Orion's latest BeFi tool, which integrates personal fulfillment and wellness into the financial planning process, aligns with findings from WealthTech survey highlighting advisors' grasp of the business benefits of BeFi
Omaha, Nebraska, March 13, 2024–(Business Wire)–oriona leading provider of innovative wealthtech solutions for fiduciary advisors, today launched “.pulse check” Live streaming from the main event orion rise, located in San Diego. This sophisticated behavioral finance tool was developed by Orion's Chief Behavioral Officer. Dr. Daniel Crosby and his team consider investors' personal well-being and fulfillment to be part of the financial planning process. This embodies Orion's commitment to empowering advisors to help them attract new clients, align planning goals and investment strategies, and prioritize advisor-client engagement.
The introduction of PulseCheck comes at a time when advisors are increasingly recognizing the potential of behavioral finance to differentiate their practices and drive growth. As highlighted in the constellation Orion, 2024 Wealth Tech Survey, one-third (33%) of advisors have already integrated BeFi into their practice, and a further 43% plan to do so within three years. This same group of advisors said the main benefits of behavioral finance techniques are stronger relationships with clients (83%), deeper client trust (79%), and stronger client confidence during periods of market volatility (74%). ). In particular, companies that are expected to grow by more than 10% in 2024 are more likely to adopt behavioral finance techniques.
As a workflow within Orion Planning, PulseCheck guides users through actionable journeys of reflection. The tool begins with identifying and prioritizing six wellness categories that represent the pillars of a fulfilling life: Happiness, Engagement, Progress, Relationships, Truth, and Strength, followed by a personalized, reflective plan. Facilitate the experience. Investors rank these categories, measure their current satisfaction with each, and focus on the categories with the largest gap between importance and satisfaction.
This data-driven insight allows you to set financial or personal goals and incorporate them into a comprehensive financial plan. By integrating financial expertise and psychological principles, Orion's Behavioral Finance team creates a suite of solutions that help advisors better understand their clients, build better relationships, and ultimately grow their businesses. is dedicated to designing tools.
“Our vision for Pulse Check was to create a tool where an investor's values, well-being, and financial goals are in sync and where advisors can provide a planning experience that is as unique as the person themselves,” Dr. Crosby said. said. “PulseCheck is about understanding the big picture of an individual's life and what matters most to them. Strengthening advisor-client relationships and fostering a truly integrated approach to wealth management. It is designed to.”
PulseCheck provides a way for advisors to demonstrate value independent of market performance and resonates with clients who want to connect with their advisors based on shared values and understanding. By using PulseCheck, advisors may be able to close the values gap. This is extremely important considering that a significant percentage of clients feel misled by their advisors. This tool gives advisors the opportunity to strengthen relationships with their clients, which can result in increased satisfaction and retention. PulseCheck also encourages following financial planning advice, which can improve a client's financial outcomes.
“At Orion, we are dedicated to helping advisors build meaningful, trusting relationships with their clients while providing added value through every interaction,” he added. Natalie Wolfsen, CEO of Orion. “PulseCheck embodies this commitment by giving advisors the tools they need to better understand their clients’ motivations, allowing them to create truly personalized, investor-centric experiences. It will be.”
PulseCheck aims to affirm the role of advisors as guides to personal and financial prosperity. It represents the latest addition to Orion's suite of behavioral finance tools integrated into Orion Planning. It is designed to complement the Protect, Live and Dream frameworks, BeFi20 assessments and 3D risk profiles, underscoring the company's leadership role in this fast-growing advice sector. Orion Planning is available to Orion clients at no additional charge.
To learn more about PulseCheck and Orion's behavioral finance products, visit https://orion.com/behavioral-finance and register for PulseCheck's introductory webinar on April 12th.
0619-OAT-3/11/2024
Research method
The 10-minute online survey of financial advisors (including customers and non-customers of Orion Advisor Solutions) was conducted in January 2024. logica research. Sample size = 542.
About Orion
Orion is a leading provider of technology-enabled fiduciary processes that transform the advisor-client relationship by enabling financial advisors to predict, plan, invest, and achieve within a single, connected, technology-driven experience. Transform. By combining our branded entities, Orion Advisor Tech, Orion Portfolio Solutions, Brinker Capital Investments, Redtail Technology, and Orion OCIO, we help companies seamlessly attract new clients, more meaningfully connect their goals to investment strategies and outcomes, and ultimately A complete service will be created to enable tracking. Move toward each investor's unique definition of financial success. Orion serves $4.1 trillion in assets under management and $65.9 billion in wealth management platform assets (as of December 31, 2023), supporting more than 6 million technology accounts and thousands of independent advisory firms. I am.12 of the top 15 ranked today Barons RIA companies1 Power your business and benefit your investors with Orion's technology.Learn more about orion.com.
1 Source: 2023 Top 100 RIA Companies, Barron's, 2023.
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