Orion has announced 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.
Fractional share trading now available for advisors custodying with Schwab through Orion Trading platform.
Advisors can implement models to the dollar instead of rounding to whole shares, including high-priced securities.
Fractional trading reduces cash drag, enabling smaller accounts to be fully invested.
Cleaner rebalancing for model swaps, glide-path adjustments, and tax-loss harvesting.
Lower model minimums and broader direct indexing with reduced tracking errors.
Capability runs through existing Orion workflow with no separate tools or manual workarounds.
Fractional share trading lets advisors implement client models to the dollar, eliminating the need to round to whole shares and reducing uninvested cash. This is particularly valuable for high-priced securities where whole-share rounding could leave significant cash uninvested. 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.
The new capability delivers full model precision by implementing target allocations to the dollar instead of rounding to whole shares, including for high-priced securities. This reduces cash drag, allowing smaller accounts and new fundings to be fully invested without waiting to reach a whole-share price. Cleaner rebalancing enables more precise execution of model swaps, glide-path adjustments, and tax-loss harvesting. Additionally, lower model minimums and broader direct indexing make model-based diversification and index replication 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."
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. 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.
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