At Future Proof, Orion CEO Unveils Timely Advisor Insights on Election, AI, and Technology Preferences

September 16, 2024 at 13:35 PM EDT

More than one-third of Orion advisors surveyed are fearful of implementing AI, 55% favor a mix of bundled and unbundled tech

Orion, the premier provider of transformative wealthtech solutions for fiduciary advisors, today announced the findings of its quarterly financial advisor pulse survey. This morning, Orion CEO Natalie Wolfsen took the stage at Future Proof Festival in Huntington Beach, Calif., sharing actionable insights from the survey to help advisors guide their businesses in a rapidly evolving industry.

Advisor Insights from Orion’s Quarterly Pulse Survey

Artificial Intelligence: Advisors’ use and expectations around AI are diverse. One-third (33%) of Orion advisors are currently using AI, and almost half (46%) say they will be leveraging AI as part of the strategic direction of their firm in the next three years. Four in ten (42%) are also testing how AI can assist them in their practice. Over one-third (36%) are fearful about applying AI to their business while 28% consider themselves very knowledgeable about how to apply AI to their business.

Technology preferences: More than half (55%) of Orion advisors prefer a mix of both bundled (all-in-one, integrated platforms from a single provider) and unbundled (individual technology components from multiple providers) advisor technology solutions. Over a quarter (27%) prefer bundled solutions with 10% preferring unbundled. For those who prefer bundled, the primary benefit they see is that the integrated technology creates a streamlined experience. Advisors who prefer unbundled solutions cite the freedom to choose individual, best-of-breed tools to build a personalized tech stack.

2024 election: Related to the upcoming presidential election, the top questions advisors are fielding from clients are: how the election outcome will impact the stock market (43%) and if they should adjust their portfolio in anticipation of the election (26%).

High-net-worth investors: Eighty-four percent of Orion advisors surveyed say high-net-worth clients are essential to their firm’s future business growth and 80% are actively pursuing strategies to upscale their client base. At the same time, 82% say that competition among advisors for these investors with $1 million-plus in investable assets is intensifying. Eight in 10 have “basic” HNW offerings while 66% have “advanced” offerings such as direct indexing, foreign currency management, behavioral finance, and alternative investments.

"We have a profound understanding of the unique challenges today’s advisors face, including the complexities of integrating disparate tech stacks and the increasing demand for personalized client experiences and investment management,” Wolfsen said. “We actively engage with our advisors, listening to their feedback to ensure our platform meets their evolving needs. Our customizable, integrated solutions are designed to support their unique business goals. The fact that Orion advisors are outpacing broader industry growth is a testament to the power of our flexible ecosystem and our commitment to their success.”

More detailed results from Orion’s quarterly pulse survey are available here.

Celebrating 25 Years of Helping Advisors and Investors Thrive

Orion was founded in 1999 to address the unmet technology and portfolio management software needs of independent advisors. Twenty-five years later, 61% of the Barron’s Top 100 RIAs, including 18 of the top 20 firms, use Orion’s technology to power their businesses.¹

“Since Orion’s founding 25 years ago, we’ve been dedicated to helping advisors elevate their client experience and gain more time to focus on growing their business,” Wolfsen said. “Orion advisors report an average growth rate of 33 percent over the past three years, well above the 21 percent average reported by their external counterparts. Of note, Orion advisors using the Advantage Stack are growing three times faster than those who don’t use the bundled offering. By investing 19% of our technology revenue back into research and development in 2024, Orion is committed to powering advisors’ success.”

Orion is in growth mode, marked by a 15% year-over-year increase in technology accounts for the past three years. Today, Orion serves more than 6.3 million technology accounts, 300,000 wealth management accounts and 2,400 independent advisory firms. Orion services $4.4 trillion in assets under administration, a 17% increase since 2023, and $69.4 billion of wealth management platform assets (as of June 30, 2024).

Survey Methodology

A 5-minute online survey of Orion’s independent financial advisor clients was conducted in August 2024 by Logica Research. Sample size = 206

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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 $4.4 trillion in assets under administration and $69.4 billion of wealth management platform assets (as of June 30, 2024) and supports over six million technology accounts and thousands of independent advisory firms. Today, 18 out of the Top 20 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.