Riskalyze Fintech Report Card: November 2020 Riskalyze CEO Aaron Klein provides his take on the biggest news to hit advisor technology in the previous month.
Oranj Set to Close at Year-End
What Happened: Portfolio management and model marketplace provider Oranj disclosed to clients it would shut its doors at the end of 2020, leaving advisors six weeks to transition to a new platform.
Why It Matters: This was one of the more impactful stories of this year, but it appears that the balance of value to pricing just didn’t gain traction with financial advisors. The speed with which the firm needed to shut down was certainly unwelcome news for advisors given the worsening pandemic and coming amidst the holidays, but candidly, it could have been worse small companies facing a liquidity crisis can go out of business practically overnight. Our thoughts are with David and the team at Oranj having to go through this difficult transition.