Joint venture will offer advisors a comprehensive approach to addressing clients' needs via an open-architecture framework
NEW YORK, NY / ACCESSWIRE / January 27, 2021 / Orion Advisor Solutions and Focus Financial Partners Inc. (NASDAQ:FOCS) announced today the formation of an innovative joint venture that will add a competitive array of cash and credit solutions and related services developed by Focus Client Solutions ("FCS") to Orion's comprehensive WealthTech platform.
FCS, a subsidiary of Focus Financial Partners, LLC, has developed relationships with a national network of banks and non-bank lenders to provide these solutions to Focus partner firms. FCS offers access to cash management and lending alternatives for personal, business and nonprofit needs, empowering advisors to compete with private banks and wirehouses. Advisors have access to these capabilities through the FCS credit portal, a powerful, digital client interface. The joint venture will put similar capabilities in the hands of firms on the Orion platform.
"Orion is a proven leader in advisor technology with whom we have a long-standing relationship," said Rudy Adolf, Founder, CEO and Chairman of Focus. "FCS offers a highly innovative approach to meeting the needs of ultra-high net worth and high net worth clients for traditional and specialized banking services. The FCS team manages all aspects of delivering these services, making it extremely convenient for advisors to use them. FCS is a tried and tested solution that we have successfully deployed for our own partner firms. This joint venture is a significant new initiative that leverages the collective expertise of both FCS and Orion. We are very pleased to introduce these value-added capabilities to advisors on Orion's platform, substantially enhancing their ability to offer holistic and highly personalized client services. Focus partner firms, and now firms on Orion's platform, benefit substantially from our scale and purchasing power."
The joint venture will enhance the comprehensive solutions already available through Orion's tech-enabled fiduciary framework. Advisors on the Orion platform will soon have access to the following:
Orion anticipates that this joint venture will include a robust, end-to-end experience for both advisors and clients. Once the joint venture's services are fully integrated into the Orion platform, advisors will be able to connect a client's cash deposits and loans to their financial plans via Orion Planning. Ultimately, advisors will be able to monitor and report on a client's entire financial portfolio through Orion's dynamic reporting capabilities.
By using innovative technology to connect clients' cash and credit needs with their planning and investment management experiences, this joint venture will have a game-changing impact on an advisor's ability to serve and retain clients.
"The ability for RIAs to offer competitive banking and cash management solutions through our platform will create an added ‘stickiness' to our advisors' businesses, driving client loyalty by streamlining their entire wealth management experience," said Eric Clarke, founder and CEO of Orion. "In a digital service environment where RIAs go toe-to-toe with big banks for new business, we can now arm independent advisors with a huge equalizer."
A limited number of advisors will have access to these services through the Orion platform in a beta program starting at the end of the first quarter, with a full release planned for this summer. To learn more about this joint venture, or to apply for Orion's beta program, visit http://www.orionadvisortech.com/lendingandcashmanagement.
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SOURCE: Focus Financial Partners
01/27/2021 EQS Newswire / EQS Group AG