Orion’s latest BeFi tool, which integrates personal fulfillment and wellness into the financial planning process, coincides with Wealthtech Survey results highlighting advisors’ grasp of BeFi’s business benefits

Orion, the premier provider of transformative wealthtech solutions for fiduciary advisors, today launched "PulseCheck," live from its flagship event Orion Ascent, in San Diego. This sophisticated behavioral finance tool, developed by Orion’s Chief Behavioral Officer Dr. Daniel Crosby and his team, considers investors’ personal well-being and fulfillment as part of the financial planning process. It embodies Orion's commitment to empowering advisors, helping them to attract new clients, align planning goals with investment strategies, and prioritize advisor-client engagement.

The introduction of PulseCheck comes at a time when advisors are increasingly recognizing the potential of behavioral finance to differentiate their practice and drive growth. As highlighted by Orion’s 2024 Wealthtech Survey, one-third (33%) of advisors have already integrated BeFi into their practice, with an additional 43% planning to do so within three years. This same group of advisors believes the primary benefits of behavioral finance techniques to be strengthened client relationships (83%), deepened client trust (79%) and enhanced client confidence during periods of market volatility (74%). Notably, firms anticipating 10% or higher growth in 2024 are more likely to employ behavioral finance techniques.

As a workflow within Orion Planning, PulseCheck guides users through a reflective and actionable journey. Starting with the identification and prioritization of six wellness categories that represent the pillars of a fulfilling life — Happiness, Engagement, Advancement, Relationships, Truth, and Strength — the tool facilitates an individualized and introspective planning experience. Investors rank these categories, gauge their current level of satisfaction in each, and then focus on the category with the largest gap between importance and fulfillment.

This data-driven insight enables the setting of meaningful goals, be they financial or personal, which are then incorporated into a comprehensive financial plan. By uniting financial expertise with psychological principles, Orion’s behavioral finance team is dedicated to designing a suite of tools to help advisors better understand clients, build better relationships, and ultimately grow their business.

“Our vision for PulseCheck was to create a tool where an investor's values, well-being and financial goals are in sync, enabling advisors to offer a planning experience that's as unique as the individual themselves," said Dr. Crosby. “PulseCheck is about understanding the complete picture of a person's life and what matters most to them. It's designed to enrich the advisor-client relationship and facilitate a truly integrated approach to wealth management."

PulseCheck offers a way for advisors to demonstrate value independently from market performance, resonating with clients who desire a connection with their advisor based on shared values and understanding. By using PulseCheck, advisors can potentially bridge the gap in perceived value, which is crucial considering the significant percentage of clients who feel misunderstood by their advisors. With this tool, advisors have an opportunity to reinforce client relationships, potentially resulting in increased satisfaction and retention. PulseCheck also encourages adherence to financial planning advice, which may drive improved financial outcomes for clients.

“At Orion, we are dedicated to helping advisors create meaningful, trusted relationships with clients while delivering value-add through every interaction,” added Natalie Wolfsen, CEO of Orion. “PulseCheck exemplifies this commitment by equipping advisors with the tools they need to gain a deeper understanding of their clients' motivations. This, in turn, enables the creation of a truly personalized and investor-centric experience.”

PulseCheck aims to affirm the advisor’s role as a guide to personal as well as financial prosperity. It represents the latest addition to Orion's suite of behavioral finance tools that are integrated into Orion Planning. It is designed to complement the Protect, Live, Dream framework, the BeFi20 assessment, and 3D Risk Profile, underscoring the firm’s leadership role in this fast-growing area of advice. Orion Planning is available to Orion clients at no additional cost.

For more information about PulseCheck and Orion’s behavioral finance offerings, please visit https://orion.com/behavioral-finance and register for our introductory PulseCheck webinar on April 12.

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Survey Methodology

A 10-minute online survey of financial advisors (including Orion Advisor Solutions clients and non-clients) was conducted in January 2024 by Logica Research. Sample size = 542.

About Orion

Orion is a premier provider of the tech-enabled fiduciary process that transforms the advisor-client relationship by enabling financial advisors to Prospect, Plan, Invest, and Achieve within a single, connected, technology-driven experience. Combined, our brand entities, Orion Advisor Tech, Orion Portfolio Solutions, Brinker Capital Investments, Redtail Technology, and Orion OCIO create a complete offering that empowers firms to attract new clients seamlessly, connect goals more meaningfully to investment strategies and outcomes, and ultimately track progress toward each investor’s unique definition of financial success. Orion services $4.1 trillion in assets under administration and $65.9 billion of wealth management platform assets (as of December 31, 2023) and supports over six million technology accounts and thousands of independent advisory firms. Today, 12 out of the Top 15 Barron’s RIA firms¹ rely on Orion’s technology to power their businesses and win for investors. Learn more at Orion.com.

¹ Source: 2023 Top 100 RIA Firms, Barron's, 2023.

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