Orion reveals Wealthtech Survey Insights at Ascent Conference

Orion, the premier provider of transformative wealthtech solutions for fiduciary advisors, unveiled the results of its second annual Wealthtech Survey during CEO Natalie Wolfsen’s opening keynote of the firm’s flagship Ascent conference in San Diego. The survey, administered to an expansive set of advisors, seeks to provide financial professionals with actionable insights that will help them understand the strategic benefits of technology and outsourcing to support their growth efforts.

Ascent 2024 celebrates the “Unstoppable” spirit of financial advisors, a sentiment corroborated by Orion’s survey findings. Ninety percent of advisors are expecting continued strong growth – on average 16% – in 2024. Over the prior three years, advisors surveyed grew their firm’s assets under management (AUM) by an average of 26%.

“Investors are demanding more of their advisors and advisors are poised to deliver. In the next three years, two-thirds of advisors (64%) say they will deliver a more personalized, customized client experience,” said Natalie Wolfsen, CEO of Orion. “At Ascent, we’ve rallied over 1,500 advisors and industry visionaries to ignite collaboration and exchange groundbreaking ideas and strategies, all with the goal of revolutionizing the client experience and transforming the delivery of financial advice. Advisors will walk away from this year’s event with new ways to optimize their back office, combat the challenges associated with market volatility, increase and protect their clients’ wealth, and ultimately, grow their businesses.”

Technology is key to powering continued growth with over half (52%) of respondents planning to invest more in client-facing technology this year. At the same time, just one in ten advisors say their firm has all the technology solutions they need, indicating a widespread recognition of the necessity for further investment in this area. Consistent with last year’s survey results, overall technology expenditure is expected to rise by 8% this year, highlighting a continued commitment to leveraging technology as a driver of future growth.

Integrated Technology, Outsourcing Can Give Busy Advisors Time Back

Advisors cite disconnected solutions as their primary pain point related to technology, revealing a critical need for improved tech stack integration. On average, advisors say half of their technology is integrated. This shows a clear opportunity for advisors to decrease time spent on operational/administrative tasks – which take up one-third (28%) of advisors’ days – by improving and integrating their tech stack.

Another characteristic of “unstoppable” advisors is the strategic use of outsourcing to focus on their core competencies. Survey respondents expect their outsourcing spend to increase an average of 4% this year, with the below percentages offering a snapshot of how many advisors are already fully or partially outsourcing these tasks:

• Compliance and regulatory reporting (46%)
• Portfolio accounting (46%)
• Investment management (38%)
• Trade execution (36%)
• Client reporting and communication (34%)

Additionally, one-fifth of advisors express increased interest in outsourcing portfolio management due to market volatility. On average, advisors are spending nearly 20% of their day on investment and trading tasks.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!