Orion Advisor Tech CEO Eric Clarke
Orion Advisor Solutions is stepping up its efforts targeting advisors who leave the wirehouses and other firms to become independent, the portfolio platform provider and fintech firm said Thursday.
Its 2021 initiatives for breakaway advisors include: collaborative virtual and in-person events; growing its digital library of practical guides; a network of Orion client firms for advisors to "tuck into" while still retaining their independence; and special deals, the company said.
Also, Orion is offering an exclusive bundle of Market*r, its automated, marketing campaign builder, and Orion Planning for $350 a month. This price waives a one-time setup fee of $300 that breakaways would otherwise have to pay to use the tools that are usually only available to advisors who sign up for its overall technology platform.
"After seeing a groundswell of interest in advisors making the break over the past year, we knew we needed to take our support to the next level," according to Eric Clarke, Orion CEO. "In doing this, we're creating the definitive first stop in the breakaway process, with resources and consultants ready to guide advisors from start to finish."
These efforts aim to support the increasing number of advisors who "dream of establishing and growing independent firms," the firm said. "While the tumult of 2020 forced many advisors to delay their breakaway plans, Orion has nonetheless seen the breakaway trend gain momentum," it said Thursday.
The news comes one day after Commonwealth Financial launched Business Consulting Services, designed to support incoming wirehouse advisors going independent.
Between 2019-2020, Orion says it helped more than 100 advisors establish themselves as breakaways with technology and services supporting and enriching "the entire advisor-client journey," it noted.
Industry researchers are predicting a "surge in breakaway activity in 2021 as distribution of the COVID-19 vaccine progresses and advisors continue to be faced with a deluge of investors who demand a transparent, tech-infused client experience tailored to their individual goals," the firm explained.
