Wealth management platform Oranj announced the addition of more models, funds and ETFs to its freemium product, after pairing with asset managers PIMCO and WisdomTree Asset Management. The new additions bump the count of free models up from 49 to 56; funds now number 316, up from 265; and the number of ETFs offered goes from 134 up to 215.
The addition of asset management options to the free side of the platform is designed to give those users more flexibility, while increasing the draw for advisors to move to the premium, paywalled side of the platform. “Software can easily become the biggest line item in an advisor’s budget,” said Oranj CEO David Lyon. “Our goal is to provide enough value for the advisor, whether they upgrade or don’t.”
The new partnerships with PIMCO and WisdomTree, which will join current platform partners like BlackRock, OppenheimerFunds and First Ascent Asset Management, providing advisors access to an even broader array of products and services. The managers select which offerings are free, with Oranj receiving compensation regardless of the models that are selected. The platform is not “solely reliant” on advisors upgrading, said Lyon.
The holistic vision is part of the value-add that Oranj seeks to provide. Advisors can create their own models from a mix of the free offerings, or even outsource the portfolio management entirely. “There’s a segment of advisors out there that really just need the basics,” said Lyon. Those needing more premium features, like the popular chat feature, can access that tool along with the full universe of models and products behind the platform’s paywall.
Lyon also hinted at developments in the upcoming months, noting a “real need in the space to help advisors expand their value chain.”
For advisors less familiar with Oranj, the company launched MAX in October of 2017, which stands for “Manage, Advice, eXperience”, a software offering that combined Oranj’s client-facing tools and account aggregation with the trading and rebalancing technology from TradeWarrior (acquired by Oranj in April 2017). TradeWarrior has since rebranded as Oranj.