Wealth management software company Oranj is moving beyond the practice management tools it provides advisors.
It has launched MAX (Manage, Advise, eXperience), which combines Oranj’s practice management offerings with the trading and rebalancing capabilities of TradeWarrior, the portfolio software firm it bought a majority stake in earlier this year, along with model portfolios and mutual funds from BlackRock, Direxion, Morningstar Management Portfolios, ETF Securities and Frost Investment Advisors. Any advisor can use MAX for free.
”MAX … not only reduces the friction associated with connecting and collaborating with an advisor, but can also slash the costs of both doing business as an advisor and investing as an investor,” said David Lyon, CEO and Founder of Oranj, in a statement. It essentially allows advisors to modernize their practice for free and to attract clients that might otherwise be turned off by another layer of investment fees.
In addition to trading and rebalancing and an investment marketplace with asset allocation models, MAX features online onboarding, account opening and transfer, custom portfolio construction and eSignature integration. Once advisors use the new MAX offering they can sign up for premium services such as integrated messaging and goal tracking, which do involve fees.
Oranj, which serves primarily independent financial advisors, expects to announce more investment management companies offering model portfolios and funds on MAX in the coming weeks, according to a spokesman.
Shareholders Service Group and Liberty Partners Financial Services have agreed to offer MAX to the advisors in their networks, which cumulatively total 1,500 across the country, according to Oranj.
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