Orion to expand wealth management solutions with acquisition of Summit Wealth Systems

Orion, a leading provider of wealth management technology, has announced a definitive agreement to acquire Summit Wealth Systems, an award-winning advisor technology provider. The acquisition, expected to close in early 2025, will see Summit’s CEO, Reed Colley, join Orion as President of Orion Advisor Technology. This strategic move is poised to enhance Orion’s already comprehensive ecosystem of tools designed to empower financial advisors with cutting-edge technology solutions.

Why Is Orion Acquiring Summit Wealth Systems?

The acquisition represents Orion’s commitment to building a unified, seamless experience for financial advisors and registered investment advisors (RIAs). Summit Wealth Systems, co-founded by Reed Colley in 2019, is recognised for its modern, intuitive client reporting and portfolio management platform. By integrating Summit’s design-forward technology, Orion aims to tackle common challenges faced by advisors, including managing complex tech stacks and scaling personalised client experiences.

Natalie Wolfsen, CEO of Orion, explained that this partnership would strengthen Orion’s capabilities in delivering a flexible, unified wealthtech solution. Wolfsen highlighted the importance of this collaboration in addressing the evolving needs of financial advisors and investors in a rapidly changing market environment.

Reed Colley: A Visionary Leader Joins Orion

Reed Colley brings over 25 years of experience in wealth management technology to Orion. Before founding Summit Wealth Systems, Colley was the CEO of Black Diamond Performance Reporting, a company he established in 2003. Known for its agile and advisor-friendly wealth platform, Black Diamond set a new standard in graphical reporting and portfolio analytics. Colley also founded other technology ventures, including Copilot and FlightPath Inc.

As President of Orion Advisor Technology, Colley will oversee the integration of Summit’s solutions into Orion’s ecosystem, further elevating the advisor-client relationship. In a statement, Colley expressed his excitement about the partnership, noting that Orion’s advisor-first approach and innovation align perfectly with Summit’s mission to deliver exceptional, client-centric solutions.

How Will This Impact Financial Advisors?

The acquisition underscores Orion’s dedication to providing advisors with tools that simplify workflows, enhance client relationships, and drive business growth. Summit’s portfolio management software aligns with Orion’s goal of creating a single, connected technology platform where advisors can prospect, plan, invest, and achieve.

Summit Wealth Systems is celebrated for its ability to unify data while offering an elegant, intuitive interface. This combination helps financial advisors focus on guiding their clients toward achieving life goals, rather than being bogged down by administrative tasks. The integration of these capabilities will offer Orion’s clients a powerful suite of solutions designed to attract new investors and deliver highly personalised services.

Orion’s Broader Ecosystem of Wealth Management Tools

Orion’s acquisition of Summit is the latest step in its mission to redefine the wealthtech space. The company administers $4.7 trillion in assets and manages $72.5 billion on its wealth management platform, supporting over six million technology accounts and thousands of RIAs. Its suite of brands—including Orion Advisor Tech, Orion Portfolio Solutions, Redtail Technology, and Brinker Capital Investments—creates a robust ecosystem that empowers advisors to seamlessly integrate their practices.

Wolfsen emphasised that Summit’s inclusion would address critical challenges, such as integrating disparate technology systems, while advancing Orion’s ability to deliver innovative solutions at scale.

What’s Next for Orion and Summit Wealth Systems?

Upon the transaction’s completion, Summit Wealth Systems will operate as a brand entity within Orion, retaining its focus on providing RIAs with consolidated client reporting and portfolio management tools. Summit’s 12 employees, including Colley, will officially join Orion’s team, marking a new chapter for both companies.

Advisors and partners can look forward to hearing from Colley at Orion Ascent 2025, scheduled for February 3–6 in Orlando. The event will showcase how the integration of Summit’s technology will further enhance Orion’s value proposition for RIAs and financial advisors.

While specific financial details of the transaction remain undisclosed, the acquisition is anticipated to significantly accelerate Orion’s innovation and growth in the wealthtech industry.