A new feature called Supervise "frees compliance teams from time-intensive, manual data entry," Orion general counsel Kylee Beach says.
Orion Advisor Services enhanced several features of its software, including in-app billing, compliance automation and dynamic retirement reporting.
According to Orion, the updates will better support firms in their shift to offer more advice-driven services, work more seamlessly between critical applications, and streamline compliance oversight obligations.
The update to Orion's Bill Pay service eliminates the need for advisors to manage several different billing applications.
Orion now allows for unified billing for financial planning. With this update, advisors can now generate bills through their Billing Generator app for a variety of one-time and recurring fees beyond traditional investment management fees, including financial planning, tax planning, estate planning, and more.
By consolidating the billing for both investment management and financial planning services within a single application, advisors can create a consistent process for multiple fee types, streamline reporting, and scale their billing operations, according to Orion.
These enhancements complement Orion's existing capabilities which enable clients to view and pay bills directly online via secure credit card or ACH processing, providing advisors with a compliant fee-billing solution.
According to Eric Clarke, CEO of Orion, "the update to our Bill Pay feature simplifies an advisor's workflow and creates a comprehensive picture of a firm's revenue all within the Orion platform."
