Trent Mumma
Orion and Flourish on Tuesday announced an expanded integration meant to help advisors incorporate client cash into the overall financial planning process.
While the companies have been integrated since 2021, this allows advisors to initiate Flourish Cash invitations from within Orion, pre-fill client information in account opening and incorporate eligible cash account data into Orion's reporting and planning workflows.
Once a client opens a Flourish Cash account, account data can flow into Orion and Orion Planning, giving advisors greater visibility into client cash alongside other held and held-away assets, according to a statement.
From within Orion tools, including Portfolio View and Portfolio Audit, advisors can learn about Flourish, connect with the Flourish team and initiate invitations for eligible clients.
Once linked, client cash balances can be incorporated into Orion's unified reporting and planning platforms.
Trent Mumma, chief product officer at Orion, told ThinkAdvisor that advisors consistently said they want better visibility into held-away cash and a more connected workflow around client liquidity.
"Historically, cash has often lived outside the advisory relationship, requiring advisors to toggle between platforms or rely on third-party aggregators to build a complete picture of a client's household," he said.
As RIAs take on more of the "full financial life" conversation, Mumma said they've been clear that they need cash data flowing into the same place as everything else they manage.
"Bringing cash into Orion's reporting and planning workflows helps support more holistic conversations around cash-flow planning, distributions, excess cash management and long-term financial planning," he said.
New York-based Flourish has driven over $1 billion in net new flows to custodians and holds more than $8 billion in assets under custody. It works with more than 1,200 RIA firms representing over $2.6 trillion in assets under management, including Focus Financial, Carson Group and Mariner Wealth Advisors.
Omaha, Nebraska-based Orion services $5.9 trillion in assets under administration and $185 billion of wealth management platform assets, supports more than 8.3 million technology accounts and is used by thousands of independent advisory firms.
Orion Chief Product Officer Trent Mumma. Courtesy photo
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