Orion Launches Breakthrough Compliance Technology with New Client Oversight Tool; Fully Integrated into Connected Wealthtech Stack

Eliminating arduous manual processes and reducing the threat of compliance violations, chief compliance officers can now receive automated alerts for share classes, beneficial ownership filings and large trader alerts—all in a centralized dashboard with audit-ready reporting

OMAHA, Neb.–(BUSINESS WIRE)–Orion Advisor Solutions, the premier provider of transformative wealthtech solutions for fiduciary advisors, announced today breakthrough enhancements to its compliance technology offering from Orion Compliance. A first-of-its-kind Client Oversight tool, including an automated share class selection monitoring feature, is now available and fully integrated with the Orion trading and technology tools advisors use every day.

“In recent years, regulators have shown heightened interest in investment fees, assessing whether fiduciary advisors are selecting the lowest cost share class when making mutual fund investments on behalf of their clients,” said Kylee Beach, general counsel at Orion. “Many firms have been fined millions of dollars for investing clients’ funds in certain mutual fund share classes when more affordable options were available to the client. Orion’s Client Oversight tool tackles this challenge—its continuous monitoring and daily updates can quickly alert compliance officers to any share class selection issues present across client accounts.”

The Client Oversight tool enables automated monitoring and reporting of several compliance pain points typically managed through time-consuming and manual processes. It allows for workflows involving one or more compliance officers. Features include:

• Pre-Trade Compliance: powered by a groundbreaking integration with Orion’s Eclipse trading application, users receive automated approvals and rejections for client orders based on configurable policies with an end-to-end workflow. Intuitively apply policies that capture leveraged ETFs, restricted lists, and short-term trading as well as asset class, industry, issuer, and more. Leverage on-demand, exportable reporting with a robust audit trail, including trade details, policies impacted, findings, and more.
• Share Class Alerts (SCSD): powered by Orion Risk Intelligence, this feature offers end-to-end audit-ready centralized or distributed workflow and reporting to alert stakeholders when a potentially less expensive mutual fund share class is available.
• Ownership Alerts (13D/G): powered by Orion Risk Intelligence, the feature alerts compliance officers when the firm acquires more than 5% of a public company’s shares.
• Large Trader Alerts (13H): initiated by Orion Compliance, the alerts flag when transaction volume or amount equals or exceeds the rule’s established thresholds within a daily or monthly time frame.

“With automated alerts for share classes, beneficial ownership filings and large trader status, compliance officers can now have the utmost confidence in their firm’s regulatory compliance,” added Carlos Guillen, senior vice president of product development at Orion. “The addition of Client Oversight to Orion’s Code of Ethics and Firm Oversight on a single, centralized dashboard provides compliance officers with access to everything they need, including a sophisticated audit trail of all activity conducted on a client’s behalf. This is an important step in the continued evolution of our integrated wealthtech suite and gives us a launchpad from which to build and integrate additional Orion Compliance features and functionality and generate more value for clients than ever before.”

All of the groundbreaking features and functionality of Orion Compliance are included with the recently announced Orion Advantage Stack, which brings together the power of Orion’s suite of technology products and offers substantial discounts over purchasing Orion’s products separately. Building on the technology the company gained through its 2021 acquisition of regulatory compliance and risk management technology company BasisCode Compliance, as well as the integration of Brinker Capital Investments and HiddenLevers (now Orion Risk Intelligence), Orion Compliance provides compliance officers a central hub for managing all aspects of their compliance program in a secure cloud environment. Capabilities of the comprehensive offering range from compliance testing and risk assessment to trading surveillance, insider trading, staff certifications, and audit-ready reporting.

Attend the webinar at 1 p.m. CT on March 14

Join Orion’s General Counsel, Kylee Beach, and SVP of product development, Carlos Guillen, as they discuss the new Orion Compliance offering and demonstrate its key features. Click here to register.

About Orion Advisor Solutions

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 TownSquare Capital, 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. With the addition of Redtail and TownSquare, the combined platform services $3.7 trillion in assets under administration and $60 billion of wealth management platform assets (as of Dec. 31, 2022). Supporting over 5 million technology accounts and thousands of independent advisory firms, Orion is the platform of choice for all growth-focused advisory firms looking to strengthen their client relationships, gain a competitive edge in a crowded marketplace, and build strong, profitable businesses. Learn more at www.orion.com.

Contacts

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Kendra Galante

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Jason Lahita

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