Software provider Oranj has introduced a wealth management tool that it says can help reduce product and technology fees paid by investors. Dubbed MAX — for manage, advise and experience — the software will be made available to advisers at no charge, in what the company calls an industry first.
MAX combines Oranj's existing client-engagement and account aggregation tools with trading and rebalancing features from TradeWarrior Software, Inc., in which Oranj acquired a majority stake earlier this year. MAX also enables advisers to access model portfolios and mutual funds from BlackRock, Direxion, Morningstar Managed Portfolios, ETF Securities, and Frost Investment Advisors.
In a release, Oranj said that MAX is custodian agnostic. It also said that Shareholders Service Group and Liberty Partners Financial Services have agreed to offer MAX to their more than 1,500 advisers.
"Many investors are unaware that their investment costs include multiple layers of product and technology fees along with advisers' fees," said David Lyon, CEO and founder of Oranj. "MAX can remove some of these fees, which advisers are often forced to pass on to their clients."
As part of the overall free offering, Oranj said that MAX includes an adviser-client portal, account aggregation tools, online account opening and transfer functionality, esignature capability and a risk assessment and alert tool.