Wealth-tech agency Orion has introduced the acquisition of Summit Wealth Methods, a California-based advisor expertise supplier.
Co-founded by longtime fintech entrepreneur Reed Colley in 2019, Summit offers massive registered funding advisors with trendy and intuitive shopper reporting and portfolio administration. The agency’s authentic objective was to enhance expertise so it might assist advisors set up nearer connections with their purchasers, in line with Orion.
Summit’s providing is a client-centric portfolio administration software program that tries to personalize the person expertise, Orion defined. Nonetheless, it’s Colley himself that initially attracted Orion’s curiosity in Summit, in line with Natalie Wolfsen, Orion’s CEO. Colley is a serial entrepreneur within the wealth-tech area who has based a number of corporations, together with Black Diamond Efficiency Reporting.
When the deal closes early subsequent 12 months, Summit will develop into a model entity inside Orion. Colley will tackle the position of president of Orion Advisor Know-how and report back to Wolfsen, in line with the agency. Summit’s 12 workers will all be a part of him at his new firm.
“Reed’s confirmed visionary management mixed with Summit’s highly effective software program will additional improve our unified, versatile tech ecosystem, offering advisors with pioneering, related options to satisfy the advanced wants of their purchasers and drive progress at each stage,” Wolfsen stated in an e-mail to Monetary Advisor.
Colley brings with him greater than 25 years of expertise, in line with Orion. At Black Diamond, which he based in San Diego in 2003 and the place he served as its authentic CEO, he created an agile wealth platform that prided itself on its person interface and graphical experiences. He’s additionally based calendar analytics platform Copilot, Do One thing Nice As we speak and FlightPath. In a press release, he stated he was thrilled to be becoming a member of Orion and bringing his firm beneath its umbrella.
“I’ve lengthy admired Orion’s kinship with advisors and spirit of innovation,” he stated in a launch. “The agency is unmatched in providing advisors one of the best options that assist their independence, streamline their workflow, and assist them construct significant relationships with traders—all in a versatile, unified, seamless wealth-tech expertise.”
After the deal closes, Orion will start to supply Summit’s platform as a stand-alone product whereas Orion works to combine it into an Orion Stacks providing, Wolfsen defined. She didn’t present a particular timeline on when the mixed platform expertise will hit the market, however Wolfsen doesn’t anticipate it taking too lengthy, since she stated it’s a pretty easy integration.
That is the Omaha, Neb.-based Orion’s first acquisition in additional than two years. In that point, it has been enhancing its wealth-tech ecosystem to make it a single related expertise expertise for its purchasers, Wolfsen stated. With the incorporation of Summit, she believes Orion has the items in place to supply one thing extraordinarily useful to its purchasers.
“With Reed Colley becoming a member of Orion and the acquisition of Summit Wealth Methods, Orion is poised to revolutionize and modernize the monetary advisory panorama,” she stated. “This represents an thrilling new chapter for Orion, which can additional our management place and pave the best way for accelerated progress.”
