Broadridge moves deeper into advice space with Fi360 acquisition

Fiduciary technology will plug into Broadridge's Matrix trust and trading platform

Oct 10, 2019 @ 1:48 pm

By Ryan W. Neal

Broadridge Financial Solutions, a technology company best known for processing trades, is continuing its move into the financial advice space by acquiring Fi360, a provider of fiduciary education, training and technology to advisers.

Fi360 sells analytic and reporting software for broker-dealers to automate compliance procedures and identify assets at risk of violating fiduciary requirements. Broadridge plans to plug the technology into Matrix, its trust and trading platform.

[Recommended Video: Ron Carson on why the fiduciary debate is so frustrating]

"The shift to fee-based advice and imminent regulatory changes, including the [Securities and Exchange Commission's] Regulation Best Interest, are increasing the scrutiny on firms to ensure that they are demonstrating prudent advisory practices," said Michael Liberatore, Broadridge head of mutual fund and retirement solutions, in a statement. "Our goal is to help firms stay ahead of this evolving regulatory landscape."

[More: UBS CEO promises to boost wealth management profits]

Terms of the transaction were not disclosed.

The companies also did not say if Broadridge will continue supporting Fi360's education and training services, or the Accredited Investment Fiduciary designation, which Fi360 reports it has awarded to 11,000 advisers since 2003.

The companies were unable to immediately respond to requests for comment.

0
Comments

What do you think?

View comments

Recommended next

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print