Orion Advisor Services offers to let RIAs eat real-time “cake” rather than API “recipes” with help from Amazon’s AWS and a determined Carson Group

The Omaha, Neb.-based software and investment firm is already piloting Ron Carson’s $20 billion RIA and pushing the data to its clientele.

Orion Advisor Solutions is removing the data middleman – namely itself – on behalf of RIAs to reduce real-time T+1 transaction data with the help of a cloud computing giant.

Omaha, Neb.-based software and investment firm RIA, for $1.8 trillion in assets under administration, will begin giving RIAs access to their own data for the first time — or at least a preview useful – straight from the data warehouse… i.e. Amazon Web Services.

Eric Clarke: Solving the “permanent problem of outdated and inefficient data delivery”.

Orion piloted the program through one of its largest RIA clients – and local ally – Carson Group, which manages about $20 billion.

“Orion’s streaming data architecture will allow us to have a ‘live preview’ of Orion’s databases and allow us to move away from a batch architecture where we only fetch fresh information for a few times a day,” said Nimesh Patel, Chief Technology Officer of Carson Group. , said in a statement.

The most advanced model will allow secure access to the “latest data in seconds”.

It solves the “permanent problem of outdated and inefficient data delivery” and removes the invisible frictions that slow down the process somewhat insidiously behind the scenes, adds Orion Founder and CEO Eric Clarke.

Take a challenge

Carson hopes to achieve the holy grail of client experience for his entire advisory business, where everything from notifications and portfolio rebalancing runs on real-time data feeds.

Right now it’s T+1 (trade date plus one day), which means AIRs are adjusting and acting today based on what happened yesterday. It takes a day for the data to be “cleaned”.

“Companies like Carson are truly number three when it comes to accessing this critical information – after custodians and after Orion,” Patel said in the statement. “We are thrilled with Orion’s vision and commitment to meeting this challenge.”

Patel says no other company he knows of is yet moving in this direction in real time on behalf of RIAs. Carson really hopes Orion manages to avoid pursuing his other option – going straight to the depositories themselves, which has an obvious downside.

“We don’t want to have to become an Orion,” he says. “It’s a big elevator.”

The reason Carson is working to eliminate T-1 is that it will transform the customer experience, where the battle for market share is won and lost, Patel says.

“We think experience will win,” he says.

Solve the reconciliation

For Orion, that means removing what was considered “the future”, seemingly yesterday – namely open APIs, says Clarke. See: Eric Clarke pays around $50 million for ‘monopoly coin’ Advizr as Orion ditches some of its ‘utopia API’ image to shred mega-competitors

Adam Palmer, Orion
Adam Palmer: “This opportunity puts just-in-time reporting in the hands of the advisor.

“We have opened our API [years ago] but it goes even further,” he says. “Now we are baking the cake for them to enable the business.

A big part of activation is bringing data closer to customers, says Adam Palmer, Orion’s chief product officer.

“This opportunity puts just-in-time reporting in the hands of the advisor,” he says. “Beyond improving data accessibility, cloud-based real-time data has the potential to solve an industry-wide reconciliation problem.

“We are at the start of a period of transformation and the adoption of cloud-based data sharing will be key to moving the industry forward towards achieving real-time business reconciliation. The adoption of data sharing cloud-based technology will be essential to move the industry forward towards achieving real-time trade reconciliation.”

Avoid stale data

Initially, the benefits will be realized primarily by large RIAs, especially those with multiple data streams, e.g. business intelligence, CRM and proprietary streams.

Data access through Amazon Redshift, its cloud-native brand, will be extended to all RIAs that use Orion at no additional cost.

More consumer RIAs will realize the most obvious benefits by allowing different applications to work together much more smoothly by sharing the same rich real-time data stream, Clarke adds.

So far, Orion has used supports such as data query generation, flat file delivery, or API integration, which are effective up to a point.

“These data delivery options suffer from performance issues, lead to stale data, and require constant monitoring and troubleshooting to ensure the data is as healthy as possible,” Orion wrote in a statement.

“With cloud-based real-time data sharing, advisors can completely eliminate this workflow and ensure their data is up-to-date. With a service like Amazon Redshift, advisors can share and query data in seconds, 24/7.

The next generation

True real-time streaming is still a deferred dream as Orion and Carson continue to work on their respective systems and software, Patel says.

Yet Amazon has already started to measurably increase speed, says Orion.

Orion has tripled reporting speeds by leveraging cloud technologies, and search query speeds are nine times faster.

Clarke says this level of data sharing is the next logical iteration beyond APIs.