Advisors wanting to grow their business often feel they lack the time or money to do so. Over the past several years, heightened regulatory and compliance requirements have complicated matters, driving up overhead while leaving advisors with less time to devote to clients. Technological solutions to these issues, while often helpful, can be expensive.
To address this set of problems, Chicago-based software company Oranj created the industry's first free wealth management software. Oranj helps advisers keep their overhead costs down, which subsequently helps reduce the cost of investing for their clients. In addition, Oranj allows investors to manage their complete financial picture from a central hub, freeing up time for advisors and giving investors more control over their entire financial lives.
The platform’s innovative use of multiple account aggregators gives advisors and clients access to all their accounts in a single place, from savings and investment accounts to real estate, loans, and other ancillary accounts. Oranj utilizes three account aggregators--Quovo, Yodlee, and ByAllAccounts--for held-away accounts. The aggregators are layered on top of each other to ensure each respective aggregator is assigned the type and/or institution of held-away accounts they work best with, further optimizing the account aggregation process for advisers. Oranj is also custodian-agnostic, so advisers can connect directly to multiple custodians of their choosing through a centralized platform where all their managed accounts can be tracked.
Clients can access their accounts and portfolios at any time and use Oranj's real-time online collaboration features to work with their advisors. Meanwhile, advisors can take advantage of the platform's time-saving properties to engage with more existing and prospective clients. "Our software provides the advisor the ability to connect and demonstrate value to a prospective client by providing the tools to drive the experience themselves in concert with the advisor," says David Lyon, Founder and CEO of Oranj.
Oranj also places a premium on high-quality service, guiding both advisors and clients through any challenges that may arise. "If you're not helping people fully leverage the technology, it's just a shiny car that never makes it past the driveway," says Lyon.