Natalie Wolfsen named Orion CEO following AssetMark exit

After practically a decade as AssetMark’s chief, Natalie Wolfsen has been chosen to guide Orion Advisor Options into its subsequent period.

On late Friday afternoon, leaders from each the Omaha, Nebraska-based wealthtech supplier and Wolfsen’s former agency in Harmony, California introduced the CEO shakeup.

Wolfsen’s appointment as CEO and addition to Orion’s board of administrators can be efficient in mid-October. When that occurs, Orion Founder and outgoing CEO Eric Clarke will transition to a management assist function.

That was a part of the plan when Clarke introduced his intentions to retire and mirrored on the method of Orion’s twenty fifth anniversary earlier this yr.

“I am keen about Natalie becoming a member of Orion. Natalie shares our imaginative and prescient for empowering monetary advisors to allow them to serve their shoppers extra successfully,” Clarke stated in an announcement. “She has my full assist and I am dedicated to managing a easy transition for our shoppers and crew members. I sit up for Natalie main our crew into the long run.”

Shortly earlier than Orion launched its assertion confirming late-day stories of Wolfsen’s exit, AssetMark introduced that Michael Kim has been named the corporate’s new CEO efficient instantly, stating that “Wolfsen will depart the corporate to pursue one other alternative.”

In accordance with AssetMark, Kim is a 13-year agency veteran with greater than 25 years of collective business expertise. He most just lately served as Assetmark president and chief shopper officer.

“Michael is an skilled, extremely efficient chief who brings a wealth of experience and perspective to his new function,” AssetMark Board Chair Xiaoning Jiao stated in an announcement. “Throughout his tenure at AssetMark, he has demonstrated his capability to drive persistently robust outcomes. His information of AssetMark, understanding of the wants of our shoppers and uniquely advisor-focused lens will undoubtedly profit the corporate because it continues its progress and evolution.”

Previous to becoming a member of AssetMark, Kim was an govt at Constancy Investments, overseeing RIA gross sales administration, relationship administration and observe administration.

“Coming off a file quarter with platform belongings at an all-time (excessive), it’s an thrilling interval in AssetMark’s progress trajectory, and I’m honored to be the corporate’s subsequent CEO,” Kim stated in an announcement. “We’re an business chief with a tremendously proficient crew, underpinned by an progressive platform and a robust monetary basis. I sit up for working alongside this crew to proceed executing the corporate’s confirmed technique.”

The CEO search that introduced Wolfsen and her practically 30 years of know-how to Orion’s high workplace was led by somebody very acquainted with her former job. Former AssetMark President and CEO Charles Goldman — who was appointed to the place of govt chair of the Orion board every week earlier than Clark introduced his retirement — led the CEO search together with a committee.

Wolfsen succeeded Goldman as AssetMark CEO in February 2021. Earlier than AssetMark, she beforehand held digital and funding platform improvement, funding resolution administration, technique and advertising roles at First Eagle Funding Administration, Pershing, Charles Schwab and American Specific.

“On behalf of Orion’s board of administrators, I’m thrilled to welcome Natalie Wolfsen subsequent month as we usher in a brand new period of progress and innovation at Orion,” Goldman stated in an announcement. “Orion is uniquely positioned given its full suite of expertise and companies designed to satisfy the evolving wants of unbiased fiduciary advisors.”

Clarke’s departure represents the most important shift but for a corporation that helps greater than 5 million expertise accounts and hundreds of unbiased advisory companies. It additionally continues a streak of wealthtech CEO adjustments into the ultimate quarter of the yr.

In mid-August, SMArtX Advisory Options introduced that Jonathan Pincus had been named the agency’s new CEO as founder Evan Rapoport transitioned to a job on the SMArtX board of administrators.

Pincus has served as SMArtX’s president and chief working officer for the final three years, in keeping with the corporate. His run as SMArtX CEO is efficient instantly. Earlier than becoming a member of SMArtX, Pincus was world head of funding operations at Northern Belief Asset Administration.

In April, InvestCloud introduced that co-founder and former CEO John Sensible had left the corporate and that Richard Lumb was being appointed interim chief. The board additionally has initiated a complete seek for a everlasting CEO, however no timeframe for the trouble was offered and no updates have been issued since then.

The following month, Clarke introduced his plans to retire on the finish of yr.

Transferring past the tech house, different notable wealth administration exits in 2023 embody the sudden February departure of Sanctuary Wealth Founder Jim Dickson, who was changed by Adam Malamed as the brand new CEO.

In late March, it was introduced that Andy Sieg was stepping down from his place as president of Merrill Wealth Administration to develop into the brand new head of Citi International Wealth in September.

Sieg labored at Citi from 2005 to 2009. He had been at Financial institution of America’s Merrill since then, serving first as head of International Wealth & Retirement Options, then as president of Merrill in 2017. Sieg is changed by Lindsay Hans and Eric Schimpf, who have been named presidents and co-heads of Merrill Wealth Administration. Each executives will report back to Financial institution of America CEO and chairman Brian Moynihan.