Orion Reimagines Billing and Reporting Experience to Streamline Advisor Workflows

Unlocking efficiency gains of greater than 35%¹, Orion's latest innovations aim to streamline workflows and support advisor growth

Orion, the premier provider of transformative wealthtech solutions for fiduciary advisors, today announced the launch of its enhanced billing and reporting experience. Designed to boost advisor efficiency, this system significantly reduces the time spent on manual tasks like generating itemized bills and detailed transaction reports. As a result, advisors will have more time for client engagement and the pursuit of growth opportunities, all while effectively scaling their operations.

“Our second annual Wealthtech Survey revealed that advisors spend nearly one-third (28%) of their day on operational and administrative tasks,” said Natalie Wolfsen, CEO of Orion. “As clients demand more from their financial advisor, we in turn understand the need for deeper, streamlined support. By emphasizing pillars such as efficiency, integration and the user experience, Orion’s solutions alleviate advisors’ back-office burden, ensuring their time can be spent on delivering holistic financial advice coupled with a superior client experience.”

To free advisors from a host of repetitive and non-revenue-generating duties, the new billing and reporting experience comprises the following digital tools:

• Bill Generation Wizard: As the most utilized feature within Orion Billing, this wizard allows users to create instances of live, forecast or final bills for clients. It offers the ability to drill down into unique or all household accounts for processing. These specifications have led to a reported 38% efficiency improvement, with future enhancements expected to reach a 63% percent efficiency gain.
• Organized Fee Schedules: Designed to elevate the user experience, these fee schedules have column search and filtering capabilities. They include options to pin important or frequently used columns, group together key categories and show or hide additional columns as needed.
• Cash Flow Automation: This feature automates processes to eliminate the manual updates and custom inputs historically required for cash flow billing. Firms can seamlessly update qualifying transactions, customize parameters as desired and process transactions with preset automation or manual triggers. This level of operational lift enables firms not previously billing on cash flows to potentially capture additional revenue opportunities.
• Billing Compare Tool: This tool has transformed what was once a one-hour process to a mere five-minute task. It allows users to compare two bill instances to identify any potential errors or discrepancies in bill runs before delivery to a client. With a 90% gain in efficiency and more accurate reporting, advisors can rest assured that their clients are receiving the highest quality service.
• Reporting: The redesigned reporting platform enhancements include a new landing page that prominently displays favorite, recently edited, and recently run reports, alongside functionalities that enable advisors to compile multiple reports into efficient packages for client meetings. Additional upgrades include improved report building with standard or customized templates and a new table editor for increased flexibility and a better user experience.

“The upgrades and functionality that Orion’s new comprehensive Billing app provides have already begun to improve the billing experience for our firm,” said Anne B. Smith, Investment Reporting Analyst and Client Service Admin of Indie Asset Partners, LLC. “The new features and capabilities allow for a more effective and streamlined process with less manual work, which saves us time. The most significant value add for our firm is the new Billing Compare tool. Orion has automated what was previously a manual process each quarter, so that we can focus on the important things like ensuring the accuracy of our billing. The best part about these upgrades is to see how much Orion listened to, remembered, and implemented the feedback we provided.”

Advisor feedback is core to developing technological advancements at Orion. In the coming months, the billing and reporting experience will include even more requested features, including a modern visual dashboard; audit history tracking; and post payments.

"Orion's latest enhancements to our billing and reporting experience are fundamentally changing how advisors approach their day-to-day operations, freeing them from repetitive tasks and empowering them to focus on what they do best—serving their clients," said Adam Palmer, Vice President of Strategic Product Development at Orion. "From key features such as the Bill Generation Wizard and our Billing Compare Tool to our redesigned reporting platform, we're providing tools that not only simplify workflows but also enhance the client-advisor interaction, all geared toward ensuring that our technology evolves in lockstep with the needs of the firms we serve."

Watch the Webinar:

To learn more about Orion’s newest billing innovations to streamline operations and improve the client experience, watch a replay of the Reinventing Advisor Workflows: Discover Orion’s New Billing Enhancements webinar.

1. Efficiency gains were measured by assessing the number of clicks required to reach a specific outcome in the enhanced product compared to the initial version.

About Orion

Orion is a premier provider of the tech-enabled fiduciary process that transforms the advisor-client relationship by enabling financial advisors to Prospect, Plan, Invest, and Achieve within a single, connected, technology-driven experience. Combined, our brand entities, Orion Advisor Tech, Orion Portfolio Solutions, Brinker Capital Investments, Redtail Technology, and Orion OCIO create a complete offering that empowers firms to attract new clients seamlessly, connect goals more meaningfully to investment strategies and outcomes, and ultimately track progress toward each investor’s unique definition of financial success. Orion services $4.3 trillion in assets under administration and $68.3 billion of wealth management platform assets (as of March 31, 2024) and supports over six million technology accounts and thousands of independent advisory firms. Today, 12 out of the Top 15 Barron’s RIA firms¹ rely on Orion’s technology to power their businesses and win for investors. Learn more at Orion.com.

1 Source: 2023 Top 100 RIA Firms, Barron's, 2023.

1346-OAT-5/29/2024

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