Global fintech firm Broadridge has entered into an agreement to buy Fi360, a provider of fiduciary-focused software, data and analytics for financial advisors and intermediaries across the retirement and wealth management industry, according to a news release.
The deal is expected to close in November, pending satisfaction of customary closing conditions, including regulatory approvals, the release noted. Terms were not disclosed.
The acquisition, the release said, will enhance N.Y.-based Broadridge’s existing retirement solutions by providing wealth and retirement advisors with fiduciary tools that complement its Matrix trust and trading platform. It also will further strengthen Broadridge’s data and analytics tools and solutions suite that enable asset managers to grow their businesses by providing greater transparency into the retirement market.
“The shift to fee-based advice and imminent regulatory changes, including the SEC’s Regulation Best Interest, are increasing the scrutiny on firms to ensure that they are demonstrating prudent advisory practices,” Michael Liberatore, head of Broadridge’s mutual fund and retirement solutions business, said in a statement. “Our goal is to help firms stay ahead of this evolving regulatory landscape. Integrating Fi360’s solutions set with Broadridge’s leading wealth and retirement solutions will enable better support for clients as they build and maintain responsible fiduciary practices,” he added.
Pittsburgh-based Fi360, which provides the accreditation and continuing education for the Accredited Investment Fiduciary designation, the designation focused on fiduciary responsibility, has awarded the AIF designation to more than 11,000 advisors since 2003, the release said.
In addition, the released noted that Fi360 supports industry needs through analytical and reporting software that helps investment professionals document investment processes and evaluate products. And its analytics products enable broker-dealers to automate compliance procedures and identify at-risk assets.