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Orion Advisor Options has named Natalie Wolfsen, former CEO of AssetMark, as its new chief govt officer, succeeding Eric Clarke, who introduced in Could his intention to retire by the tip of 2023. Wolfsen will take over the position and be part of Orion’s board of administrators in mid-October, in accordance with an announcement. Clarke will assume a supporting management position till the tip of 2023 and proceed past year-end offering strategic path and counsel as a member of Orion’s board.
At the side of Orion’s announcement, AssetMark named Michael Kim, president and chief consumer officer, as its new CEO.
The information was first reported by Citywire RIA.
Clarke’s shock announcement capped an almost quarter-century run for the reason that firm was based in 1999. Clarke has grown Orion from its position as a portfolio accounting and reporting system and into an RIA expertise juggernaut providing corporations many various classes of instruments from monetary planning to threat measurement and analytics and is a robust competitor to Envestnet.
His time consists of oversight of many acquisitions and their integration into the bigger Orion ecosystem from planning agency Advizr to threat expertise vendor HiddenLevers, to fashionable CRM supplier Redtail. Orion at present has $3.8 trillion in property underneath administration on its platform throughout 2,400 RIA or wealth administration corporations. Its Redtail acquisition has added one other 100,000 advisors and over 19,000 corporations as shoppers.
Final week, Orion received 4 2023 WealthManagement.com Trade Awards within the classes of expertise disruptor, consumer onboarding/new account opening, unified (all-in-one) programs and CRM.
“Natalie shares our imaginative and prescient for empowering monetary advisors to allow them to serve their shoppers extra successfully,” mentioned Clarke, in an announcement. “She has my full help and I’m dedicated to managing a easy transition for our shoppers and workforce members.”
Wolfsen has served as CEO of AssetMark, a turnkey asset administration platform, for the final two years. She took over for Charles Goldman, who abruptly left the agency in early 2021. Goldman at present sits on the board at Orion and led the seek for the corporate’s new CEO.
She joined AssetMark in 2014 as chief commercialization officer and govt vp. Previous to that, served as senior vp and head of selling and product growth at First Eagle Funding Administration. Earlier than becoming a member of First Eagle, she held an identical position at Pershing.
AssetMark went public in July 2019 as a strategy to pay down debt and purchase different companies. In 2022, as an illustration, AssetMark acquired Adhesion Wealth, a unified managed account platform, from Vestmark.
AssetMark’s inventory worth was down 1.58% in buying and selling on Friday, when the information was introduced.
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