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Direct Investment  + Financial Advisory  + M&As  + Wealth Management  |  December 20, 2024
Orion to Acquire Tech Provider Summit Wealth Systems
By: Joe Palmisano

Orion to Acquire Tech Provider Summit Wealth Systems

Orion, a wealth management technology provider for financial advisors, is acquiring Summit Wealth Systems. Summit co-founder and CEO, Reed Colley, will join Orion as president of Orion Advisor Technology, reporting to Orion CEO Natalie Wolfsen and replacing Brian McLaughlin, who stepped down in August, upon closing of the deal in early 2025.

Prior to launching Summit, Colley founded and served as CEO of Black Diamond Performance Reporting, which he founded in 2003. He also founded calendar analytics platform Copilot, Do Something Great Today and FlightPath Inc. Colley, along with Summit’s 12 employees, will join Orion upon the close of the transaction, and Summit will become a brand entity of Orion.

“With Reed and Summit on board, Orion will accelerate our growth and innovation, supporting financial advisors of all sizes and business models with pioneering, investor-centric technology,” said Natalie Wolfsen, CEO of Orion.

Summit provides client reporting and portfolio management to large registered investment advisors. Orion services $4.7 trillion in assets under administration and $72.5 billion of wealth management platform assets, as of September 30, and supports over six million technology accounts and thousands of independent advisory firms.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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