Financial Planning first reported that 6-year-old wealth management software firm Oranj is shutting down by the end of the year.

Why should we care?
Oranj provides portfolio management, rebalancing and trading, client and prospect management, and a client portal. In its analysis of the news, CityWire reported that companies in its category face difficulty growing without recapitalizing or selling to larger firms. News of Oranj’s impending closure comes seven months after Motif Investing closed and sold its technology stack to Charles Schwab. Meanwhile, advisory tech firm AdvisorEngine, which served more than 1,200 advisory firms in the U.S. and managed more than $600B in collective assets, sold to Franklin Templeton in May. Some industry watchers suggest Oranj’s closure may be the tip of the iceberg. Scott Salaske, CEO of Firstmetric, was quoted in ThinkAdvisor saying “This is the problem with a lot of the new #FinTech solutions/companies. They have great and promising products, but can’t compete with the big dogs.”