The Importance of Technology for Succession Planning

Technology for Succession Planning

It’s the end of the year; everyone is thinking about the year ahead, planning for new activities and experiences while also looking back at last year. Somehow, all that eggnog and yuletide cheer induces a lot of in-depth inward-thinking.

At this time of year, you probably have lots of clients thinking about family, as well as the health of their business if you service entrepreneurs. And along with family and business thoughts comes the topic of succession planning. You might even be grappling with what to do with your own business.

Whether you’re helping with wealth transfer to younger generations or planning your own business succession plan, technology can help set you apart from your competition and plan for success.


Why Technology is Good for Succession Planning

An advisory firm, mostly, is as valuable as its book of business and to a great extent, how happy its clients are—an unhappy client who leaves the firm can affect the firm’s overall value at any time.

Technology is much more of a static value indicator. Some advisory firms own proprietary technology, which is the greatest value add. However, even if you don’t have proprietary systems, just making sure that your firm employs integrated technologies to help you scale and serve clients more consistently can help you be seen as a more valuable asset versus another firm that doesn’t have the same level of internal architecture.

Making the transition easier

You can package your firm and processes into an easily transferrable package when you have advisor technology supporting your operations and processes.

Think about it: Would you rather take over a firm where everyone has their tasks in their heads, on note cards in drawers, and on white boards, or a firm that has its accounts being reconciled accurately and stored in a single portfolio management system, supported by defined workflows in a comprehensive CRM setup?

The answer is obvious. Technology wins.

How Orion’s Technology Helps You Coordinate Client Families

Your clients may be going through a similar transition, but it takes the form of estate planning or wealth transfer, rather than succession planning for a business.

Orion Connect has some simple tools that can help you to create family groups, and also give you tools you may need when trying to bring in additional assets, like those of a client’s adult children.


If you work with an extended family, you may need multiple set ups for who can see which accounts. For example, you might have a scenario where parents have set up accounts for children and those children need to see only their accounts, but the parents need to see everyone’s.

With Orion, you can set up any reporting or billing (or even trading) scenario you need between the ability to Household accounts together and also create separate Reporting, Billing, and Trading groups to manage the different familial relationships you’ll encounter so you can best help a family transition its wealth to younger generations.

Account Aggregation

Account aggregation is a simple way to get insights into held-away accounts; it’s likely you’re familiar with it so you can view a more complete wealth picture for at least some clients. Account aggregation can also help you connect with your clients’ children and bring them into the fold.

A client’s children may not want or be ready for you to manage their accounts, but if you are advising a family unit, they may find it advantageous for you to have insights into the entire family’s situation. In this scenario, you can know how to best help possible new clients and begin to help them see what value you can add if they should one day work with you.

Technology can be a powerful way to help you plan your own business transition, or assist with transitions within the families and clients you serve.


Read more about all the solutions Orion offers for advisory firms here to see how the Orion platform can help you overcome the obstacles you’re facing today.




Kyle Hiatt

About Kyle Hiatt

Kyle Hiatt is Orion's EVP for Business Development. Kyle is a native of St. Louis and a big Cardinals fan. He also excels at playing hoops and dunking on 7 and 8 year olds, and trying to keep the ball in the fairway while golfing.

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