Orion Advisor Services has bought Advizr, a New York City-based financial planning software startup and developer of a client experience technology platform.
The purchase price wasn’t disclosed for the transaction, which closed July 10, Orion Advisor Services CEO Eric Clarke told ThinkAdvisor.
The addition of software stands to help Orion keep up with rivals including Envestnet, who earlier this year bought MoneyGuidePro for $500 million.
The Advizr acquisition follows Orion’s recent restructuring and rebranding of its operations that brought it and parent company NorthStar Financial Services Group closer to realizing their mission to help advisors “operationalize their vision for success and deliver a best-in-class client experience,” according to Orion.
Advizr entered the advisor tech space in 2012 and expanded its focus to the employee financial wellness market. Its client experience platform is known for its sleek interface and intuitive user experience, Orion noted in a July 11 announcement about the acquisition.
Advizr’s technology allows advisors, financial institutions and employers to engage investors in various ways, depending on each client’s service model — from highly collaborative to fully investor-led, Orion said. That versatility is accompanied by a “best-in-class” client portal that Orion said provides investors with a variety of “dynamic personal financial management capabilities powered by a comprehensive financial planning engine.” With its ability to seamlessly support goal- and cash-flow-based methodologies, Advizr has made the traditionally complex planning experience easier, Orion said.
Bringing Advizr’s “intuitive approach to the firms we serve will take the client experience capabilities we provide through our technology” and turnkey asset management program (TAMP) offering “to the next level,” Clarke said in the announcement. Combining all those components “will help advisors fulfill their fiduciary responsibilities regardless of the current regulations and cement their value to clients in a clear and measurable way,” he said.
“Our acquisition of Advizr is about the future opportunities we can create together for our users,” he told ThinkAdvisor, adding Orion “will not charge advisors an additional fee for Advizr’s tools.”