Orion set to snap up RIA tech provider Summit Wealth Systems

Orion is expanding its portfolio of tech capabilities with a strategic takeover of an award-winning advisor tech platform.

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On Thursday, Orion unveiled plans to acquire Summit Wealth Systems, a provider of portfolio management and client reporting software tailored to large RIAs.

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The transaction is expected to close in early 2025, according to the giant wealth technology provider. At that point, Summit’s CEO, Reed Colley, will join Orion as president of Orion Advisor Technology, reporting to Orion CEO Natalie Wolfsen.

“We are thrilled to welcome the Summit team, Summit clients and Reed to Orion in early 2025,” Wolfsen said in a statement Thursday. “Summit’s powerful software will further enhance our unified, flexible tech ecosystem.”

Summit, which was co-founded by Colley in 2019, delivers client-centric portfolio management software designed to foster stronger relationships between advisors and their clients. The firm’s 12 employees will join Orion as part of the acquisition, and Summit will continue to operate as a branded entity within Orion.

Colley, a seasoned industry veteran with 25 years of experience, is best known for founding Black Diamond Performance Reporting in 2003, where he pioneered wealth management tools focused on user-friendly design and graphical reporting. In 2015, the Black Diamond platform went into the hands of SS&C as the latter agreed to acquire its then-owner, Advent Software, for $2.7 billion.

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“I couldn’t be more excited to join forces with Orion in 2025,” said Colley. “I have long admired Orion’s kinship with advisors and spirit of innovation. The firm is unmatched in offering advisors the best solutions that support their independence, streamline their workflow and help them build meaningful relationships with investors.”

The acquisition aligns with Orion’s mission to innovate and expand its technology portfolio for financial advisors, which has motivated other takeovers over the years such as its 2021 deal for compliance platform BasisCode, its purchase of CRM provider Redtail in April 2022, and its May 2022 transaction for TownSquare Capital.

At last count in September, Orion supports over $4.7 trillion in assets under administration and $72.5 billion in wealth management platform assets, serving thousands of independent advisory firms and over six million technology accounts.

“With Reed and Summit on board, Orion will accelerate our growth and innovation, supporting financial advisors of all sizes and business models with pioneering, investor-centric technology,” Wolfsen added.