Orion Advisor Tech and cash management platform MaxMyInterest teamed up to allow advisors to easily integrate a high-yield cash solution into their practices, the companies said Thursday.
As part of a new integration with Orion Advisor Tech, the MaxMyInterest platform can be used by advisors using Orion’s service to get preferential rates of up to 1.92% annual percentage yield on same-day liquid, Federal Deposit Insurance Corp.-insured bank deposits, Max and Orion said.
With client permission, advisors can also “gain visibility into” their clients’ “held-away cash to offer more holistic financial advice while growing their business organically,” the firms noted in their joint announcement.
Another key feature provided by the integration is that advisors and clients will be able to view Max balance data directly on the Orion platform, the companies said.
Users also benefit from “seamless and direct access” via single sign-on between Orion and the Max Advisor Dashboard, the firms said, noting there is “no need for advisors or clients to enter logins or passwords.”
There is also an option to designate Max balances as part of the client’s asset allocation, as well as support to show individual, joint and revocable trusts all within the same report or portal for a client or advisor, the companies said.
This “integrated solution” will help advisors “better serve their clients,” according to Michael Halloran, head of partnerships and business development for Max.
“Partnering with MaxMyInterest to give advisors deeper insights into client assets is a natural fit, and we’re excited to extend Orion’s reporting capabilities to empower advisors further,” Adam Palmer, client experience director for Orion, said in a statement.
“With more than 3 million customer accounts on the Orion platform, this partnership gives thousands of advisors the tools to create meaningful value beyond portfolio management while delivering holistic financial advice and organically growing their practices,” according to Palmer.
Separately, Orion said it updated the Orion Connect integration on the Salesforce AppExchange cloud marketplace, allowing advisors to “work more efficiently through a more flexible and customizable data synch.” The upgrade provides advisors “increased options for data mapping, faster delta synchs, and supportive error message prompting – so they can access their data how they want, and more quickly,” it said.