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Orion Advisor Options has named Natalie Wolfsen, former CEO of AssetMark, as its new chief government officer, succeeding Eric Clarke, who introduced in Might his intention to retire by the top of 2023. Wolfsen will take over the position and be a part of Orion’s board of administrators in mid-October, based on an announcement. Clarke will assume a supporting management position till the top of 2023 and proceed past year-end offering strategic route and counsel as a member of Orion’s board.
Together with Orion’s announcement, AssetMark named Michael Kim, president and chief shopper officer, as its new CEO.
The information was first reported by Citywire RIA.
Clarke’s shock announcement capped a virtually 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 know-how juggernaut providing corporations many various classes of instruments from monetary planning to danger measurement and analytics and is a powerful competitor to Envestnet.
His time consists of oversight of many acquisitions and their integration into the bigger Orion ecosystem from planning agency Advizr to danger know-how vendor HiddenLevers, to well-liked CRM supplier Redtail. Orion presently has $3.8 trillion in property beneath 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 purchasers.
Final week, Orion gained 4 2023 WealthManagement.com Trade Awards within the classes of know-how disruptor, shopper onboarding/new account opening, unified (all-in-one) techniques and CRM.
“Natalie shares our imaginative and prescient for empowering monetary advisors to allow them to serve their purchasers extra successfully,” stated Clarke, in an announcement. “She has my full assist and I’m dedicated to managing a easy transition for our purchasers and group 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 presently 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 government vice chairman. Previous to that, served as senior vice chairman and head of promoting 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, for example, AssetMark acquired Adhesion Wealth, a unified managed account platform, from Vestmark.
AssetMark’s inventory value was down 1.58% in buying and selling on Friday, when the information was introduced.
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