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In a deal wired by a 'Tony,' Orion leaps to the top TAMP tier, with $42 billion and $1 trillion-plus of RIA portfolios, which may make it more lethal to rivals

At the urging of Genstar's Tony Salewski, the Omaha organization will pay an estimated $600 million for Brinker. In the process, Orion becomes a 1,000-employee firm-- one notch below No. 3 AssetMark on the TAMP list

Author Oisin Breen
June 30, 2020 at 2:24 AM
no description available
Eric Clarke: We have the scale now we need to effectively compete in a number of areas to help us win enterprise opportunities.

Related Moves

Noreen Beaman steps down as president of Orion Advisor Solutions after Brinker migrates to Orion software and enterprise deals 'prove out'

The former Brinker CEO oversaw an 18-month transition of her then $26-billion TAMP and will remain as vice chair of the company after 'mutual' decision on role changes.

February 10, 2022 at 2:22 AM

Brad Shepard unexpectedly resigns from Orion Advisor Services after 10 months, and his chief strategy officer position will remain vacant, the company says

The Nashville, Tenn. executive came aboard to create a 'go-to-marketing strategy' for Brinker, HiddenLevers and legacy units but gave his notice this week.

January 7, 2022 at 11:40 PM

Bill Crager shuffles the deck on management team created just seven months ago: Tony Leal is out of 'Big Three' inner circle, replaced by Morgan Stanley vet Rose Palazzo

The RIA software 'trailblazer' and co-founder of MoneyGuidePro has been working on departure for a year; will transition to a 'consultant,' company says

January 7, 2023 at 1:50 AM

RIA Quick Takes: Orion deepens DFA embrace by using it as portfolio manager-inside-ETF ~ Hardship withdrawals surge at Vanguard and Fidelity ~ Schwab hires 400 ~ Fidelity flips six funds into ETFs ~ Kitces makes list before Christmas ~ Amit Dogra has $1 billion of good news from his new Portland gig

Americans are struggling, though jobs are plentiful; Larry Fink's ESG zeal costs BlackRock another client, just as the Vatican issues ESG guidance; UBS says we didn't like you anyway to mass affluent and Michael Kitces and Craig Iskowitz join forces.

December 3, 2022 at 3:16 AM

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Mentioned in this article:

Envestnet Inc
Top Executive: Jud Bergman

Brinker Capital
Asset Manager for RIAs
Top Executive: Eric Clarke, CEO



July 2, 2020 — 3:02 AM
Being marked to market never feels good but almost always happens eventually.
Pete Giza

Pete Giza

July 2, 2020 — 6:30 PM
Really?! No comments? I figured I'd be the 50th one down by now :D For at least 6 years we've all been speculating as to when ENV was going to go the full custody route. Here we are in 2020 and they haven't pulled the trigger. They have the infrastructure for sure - go what's the hold up? With TD out of the game and with many of its advisors anecdotally unhappy, it's seems like a set up for a great land rush. Enter Orion. TA's decision to double down and consume Brinker and assuredly others in the works requires Envestnet to act. Orion is soon to be on their face. Orion has had the infrastructure at the business, technology and partnership level to become a custodian prior to the TA investment. With their backing and momentum it's not a matter of IF Orion will establish itself as a custodian, it's a matter of WHEN. Eric Clark has methodically moved to an industry darling position in similar fashion of Teddu Roosevelt - by walking quietly yet carrying a big stick. That stick being his personal involvement and superior marketing. Fuse was a stroke of marketing genius and most players didn't see it coming. I have known Eric since 2006 and worked with him on and off as a consultant since 2012. I have personally watched and witnessed Orion grow from $125B in assets reported to $1Tn in eight short years. Nothing less than amazing and it happened quietly until 2 years after the TA deal. The disruption and competition that has been spawned is awesome. It will benefit a lot of companies and it will surely put many to panic. 2020 has been amazingly interesting for its first half and I expect the 2nd half to be every bit as much of not more. Pete Pete Giza CMO/CPO @ AdvisorPeak

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