Orion Takes Bold Step in Wealth Management with Acquisition

Orion Expands Its Wealth Management Horizon

In a significant move for the wealth management industry, Orion, a leader in wealthtech solutions for financial advisors, has announced its agreement to acquire Summit Wealth Systems. This exciting acquisition is set to further enhance Orion's already robust suite of services, making it a pivotal moment in the market. The integration of Summit’s award-winning technology with Orion’s existing offerings promises to create an unparalleled platform that supports financial advisors and their clients.

Summit Wealth Systems: Pioneers in Wealth Technology

Summit Wealth Systems, co-founded by Reed Colley, has been recognized for its innovative approach to advisor technology since its launch in 2019. The firm specializes in client reporting and portfolio management solutions designed specifically for large registered investment advisors (RIAs). Summit offers a unique user experience that promotes deeper relationships between advisors and their clients through consolidated, intuitive technology.

A Visionary Leader Joins Orion

Reed Colley, the co-founder and CEO of Summit, is set to join Orion as the President of Orion Advisor Technology following the completion of this acquisition in early 2025. With over 25 years of experience in the financial industry, Reed brings a wealth of knowledge and a pioneering spirit that will be beneficial to Orion's leadership team. His past roles, including founder of Black Diamond Performance Reporting and Copilot, reflect his commitment to enhancing technology that empowers advisors.

The Benefits of the Acquisition

This acquisition positions Orion to offer even more comprehensive services by incorporating Summit’s technologies into its existing platform. Natalie Wolfsen, the CEO of Orion, expressed confidence that this merger will help Orion accelerate growth and innovation, delivering a suite of investor-centric technologies that meets the evolving needs of financial advisors.

Enhancing the Advisor-Client Relationship

Reed's perspective on the merger echoes this sentiment. He notes his enthusiasm about the advantages that Summit’s software will bring to Orion’s clients, saying, "I couldn’t be more excited to join forces with Orion in 2025. The firm is unmatched in offering advisors solutions that foster independence and streamline workflow, all while helping them to cultivate meaningful investor relationships.”

What This Means for Clients and Advisors

The combination of Orion and Summit is expected to transform the way financial advisors operate and connect with their clients. Orion currently oversees $4.7 trillion in assets under administration, supporting a vast network of independent advisory firms. By integrating Summit's technology, Orion is poised to enhance its technology offerings even further, ensuring that clients receive cutting-edge solutions catered to their specific needs.

Upcoming Events and Engagements

Orion invites its clients and partners to meet Reed during the upcoming Orion Ascent 2025 event. This event offers a chance for attendees to engage with industry leaders and gain insights into the future direction of wealth management technology.

A Look Ahead: The Future of Orion

As Orion moves forward with integrating Summit’s technology, it is clear that this acquisition is more than just a business transaction; it's a commitment to enhancing the financial advisory landscape. Reed, along with Summit’s talented team, will integrate their innovative solutions into Orion's ecosystem, ensuring the delivery of exceptional value to advisors and their clients.

About Orion

Orion stands as a premier provider of a tech-enabled fiduciary process that revolutionizes the advisor-client relationship. The firm's offerings range from Orion Advisor Tech to Orion Portfolio Solutions, fostering seamless client experiences that align investor goals with investment strategies. With a powerful presence in the market, Orion serves over six million technology accounts and supports thousands of independent advisory firms, confirming its status as a leader in wealth management technology.

About Summit Wealth Systems

Summit Wealth Systems has established itself as a key player in the financial technology sector with its award-winning platform, designed to empower advisors and enhance client relationships. By focusing on user experience, Summit has redefined how advisors interact with their clients, providing a streamlined, automated approach that simplifies their work while promoting efficiency.

Frequently Asked Questions

What was announced by Orion recently?

Orion announced its definitive agreement to acquire Summit Wealth Systems, enhancing its wealth management solutions.

Who will join Orion following the acquisition?

Reed Colley, the CEO of Summit, will join Orion as the President of Orion Advisor Technology.

What impact will this acquisition have on Orion’s services?

The acquisition is expected to enhance Orion's technology offerings and support financial advisors with innovative, investor-centric solutions.

When is the acquisition expected to close?

The acquisition is anticipated to close in early 2025, following the completion of customary closing conditions.

What is the core mission of Orion?

Orion aims to transform the advisor-client relationship by providing a tech-enabled fiduciary process that supports advisors in their wealth management endeavors.

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