platforms often don't integrate well with the rest of an advisor's tech stack. Advisors complain that their CRM, reporting, and outsourced trading systems don't sync, creating more work rather than less.

Compliance and support: Third-party compliance solutions now offer sophisticated support at a fraction of TAMP fees, without requiring you to outsource investment management.

The Integration Problem

The fatal flaw in the traditional TAMP model is the same one plaguing all-in-one platforms: they prioritize bundling over excellence. When you're locked into a TAMP's technology ecosystem, you're forced to accept their choice of CRM, planning software, and reporting tools—even when better alternatives exist.

RIAs are increasingly unwilling to tolerate data that can't be easily shared among their tools. The market has spoken: vendors that provide open APIs and integration hubs are winning over closed systems.

A New Model Emerges

This doesn't mean outsourcing is dead. Rather, the market is evolving toward:

• Modular TAMPs: Platforms like SMArtX and Adhesion offer open-architecture solutions that integrate with existing tech stacks

• Strategic outsourcing: Using TAMPs for specific investment strategies (alternatives, fixed income) while maintaining in-house control over core portfolios

• Hybrid approaches: Running your own models but outsourcing rebalancing execution to avoid errors

The firms thriving in 2025 are those that selectively outsource rather than surrendering control to a single platform provider.

The Surmount Advantage: Built for the Modular World

At Surmount Wealth, we understand that the future belongs to advisory firms that maintain control over their technology destiny while leveraging best-in-class solutions for each function. Our platform is purpose-built for the modern, modular tech stack era.

Seamless integrations: We connect natively with Schwab and Fidelity, ensuring real-time data accuracy without manual intervention. Our open API architecture means we play nicely with your existing CRM, financial planning software, and other core tools.

Portfolio excellence without compromise: We deliver institutional-quality portfolio management and analytics without requiring you to abandon your carefully chosen tech stack. Your CRM stays your CRM. Your planning software continues to work exactly as you've configured it.

Scalable from day one: Whether you're a $50M startup or a $2B enterprise, our modular approach grows with you. Add capabilities as you need them, upgrade components when better options emerge, and maintain the flexibility to adapt to market changes.

The integration-first philosophy: We don't believe in forcing advisors into proprietary ecosystems. Instead, we've invested heavily in making Surmount the solution that enhances your existing stack rather than replacing it.

Making the Transition

If you're currently locked into an all-in-one platform or struggling with a fragmented TAMP arrangement, the path forward is clearer than you might think:

• Start with your custodian: Ensure your Schwab or Fidelity integration is rock-solid. This is non-negotiable.

• Identify your "hub": Choose one tool (typically CRM or portfolio management) as your operational center, then build around it.

• Add best-of-breed solutions: Select the top tool for each critical function—planning, portfolio management, trading, compliance—prioritizing integration capabilities.

• Test and iterate: Modern tech stacks are living systems. Regularly audit your tools, eliminate redundancies, and upgrade components as better solutions emerge.

The advisors who build resilient, modular tech stacks share common traits: they plan before buying, document before delegating, and reassess before reinventing.

Conclusion: The Unbundled Future

The wealth management industry's shift toward modular tech stacks isn't a trend—it's a fundamental restructuring of how successful advisory firms operate. All-in-one platforms and traditional TAMPs served their purpose in an earlier era, but today's advisors need flexibility, integration, and excellence in each component.

The firms winning market share in 2025 aren't those with the most software. They're the ones who've thoughtfully assembled tech stacks that deliver superior client experiences while maintaining operational efficiency. They've recognized that true integration—systems that communicate seamlessly—matters more than artificial bundling.

At Surmount Wealth, we're building for this unbundled future. We believe advisors should have access to institutional-quality portfolio management without sacrificing the technology choices that make their firms unique. Because in the end, your tech stack should be a competitive advantage, not a constraint.

Ready to explore how Surmount fits into your modern tech stack? Let's talk about building a technology ecosystem that works for your firm, not against it.