Orion, a leading provider of wealth management technology to the largest RIAs, is acquiring Summit Wealth Systems, a next-generation portfolio management and reporting platform, and naming Reed Colley, its co-founder and CEO, as President of Orion Advisor Technology.
Collie will report to Orion CEO Natalie Wolfsen and replace Brian McLaughlin, who resigned in August.
Financial terms of the deal were not disclosed, but the transaction is expected to close in early 2025. Summit's 12 employees will join Orion, and the brand will, for the time being, live within Orion.
Summit Wealth Systems was founded by Colley (who also founded Black Diamond, later acquired by Advent) in 2020. It was built from scratch in Java Script to take advantage of the latest native cloud technologies and make its user interface extensible and interactive.
The platform combines a holistic visual balance sheet, wealth modeling and financial planning, as well as advisor-client collaboration tools, portfolio management and performance reporting.
Part of what has impressed advisors with the platform is its collaborative aspects. For example, its Wealth Journey module, which by default displays a long-arc graph of a client's portfolio over time that's full of interactive data. This enables a counselor to work with clients and intuitively visualize their past and present when reviewing or planning for the future.
The summit won WealthManagement.com Industry Awards 2022 and 2023 in the categories Industry Breakers and Innovative New Applications.
based in Seattle RIA Brighton Jones is emblematic of the type of growth-oriented national firm that has worked with Summit. Brighton, which has more than 130 advisers in 33 states and more than $20 billion in AUA, signed an agreement with Summit in January.