Institutional-grade direct indexing for every client, wherever your firm is in its journey.
Alphathena Essentials brings the same direct indexing, daily tax-loss harvesting, and rebalancing that power $10B+ at some of the largest RIAs, banks, and trusts to firms still building their advisory practice. Tailored to where your firm is today.
Starts at $399 per month. Request a free trial today.
Powering $10B+ assets
Used by RIAs, banks, and trusts
Schwab, Fidelity, Interactive Brokers
Nothing trades without your approval
Legacy direct indexing was built for firms with a trading desk and an enterprise budget.
Direct indexing, daily tax-loss harvesting, and institutional block trading have traditionally been locked to the largest firms. Prospects with a concentrated position often end up at a wirehouse because they feel like they have no other option. Growing firms have lacked the ability to go toe-to-toe with the same sophisticated software the largest organizations use.
Why the legacy options fall short for a growing firm
High minimums
Platforms sized for large firms put the capability out of reach until your assets are already there, which is backwards for a firm trying to win its next client.
Steep software costs
Enterprise pricing assumes an enterprise technology budget, so the cost is hard to justify while your firm is still growing
into it.
Operational complexity
Tax lot management and daily harvesting have traditionally needed a trading desk to run, and a growing firm does not have one.
A complete, tax-aware portfolio management system, personalized for every client and built for your size.
Get access to the same engine that powers $10B+ in personalized investing, where every account is optimized daily.
Direct indexing
Your clients' core equity exposure, built at the security level instead of through a fund wrapper.
Standard benchmarks replicated at the security level.
Values and concentration exclusions per client.
Transition analysis for incoming accounts.
Athena AI
Athena AI is an agentic workflow engine that prepares complex investment tasks so you can take immediate action and work faster, with no loss of control.
Daily tax-loss harvesting
Every account scanned nightly. Harvests found, sized, wash sale checked, and waiting for your approval each morning.
Model portfolios
Build from ETFs, funds, and individual securities. Assign at the account or household level. Drift visible across every account.
Full rebalancer
Tolerance bands and cash flow rebalancing, with tax-aware lot selection on every sell.
Direct Trade Connectivity
Send trade orders, across every account, routed directly to your custodian.*
Email support
Response within one business day. A full documentation library. Morning Review as your daily briefing of what needs attention.
* Live connection is subject to custodian approval. Until then we provide compatible trade files for every order.
When you outgrow it
Sleeves, reusable templates, ETF and direct index blending within one account, a second custodian, and phone support unlock when your firm passes $25M. Your $399 base and your $25M allowance stay exactly as they are, and only the assets above the allowance bill at the published rates.
One price for your first $25M.
Billed monthly with no setup fees, no per-account fees, and no minimum term. Applies to the first $25 million on platform.
All capabilities listed above
One custodian connection
The first $25M on the platform
Of which up to $5M can be direct indexed
Above the allowance
Direct indexed assets above $5M
10 basis points a yearTotal platform assets above $25M
3 basis points a yearWhat would I pay?
Move the sliders. Amounts round to the nearest $1M.
Base
Covers your first $25M, including $5M direct indexed
$399
Direct indexed above $5M
Inside the $5M allowance
$0
Other assets above $25M
Inside the $25M allowance
$0
Your monthly fee
$399
Everything is inside the allowance. Nothing is charged above the $399.
Still Have Questions?
If you don't see your question here, our team answers every demo inquiry directly.
Request a demoWhat new RIAs ask first.
Is this the same platform your larger clients use?
Yes. Same optimizer, same harvesting logic, same rebalancer, same order management system that runs $10B+. Essentials leaves out the operational tooling for running hundreds of accounts, which opens up when you need it.
Who is Alphathena Essentials for?
Registered investment advisers with $10M to $25M in regulatory assets, as reported on your firm's most recent Form ADV and checked at signup and at each annual amendment. You need to be new to Alphathena and registered as your own entity, since advisers under a platform or aggregator RIA are not eligible. If your firm does not fit these rules, our team will find you the right arrangement instead.
Does the platform trade without me?
Never. Every account is optimized every day inside the parameters you set. Harvests and rebalances are staged and waiting in Morning Review. The analysis is done for you. The decision stays yours, on every order.
Which custodians do you work with, and will I get a live trading connection?
The platform works with Schwab, Fidelity, and Interactive Brokers, and Essentials includes one custodian connection. A live connection is the custodian's call, and it depends on your asset relationship with them. If they approve one, orders route directly from the platform. If not yet, we generate compatible trade files for every order until you become eligible. Either way, you trade from day one.
How does onboarding work, and do I have to upload client data to try it?
You do not have to upload anything to start. Paper accounts and sample portfolios are there from day one, and you can bring your own holdings when you are ready. When you go live, we walk you through the custodian connection.
How is the fee calculated?
Three rules cover all of it.
$399 a month covers your first $25M on the platform, including up to $5M direct indexed.
Direct indexed assets above $5M: 10 basis points (bp) a year.
Everything else above $25M: 3bp a year. Assets already counted under rule 2 are not counted again.
Both rates are billed monthly on top of the $399. Unused direct indexing allowance counts toward your total.
| On platform | Direct indexed | Monthly | Why |
|---|---|---|---|
| $20M | $5M | $399 | At the direct indexing line, under $25M |
| $25M | $8M | $649 | $3M direct indexed above $5M |
| $32M | $6M | $632 | $1M direct indexed above $5M, then $6M above $25M |
Worked example, the $632 row: $1M × 10bp is $1,000 a year and $6M × 3bp is $1,800 a year. $2,800 divided by 12 is $233 a month, plus $399 is $632. Monthly figures rounded to the dollar. Try your own numbers in the calculator above.
Try your own numbers
What happens when my firm passes $25M?
Assets beyond the allowance bill at the published rates, 10 basis points a year on direct indexed assets above $5M and 3 basis points a year on what remains above $25M after those, billed monthly. What changes is the product: sleeves, templates, phone support, and a second custodian open up, along with a standard service agreement.
Why is eligibility based on my firm's total assets?
So the program stays what it is meant to be. Measuring only what you place with us would let a large firm move a slice over and take a price built for someone starting out. The lifetime terms are conditional on eligibility.
Am I locked in?
No. Contracts are month to month with no minimum term. A standard service agreement comes in when you pass $25M and the fuller platform opens up.
Choose the platform built to grow with your practice.
Get $399 base pricing for your first $25M on the platform, and the platform keeps pace as your advisory practice grows.
No setup fee. No per-account fee. No minimum term.