Orion Advisor Solutions, which provides wealthtech solutions for fiduciary advisers, has concluded its takeover of US-based wealthtech firm Redtail Technology.
The deal, whose financial terms were not shared, was announced this April.
The acquired entity is a web-based client relationship management (CRM) software firm catering to the wealth management industry.
The combination is expected to help advisors grow their businesses through technology and outsourced solutions.
Orion founder and CEO Eric Clarke said: “Today, we start bringing Orion and Redtail together to benefit growth-focused independent advisors by connecting the advisor-client journey with a highly integrated, most-in-one technology suite.”
Clarke added that Orion is currently working to embed Redtail’s CRM with its tech stack ecosystem.
The company plans to roll out the combined technology platform quickly to market as APIs and deep integrations are already in place.
He further said: “Orion and Redtail will remain open architecture offerings; we believe advisors deserve options and should be able to pick and choose the partners and technology that work best for their needs.”
The transaction increases Orion’s assets under administration to more than $3trn.
Before closing, the firm had 4.7 million technology accounts. The firm supported over 2,300 independent advisory firms with $1.9trn in assets under administration (AUA) and $60bn of wealth management platform assets.
Orion CRM president Brian McLaughlin commented: “Redtail joining Orion will greatly benefit financial advisors who seek an integrated suite of technology to grow their businesses.
“We aim to solve some of advisors’ tech integration challenges by bringing together the technology pieces they need to be successful and freeing advisors up to spend more time engaging with their clients and prospects in meaningful ways.”