Eric Clarke, the founder, and CEO of Orion Advisor Services, a leading technology provider for registered investment advisors, after 24 years, is planning to step down from the top spot later this year.
Orion announced that CEO Eric Clarke will be leaving by the end of 2023 on Monday. Orion’s board of directors has been informed by Clark of his retirement decision. For a smooth transition, Orion CEO will depart by the end of 2023.
“As Orion approaches our 25-year anniversary in 2024, I’ve recognized this as the right time for me to retire from the CEO role while remaining an active member of the board of directors,” Clarke said in the statement. “I am humbled and grateful to be part of what we’ve built together over the past two-and-a-half decades.”
“Eric has been instrumental in advancing the RIA industry, powering advisors’ success, and shaping and bringing to life Orion’s vision to connect the advisor-client journey,” according to a company statement.
The company confirmed Charles Goldman, executive chairman of the board, will be leading the search for a new CEO, along with the board’s search committee.
According to the statement,“ The board will identify a successor who embodies Orion’s values, shares our vision, and possesses the leadership qualities necessary to lead this great company,”.
Clarke will continue as Orion’s CEO until the successor is in place and “will be there every step of the way to help ensure a smooth transition for clients and team members,” according to the company. Once the process is in place, Clarke will assume a supporting leadership role until the end of 2023 and continue beyond year end providing strategic direction and counsel as a member of Orion’s board.
Over the last 15 years what began as a portfolio reporting software Clarke has grown Orion from its role as a portfolio accounting and reporting system and into an RIA technology. Orion Technology includes financial planning, client risk assessment and customer relationship management software, while its turnkey asset management product oversees $61.7 billion in assets. Orion services a combined total of $3.6 trillion across its products, 5 million technology accounts and thousands of independent advisory firms.
Sources familiar with the company believe Clarke is stepping down for personal reasons related to his family. Clarke was scheduled to give a keynote address at the Technology Tools for Today (T3) conference in March before a family emergency required him to cancel at short notice, a source said.
According to a source familiar with the situation, Tech wealth shortlisted candidates for CEO, could be Orion president of advisor tech Brian McLaughlin and president of wealth management Ryan Beach, the two top internal candidates to replace Clarke in the CEO role,
Eric Clarke represented a unique skill set who could manage and lead both,” I don’t know that they will find one individual capable of being great across the two focus areas.” said co-founder and CEO of consulting group F2 Strategy Doug Fritz.
