TAMPS and managed services offering DI

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Orion Portfolio Solutions

Custom Indexing Solution

Orion’s platform enables advisors to create personalized, tax-efficient portfolios at scale. Launched in 2018, it integrates proposal generation, trading, and reporting within a single system, simplifying the management of direct indexed portfolios.

– Key Features

  • Personalization: Advisors can tailor portfolios to clients’ specific needs (ESG, sector allocations, security exclusions).
  • Tax Efficiency: Proactive tax-loss harvesting and tax-effective transitions help boost after-tax returns.
  • Scalability: Saves significant time per high-net-worth account, making large-scale management more efficient.
  • Integrated Technology: Combines proposal generation, trading, and reporting within one cohesive system.

AssetMark

Direct Indexing Offering

AssetMark delivers direct indexing solutions via Adhesion Wealth, specializing in personalized investment strategies for advisors.

– Key Features

  • Customizable Portfolios: Replicate index performance while aligning with unique client goals and preferences.
  • Tax Management: Tools for tax-loss harvesting and minimizing tax liabilities.
  • Advisor Support: Dedicated resources to help advisors implement and manage direct indexing.
  • Broader Integration: Part of AssetMark’s platform, allowing access to multiple investment solutions.

SEI

Direct Indexing Solutions

SEI has extended its SMA and UMA solutions to include direct indexing and factor investing, offering more personalization and tax control.

– Key Features

  • Customization: SEI supports fixed income-based direct indexing, dividend-focused equity options, and more.
  • Tax Efficiency: Includes tax-loss harvesting and personalized tax management tools.
  • Integration: Part of SEI’s Managed Account Solutions, creating a cohesive portfolio management experience.
  • Investment Strategies: Offers multiple systematic strategies with an emphasis on minimizing tracking error.

Envestnet

Direct Indexing Solutions

Envestnet’s Quantitative Portfolios (QPs) have been on the market for over nine years, establishing it as a major direct indexing provider.

– Key Features

  • Cost Efficiency: Priced lower than many actively managed SMAs, providing a cost-effective route to personalization.
  • Personalization: Supports both traditional and more complex customizations (e.g., factor-based approaches).
  • Integration: Works seamlessly with tax and/or impact overlays, fitting into the broader Envestnet ecosystem.
  • Strategic Partnerships: Collaborations with BlackRock and Fidelity expand personalization options through UMA platforms.

Comparison table

ProviderCustomiz – ationTax MgtESGTech Integrati -onClientsMin InvestNotable Features
SEIHighYesLimitedSeamless SMA/UMA integrationAdvisors, Institutions$100,000Established QP (Quant Portfolios), scalable for larger practices
EnvestnetHighYesYesFully integrate with Envestnet ecosystemAdvisors, RIAs, HNW clients$100,000Established QP (Quant Portfolios), scalable for larger practices
Asset
Mark
Mod–HighYesYesPart of Asset Mark’s advisor platformAdvisors$250,000Adhesion Wealth support, tailored direct indexing options
Orion Portfolio SolutionsHighYesYesIntegrate -d proposals, trading, and reporting toolsAdvisors, RIAs$100,000Modular interface, tax-efficient transition, household-level customization

Detailed Comparison

SEI

Strengths

  • Emphasizes personalization, including fixed-income and dividend-focused options
  • Integrated within SEI’s managed account solutions
  • Focus on minimizing tracking error and accommodating client-specific tax preferences

Challenges

  • ESG customization is more limited than Envestnet or Orion
  • Less robust multi-goal, household-level technology tools

Envestnet

Strengths

  • Nine+ years of direct indexing (Quantitative Portfolios)
  • Scalable solutions for large practices or institutions
  • Extensive ESG options integrated across Envestnet’s platform

Challenges

  • Higher minimum investments can deter smaller firms
  • Ecosystem reliance may not suit those needing standalone solutions

AssetMark

Strengths

  • Adhesion Wealth support streamlines advisor onboarding
  • Solid tax-loss harvesting and personalization balance
  • Integrates with AssetMark’s full range of wealth management services

Challenges

  • Higher minimums than some competitors
  • Less flexible technology compared to Orion or Envestnet

Orion Portfolio Solutions

Strengths

  • Flexible, modular platform for proposals, trading, and reporting
  • Tax efficiency at scale, ideal for high-net-worth transitions
  • Household-level customization for multi-account client strategies

Challenges

  • Requires adjusting to Orion’s specific workflows
  • Less emphasis on certain investment styles (e.g., dividends, factors)

Key Takeaways

  • For Technology Integration: Orion stands out with advanced, modular tools and end-to-end portfolio management.
  • For Large Practices: Envestnet offers a well-established platform, scalable solutions, and robust ESG functionality.
  • For Personalization & Tax Focus: SEI caters to specialized strategies (e.g., fixed income, dividends) with integrated tax management.
  • For Advisor Support: AssetMark provides extensive resources and guidance via Adhesion Wealth, making implementation smoother.

Each provider has distinct advantages; the choice depends on your firm’s client demographic and strategic needs.

Offer personalized experiences for every client at scale

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