Refuge for the Oranj Orphans
On December 8, this article was revised to include a new offer from Advisor Peak. AdvisorPeak is available for free through the end of the first quarter for any firm coming off Oranj (and that offer extends to RIAs from recently acquired Blaze or Redblack as well).
Some 500 advisory firms are facing the worst-case scenario for a practice that relies on a key piece of software. Their asset management solution, Oranj, announced in mid-November that it would shut down completely on a hard deadline of December 31, giving Oranj users a month and a half to identify and buy a replacement, migrate over their client data, and train their users on the new system.
This was an especially painful development at a time when many firms are going through the labor-intensive process of harvesting tax losses and offsetting fund distributions.
Orion Advisor Solutions stepped into the breach and offered to provide six months of free technology to former Oranj users. It was reported that Riskalyze was “flooded” with inquiries after the shutdown announcement.
But, curiously, the most obvious solution to the stranded advisory firms was unnoticed.
“We’ve been converting firms over for the past month,” says Damon Deru, founder of Layton, UT-based AdvisorPeak. “Generally, we’ve been able to convert all their data and get them all up and running in about a week – all their model data, all their account data, we can take that right into AdivsorPeak. And,” he adds, “there will not be a huge learning curve for their staff to make the jump.”
AdvisorPeak’s edge in this race for former Oranj customers comes from the fact that it is essentially the same program as Oranj’s underlying trading/rebalancing/tax loss harvesting engine. In the early-to-mid 2010s, Deru built a cult following with a program called TradeWarrior, which some believe was the most feature-rich rebalancing software on the market. He sold the program to Oranj back in April, 2017 and then, after several legal disputes, Deru took the underlying TradeWarrior programing back and founded AdvisorPeak in the summer of 2019, with the goal of (yet again) building the most feature-rich trading/rebalancing/tax loss harvesting engine on the market.