Orion Introduces Fractional Share Trading for Advisors Who Custody with Schwab Advisor Services

Now available in Orion Trading, fractional share trading lets advisors who custody with Schwab implement client models to the dollar to reduce cash drag and sharpen portfolio precision

OMAHA, Neb.--(BUSINESS WIRE)--Orion announced today that fractional share trading is now available for advisors who custody with Schwab Advisor Services, delivered through Orion’s next-generation trading and rebalancing platform and its order management system (OMS). Advisors can now implement client models to the dollar — rather than rounding to whole shares — reducing uninvested cash and putting more of every portfolio to work.

Because fractional shares run through the same Orion workflow advisors already use, Orion Advisor Tech clients who custody with Schwab were able to begin trading them as soon as the capability became available last month — with no separate tools or manual workarounds.

Key benefits of fractional share trading on Orion Trading include:

• Full model precision: implement target allocations to the dollar instead of rounding to whole shares, including high-priced securities.
• Less cash drag: smaller accounts and new fundings can be fully invested without waiting to reach a whole-share price.
• Cleaner rebalancing: model swaps, glide-path adjustments, and tax-loss harvesting can be executed more precisely.
• Lower model minimums and broader direct indexing: model-based diversification and index replication become viable for accounts previously below practical thresholds, with reduced tracking errors.

“Advisors have told us fractional shares would make a real difference in how precisely they can manage client portfolios, and we’re glad to bring that to advisors and firms who custody with Schwab,” said Trent Mumma, Chief Product Officer, Orion. “Because it’s built into Orion Trading and our OMS, advisors get fractional trading in the same workflow they already use — implementing models to the dollar and reducing cash drag.”

Fractional trading is currently available for Orion Advisor Technology clients using Orion Trading and for Orion Custom Indexing sub-advisory clients.

About Orion

Orion is a wealthtech leader, powering advisors with a flexible, connected platform that unlocks built-in AI directly into workflows. With solutions spanning portfolio management, planning, CRM, reporting, and a broad open-integration ecosystem, Orion is designed for fast-growing advisors who want to move faster, work smarter, and focus more time on clients. Orion ranks #1 in market share for All-In-One Software, CRM, and Portfolio Management / Reporting.¹ As of June 30, 2026, Orion services $6.6 trillion in assets under administration and $211 billion of wealth management assets, supports more than 8.6 million technology accounts, and powers thousands of independent advisory firms. Today, 17 of the top 20 Barron’s RIA firms rely on Orion technology to help drive growth and better investor outcomes.²

¹T3/Inside Information Advisor Software Survey, 2026.

²2025 Top 100 RIA Firms, Barron’s, 2025.

Wealth Management Assets include assets managed on a discretionary and non-discretionary basis by Orion Portfolio Solutions, LLC (“OPS”) and TownSquare Capital, LLC (“TSC”) on their proprietary platforms; assets in proprietary and third-party models made available through the Orion Investment Portal; assets in OPS proprietary models managed on third-party platforms; and assets associated with outsourced services provided by OPS or TSC such as trading, billing, or back-office administration.

Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.

Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.

2129-R-26201