Orion engineers organizational restructure, leadership shakeup

September 8, 2022 12:08 PM

Eric Clarke, Orion CEO — Orion founder and CEO Eric Clarke

Orion Advisor Solutions is making some changes at the top.

This week, the Omaha, Nebraska-based provider of outsourced investment management and technology announced a new strategic operating model that splits the organization into three business lines.

The new model is focused on the trio of advisor tech, Orion's outsourced chief investment officer services and its turnkey asset management platform.

"Given the rapid expansion of our business in the past two years and the integration milestones we achieved, we're taking the opportunity to solidify Orion's go-forward operating model and leverage our acquired talent," Orion founder and CEO Eric Clarke said in a statement. "The new operating structure will serve as a catalyst for growth that will help take Orion to the next level and ensure that all business lines are operating as One Orion while we strive to best meet the needs of our advisor clients."

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Orion also announced the promotion of three employees who will report to Clarke as business line owners and members of Orion's executive team. Ryan Beach is now president of Orion Wealth Management; Brian McLaughlin is president of Orion Advisor Tech; and Kurt Brown is president of Orion OCIO (outsourced chief investment officer).

Beach was most recently chief operating officer at Orion Advisor Solutions. McLaughlin and Brown were previously the CEOs of Redtail Technology and TownSquare Capital, two firms Orion acquired this year.

"With seven acquisitions in two years, this realignment provides all 1,500 team members with a clear organizational structure that builds the Orion of the future as we focus on powering advisors and winning for investors," Clarke said.

Orion's triangle offense style approach follows a similar restructuring rolled out earlier this year by Envestnet.

In June, that Chicago-based tech firm and turnkey program announced a series of organizational tweaks with the goal of growth and simplification. To that end, the organization restructured into three business lines: Envestnet Solutions, Envestnet Data and Analytics, and Envestnet WealthTech.

Dana D'Auria, co-chief investment officer and newly appointed group president for Envestnet Solutions, joined the Financial Planning Podcast in early August to discuss the changes and what it means for the organization.

Scroll down to get caught up on other recent fintech news you might have missed in our Wealthtech Weekly recap. And check out last week's edition here.

Morgan Stanley launches new retirement portal for advisors

Morgan Stanley at Work this week announced the launch of its "Corporate Retirement Portal," software designed to give Morgan Stanley Wealth Management plan advisors a consolidated view of workplace retirement plans and participant data.

Firm leaders said advisors have historically used third-party tools and resources to manage client retirement plan assets that are held away at recordkeepers. The Corporate Retirement Portal brings all of that information in-house by leveraging WealthDesk, Morgan Stanley's existing advisor platform.

"In today's economic environment, punctuated by rising inflation and market volatility, plan sponsors and participants alike are looking for a helping hand in maximizing retirement benefits," Brian McDonald, managing director and head of Morgan Stanley at Work, said in a statement. "The Corporate Retirement Portal allows plan advisors to deliver personalized financial education and content to help participants navigate the complexities of retirement planning and savings."

In compliance with recent Labor Department cybersecurity guidance for plan sponsors, service providers and plan participants, the Corporate Retirement Portal ensures the firm's that clients' data is transferred securely. This includes encryption of sensitive personal data, annual cybersecurity training and awareness for all employees with access to Morgan Stanley systems.

Anthony Bunnell, head of retirement for Morgan Stanley at Work, said the system was built from the ground up and based on feedback from advisors.

"Implementing our Corporate Retirement Portal on the plan advisor's desktop will help further drive efficiencies, help recordkeepers scale their business and enhance the plan sponsor and participant experience on our retirement platform," Bunnell said. "We see this as a game-changing technology solution that is truly a differentiator in the retirement industry."

The Corporate Retirement Portal launch follows Morgan Stanley's recent acquisition of nonqualified deferred compensation provider American Financial Systems earlier this year, and recent partnerships with recordkeepers Vestwell and Empower Retirement.

iCapital and Ares Wealth Management Solutions expand partnership

New York-based alternative investment platform iCapital is beefing up its partnership with a global alternative investment manager.

iCapital and Ares Wealth Management Solutions have announced an expansion of their partnership to provide financial advisors and RIAs access to a "broadened menu of alternative investment solutions," as well as tools to support the development of client portfolios.

Ares plans to leverage iCapital's technology to offer investment solutions tailored for the global wealth management community across Ares's credit, private equity, real estate and secondaries asset classes.

The company will launch an Ares-branded, iCapital-powered site to support the Ares Wealth Management Solutions team as they manage the distribution, marketing and client management activities for various investment solutions.

iCapital will also provide feeder fund structuring and management, present the investment for the offering and facilitate the ongoing servicing. That includes investor onboarding, electronic subscription processing, fund servicing and reporting for the life of the investments.

"We work tirelessly with our strategic partners to continually elevate the experience for advisors and their high-net-worth clients accessing alternatives investing opportunities," Lawrence Calcano, chairman and CEO of iCapital, said in a statement. "We are excited to announce our enhanced and evolving partnership that utilizes many of iCapital's capabilities to support (Ares Wealth Management Solutions) in providing broad access to their diverse investment offerings to the global wealth management community."

Raj Dhanda, global head of wealth management at Ares Wealth Management Solutions, called the collaboration "a differentiating partnership" that empowers advisors.

"In expanding our relationship with iCapital and powered by its leading digital platform, we are further enhancing AWMS' ability to meet high-net-worth investors' demand for alternatives and better support their desired portfolio outcomes," Dhanda said.

BLX debuts new DEI focused podcast

The BLX Internship Program, a nonprofit organization focused on broadening diversity in the financial planning industry, is stepping into the podcast world to highlight trailblazing Black and Latinx planners.

The first episode of the "Diversity in Action" podcast hit the digital airwaves Tuesday with Louis Barajas, a certified financial planner and the president and partner at MGO Wealth Advisors, as the first guest.

An East Los Angeles native raised by Mexican immigrant parents, Barajas was passionate about imparting financial wisdom to the unbanked Latin community. However, he was inspired to co-found MGO Private Wealth after seeing the gaps in financial services within underrepresented communities.

BLX leaders say the focus of the podcast is to raise awareness of diversity in the profession as the organization pushes to introduce the next generation of Black and Latinx advisors to the industry.

It's also the organization's latest effort to make the transition from intern to professional more palatable. Earlier this year, the BLX Internship Program entered a partnership with leading software provider eMoney to give BLX interns access to professional fintech tools early, and at no cost.

eMoney has been partnering with universities across the country since 2015 to provide students pursuing financial planning degrees access to its platform. Students get hands-on experience with software that veteran advisors use daily to run and grow their businesses.

According to the company, more than 98,000 financial professionals across firms of all sizes use the eMoney platform to serve more than 5 million households throughout the U.S.