On the other hand, Orion does not operate in a vacuum. Other Web-based systems are out there, and you can outsource to other service bureaus. Viewed strictly from a technology perspective, I thought the Fidelity/IDS offering, which I previewed last month, was far superior technologically to what Orion offers, and it should be less expensive; however, that platform will only be available to Fidelity customers for the time being.
As an alternative, one could choose to purchase another good portfolio management program and outsource the downloading, reconciliation, etc., to a third party. You'd be dealing with multiple providers, but the savings might be substantial.
In summary, Orion has some appeal, but it is priced a bit extravagantly. Even if you take for granted that they offer outstanding customer service, you can probably find better technology and equivalent service elsewhere for less. That said, it you are looking for a one-stop solution that includes a dedicated representative who is responsible to you, and you are willing to pay a premium price for the convenience, Orion is worth a look.
Joel Bruckenstein, publisher of Virtual Office News (www.virtualofficenews.com) and an expert in applied technology for financial services professionals, can be contacted at [email protected].