Broadridge Teams With Apex on Tax Reporting: Tech Roundup

What You Need to Know

Broadridge Financial Solutions teamed with Apex Silver to provide integrated cost basis processing and tax information reporting.
Orion Advisor Solutions made leadership changes in its wealth management business that include naming Tim Holland to chief investment officer — OCIO.
Cambria’s Trinity Portfolios are now available in Envestnet’s Fund Strategist Network.

Broadridge Financial Solutions teamed up with a unit of Apex Fintech Solutions to provide the financial services industry with integrated cost basis processing and tax information reporting, the firms said Tuesday in a joint announcement.

The new offering will reduce the overall cost of ownership for wealth managers and improve the overall tax experience for clients, the companies said. For instance, it will let banks, broker-dealers and custodians contract with Broadridge for an integrated reporting process delivered and supported by Broadridge’s customer service team.

“This collaboration provides a complete reporting solution for complex transaction processing addressing both cost basis and tax treatment,” Thomas Burke, president of Broadridge Tax Services, said in a statement.

“Broadridge has long provided tax data and information reporting solutions,” he added. “What’s new is that by working with Apex Silver, we are bringing to market an integrated one-stop reporting solution that supports compliance with changing tax regulations, new asset classes such as crypto, and which scales rapidly in line with higher transaction volumes.”

Orion Leadership Changes

Orion Advisor Solutions on Wednesday announced several leadership changes in its wealth management business.

Tim Holland was named chief investment officer — OCIO, while Rusty Vanneman was promoted to CIO — Wealth Management and Shelby Perez joined Orion as chief solutions officer.

Holland, an industry veteran, will report to Ryan Beach, Orion Wealth Management president. Holland joined the Brinker Capital team as global investment strategist in 2017 and was named CIO after Orion’s merger with Brinker in 2020.

Holland continues to serve on Orion’s Investment Committee and will be responsible for consulting with Orion’s largest customers utilizing Orion’s OCIO services.

Starting July 1, Kurt Brown, currently Orion OCIO president and CIO, will step down but continue to serve on the Investment Committee, providing market updates and commentary.

Vanneman, who has 35 years of experience in the sector, will be responsible for investment management and strategies for Orion Portfolio Solutions and Brinker Capital Investments. He will report to Shelby Perez and work closely with Orion’s executive team, Orion said. Vanneman has held investment leadership positions at Orion since 2012.

Prior to 2012, Vanneman worked for E-Trade as well as Fidelity Management and Research in Boston.

In her role as chief solutions officer, Perez will be responsible for maintaining the Orion wealth management platform’s strategic vision and “spearhead” all wealth management product launches, the firm said. She will be based in Atlanta and also report to Ryan Beach.

Perez brings more than 25 years of fintech experience to her new role, which Orion said will “support her efforts to chart the next phase” of the company’s growth. Prior to joining Orion, Perez held senior leadership positions at Charles Schwab and, most recently, Visa, where she focused on product innovation and strategy, growth, go-to-market and customer experience.

Envestnet Adds Cambria Trinity Portfolios

Cambria’s Trinity Portfolios are now available in Envestnet’s Fund Strategist Network, Cambria said in an email on Thursday.

Those who select Trinity Portfolios for Fund Strategist Portfolio accounts will be able to access Cambria’s quantitative, rules-based portfolios ranging from conservative to moderate to aggressive, the company said.