Advisors using wealthtech provider Orion and FeeX’s account aggregation and trading platform can now manage held accounts within the Orion portfolio accounting system as announced. The partnership, an extension and enhancement of a recently piloted integration, will see participating advisors manage and trade client-held assets within 401 (k), 529, 403 (b) accounts and even annuities.
The partnership, made possible by a newly built two-way data integration, will open new revenue streams and even attract new assets to the consultants’ books, said Eddie Sempek, SVP for strategic relationships at Orion. Indeed, the success of the pilot program was part of the reason for building the new partnership. A beta program that involved five beta companies with the FeeX integration has grown to dozens, with assets growing at a rate of nearly 1,500% at one point.
Internal reviews show the FeeX-Orion relationship goes beyond simple aggregation, he added. The aggregation leads to a real increase and retention of the client assets of the participating advisors.
With concepts such as “Financial Wellness” and “Holistic Management” available to consultants (and technical executives), Orion’s founder and CEO Eric Clarke and FeeX’s founder and CEO Yoav Zurel are creating a partnership which bears real fruit for consultants, you said. It’s not just about a partnership for a partnership’s sake.
By creating bi-directional integration, Orion can collect financial data after executing management and trading decisions on the FeeX platform and execute this information through its own functional warehouse. According to Sempek, the data flows to Advizr, its financial planning software, and HiddenLevers, its risk analysis software. This data, in turn, strengthens models based on these ecosystems.
The partnership opens up a great opportunity for consultants, said Clarke. “Held accounts, especially retirement accounts, are one of the greatest ways for advisors to show their worth,” he said in a statement. “Consultants can now easily bring these resources into the consultant-customer relationship and guide customers to their financial goals in a holistic way.”