Global fintech leader Broadridge Financial Solutions announced Oct 10 that it has entered into a purchase agreement to acquire Fi360, a provider of fiduciary-focused software, data and analytics for financial advisors and intermediaries.
According to the announcement, Broadridge’s acquisition of Fi360 will enhance its existing retirement solutions by providing wealth and retirement advisors with fiduciary tools that supplement its Matrix trust and trading platform.
The announcement notes that the acquisition is subject to the satisfaction of customary closing conditions, including regulatory approvals and is expected to close in November. Terms of the transaction were not disclosed.
“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,” Broadridge’s Mutual Fund and Retirement Solutions business head Michael Liberatore 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.”
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