Evaluating data and analytics platforms? Here's how Orion's Denali data layer compares — and how Milemarker works alongside Orion's core platform.

Orion Denali is Orion's data layer — the engine that unifies, cleans, and activates firm data from Orion products and from third-party sources such as custodians, CRMs, and accounting software. Milemarker does not compete with Orion's core platform. In fact, Milemarker complements it, connecting Orion data alongside 140+ other integrations in a Snowflake warehouse your firm owns. This guide compares data-layer options for firms that want a vendor-neutral data foundation they control directly, cross-system analytics, and AI on their own terms.

Why Firms Explore Orion Denali Alternatives

Firms evaluating Denali alternatives are not usually looking to replace Orion's core platform. They continue to run Orion for portfolio management, trading, rebalancing, and client reporting. The evaluation is specifically about the data and analytics layer — whether Denali meets the firm's needs for data integration, cross-system analytics, and AI. The reasons firms look beyond Denali tend to cluster around a few recurring themes.

A vendor-neutral data foundation

Denali ingests data from Orion products and from third-party systems, and it is designed first to power Orion's own applications. Firms that run several portfolio systems, are mid-migration, or want their data layer to stay the same no matter which operational vendors they choose often prefer a data foundation that sits outside any single vendor's platform — Salesforce instead of Orion CRM, eMoney or MoneyGuidePro for financial planning, and multiple custodians all feeding one model the firm controls.

Snowflake-native data ownership

Denali stores and processes data within Orion's platform. Firms that want to own their data in their own Snowflake instance — with direct query access, full portability, and no vendor dependency — need a platform designed around data ownership from the ground up. The question firms ask is: "If we ever change platforms, does our data come with us?" With a vendor-managed data layer, the answer depends on that vendor's export options and contract terms. With a Snowflake-native approach, the data warehouse is yours.

AI capabilities that span every system

AI models are only as good as the data they can access. Vendor data layers are built to power that vendor's own AI features. Firms with ambitions for AI-driven client segmentation, cross-system analytics, or custom models that combine portfolio data, CRM activity, financial planning projections, and custodian feeds need a data layer that sits above any single platform — not inside one vendor's ecosystem.

Direct, cross-system query access

The most powerful analytics questions for advisory firms often require joining data across multiple systems: "Which clients have plans that are significantly underfunded relative to their portfolio?" or "Which households have added assets at the custodian but haven't updated their financial plan?" Answering these questions requires connecting data from portfolio systems, planning tools, CRMs, and custodians in a single query. The practical question is whether your team can query the unified data directly — in SQL, in BI tools, or through AI assistants of its choosing — or only through a vendor's own applications.

Understanding Orion's Two Offerings

Before evaluating Denali alternatives, it helps to be precise about what Orion offers — because Orion's core platform and Orion Denali serve different purposes. Milemarker's competitive comparison is specifically with Denali, not with Orion's core.

Orion Core Platform (orion.com) — Not What Milemarker Competes With

Orion's core platform is one of the most widely used all-in-one systems in the independent RIA space. It covers portfolio management, trading, rebalancing, performance reporting, billing, and CRM. For firms that want a single integrated platform to run their advisory practice, Orion's operational depth is genuine.

• Portfolio management and trading. End-to-end workflow from order generation through settlement and reconciliation across major custodians.

• Performance reporting. Native client-facing performance reports, billing, and document delivery built on Orion's data model.

• Integrated CRM. Orion offers CRM within its stack for firms that want a unified advisor experience.

• Orion Planning. Financial planning integrated with portfolio data for firms that want planning within the Orion ecosystem.

• Broad custodian connectivity. Schwab, Fidelity, Pershing, and a wide range of custodians with automated reconciliation.

Milemarker complements Orion's core platform — not replaces it. Firms using Orion for portfolio management continue to do so. Milemarker connects Orion's data alongside every other system in the stack.

Orion Denali — Orion's Data Layer

Orion Denali is Orion's data engine. It unifies, cleans, and activates firm data, ingesting from Orion products and from outside sources including custodians, CRM platforms, and accounting software, and it powers dashboards, reporting, and AI features across Orion's applications. (Orion Summit Experience, a separate offering, is Orion's white-labeled advisor and client experience layer built on top of it.)

What Denali does well:

• Native to Orion. For firms running Orion, Denali powers Orion's dashboards and reports on Orion's normalized data model without additional integration work.

• Third-party ingestion. Denali pulls from custodians, CRM platforms, and accounting tools without manual rekeying, and keeps that data current without the firm managing the pipeline.

• Integrated with Orion's workflow. Because Denali is part of the Orion ecosystem, the data flows are already mapped — there is no separate integration project for Orion-native data.

What to consider:

• Built to serve Orion's applications. Denali's data model is designed first to power Orion's own products. Firms whose stack centers on other portfolio systems, or that run several, may want a data model that is independent of any one vendor.

• Integration coverage set by the vendor. Which third-party systems connect, and how deeply, follows Orion's roadmap rather than the firm's.

• Data stays within Orion's infrastructure. Firms that want data ownership in their own Snowflake warehouse — with full query access and no vendor dependency — need a different architecture.

• AI inside Orion's applications. Denali powers Orion's own AI features. Firms that want to bring their own AI tools — such as Claude or ChatGPT through MCP — to query firm data directly need a data layer they can open to those tools.

Data Approach 1: Envestnet Tamarac

Envestnet Tamarac is an all-in-one portfolio management and reporting platform. For firms considering leaving Orion's core platform entirely, Tamarac is a direct operational alternative. But on the data and analytics dimension, Tamarac follows the same model as any vendor-managed data layer: its analytics are designed primarily around what lives inside the Tamarac ecosystem. Firms using many non-Tamarac tools will encounter cross-system data challenges.

Where Tamarac is strongest

• Rebalancing workflow depth. Tamarac's rebalancing engine is widely regarded as one of the most sophisticated in the market, with granular tax-loss harvesting, model drift management, and multi-account rebalancing capabilities that serve complex household management well.

• Envestnet data ecosystem. Access to Envestnet's data network — including insurance, annuity, and alternative investment data — gives Tamarac an edge for firms managing clients with complex, multi-product portfolios that extend beyond traditional securities.

• Reporting customization. Tamarac's reporting layer is highly configurable, and firms that need branded, deeply customized client reporting often cite Tamarac favorably here.

• Custodian breadth. Tamarac maintains deep connectivity across major custodians with well-developed automated reconciliation workflows.

Considerations on the data layer

Tamarac's data layer and Orion Denali are both vendor-managed. Moving from one to the other solves for vendor preference but does not fundamentally change who controls the data architecture. If the underlying driver is a firm-owned data foundation, or AI capability that spans CRM, custodians, and planning tools on the firm's own terms, both follow the same model: the data layer lives inside the vendor's platform.

Data Approach 2: Black Diamond

Black Diamond is a portfolio management and reporting platform known for its client portal experience and billing capabilities. On the data and analytics dimension, Black Diamond is typically paired with a separate CRM and planning tools — which means firms using Black Diamond often face the same cross-system data integration challenge as any single-vendor setup. Black Diamond does not provide a unified data layer across non-portfolio systems.

Where Black Diamond is strongest

• Client portal and reporting experience. Black Diamond's client portal is consistently cited as one of the most polished in the industry — clean, intuitive, and effective for client-facing performance reporting and document delivery.

• Billing sophistication. The platform's fee billing engine is one of the most flexible in the market, supporting complex billing arrangements including multi-tier fees, household billing, and alternative fee structures.

• Performance reporting accuracy. Black Diamond has historically invested heavily in the accuracy and auditability of performance calculations, which matters for firms with sophisticated performance reporting requirements or GIPS compliance needs.

Considerations on the data layer

Black Diamond is a strong choice for client experience and billing workflow, but is not a unified data platform. Firms running Black Diamond alongside Salesforce CRM, multiple custodians, and external planning tools still need a data integration layer to answer cross-system questions. Black Diamond's reporting reflects portfolio and billing data — not the whole firm. For firms with complex multi-vendor stacks, Black Diamond + Milemarker is a common pairing: Black Diamond handles operational reporting, Milemarker handles cross-system analytics.

Data Approach 3: Addepar

Addepar is purpose-built for high-net-worth and ultra-high-net-worth wealth management, with particular strength in alternative asset support and multi-custodian aggregation. On the data and analytics dimension, Addepar is especially strong in complex, multi-custodian, multi-asset aggregation — but it is built for a specific segment of the market and comes with commensurate cost and implementation complexity.

Where Addepar is strongest

• Alternative asset support. Private equity, hedge funds, real estate, private credit, and other illiquid holdings are first-class objects in Addepar's data model — not workarounds or manual-entry line items. For firms managing meaningful alternative allocations, this structural advantage is significant.

• Multi-custodian aggregation. Addepar aggregates across custodians, sub-advisors, and direct holdings in a normalized structure that enables true household-level reporting across all held assets, regardless of where they're custodied or what form they take.

• Analytics and custom reporting. Addepar's reporting layer is highly flexible and designed to support sophisticated, custom analytics at the household and relationship level — appropriate for family offices and RIAs serving complex clients.

• Institutional grade. Addepar serves some of the largest family offices, banks, and registered investment advisors in the world. The platform is built for institutional scale and compliance rigor.

Considerations on the data layer

Addepar is not the right fit for most RIAs serving primarily liquid-securities clients at standard wealth management AUM levels. Its data and analytics strength is specifically in aggregating alternative asset data and multi-custodian holdings for complex family office and institutional clients — a different use case than Orion's broad RIA market. For firms not managing significant alternative allocations, Addepar's cost and implementation complexity rarely justify the investment. For firms that need cross-system analytics across standard advisory technology stacks, Milemarker addresses the data layer need without Addepar's implementation burden.

Milemarker — Works With Orion, Owned by Your Firm

Milemarker is not a portfolio management system, not a CRM, and not a replacement for Orion's core platform. Milemarker is a unified data platform that connects Orion's data alongside every other system in a firm's stack — loaded into a firm-owned Snowflake data warehouse and normalized against a wealth management-specific data model.

Milemarker connects Orion data alongside 140+ other integrations — Salesforce, Schwab, Fidelity, eMoney, and more — in a Snowflake warehouse your firm owns. Orion keeps running your portfolio management. Milemarker becomes the data layer above it.

What Milemarker connects

Milemarker maintains 140+ pre-built integrations across the advisor technology ecosystem: CRMs (Salesforce, Redtail, Wealthbox), portfolio systems (Orion, Tamarac, Black Diamond, Addepar), custodians (Schwab, Fidelity, Pershing, Interactive Brokers), financial planning tools (eMoney, MoneyGuidePro, RightCapital), compliance systems, marketing automation, and operational data sources. Every integration feeds into the same normalized data model in Snowflake — including Orion data.

How Milemarker differs from Orion Denali

• Vendor-neutral data model. Milemarker joins Orion portfolio data with Salesforce CRM contact data, eMoney plan data, and Schwab custodian data in a single query, in one model that stays the same whichever operational systems you run.

• Snowflake-native data ownership. Your data lives in your own Snowflake instance — not in Orion's infrastructure. Your analytics team can query it directly, build on it, and take it with them if platforms change. A vendor-managed data layer stays within that vendor's platform.

• AI across every system. Milemarker's Snowflake-native architecture lets the AI tools you choose run across all of your data — portfolio, CRM, planning, custodian, and operational — in one unified warehouse.

• No disruption to existing Orion workflow. Orion continues to run your portfolio management, trading, and client reporting exactly as before. Milemarker adds a data layer above the stack — it does not touch operational workflow.

When to add Milemarker alongside Denali

Milemarker is the right choice when your firm uses non-Orion tools — Salesforce instead of Redtail, eMoney or MoneyGuidePro for planning, multiple custodians — and you want a cross-system data layer your firm controls and can query directly. It is also the right choice when data ownership in your own Snowflake instance is a strategic priority, or when you want AI capabilities that span your full technology stack rather than inside one vendor's applications.

Data & Analytics Comparison

The table below compares Orion Denali and its alternatives on the data and analytics dimensions that drive the evaluation — not portfolio management features. Milemarker is positioned as a complement to Orion's core platform, not a replacement.

Orion Denali

• Data Source Breadth: Orion products plus third-party custodians, CRMs, and accounting tools

• Data Ownership: Within Orion infrastructure

• Non-Orion System Integration: Supported; coverage set by Orion

• AI Capabilities: Powers Orion's built-in AI features

Addepar

• Data Source Breadth: Multi-custodian + alt assets

• Data Ownership: Within Addepar infrastructure

• Non-Orion System Integration: Strong for custodians; limited for CRM/planning

• AI Capabilities: Custom analytics; complex implementation

Envestnet Tamarac

• Data Source Breadth: Tamarac + Envestnet ecosystem

• Data Ownership: Within Envestnet infrastructure

• Non-Orion System Integration: Limited outside Tamarac ecosystem

• AI Capabilities: Native features; Envestnet data network

Milemarker

• Data Source Breadth: 140+ integrations: Orion, Salesforce, custodians, planning tools, and more

• Data Ownership: Your own Snowflake warehouse

• Non-Orion System Integration: Purpose-built for multi-vendor stacks

• AI Capabilities: Snowflake-native, across all connected systems

Milemarker does not replace Orion's core platform — it works alongside it. Firms running Orion continue to use it for portfolio management, trading, and client reporting. Milemarker adds a firm-owned data and analytics layer that sits outside any single vendor's platform.

Decision Framework: When Denali is Enough vs. When to Add Milemarker

The most useful question is not "should I replace Denali?" — it is "does Denali meet my firm's data and analytics needs, or do I need something broader?" The answer typically points in one of two directions.

When Denali is Enough

All-Orion stack: Orion CRM, Orion custodian feeds, Orion planning

Analytics needs are primarily portfolio reporting

No requirement for Snowflake data ownership

AI needs are met by Orion's built-in features

Straightforward reporting, single-vendor preference

When to Add Milemarker

Multi-vendor stack: Salesforce, multiple custodians, non-Orion planning

Need direct SQL or BI access to joined CRM + portfolio + planning data

Want Snowflake data ownership your firm controls

Want to bring your own AI tools to firm-owned data

Growing data complexity, 10+ integrations, BI ambitions

The Orion + Milemarker path

Most firms that add Milemarker do not replace Orion — they extend it. Orion continues as the operational system of record for portfolio management, trading, and client reporting. Milemarker pulls Orion's data alongside CRM data, custodian data, planning data, and operational data into a normalized Snowflake warehouse your firm owns. Advisors keep the Orion interface. The firm gains direct, firm-controlled access to cross-system analytics and AI.

This approach is particularly common for firms that are broadly satisfied with Orion's operational workflow but have grown beyond a single-vendor data model — firms running Salesforce for CRM, eMoney or MoneyGuidePro for planning, and multiple custodians, who need to answer questions that require joining data across all of those systems in one place.

Signals that point toward each path

01

All-Orion stack, simple analytics

If your firm runs Orion CRM, Orion-connected custodians, and Orion Planning, Denali may meet your analytics needs without additional integration work.

02

Multi-vendor stack, need full picture

If you use Salesforce, eMoney, multiple custodians, or other non-Orion tools, Milemarker connects them all alongside Orion in a single Snowflake warehouse.

03

Need Snowflake data ownership

If data portability and ownership are strategic priorities, Milemarker's Snowflake-native architecture gives you a data warehouse your firm controls — independent of Orion's infrastructure.

04

AI on your own terms

If you want AI models that span your CRM, portfolio data, financial planning, and custodian feeds, you need a data layer your team controls directly — above any single vendor.

Frequently Asked Questions

What is Orion Denali?

Orion Denali is Orion's data layer — the engine that unifies, cleans, and activates firm data from Orion products and third-party sources such as custodians, CRMs, and accounting software. It powers Orion's applications rather than replacing them. Orion Summit Experience is a separate offering: Orion's white-labeled advisor and client experience layer, built on Denali.

Can I use Milemarker with Orion?

Yes. Milemarker is designed to complement Orion's core platform, not replace it. Many firms continue to use Orion for daily portfolio management, trading, and client reporting while using Milemarker as the data and analytics layer that connects Orion alongside their CRM, custodians, financial planning tools, and other systems. Milemarker does not disrupt your existing Orion workflow.

How is Milemarker different from Orion Denali?

Orion Denali is Orion's vendor-managed data layer, built to power Orion's applications. Milemarker connects Orion data alongside 140+ other integrations — including Salesforce, Schwab, Fidelity, eMoney, and more — in a Snowflake data warehouse your firm owns and can query directly with SQL, BI tools, or AI assistants.

Do I need to replace Orion to use Milemarker?

No. Milemarker works alongside Orion's core platform. Your firm keeps using Orion for portfolio management, trading, rebalancing, and client reporting exactly as before. Milemarker adds a data layer that connects Orion's data with every other system in your stack — giving you a unified, AI-ready view of your business without changing your operational workflow.

Why do firms add a data layer alongside Orion Denali?

Firms add Milemarker when they want a data foundation they control: a firm-owned Snowflake warehouse, a vendor-neutral data model that survives platform changes, direct query access for analysts, and the freedom to bring their own AI tools. This matters most for multi-vendor stacks — Salesforce CRM, multiple custodians, non-Orion planning tools — and for firms that expect to add or change platforms.

How does Addepar compare to Orion Denali for data and analytics?

Addepar is purpose-built for high-net-worth and ultra-high-net-worth firms managing complex portfolios with significant alternative assets. Its analytics strength is in aggregating multi-custodian data and reporting on illiquid holdings — a different focus than Orion's broad RIA market. Addepar becomes most compelling for firms managing significant AUM per client in alternatives and complex family office structures.

When is Orion Denali enough, and when should a firm add Milemarker?

Orion Denali is sufficient for firms running an all-Orion stack (Orion CRM, Orion custodian feeds, Orion reporting) with straightforward analytics needs. Milemarker makes sense when a firm runs a multi-vendor stack, wants to own its data in Snowflake with direct query access, or wants AI tools of its choosing to work across every system.

Conclusion

Orion's core platform is strong, and for many firms it remains the right operational backbone for portfolio management, trading, and client reporting. This guide is not about replacing that — it's about the data and analytics layer above it.

Orion Denali serves firms running an all-Orion stack with straightforward analytics needs well. Firms that have grown into multi-vendor stacks — Salesforce for CRM, eMoney for planning, multiple custodians — often want the data layer itself to be theirs: firm-owned, vendor-neutral, and open to direct query and their own AI tools.

Milemarker is built for that second category: firms that want to keep Orion's operational strengths while gaining cross-system analytics, Snowflake-native data ownership, and AI capabilities that span their full technology stack. The answer is not to replace Orion — it's to build a firm-owned data layer above it.

Related guides

Part of the Platform Comparisons series:

• Envestnet Tamarac Alternatives: Portfolio & Data Platforms Compared

• Extending Black Diamond: Unified Data & AI for Advisory Firms

• Best WealthTech Platforms in 2026: A Category-by-Category Guide

• Claude for Financial Advisors: AI That Knows Your Clients, Portfolio, and Practice

• Milemarker Relay vs Zapier

• Advyzon Alternatives & Complements: Portfolio, Data & Analytics Platforms Compared