Broadridge Financial Solutions has expanded Broadridge’s current market leading advisor compensation management capabilities by acquiring Financial Database Services, a trusted provider of compensation management, compliance and advisor onboarding solutions for the wealth management industry.
Financial Database Services provides a modular suite of compensation and compliance tools to the marketplace, including advisor onboarding and analytics solutions via its proprietary offering CAESAR. This suite of solutions strengthens Broadridge’s position given the recently adopted Regulation Best Interest rule by the Securities and Exchange Commission.
Michael Alexander, head of North American Wealth and Capital Markets Solutions for Broadridge, commented: “The acquisition of Financial Database Services is the latest example of Broadridge expanding our wealth capabilities and growing our client base. Compensation management and compliance are key industry areas in need of transformation, and we look forward to extending our industry leading capabilities.”
David Woltman, President of Financial Database Services, said: “We are excited to become part of industry leader Broadridge and to work together to continue to bring innovative solutions to a greater number of clients.”
Broadridge has recently addressed the European Securities Financing Transactions Regulation (SFTR), effective in Q2 2020, by launching a change management service which provides a practical blueprint for front-to-back changes to overall architecture, organizational structure, business processes, and location strategy. The SFTR requires firms to solve questions around areas such as data sources, exception management flows (including counterparty interaction), and reporting vendor services.
