Edelman Financial Switches Tech Stack from Envestnet to Orion
Edelman Financial Engines, a registered investment advisor and managed accounts provider with more than $308 billion in assets under management, has shifted its technology stack to Orion.
On Thursday, the firms announced that Edelman had onboarded its advisors to Orion’s platform for portfolio management, trading, data, reporting and advisor engagement. Edelman had been using the larger technology provider Envestnet since 2018, according to prior company announcements.
Edelman and Orion declined to comment on who had been the RIA’s prior vendor for the services. In a 2018 release, Edelman wrote that it was using Envestnet for wealth management and financial wellness.
Working with Edelman, one of the largest RIAs in the country by assets and over 370 advisors, is a win for Orion, which has about $5.8 trillion under administration compared to Envestnet’s $7 trillion.
Matt George, senior vice president and head of product at Edelman, said in a statement that the firm is “fully onboarded” to Orion’s platform and that the new vendor “gives us an opportunity to better integrate our systems, strengthen the tools our planners rely on, and enhance the experience we deliver to our clients.”
The move comes just a few months after Edelman CEO Ralph Haberli took over the top job from Jay Shah in October. Haberli himself is relatively new to the RIA, having joined from Capital Group in July, where he was president of the institutional and retirement client group.
The RIA has seen further changes at the top with the recent departures of Chief Financial Officer Suzanne van Staveren, who went to IMA Financial Group, and Chief Compliance Officer Bob Lavigne, who departed for Hightower Advisors.
Now, Edelman advisors will have a new technology provider in Omaha, Neb.-based Orion, which is led by CEO Natalie Wolfsen, who took over from founder Eric Clarke in 2023, following her role as CEO of wealth management tech provider AssetMark.
Orion will provide Edelman advisors with its suite of offerings, including portfolio management and trading, data sharing and advisor engagement tools to manage client accounts.
Orion rival Envestnet was a public company when RIA Edelman began using the firm. In November 2024, it delisted from the New York Stock Exchange after Bain Capital acquired it for about $4.5 billion.
A few months later, the firm announced that CEO Chris Todd would be taking over leadership. Todd did not have wealth sector experience but had a background in building software platforms for large enterprises.
Edelman, which is also a managed accounts provider to retirement plans, is majority-owned by Hellman & Friedman and holds a minority stake from Warburg Pincus. Founder Ric Edelman remains the largest individual shareholder.