Orion unveils updates to advisor billing and reporting

Fintech firm Orion is redoubling its commitment to fiduciary advisors with an updated billing and reporting system.

The wealth tech provider launched enhanced billing and reporting system aimed at improving efficiency and reducing manual tasks for advisors, enabling them to focus more on client engagement and business growth.

"As clients demand more from their financial advisor, we in turn understand the need for deeper, streamlined support," Natalie Wolfsen, CEO of Orion, said in a statement.

"By emphasizing pillars such as efficiency, integration, and the user experience, Orion’s solutions alleviate advisors’ back-office burden, ensuring their time can be spent on delivering holistic financial advice coupled with a superior client experience,” she said.

The updates respond to a key concern uncovered by Orion’s second annual Wealthtech Survey, which found advisors spend nearly one-third of their day on operational and administrative tasks.

Among several digital tools, the new billing and reporting system offers a bill generation wizard, which enables the creation of live, forecast, or final bills for clients, covering unique or all household accounts. Orion claims the feature has led to a 38 percent efficiency improvement among users, and forecasts future enhancements will drive that up further to a 63 percent efficiency gain.

The firm also highlighted an organized fee schedules module that includes search and filtering capabilities, allowing users to pin important columns, group key categories, and show or hide columns as needed. Meanwhile, its cash flow automation tool includes features to help eliminate manual updates and custom inputs traditionally required for cash flow billing, letting firms update qualifying transactions seamlessly and potentially capture additional revenue opportunities.

The fintech giant also highlighted its billing compare tool, claiming it transforms what was once a one-hour process into a five-minute task by letting users compare two bill instances to identify errors or discrepancies.

It announced several other reporting enhancements, including a redesigned platform with a new landing page displaying favorite, recently edited, and recently run reports. That allows advisors to compile multiple reports into packages for client meetings, with improved report building and a new table editor for greater flexibility.

Its future updates will include a modern visual dashboard, audit history tracking, and post-payment features, the fintech firm said.

“We're providing tools that not only simplify workflows but also enhance the client-advisor interaction, all geared toward ensuring that our technology evolves in lockstep with the needs of the firms we serve," said Adam Palmer, vice president of strategic product development at Orion.