As the financial advisory business is becoming more complex and competitive, advisors are looking for ways to create scale, enhance service and improve profitability.
Accordingly, technology can play a key role in making this happen. One very exciting development is the movement by industry technology leaders to work together to create new solutions for advisors. A great example of that is the new joint venture between Orion Advisor Services and Total Rebalance Expert (TRX).
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Per the recent announcement (http://tiny.cc/ih1edx) TRX will now be included as part of Orion's portfolio accounting package. TRX has long been integrated with Orion, so why is this news so exciting? It is exciting because now, for this first time, advisors can get a best-of-breed complete technology solution combining the largest privately held portfolio accounting and rebalancing solutions.
The combined end-to-end solution provides advisors with multi-custodian, tax efficient portfolio management, the ability to report on and manage all clients' assets, full back office services, and more.
Industry consultant Tim Welsh, President of Nexus Strategy stated, "The Orion/TRX partnership is a landmark deal in the industry as two leading, independent firms come together to create a new technology platform to make advisors' lives easier and provide a scalable platform for growth."
No longer will advisors be beholden to "all in one" bundled solutions from a single provider. The TRX/Orion partnership allows advisors to take advantage of TRX's top tax efficient rebalancing as part of the Orion solution; however both TRX and Orion will remain open architecture. Both companies will continue to support and enhance existing integrations.
Eric Clarke, President of Orion Advisor Services, explained "Both of our firm’s cultures have the belief that advisors provide ultimate validation on innovation. The feedback we received was so strong about this integration, that we would have been crazy not to move this opportunity forward." He further emphasized "Our ownership structure allows us to collectively put our advisors first, not next quarter's earnings targets."
Simply put, this new offering gives advisors best-of-breed choice for portfolio accounting, reporting and tax-efficient rebalancing, and is a shining example of how the industry benefits when leading technology firms work together.