Omaha-based portfolio accounting software provider Orion Advisor Services announced Thursday that it has acquired New York-based financial planning software company Advizr.
“Bringing Advizr’s incredibly intuitive approach to the firms we serve will take the client experience capabilities we provide through our technology and TAMP offering to the next level,” said Eric Clarke, Orion’s CEO, speaking about the acquisition in a press release. “Bringing together these components will help advisors fulfill their fiduciary responsibilities regardless of the current regulations and cement their value to clients in a clear and measurable way.”
Orion believes the deal should deliver an improved client experience to its customers, according to the company’s announcement. Advizr was designed to permit advisors to engage clients via different service models, from one in which most responsibility is delegated to the advisor to one that is a more collaborative or “investor-led” experience.
Advizr co-founders Hussain Zaidi and Mustapha Baassiri, who served as CEO and COO of the company respectively, will join Orion. Zaidi will continue as president of financial planning solutions, while Baassiri will serve as executive vice president of financial planning solutions. Orion will keep both men and their team in Advizr’s Manhattan location.
Additional terms of the deal were not disclosed in the announcement.