# PMS Provider Decision Document

> **Prepared for:** The Principal (user)
> **Date:** August 2025
> **Purpose:** Help you choose a Portfolio Management System (PMS) for the firm
> **Context:** The PMS aggregates client positions and transactions from multiple custodian banks into a consistent format, handles regulatory compliance, and exports daily data to our database. This document presents the options, trade-offs, and a recommendation based on our specific priorities.

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## Our Priorities

When evaluating PMS providers, these are our stated priorities (in order of importance):

1. **Swiss regulatory compliance** — FINMA, FIDLEG/MiFID II, four-eye principle, audit trail
2. **Custodian data aggregation** — daily positions and transactions from multiple custodian banks
3. **Daily export to our database** — API preferred, file acceptable if it's a single automated step
4. **Cost-effective for a startup** — the firm is a new SMA manager, not a large bank
5. **Custodian positions as golden source** — custodian data is the source of truth for client portfolios; our separate pricing feeds (FMP) are for reconciliation only
6. **Swiss data residency** — data must stay in Switzerland (regulatory requirement)

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## The Providers

### 1. WealthArc Essentials ⭐ RECOMMENDED

**What it does:** Cloud-based PMS purpose-built for small Swiss independent asset managers with less than CHF 100 million in assets under management. Aggregates custodian data daily, provides CRM with KYC/onboarding, compliance monitoring, portfolio reporting, and audit support.

| Aspect | Details |
|---|---|
| **Cost** | CHF 10,000/year (all-inclusive — no per-user or per-bank fees) |
| **Custodian banks connected** | 130+ banks via Wealth Data Box (automatic daily aggregation + reconciliation) |
| **Max custodians on Essentials tier** | 3 banks (sufficient for a startup; upgrade to Exclusive tier if more are needed later) |
| **Swiss hosting** | Yes — Microsoft Azure data centres in Switzerland |
| **Compliance** | FINMA-aligned, FIDLEG/MiFID II, CRM with KYC/onboarding, AML, audit trail, compliance dashboard |
| **Onboarding time** | 3–4 weeks, cloud-based (no on-premise IT required) |
| **API/export** | Has a public API — exact export format needs to be confirmed with vendor |

**Advantages:**
- Purpose-built for our exact company profile (small Swiss EAM, <CHF 100M AuM)
- Transparent, all-inclusive pricing — no surprise add-on costs
- 130+ custodian connections means we likely don't need to build custom bank integrations
- Swiss-hosted, FINMA-compliant out of the box
- Fast implementation (3–4 weeks)
- Same data quality as their premium tier (WealthArc Exclusive)

**Disadvantages:**
- Essentials tier limited to 3 custodian banks — if we work with more than 3 custodians, we need to upgrade to Exclusive (higher cost, likely CHF 20–40K/year based on AuM)
- API export format not yet confirmed — need to verify whether we can pull data programmatically or if it's a file download
- Unclear whether they implement the OpenWealth API standard (an industry standard that would make our integration cleaner)
- The 130+ bank connections may not cover every bank we want — need to verify our specific custodians are on the list

**Fit against our priorities:**
- ✅ Swiss regulatory compliance — purpose-built for FINMA
- ✅ Custodian aggregation — 130+ banks, automatic daily
- ⚠️ Daily export — API exists, format to confirm
- ✅ Cost-effective — CHF 10K/year, all-inclusive
- ✅ Golden source — aggregates from custodians
- ✅ Swiss data residency — Azure Switzerland

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### 2. Allocare CLOUD

**What it does:** SaaS portfolio management and reporting system hosted in Switzerland. Combines CRM, portfolio management, compliance checks, and reporting. Has a public API and a standardized import/export interface (GDF).

| Aspect | Details |
|---|---|
| **Cost** | Not published — quote-based SaaS pricing |
| **Custodian banks connected** | 20+ listed (UBS, Credit Suisse, Vontobel, Zürcher Kantonalbank, many Kantonalbanks, Saxo Bank, and others) |
| **Swiss hosting** | Yes — SaaS hosted in Switzerland |
| **Compliance** | FIDLEG/MiFID, AML, suitability checks, compliance workflows |
| **API/export** | Yes — public API + GDF standardized interface |
| **Onboarding time** | Not published |

**Advantages:**
- Has a public API and standardized GDF export interface — attractive for automated data integration
- Full SaaS suite (CRM + PMS + reporting) in one platform
- Swiss-hosted, compliance features included

**Disadvantages:**
- Pricing is opaque (quote-based) — no published rates, likely higher than WealthArc Essentials
- Smaller custodian network than WealthArc (20+ listed vs 130+)
- Full suite may be more than we need — we already have our own database and application layer
- Onboarding time and process not clear

**Fit against our priorities:**
- ✅ Swiss regulatory compliance — FIDLEG/MiFID covered
- ⚠️ Custodian aggregation — fewer banks than WealthArc
- ✅ Daily export — public API + GDF (best integration option)
- ❌ Cost-effective — pricing unknown, likely higher than CHF 10K/year
- ✅ Golden source — aggregates from custodians
- ✅ Swiss data residency — SaaS in Switzerland

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### 3. WIZE by Teamwork

**What it does:** All-in-one wealth and asset management platform. Connects to 250+ custodian bank booking centres worldwide. Supports automated daily data feeds in multiple formats (CSV, API, XML).

| Aspect | Details |
|---|---|
| **Cost** | Not published — modular pricing (pay per bank, per user) |
| **Custodian banks connected** | 250+ booking centres worldwide |
| **Swiss hosting** | Yes — founded in Zurich, Swiss-based |
| **Compliance** | AML, suitability & appropriateness, investment profile monitoring, pre-trade checks |
| **API/export** | Yes — API, CSV, XML — multiple format support |
| **Onboarding time** | Not published |

**Advantages:**
- Most custodian connections of any provider evaluated (250+)
- Explicit API support with multiple data formats
- Handles 120+ billion CHF in AuM across their client base — proven at scale
- Zurich-based, Swiss hosting

**Disadvantages:**
- Modular pricing (pay per bank, per user) — costs can add up quickly and unpredictably
- May be overkill for a startup — designed for larger firms and multi-entity operations
- No published pricing — hard to budget without a quote
- Onboarding process and timeline not published

**Fit against our priorities:**
- ✅ Swiss regulatory compliance — AML, suitability covered
- ✅ Custodian aggregation — 250+ banks (best coverage)
- ✅ Daily export — API + CSV + XML (best format flexibility)
- ❌ Cost-effective — modular pricing may be expensive for a startup
- ✅ Golden source — aggregates from custodians
- ✅ Swiss data residency — Zurich-based

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### 4. The Key S.A. (Efficience)

**What it does:** Swiss-made wealth management software for independent wealth managers and family offices. Consolidates all client assets daily across 70+ banks. Provides CRM, portfolio management, regulatory compliance, and reporting.

| Aspect | Details |
|---|---|
| **Cost** | Not published — quote-based |
| **Custodian banks connected** | 70+ banks |
| **Swiss hosting** | Yes — 100% Swiss Made, Geneva-based |
| **Compliance** | FINMA, MiFID II, audit reports |
| **API/export** | Not confirmed from public materials |
| **Onboarding time** | Not published |

**Advantages:**
- 100% Swiss-made, Geneva-based
- 70+ bank connections
- FINMA and MiFID II compliance features

**Disadvantages:**
- No published pricing — likely higher than WealthArc Essentials
- Smaller bank network than WealthArc (70 vs 130+)
- API/export format not confirmed from public materials
- Less transparent about implementation process and timeline

**Fit against our priorities:**
- ✅ Swiss regulatory compliance
- ✅ Custodian aggregation — 70+ banks
- ⚠️ Daily export — not confirmed
- ❌ Cost-effective — pricing unknown
- ✅ Golden source — daily consolidation
- ✅ Swiss data residency

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### 5. INSA Investment Software AG (Insa PMSys)

**What it does:** Long-established (since 1987) portfolio management system for independent asset managers, banks, and institutional investors. 60+ clients in Switzerland. Direct interfaces to Swiss bank host systems (UBS, Credit Suisse, Avaloq-based banks, Finnova-based banks).

| Aspect | Details |
|---|---|
| **Cost** | Not published — enterprise-tier pricing expected |
| **Custodian banks connected** | Direct host system interfaces (UBS, Credit Suisse, Avaloq-based, Finnova-based) |
| **Swiss hosting** | Yes — Wallisellen, Switzerland |
| **Compliance** | FIDLEG/MiFID II |
| **API/export** | Interfaces exist but format not confirmed |
| **Onboarding time** | Not published — likely longer due to complexity |

**Advantages:**
- Deep, direct integration with Swiss bank host systems (not just file-based)
- Established since 1987 — proven and stable
- AI-powered features being developed

**Disadvantages:**
- Likely the most expensive option — enterprise-tier, established provider
- Probably more complex and heavy than we need for a startup
- No published pricing or onboarding timeline
- Direct host interfaces may be overkill if our custodians support standard file feeds

**Fit against our priorities:**
- ✅ Swiss regulatory compliance
- ✅ Custodian aggregation — direct host interfaces
- ⚠️ Daily export — interfaces exist, format unclear
- ❌ Cost-effective — likely expensive for a startup
- ✅ Golden source — daily balances from banks
- ✅ Swiss data residency

---

### 6. CUBE Finance (Cube Port)

**What it does:** Cloud-based portfolio management software (SaaS on Microsoft Azure). Handles custodian data feeds, order management with pre-trade compliance checks, AML, performance measurement, and reporting.

| Aspect | Details |
|---|---|
| **Cost** | Not published — modular (pay per bank, per user) |
| **Custodian banks connected** | Automatic custodian data feed (count not specified) |
| **Swiss hosting** | Yes — Microsoft Azure cloud, data segregated |
| **Compliance** | Pre-trade compliance, AML, LSerFi/MiFID/UCITS checks |
| **API/export** | Not confirmed |
| **Onboarding time** | Not published |

**Advantages:**
- Cloud-based SaaS, no on-premise IT
- Strong compliance features (pre-trade checks, UCITS, AML)
- Microsoft Azure hosting with data segregation

**Disadvantages:**
- Modular pricing (pay per bank, per user) — unpredictable costs
- Italian-Swiss provider — may have less focus on the Swiss EAM market specifically
- Number of custodian connections not published
- API/export not confirmed

**Fit against our priorities:**
- ✅ Swiss regulatory compliance — LSerFi/MiFID/UCITS
- ⚠️ Custodian aggregation — count not specified
- ⚠️ Daily export — not confirmed
- ❌ Cost-effective — modular pricing, unpredictable for a startup
- ✅ Golden source — automatic custodian feeds
- ✅ Swiss data residency — Azure cloud

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## Comparison Summary

| Priority | WealthArc Essentials | Allocare CLOUD | WIZE | The Key (Efficience) | INSA PMSys | Cube Port |
|---|---|---|---|---|---|---|
| **Swiss compliance** | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| **Custodian aggregation** | ✅ 130+ | ⚠️ 20+ | ✅ 250+ | ✅ 70+ | ✅ Direct | ⚠️ TBD |
| **Daily export to our DB** | ⚠️ API, confirm | ✅ API + GDF | ✅ API + CSV + XML | ⚠️ TBD | ⚠️ TBD | ⚠️ TBD |
| **Cost for startup** | ✅ CHF 10K/yr | ❌ Unknown | ❌ Modular | ❌ Unknown | ❌ Likely high | ❌ Modular |
| **Golden source** | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| **Swiss residency** | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| **Onboarding speed** | ✅ 3–4 weeks | ⚠️ Unknown | ⚠️ Unknown | ⚠️ Unknown | ⚠️ Likely slow | ⚠️ Unknown |

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## Recommendation

**WealthArc Essentials at CHF 10,000/year** is our recommended PMS provider.

**Why:**
1. It's the only provider with **transparent, startup-friendly pricing** — CHF 10K/year, all-inclusive, no per-user or per-bank add-ons. Every other provider requires a quote, and the ones with published pricing models use modular pricing that's unpredictable for a small firm.
2. It's **purpose-built for our exact company profile** — small Swiss EAMs with under CHF 100M in assets. The other providers serve a broader market (banks, family offices, institutional investors) and may be over-engineered or over-priced for our needs.
3. **130+ custodian bank connections** — the broadest network among providers focused on the small EAM segment. This likely covers the custodian banks we'll work with.
4. **3–4 week onboarding** — fastest implementation of any provider evaluated. Cloud-based, no IT infrastructure to set up.
5. **Swiss-hosted and FINMA-compliant** — meets our regulatory requirements out of the box.

**Before committing, verify these with the vendor:**
1. Does the Essentials tier expose a daily export API we can call programmatically (REST/JSON)? Or is it a file download?
2. What fields are included in the export? (ISIN, quantity, price, currency, custodian, account number?)
3. Can we get historical transactions for backfill, or only data from go-live forward?
4. Does WealthArc implement the OpenWealth API standard? (This would make our integration significantly easier.)
5. Are our specific custodian banks (the ones we plan to use) on their 130+ connection list?

**If WealthArc doesn't pass these checks:**
- **Allocare CLOUD** is the fallback if API quality is the priority (they have a public API + standardized GDF interface)
- **WIZE** is the fallback if custodian coverage breadth is the priority (250+ banks, multiple export formats)

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## What This Means for Our Database

Regardless of which PMS we choose, our database is designed to be PMS-agnostic. We don't couple our internal data model to any specific PMS provider. The mapping layer (translating PMS data into our format) is the only piece that changes if we switch providers — the database schema stays the same. This means choosing a PMS now doesn't lock us in permanently; switching later is a pipeline change, not a database redesign.

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*End of decision document. Please review and let us know which direction you'd like to go.*