In a deal wired by a 'Tony,' Orion leaps to the top TAMP tier, with $42 billion and $1 trillion-plus of RIA portfolios, which may make it more lethal to rivals

Being marked to market never feels good but almost always happens eventually.

Really?! No comments? I figured I'd be the 50th one down by now :D For at least 6 years we've all been speculating as to when ENV was going to go the full custody route. Here we are in 2020 and they haven't pulled the trigger. They have the infrastructure for sure - go what's the hold up? With TD out of the game and with many of its advisors anecdotally unhappy, it's seems like a set up for a great land rush. Enter Orion. TA's decision to double down and consume Brinker and assuredly others in the works requires Envestnet to act. Orion is soon to be on their face. Orion has had the infrastructure at the business, technology and partnership level to become a custodian prior to the TA investment. With their backing and momentum it's not a matter of IF Orion will establish itself as a custodian, it's a matter of WHEN. Eric Clark has methodically moved to an industry darling position in similar fashion of Teddu Roosevelt - by walking quietly yet carrying a big stick. That stick being his personal involvement and superior marketing. Fuse was a stroke of marketing genius and most players didn't see it coming. I have known Eric since 2006 and worked with him on and off as a consultant since 2012. I have personally watched and witnessed Orion grow from $125B in assets reported to $1Tn in eight short years. Nothing less than amazing and it happened quietly until 2 years after the TA deal. The disruption and competition that has been spawned is awesome. It will benefit a lot of companies and it will surely put many to panic. 2020 has been amazingly interesting for its first half and I expect the 2nd half to be every bit as much of not more. Pete Pete Giza CMO/CPO @ AdvisorPeak