Edelman Financial Engines Switches Tech Stack from Envestnet to Orion

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Edelman Financial Engines, a registered concern advisor and managed accounts supplier with much than $308 cardinal successful assets nether management, has shifted its exertion stack to Orion.

On Thursday, the firms announced that Edelman had onboarded its advisors to Orion’s level for portfolio management, trading, data, reporting and advisor engagement. Edelman had been utilizing the larger exertion supplier Envestnet since 2018, according to anterior institution announcements. 

Edelman and Orion declined to remark connected who had been the RIA’s anterior vendor for the services. In a 2018 release, Edelman wrote that it was utilizing Envestnet for wealthiness absorption and fiscal wellness.

Working with Edelman, 1 of the largest RIAs successful the state by assets and implicit 370 advisors, is simply a triumph for Orion, which has astir $5.8 trillion nether medication compared to Envestnet’s $7 trillion.

Matt George, elder vice president and caput of merchandise astatine Edelman, said successful a connection that the steadfast is “fully onboarded” to Orion’s level and that the caller vendor “gives america an accidental to amended integrate our systems, fortify the tools our planners trust on, and heighten the acquisition we present to our clients.”

The determination comes conscionable a fewer months aft Edelman CEO Ralph Haberli took implicit the apical occupation from Jay Shah successful October. Haberli himself is comparatively caller to the RIA, having joined from Capital Group successful July, wherever helium was president of the organization and status lawsuit group.

The RIA has seen further changes astatine the apical with the caller departures of Chief Financial Officer Suzanne van Staveren, who went to IMA Financial Group, and Chief Compliance Officer Bob Lavigne, who departed for Hightower Advisors.

Now, Edelman advisors volition person a caller exertion supplier successful Omaha, Neb.-based Orion, which is led by CEO Natalie Wolfsen, who took implicit from laminitis Eric Clarke successful 2023, pursuing her relation arsenic CEO of wealthiness absorption tech supplier AssetMark. 

Orion volition supply Edelman advisors with its suite of offerings, including portfolio absorption and trading, information sharing and advisor engagement tools to negociate lawsuit accounts. 

Orion rival Envestnet was a nationalist institution erstwhile RIA Edelman began utilizing the firm. In November 2024, it delisted from the New York Stock Exchange aft Bain Capital acquired it for astir $4.5 billion. 

A fewer months later, the steadfast announced that CEO Chris Todd would beryllium taking implicit leadership. Todd did not person wealthiness assemblage acquisition but had a inheritance successful gathering bundle platforms for ample enterprises.

Edelman, which is besides a managed accounts supplier to status plans, is majority-owned by Hellman & Friedman and holds a number involvement from Warburg Pincus. Founder Ric Edelman remains the largest idiosyncratic shareholder.