The company announced a number of new tools and initiatives at its annual Ascent conference in San Diego.
Fintech solutions provider Orion is holding its annual Ascent conference in San Diego this week, and as in previous years, the company is using the event to announce a number of new technology tools and advisor platform initiatives.
So far, the company is highlighting two new technology-enabled planning tools. One is designed to support fiduciary advisors working with clients on their wealth and estate goals, and the other is designed to help advisors engage in deeper planning discussions with clients that take into account their wealth and estate goals. It is intended to enable the promotion of Their feelings and personal perspectives on the meaning of wealth and financial freedom.
In a morning interview with ThinkAdvisor ahead of the event's final day, Orion CEO Natalie Wolfsen said the Ascent conference has been “going well” so far. He said more than 900 of the firm's advisors and clients were in attendance, and the one-on-one training consultation sessions were so booked that the firm had to add more on the fly to meet demand. He pointed out that it should not have happened.
“It’s really nice to have our advisors here and show us how they use our tools and explore new insights and solutions from our side,” Wolfsen said. he said. “We're offering training sessions to both new users and those looking to become power users of our platform, so there's really a lot going on.”
Solving the mysteries of real estate planning
As Wolfsen explained, Orion's new estate planning tools help demystify the estate planning process for families by providing advisors with a “clear, visual wealth map” that provides understanding and peace of mind. Helpful.
“This addition to the Orion Planning platform is designed to enable financial advisors to play a leading role in guiding families through the largest intergenerational wealth transfer in history.” Wolfsen said. “The financial landscape is undergoing a major transformation as baby boomers and the silent generation prepare to pass on an astonishing $72 trillion in wealth to their successors by 2045.”
As revealed in Orion's second annual WealthTech Survey, 57% of advisors are currently focused on intergenerational wealth transfers as a growth opportunity, and a further 36% will do so in the next three years. It is expected that
Wolfsen said the new tool is designed to “simplify and extend” this process.
“This will enable financial advisors to expand their services and effectively deliver estate planning to both high net worth individuals and a broader range of investors,” she said.
Key features include both estate planning flowcharts and comprehensive table views that help distill complex estate planning information into an easy-to-understand format that Wolfsen calls “intuitive and transparent.” Contains visualization features. This approach allows advisers and investors to clearly see who inherits what assets and when, without having to wade through complex legal documents, Wolfsen said.
Also key is the advisor-driven workflow, which Wolfsen said was added to the platform to allow advisors to collect relevant estate planning data within existing platform processes. The tool also facilitates “what if” estate planning, including the ability to model and compare what-if scenarios.
In the company's announcement, Brian Morgan, director of financial planning products at Orion, noted that this launch is the most significant enhancement to the platform since the acquisition of Advizr in 2019.
PulseCheck tool focuses on behavioral insights
Wolfsen said another big announcement from the company was the launch of Pulse Check. She claimed it was a sophisticated behavioral finance tool developed under the guidance of Orion's chief behavioral officer, Daniel Crosby, and his team.
As Wolfsen explained, PulseCheck is a tool that helps advisors consider investors' personal well-being and fulfillment as part of the financial planning process. He said this exemplifies Orion's commitment to “empowering advisors” and aligning investment strategies with clients' personal planning goals.
As a workflow within Orion Planning, PulseCheck takes users on a reflective and actionable journey, Wolfsen said. The process begins by identifying and prioritizing six wellness categories that represent the pillars of a fulfilling life. They are happiness, engagement, progress, relationships, truth, and strength.
“It might sound very 'California' to some people, but it's okay because I'm from California,” Wolfsen joked. “This tool facilitates a personalized and reflective planning experience. Investors rank these categories and rate their current satisfaction with each. We can focus on the categories where the gap between satisfaction and fulfillment is greatest.”
According to Wolfsen, this data-driven insight allows you to set meaningful goals, whether financial or personal, that can be incorporated into a comprehensive financial plan.
Photo: Natalie Wolfsen
