Wealthtech solutions provider Orion has acquired advisor technology provider Summit Wealth Systems, a move that bolsters its technology solutions for wealth management advisors.
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The deal, which was first announced on in December last year, sees Summit Wealth Systems’ co-founder and CEO Reed Colley stepping into the role of president of Orion Advisor Technology, under the leadership of Orion CEO Natalie Wolfsen.
Summit Wealth Systems, established in 2019 by Reed Colley, will continue to operate under its own brand within the Orion family.
While its 12 employees have transferred to Orion, Summit will maintain its current client relationships without service disruptions.
Colley previously founded Black Diamond Performance Reporting in 2003, later acquired by Advent Software in 2011.
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By GlobalDataSummit’s tools are set to integrate with Orion’s existing offerings, aiming to provide an enhanced suite of technology solutions to advisors.
With the acquisition of Summit, Orion’s suite of services, including Orion Advisor Tech, Orion Portfolio Solutions, Brinker Capital Investments, Redtail Technology, and Orion OCIO, form a comprehensive ecosystem.
Orion CEO Natalie Wolfsen said: “Today, we welcome Reed Colley and Summit team members to Orion and start bringing Orion and Summit Wealth Systems together to benefit advisors by streamlining their workflows and helping them build meaningful relationships with investors.
“Reed’s proven, visionary leadership combined with Summit’s powerful software will further enhance our unified, flexible tech ecosystem, providing advisors with pioneering, connected solutions to meet the complex needs of their clients and drive growth at every stage.”
In 2022, Orion acquired Redtail Technology, a US-based client relationship management (CRM) software provider for the wealth management industry.
As of 30 September 2024, Orion oversees $4.7tn in assets under administration and manages $72.5bn in wealth management platform assets.
The company supports over six million technology accounts and thousands of independent advisory firms, marking its position as a leading player in the private banking sector.
