Well, first of all, welcome to everyone who's joining. We're doing a webinar about introducing OCIO. What is OCIO and why it's different in the marketplace? And so to set the stage, first of all, my name is Michael, EVP of OCIO. I'm joined here by Tim Holland, who's the Chief Investment Officer inside the vertical as well there. And to kind of set the stage, I thought it would be helpful if we discussed what and a little bit of the history of what OCIO is. And this is, you know, predating Orion's OCIO offering. But it actually started in the investment world in more of the institutional channel where you would have extremely large pensions, endowment funds and family offices that wouldn't be quite large enough to hire their own in house team, so their own team of several CFA's. And so that's where the concept of outsourced Chief Investment Officer or OCIO came from was a bunch of these institutions pooling together and hiring one firm to do that and basically outsourcing the trading, the investments portfolio construction of that. And so our vertical and specific company has been around for about 5 years inside of Orion and we took that concept and applied it in the advisory channel. And so the one thing that I would say that would be different from that is in addition to those things, the trading, the investment, the portfolio construction, we have a heavy bias to helping independent advisory firms grow. And almost coming at it from the place of the market where we want to give you as the advisor as many of the tools and assets that you would get at some of the larger maybe wire houses, institutions in terms of you know investment research, high horsepower people to join CFA's to join client meetings ultimately to help you as the advisor grow as quickly as possible. Michael, that's a great overview and I think a really great setup for the next couple slides which I'll take and echo Michael's comments welcome. Thank you all for taking the time to join our webinar on Orion OCIO. We hope you find the content of value and at the end, there'll be a couple calls to actually a couple links you can click on to learn more about the offering, including something known as the portfolio audit that we're going to dig into in greater detail in a few minutes. But thank you for your time. So to Michael's comments you know the OCIO concept started an institutional world and and Michael and and Orion and and the team really brought it to the investment advisor and it ties back to his comments around the value proposition the the horsepower really giving the advisor a suite of services and support that allows the advisor to compete with the bolts bracket firms and and those big wire houses and and so our thinking and and and the firm sinking around saying all this up was you know the folks you know your neighbors your friends friends of friends when it comes to investments based on the research you know we've done the the data we've seen they'd rather work with you than someone who's maybe at a a big bulge bracket firm who sponsors a golf tournament but everyone knows the name of the company and and the size of it but they worry about going down that road because they worry about resources and again horsepower and the broader capability set. So that was the problem or the challenge and OCIO is the solution. Now the other thing that's really important about this offering in particular and its investments in trading as Michael said and client facing work and market economic content and all that, you know a lot of that, most of that maybe all of it you can get from different tamps right turnkey asset management platforms. But in the rush to embrace technology, we think that sort of legacy platform construct has gone too far, right too much tech, not enough human interaction. So one of the big to be frank about it selling points of our offering is the amount of human contact, service, relationship support the advisors we work with get we only work with a a select number of advisors. This offering isn't for everyone but the ones we work with we are all all in on. And so before I hand it back to to Michael, you know the basic idea, the thesis is you know build out this offering and and give those growthminded advisors again the horsepower to to to go back to that word again And the broader team to win more business and bigger chunks of business and put them in a position to compete with advisors and brokers from those household name firms, right. And and we do that you know by taking a lot of the work that our advisor partners couldn't do for themselves successfully or at scale or didn't want to do. It's just not how they wanted to spend their time. So. So that's how we got here And and Michael's going to go into the numbers a little bit and and the value proposition, but it's resonating and it's resonating for for a reason because we, we do think you know bringing this to market, giving those advisors, those independent advisors a chance to compete with the bulge bracket firms could work and and knock on what it has worked. So Michael, I'll turn it back to you. Yeah, absolutely. And so just looking at the numbers over the last five years of OCIO, we work with currently 56 advisory teams. And so Tim mentioned earlier, we're fairly selective on the upfront process with teams. We want to make sure it's the right fit, it's growth minded. And then you know the other thing I would add to that is it's the teams that want to outsource to a partner, right. We want all of our advisors to feel like there really is a partnership feel we work through problems, issues, challenges, new clients, all of those things together. Currently we're sitting at about 7.8, just under 8 billion of assets. And so you can see the figure underneath there, the average adoption per team is pretty high, 140 million per team. I think that's one key difference kind of dovetailing back into the partnership model is it's an average high adoption per team. And then we do a lot of things for those teams. The 75% wallet share, it's most of the assets for those teams. There's no requirement for that. But I think once you start using those services, a lot of times there's a desire to to continue using them. And then the crux of it, and this is where we feel like the thesis that we have, if we partner up with the rec teams, it really does ring true that those teams have grown faster. So these figures are as of December 31st of 2022, we usually update them manually, but over that five year period, the average growth rate of the teams that have used OCIO was 63% per year. And so to us that proves that hey, you partner up with the right teams, you give them the right services and it works in a synergistic way that benefits obviously OCIO is vertical, but but most importantly you as the advisor. So Michael, here's your setup slide. Why is it working? Why it's working? Move on, move on to the next one. Our whole goal is, you know the services that we offer, the things that we provide are intended to help you accelerate your growth. And we'll say this in sales meetings with IT advisors and and principals of advisory firms that you know, if we can't help you accelerate your growth then we're just another tamp in the marketplace, right. And so everything we do is designed to do that. You can see some of the both points we have, you know what we would call somewhat of a script of raising assets, raising assets from bigger accounts. How do you speak about institution money management in a way that clients probably haven't heard before but makes sense. We're going to get into that a little bit later. One of the sales tools that we use is called an investment audit. Tim's going to touch on on that. We help you close larger accounts. So we've got a team of several CF A's on staff, a large investment team. Tim himself will do white labeled market calls for advisors and their firms so that you know you can show that your clients, how much you're keeping in touch with markets by having an investment professional like Tim present to your clients. And then again a team of CFA's that will help you present in client meetings as well. And a lot of times what we found is going back to the slide, the first slide that Tim showed where hey you know advisors or clients might like certain advisors better. But there's this element of, hey, if I'm with a huge wire house, they have to have like 200,000 employer and the advisor, the client might like the specific advisor a lot better, but there's a degree of safety. And so one of the things that we found is if you include kind of like a back office investment professional in the meeting, it helps individual firms look and feel a lot bigger which translates in a client mind to safer for moving their whole retirement over to you. So anything to add on that Tim, before we move to the next line just to emphasize the point that to your point we're going to get into in greater detail and that's just you know we talk about investments differently. We talk about investing like an institution with some Michael's early comments ties back to this investment audit which is just this really, really powerful tool for landing prospective clients for creating doubt in in the clients prospective clients mind that they're not being well served by their existing advisor and for good for good reason and and so we we talk about investments differently. We approach portfolio construction in terms of our solution set with that institutional mindset and approach. So it it really, you know that sort of investing like an institution talking about investments differently, building smarter portfolios is shot through everything we do from the from the front end helping you land a piece of business to to to landing the business to doing a new portfolio build out for that client and building that portfolio in a very thoughtful way that makes that client a heck of a lot more defensible. Somebody won't be coming along and and poking holes in that portfolio the way we hopefully helped you just do because that client wasn't being well served. But let me go to the next slide and and Michael can dig in a little bit more in terms of the breadth and depth of the service offering. Yeah, so to accelerate the growth, you have to have good solutions. And so on the left hand side, you see the investment in the investment platform in the research for smaller accounts, we'll build turnkey asset allocation models, conservative, moderately conservative, moderate, moderately aggressive and aggressive both in ETF formats. On a more passive side to mutual funds on an on an active side. With that, for some of the larger accounts especially, we've got an internal portfolio construction team that will build portfolios from a factor approach where you as the advisor will say this is the portfolio that I'm looking to build and these are the characteristics that I need that that portfolio to have, whether the cash needs, what's the downside protection that they need. And then work back and forth to blend certain managers, custom indexes, individual bond ladders together to get the client what they're looking for. Obviously there's no silver bullet when it comes to investing, but the main thing is getting the client, the portfolio that has the characteristics that they're looking for, custom indexing, we've got a few alternatives rolling out a broader alternatives platform. It it's a pretty narrow list of money managers and SM A's that we have And so a lot of the research has been taken off your plate. That's one of the things if you go to certain investment shops you'll see, hey I'm looking for large cap growth manager and they'll be you know hundreds of options. Sometimes that is as paralyzing as having one, right. So we try to pick three or four really, really good managers in each part of the style blocks to blend these portfolios together. I guess consulting board presentations, a lot of that client facing type of stuff on the right hand side that's a more outward focused. One of the things that that we found I'm going to hit on that second bullet point that has been one of the best tools for growth is the CE presentations. So we have a couple of presentations that are approved for CE credit, C, P/E credit for CPA's and it's been a good Trojan horse to 1 educate centers of influence, right estate planning, attorney CPA's on how you look at investments differently as the advisor and increase refer a building. We've seen that work with you know a lot of our teams and especially the ones that are growing faster and then we come and help do the presentation with you. I had mentioned some of the market calls and economic commentary that Tim and the rest of the team and some of the analysts do a great job of standing up and providing good content. And again, all of that is to drive advisor growth because you guys own the relationship and a lot of that work takes a significant amount of time. And so it's nice to have a partner that comes up with that content for you and it helps you deliver it in a way that's bite sized and easily taken by clients. And so, yeah, no and and I'd emphasize the last bullet point on the right, you know, white label market and economic content. Orion is a great brand. Orion OCIO is a great brand. But as we partner with advisors, some advisors would rather not have their clients see the Orion name. They want their clients to sort of start and stop with their firm's branding and logo and name and that's more than OK with us. So when we come in and do meetings and or or do zoom presentations and the like, sometimes our advisor partners will introduce us as a Ryan OCIO and sometimes they'll say and here's my investment team, right, because it's all about helping you all be successful, right, retain clients, attract clients, scale your business. And so we're going to meet you where you want to be met and that includes from a content and a sort of integration perspective if that makes sense. It's it's all about serving you and and your clients for sure. Hey Tim, I'm I'm glad you you brought that up because I do think that's an important point and a question we get a lot and and technically we're listed as sub advisor. What that means is the advisor would maintain full discretion of the client and it gives us the ability to just come in and and essentially be the guy or the behind the guy on that. And so none of our name Orion OCIO, we need it to be attached to the account to do the trading and the feebling if an advisor wants us to do that. But it isn't about the temp in assistance from a branding perspective, it is 100% about the advisor in their firm. Yeah, it's interesting, Michael. We've already got a couple questions in the chat. And the first one is around that client relationship and sort of how do we fit. So we'll get into that in greater detail when we get and when we're done with the presentation, we get into some of the questions. So I'll take the next couple of slides and talk about our investment audit, but also tie that back to the idea, the concept, the narrative of investing like an institution. So we've got to Michael's point, a very sophisticated investment team building what we think are are very thoughtful portfolios using active and and passive vehicles where appropriate SMA separately managed accounts and where appropriate even mutual funds and and and ETF's. But we sort of Orion OCIO collectively the royal way if I'm thinking about it the right way. We've been in this business for a while and many of us come to this, this business through sort of that institutional channel. So think pension plans and endowments and and and not to, you know, sound Snooty about those folks, but just large investors with with you know, great scale, great resources and it's sort of you know, what we've come to appreciate, you know is that you know a lot of those big institutional investors just do things the right way, right. They tend to avoid things like overlap. They won't own three large cap growth SMA's and in a particular portfolio they do what they can to minimize fees, things like turnover, transaction costs for sure, because all of that will take away from performance. They will most likely use SMA's where and when they can as opposed to mutual funds because there's greater transparency. You own the underlying securities and and that portfolio isn't impacted by others. The way a mutual fund that has could have thousands if not 10s of thousands of investors in it. The the NAV the performance can be pushed around by how those other Co investors are doing. So you invest independent of of others and that allows you to do things like tax loss harvesting, take advantage of volatility to to book losses or or take losses offset expected expected gains or historic gains. So you know institutions and as one would expect you know approach portfolio construction, asset allocation, solving for investment return needs in a very specific way and we come out of that world and what we have found is that a lot of advisors we work with when they're talking to a prospective client, it's all about looking under that prospective clients investment statement hood, if that makes sense. I think I just butchered the analogy because a lot of those portfolios aren't built along those institutional lines. They tend to own just mutual funds when potentially SM A's are an option and and mutual funds are fantastic vehicles. But on balance, SM A's offer greater transparency, again tend to be lower cost and and so on. There's often meaningful overlap where the one portfolio will have three or four large cap growth funds that often own the same securities. Turnover tends to be high. Often we see the fixed income parts of those portfolios taking more risk or undue risk relative to what most people probably think about when it comes to bond. So, So what Michael and the team and OCIO stood up is this investment audit, right. So it ties back to we talk about investments differently, we talk about investing like an institution and then we offer these free portfolio audits. And at the end of and I think you know if there's one thing that you can take from this call, I think it's this investment narrative and how explaining it to your clients, it helps you win more accounts. But I also want to be very clear where the process starts for this. And so I know we're going to touch on it kind of at the end too. But when you send a prospective clients brokerage statement to our team, we'll send you back a nice report like this that goes over their current portfolio inefficiencies and then we'll help present it if you want, but you don't have to invite us into the meeting if you don't want. But this is an analysis that you get through working with us. So sorry to interrupt. No, no, that's a great point. And this sort of put a bow on that box that the team at Oriono CIO has audited. Michael, correct me if I'm wrong, approximately 8000 accounts. So you know this isn't our first rodeo, so. So that you have this, what we think is a compelling narrative and then this free investment audit, you know, if you're an advisor and you're talking to prospective client and you're talking about, you know, maybe a better way to invest, at least we think it's a better way to invest. And you say, you know, what does your portfolio look like? And he or she may say, I really don't know. And then what you can do as Michael said is say, well, why don't you give me your statements, I won't charge you a penny and it'll be confidential and we'll do a a diagnostic, we'll do a portfolio or investment audit. And as Michael said, you, you take that information, you send it off to us and we'll turn it around in a matter of a couple of days. And some portfolios will look great and we'll come back to you and say, you know this portfolio is built in a very thoughtful manner. There's not much we could do to improve it, but typically we find a lot, lot of holes that can be sort of punched. And so at a high level the audit will look at you know what we've laid out on this screen asset allocation and diversification cost both explicit and implicit in terms of turnover and things like that. The quality of fixed income within the portfolio duration and and and credit risk structure and efficiency again are are the best vehicles being used and and the risk will score portfolios as well. And the idea would be, and it doesn't always happen, but it happens more often than not. The idea would be the output would be a set of data that essentially says, you know, this portfolio of this prospective client owns way too many individual stocks, owns way too many mutual funds, is diversified to the point of hyperdiversification where they're paying likely active management fees but just get in the market because they own so much stuff, right. It sort of cancels each other out. And so this is just a sample, a real audit, we sort of pulled the, the identified information, but the sample audit you know where this particular portfolio consisted of 25 open end funds, one money market fund and indirectly held over 20,000 positions And based on our math the turnover was about 65% annualized. So think about turning over a 20,000 plus position portfolio more than 50% one year and just the cost associated with that from a trading and a tax perspective assuming it wasn't qualified. And I jumped in one point on that last slide Tim from having done you know a lot of these in person or or over zoom presentations. That to me is is probably the most common thing to get the client to understand and and just from a a business enjoyment and a sales enjoyment standpoint you know a lot of times I'll I'll look in the mirror and think if I had to sell based on charisma or something like that I might not get that many sales. But if you can explain to a client you know concisely that hey you own 25 funds so you open up your brokerage statement at 25 open-ended one money market fund doesn't look like that many positions but the average fund and very few firms look at the underline the average fund in your portfolio owns 836. So in aggregate you own 21,000 stocks and change stocks. K is it is another data point. There's about 36 or 3700 stocks that are listed in the United States. So just those few data points for a client, they start to understand that hey that's really an inefficient way to own those stocks because you have to know you own a lot of stocks over and over and over again. And then again the 65% turnover, actually don't know the math off the top of my head, but probably what 14,000 trades like implied trades that are going on. But regardless, a lot of trading you don't have to it from a client standpoint, understand you know terms such as like soft dollars, trading costs, markups, markdowns, anything like that to know that there has to be a better way to manage money. And so it just starts that process of getting the light bulb to go off in the client's head. And that really has been a lot of what we found is if you can give end clients good investment education, it builds a lot of loyalty. If they can walk out of a meeting with you thinking, well, that person, that advisor taught me something that my previous advisor never taught me for 20 years and exposed some problems, it's going to win more loyalty and increase your close ratio. And that's just what we found. So yeah, for sure. And Mike, I picked up the handy HP12C and it was 13,650. So pretty good math on the fly, good for you. And another slide to pull from the sample audit and it goes much more beyond, it goes much beyond, beyond what we were sort of showing you here in terms of the the full audit and the output into Michael's point. We'll walk you through it. We're happy to walk the client through it or if you want to take it and have that conversation, you can we'll just call out structural inefficiencies, right. And so Michael talked about owning the same position more than one. So in this audit, you see that on the left hand side of the screen, in the middle, you know Texas Instruments is owned 9 times, you know and you see on the right hand side the funds that Texas Instruments sits in. So in theory, again, from a client education perspective but also from a client acquisition perspective, it's quite likely one fund is selling Texas Instruments and another fund is buying Texas Instruments. And and from an asset allocation and a sort of diversification perspective, that really doesn't make sense. And again, there are costs associated with that. So to to Michael's point, this is a very powerful educational tool. It's also very powerful sales tool because you talk about a better way to build portfolios. You do the analysis with our team's help, again confidentially for free. And you can then show the client that if, if this is indeed the case, their portfolio is violating all sorts of institutional rules when it comes to asset allocation and portfolio construction. So at least you've educated them. You've created some goodwill to Michael's point, but you've also probably got them thinking, one, why did my advisor not talk to me about this? And two, maybe more importantly from a client acquisition perspective, why does My Portfolio look like this? So it's a really powerful narrative and we think it's a very powerful tool in terms of engaging with prospective clients and and and keeping clients because then if someone comes along and puts your portfolio under a microscope and it's a portfolio we've built for you and on your behalf and your clients behalf, you're not going to see this. You're going to see those institutional rules which we think are a better way to to to think about and execute around portfolio construction in place. So I'll stop there and and turn it back to to Michael Perfect and great job on on kind of the investment value app, client acquisition value app. Thanks. The second thing we found is is you know if we can save you the advisor time through this process, the advisors will generally go and use that extra time to get more clients found the best way to do that is by outsourcing some of the operations, specifically the trading right, So we have a full service trading desk. Even if you run your own models and don't want to choose for our investment lineup, we can get basically a model delivery contract set up with your firm where you just send our trade desk the models and we 100% become your outsourced trading desk. We've got a high degree of traders per dollar of a UM. Currently across the 7.8 billion we have 18 traders and so we do a lot of tax loss harvesting even on your models. Some optimization overlays will rebalance on the tech and back office standpoint. A lot of that trading work actually goes a long way in managing the Orion database on your behalf, right? As long as the transactions are coded correctly. It takes a lot of the reporting issues and things like that that commonly happen because those transactions are sleeved in the right transaction. We'll do the fee billing if you want. Orion's also got great compliance like outsource compliance software program and then I mentioned the database management. And so again bringing it back to rather than just a list of services. How this kind of progressed, which I think is important to understand, is really working in conjunction with a lot of advisors and saying what are your biggest pain points? Where are you spending the time? Where are you going home at night wishing you could just outsource an offload and us building an offering that fill some of those gaps with the common goal between the firms of hey, if we can take those things off your plate, you're going to end up growing faster as a result. This is a common study that's referred to as far as where most advisors spend their time. You know, when I talk to advisors and a lot of the advisors that use us, they say they want us to spend their time doing the planning and on the relationship side of the business, both with current and and prospecting clients. And so I've highlighted those two bullet points down a few where that's where the highest ROI is. And so again driving to the point of not a different investment story even on on this vertical, but more of a time savings. If if we can increase that time of yours from 20% on those two activities to 30 or 40%, you think of the ROI on that time, right? You're spending 20% of your time prospecting and you bump that up to 30%, well that it's going to translate into a 50% increased growth rate from where you're at currently. Yeah, no, that's that's a great point, right. Client retention and client acquisition and I think most advisors we've gotten in we we we get in this business because we like working with clients and to Michael's point doing the planning and solving problems with staying engaged and staying close to the folks we work with. So you know this is an interesting slide, an interesting point to a point worth making because you know we've laid out and we've got a couple more slides ago, but we think it's a pretty compelling offering for those growthminded advisors and those those advisors who want to sort of scale their practice and and and have more time with their clients and prospective clients and so on. But what we have found when we talked to some advisors about partnering with us is they worry how their clients might respond, especially if they've been doing the portfolio construction, if they've been doing a lot of the things that Orion OCIO can take off their plate, do it scale, do with institutional quality resources. And so what's interesting is a lot of advisors want to go down that path. They want a broader, deeper investment offering. They want access to best in class investment solutions. They worry that they don't have the scale to compete especially with the the household firms, those bolt bracket capital markets companies. So they they kind of want to go but but but they worry that their clients may balk and you know why are you sort of embracing this new model. But what we've seen and what we've learned and the research shows us is that you know most clients are Okay and and more than Okay they're comfortable with the idea that their advisor is using best in class third party resources, right. Forming that partnership that allows the advisor to have the time, more time than they've had to date to spend with the client, stay close to the client, really understand the client's needs. So a lot of advisors want to go down this path. They hesitate because they worry what their clients are going to think. But somewhat ironic, ironically, that's why we titled the slide. Your clients want what you want. Clients are okay with advisors going down this path and if anything they feel more comfortable about working with advisors who who do. So we think that's an important point worth making for those folks on the webinar thinking about maybe reaching out to us. So how will you gain time back? Michael's touched on this a little bit, but but again you know advisors appreciate the fact even if they haven't decided to partner with the OCIO platform like ours that you know by doing so you know you're going to have more time to focus on growing your business, retaining existing clients, right. You have to keep what you have before you can sort of add on. You're going to be able to differentiate your firm because of the breadth and depth of the offering, particularly around the technology that Orion and and Orion O CIO brings to the table as well. Customization for sure. Michael talked about custom indexing, can't get more custom than that and we can go into that offering, but that's something that we're seeing great interest in with the advisors. We work with customized portfolios and SM A's at a very attractive price point. And importantly again more time for you as an individual on the personal end of things and and more time for existing clients and for prospective clients. So again, we think the value proposition is pretty compelling, Michael. I know trading is a big part of that value proposition. One of the reasons OCIO has done so well in terms of attracting and and growing with our advisor partners. So do you want to spend a few more minutes on, on that? Yeah, no, absolutely. I mentioned kind of the the number of traders per per dollar of a UM and that tool. The reason we, you know average a lot higher than the industry in that vertical is because we do a lot of the custom work and so probably the most common example you can see on the left hand side, there's a lot that we'll do. The most common example is you know you come and you're you're acquiring you know a four or $5,000,000 client so to speak. Well just the averages most that's going to be non qualified it it's hard to put more than a couple $1,000,000 into an IRA. And so this is just an example we see all the time they've got an asset allocation model spread across the household. My guess is in today's market environment a lot of the big large cap growth names are going to be the ones with the highest unrealized gains. And so even if they're moving from a, you know, less efficient to a more efficient portfolio, you still can't realize a ton of of taxes. That's probably not the best move for the client. And So what our Trade Desk would do is, is you know you present kind of an instate proposal, but then when you go to give the instructions to the trade desk, you can also say I only want to realize you know, 200,000 in gains or 100,000 in gains or whatever the tax budget is going to be. What our trade desk then will do is get down to trade actually specific lots to migrate as much of the portfolio into the proposal as possible while keeping in mind the most appreciated legacy positions, which I mentioned large cap growth, just because that's what we see most commonly. It's not every single example and that obviously changes over time. And then the other thing that you have to be cognizant and and through this process we'll make sure we're communicating proactively with you. But through this process we'll also identify which parts of the proposal we need to underweight because the worst thing you can do in a common mistake that people will make is the whole legacy positions without looking at what part of the style box they're in, because then they'll just apply a blanket proposal and and be unintentionally overweight to that start. So in this case on way too much large capital KA, lot of that work takes a fair amount of time to do and is very detail oriented. And you know from my experience is work that most advisors don't want to do. And again it puts you in a position to be very detail oriented with your clients while offloading a lot of that legwork which is, which is the role that we play is we want to be the person behind the person to make the advisor front and center and look as good as possible for their clients. Because the more we do that, the more we both win. A couple of stats on the number of transactions, I apologize, we actually have hired someone recently. In just the last few days we extended and so we put this slide deck together. But all across the leadership of the Trade Desk, it averages 8 plus years of trading experience and then you can see the number of the transactions, the dollar value in the units and so in our opinion, you know. We want advisors to lean on on us for some of that detail work, some of the trading execution. And we don't believe you know any other TAMP in the industry really offers this level of trading integration. And that's especially when you dovetail it into you know specifically for the Orion, current Orion tech customers that a lot of this double s as the database management inside of the system and it has trickles throughout a lot of things in the Orion including reporting fee billing and things like that. So no, that's a good point around the tech. So to sort of wrap this up before we move to the the Q&A and again we've got, let me see four or five questions in the queue. My eyes are not getting any better. So is OCIO right for you? It's not right for every advisor. It's right for the advisor that has right colon and then we kind of lay out sort of a particular mindset, philosophy, approach to the business. So one is a commitment to growth. There is nothing wrong obviously with an advisor who's done well and is sort of more in a maintenance mode. God bless him or her for for getting there. That's fantastic. But we work with advisors who want to grow and we want to see them grow and that's what the broad service offering is about and the investment offering, the trade and all of that. And then also the availability of Michael, me, Josh Flay senior folks on our investment team to to work with the advisor to attract and and when business this advisor has decided against as a Rep as PM approach. If so if advisors are interested in doing their own portfolio construction asset allocation, we're not a good fit. The advisors we work with are comfortable with our team and our approach and our philosophy and process and solution set. I will say this at the risk of getting myself in trouble, we have stood up new relationships where an advisor has come to us and Michael can weigh in this better on, weigh in better on this. And I can say, hey, I love the platform, but there's this one investment manager we've used for a long time. Could we consider adding him or her? And so there's flexibility and optionality around that. But but they've got to be comfortable with embracing our, our team and our philosophy and process. They bought into this institutional approach to investment management, portfolio construction and that ties into the audit and using the audit. And we'll work very closely with advisors early on around that narrative around client events, client conversations. We'll fly out, we'll present, we'll talk about the audit and then at a certain point you know to teach a give a person to fish or teach a person how to fish. The advisor then tends to run with it because it becomes so comfortable with the narrative and the audit. And that advisor knows that if you get the statements and you look under the hood, odds are you're going to find a portfolio that's probably not optimized and then you're off and running in terms of client acquisition and and landing that business. And they've decided that you know a meaningful partnership, a full partnership with us is the best, is the best, best path forward for themselves, the practice, their their clients. So the success we've had, the growth our partners have seen, they really share these characteristics. So we're not for for everyone, but when we do work with an advisor we're we're all in for for sure. So Michael, I don't know if you have any other comments before we pivot to the Q&A. No, let's, yeah, let's put it to the Q&A, Okay. So before I do that, if you see the links on the screen, one should get you to a general point of contact where you can just learn more about our our offering OCIO and the solution set and the services. And then the other should take you through and start a process where you can get a free portfolio audit. So if you have any interest in in going down that audit path, please evade yourself for that opportunity. Or if you just want to learn more about Orion, OCIO and the team and the capabilities and the the broader offering, click click the other link. But with that said, let's let's go to the Q&A. I already touched on this one earlier. Michael, why don't you take it, you know, when I to paraphrase if if I partner with Orion OCIO, do I get to maintain the client relationship? Do you interact with my clients sort of sort of what's that dynamic look like? Yeah, so absolutely 100% the advisor maintains the relationship and and full discretion. So probably you know at the risk of not getting into the weeds, if you look at the custodian advisors are always going to be listed as the primary advisor. We actually just get plugged in as a sub advisor. And so with that the only thing that the clients see is client brokerage statements, Orion reports, advisor's name, firm logo all shows up there. To the second part of the question, with interacting with clients, we defer 100% on the advisor to how and and when they want us to interact. And so across, you know the 56 teams, one of the benefits of having fewer teams is it's not 100%, you know, hard and fast rule there. Not all the teams use us for market calls. You know that's up to the advisor, not all the teams uses for you know a lot of in person client meetings that's up to the advisor. Some of the commentary that will stand up and and send out via market letters and and things like that. Again, not all of the 56 teams use that. So just to reiterate that second part of the question is, is interacting with you with your clients 100%, we defer to you on that and really just try to support you in whatever your outreach efforts are. That's a great answer. There's another question which I'll throw to you in a second on custom indexing. So think about that, I'll take the next one which is you know how does our offering stand up to the competition, what do we do better relative to, to others in the marketplace. I mean there obviously are great platforms out there, great investment firms, great investment teams, trading desks and the like. You know what I think differentiates Ryan, OCIO distinguishes our OCIO offering is the selectiveness around it. To Michael's earlier point, we don't, we're not for every advisor. We we don't work with every advisor and the breadth and depth of the partnership that ties back to the breadth and depth of the offering. So we think we have a full solution set. Again to Michael's just recent comments, you know not every advisor engages as deep as the next advisor across the entire offering. But we have a solution set that solves for your full suite of needs and then we wrap a level of familiarity and partnership and teamwork around it that I think really does not exist anywhere else that that does distinguish what we bring to the market every day. And I I think the proof statement for me, you know knock on wood is, is the growth that the advisors we've worked with that wanted to work with us have have seen. I I for me that's that's where the proof statement comes out. So I'll stop there. Michael, the next question, hold on, I have to get, have to get the glasses again, Okay. So how does custom indexing fit into the broader OCIO offering? How should we think about that? And before I jump into it, I'm a huge fan of custom indexing and what Orion's put together I think is is a phenomenal product. It's, it's easy, it's simple to administer and it's actually one of the things that's growing the very fastest on our platform. And so huge congratulations to the team and and what they've been able to put together there. It it going back to a lot of the data and the narrative that Tim shared with the investment audit, really what that is designed to expose is it, you know if you have 22,000 stocks and bonds, you know mathematically you become so close to the index, you are the index, right, the next stock isn't going to make a big part. And and just to be very clear, we are not against indexing, we're we're pro indexing under the right scenarios. What we're against just from an investment philosophy standpoint is you don't want to pay high active management fees to own the index and to own it multiple times. And so a lot of times and if there are any advisors tuning in that currently use us, they've heard me tell this, you know probably at nauseam is you know, if they want a passive approach and an index based approach for smaller accounts, use ETF's, you know, inexpensive, you get market beta. As the account gets larger, you know graduate that client into a more efficient structure and use custom indexing. To my knowledge that's the most tax efficient way that you can manage money. You know and and a lot of advisors are using custom indexing as the core of the portfolio and the augment you know in in some of the more niche asset classes, you know, small cap international fixed income obviously on the custom bond ladder side. But they'll use for that core equity portfolio, they'll use the custom indexes. And then on the the flip side for active, well you've got to administer that through some sort of fund structure and then as the account grows use the SMA's right, the high active share semiconcentrated SMA's. And so that's where it fits into the offering is, is a very, very core part of how we look at managing money. That happens to be the most efficient structure for that index based approach with the ability then and the flexibility to make certain tilt right you can basically disqualify certain securities for a host of reasons. You could you know have a quality factor set that goes into the index and so because of the flexibility and the efficiency and I think also the price point for those services that's why it's it's I I actually think year to date it's it's the highest and the fastest growing product on our platform and why we're so behind it. Yeah, that's a great offering for sure. I'll take the next question and then it seems like we've got one more in the chat what's out throw to you Michael. So what size firm typically uses OCIO services? Are there any prerequisites, qualifications needed? You know, with those CIO having been in business 5-6 years now, raised with our advisor partners about 8 billion, we have some very large clients, clients that have hundreds of millions of dollars if not a billion or so in a UM and in in investment management business. That said, there are no prerequisites, there are no asset management minimums. If anything, most of the clients we work with including the ones that have scaled to several 100 million in in managed money started with very little and managed money. They had strong, a strong presence in the insurance space, good relationships, but they hadn't been able to get much momentum on the investment side. And you know they heard about OCIO, the offering the breadth and the depth and the partnership and they decided that that was a better path to go down in a path more likely to lead to successful outcome for themselves and their clients than the path they were on. So it's not really about minimum or size, it's about mindset, the desire to grow the investment side of the business. Again, we have many clients that have meaningful insurance businesses as well and the the the interest, the desire, the willingness to embrace the model. When we've seen that happen, we've seen advisors teams go from 510,000,000 in investment management business to north of 100 million in very short order. So it really is about that fit and that desire and that mindset as opposed to any specific economics. I don't know if there's anything you wanted to add, Michael, before I give you the last question. No, I thought that response was great. Thanks. And you you've already touched on this, we've touched on this a lot, but any other sort of any additional color by in terms of what we mean by personalized, you know, handson services, you know what can the advisor might end up working with us expect when it comes to that that dynamic, if that makes sense. Yeah. And I feel like a lot of the presentation has been geared towards that. But I'll say this, you know the trading that that's an example what we do from the audit point of sale, that's an example. But just to kind of tie a bow on it, there is, you know our job in the relationship is, is we want to come in and help you unlock what's going to help you grow faster. And so whatever that may be at any part of your practice, that's going to be our goal. And so, you know, just thinking and reading the question, some of the things that we've done for the various teams, right, helping them build out through the CP presentations like a really strong CPA presence. But I but I think it could be summarized while the actual task might be different from team to team and there's similarities, the sole focus on that's where we want to work collaboratively with you as the advisor to say okay, you're at 200,000,000 now. What are the sorts of things that that collectively we need to offer, so you can be at 400 million and then just go and execute on that? All right. So that was our last question in the queue, some great questions. Thank you for for for sending those in. And Michael, why don't I turn it back to you for any final remarks? No, that's perfect. Thanks Jim and thanks for joining us. You know the last thing I want to just say is thanks everyone for your time. I understand as you know working in this business a lot of demands on your time and really appreciate you taking an hour out of your day and and coming and learning a little bit more about the Orion OCIO offering. _1732183877130