Reed Colley Joining Orion As President Of Technology Unit

Orion, one of the major providers of wealth management technology to larger RIAs, is acquiring Summit Wealth Systems, a next-generation portfolio management and reporting platform and appointing Reed Colley, its co-founder and CEO, as President of Orion Advisor Technology.

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Colley will report to Orion CEO Natalie Wolfsen and replace Brian McLaughlin, who stepped down in August.

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The deal’s financial terms 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 now, live on 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 cloud-native technologies and make its user interface both extensible and interactive. 

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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.

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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 line graph of a client’s portfolio over time that is full of interactive data. This enables an advisor to work with clients and intuitively illustrate their past and present while reviewing or planning for the future.

Summit won WealthManagement.com Industry Awards in 2022 and 2023 in the Industry Disruptor and Innovative New Apps categories.

Seattle-based RIA Brighton Jones is emblematic of the type of national growth-oriented firm that has worked with Summit. Brighton, which has over 130 advisors across 33 states and over $20 billion in AUA, signed an agreement with Summit in January.