Adviser Product Partnerships

FLX picks Broadridge for asset management distribution platform; Hub partners with employee recognition company Blueboard; more than 100 financial firms join CFA’s code to further DEI; and more.

FLX Partners With Broadridge on Distribution Solutions for Asset Managers

FLX Networks, which links asset managers and financial advisers, announced that Broadridge Financial Solutions Inc. will be its preferred data and analytics provider to asset management firms.

Broadridge will provide analytics capabilities to guide distribution and product strategies for FLX’s clients, according to the announcement. FLX started the partnership to meet asset manager demand for collaborating with digital platforms to launch product offerings and de-risk entry into new markets, according to the New York City-based firm. Lake Success, New York-based Broadridge’s sales analytics, market analytics and global market intelligence tools will also be available to clients on the FLX platform.

“Embedding Broadridge’s data and analytics solutions into FLX’s suite of distribution capabilities creates a powerful engine for asset managers to grow their assets, mutualize middle-office distribution costs, and defray fixed investments required to launch new strategies,” Dan Cwenar, Broadridge’s head of data and analytics, said in a statement.

Hub Partners With Blueboard on “Experiential” Employee Rewards and Recognition Program

Hub International Limited, which recently announced a new human resources consulting division, is partnering with employee recognition creator Blueboard to offer an awards program that personalizes recognition programs to recipients.

Hub will work with Blueboard to integrate its personalized recognition offering into its employee experience platform, including its Hub Workforce Persona Analysis, which uses an employer’s database on employee demographics to provide insights that guide benefit offerings.

San Diego-based Blueboard personalizes recognition for employees such as spot recognition, company values awards, wellbeing gifts, onboarding gifts, sales incentives and referral incentives. A leader can send a Blueboard reward to an employee, after which the recipient is connected to Blueboard’s concierge team to select a personalized experience, according to the announcement.

“Gone are the days of offering bare minimum medical, dental, and vision coverage,” Linda Keller, employee benefits national COO and practice leader at Hub, said in a statement. “A holistic and effective approach to health and wellness requires us to lean on real data and insights to prepare more personalized packages.”

The two organizations said they have 100 mutual clients, many of which have been seeking innovative ways to more closely tie rewards and recognitions to their business goals.

More Than 100 Financial Firms Sign up for CFA Institute’s DEI Code

The CFA Institute, an association of investment professionals, announced that more than 100 financial organizations in the U.S. and Canada have signed on to CFA’s diversity, equity and inclusion code since it was announced in February 2022.

The CFA Institute’s DEI Code for the investment industry is designed to foster action to advance DEI through six metrics-based principles, according to the New York-based association. The code also requires signatories to amplify the impact of their commitment by making the economic, business and moral cases for DEI.

The signatory organizations represent about $11.2 trillion in assets under management and about $9.5 trillion in assets under advisement. Signatories include firm such as: Callan, CalPERS, Cambridge Associates, Carlyle, Morgan Stanley Investment Management, Natixis Investment Managers, NEPC LLC, Nuveen and PGIM, according to the announcement.

The firms will send the CRA a confidential, annual progress report using an accompanying reporting framework. The institute will then aggregate the data to produce a new DEI report for the industry in the second half of 2023.

“We launched the DEI Code because we recognize that diverse perspectives lead to better outcomes—better outcomes for investors and better outcomes for society—and create an inclusive investment industry that will better serve and be more reflective of society as a whole,” Margaret Franklin, president and CEO of theCFA Institute, said in a statement. 

Envestnet Partners with Pontera to Incorporate Client 401(k) Savings Into Portfolios  

Pontera, which runs a technology platform that enables financial advisers to trade and manage retirement plans, is partnering with registered investment advisory Envestnet to provide its solution into the company’s financial wellness solution.

The integration enables Envestnet advisers to incorporate clients’ retirement savings account balances into holistic views of their entire financial life, run aggregated and performance reporting, and bill on those accounts in the Envestnet ecosystem, according the announcement. 

“We have a shared goal to help resolve a longstanding problem for retirement savers—the ability to have the entirety of their assets professionally managed by their trusted adviser,” Dani Fava, group head, product innovation at Envestnet, said in a statement. 

Proteus Will Provide Cynosure Group With Private Equity Investment Platform

Proteus LLC has been selected by registered investment adviser The Cynosure Group to provide a private equity and co-investment access platform spanning multiple fund vintages.

Through Proteus’ platform, Cynosure said it will offer participating RIA clients a single access point to Cynosure funds and related co-investment opportunities, as well as due diligence and educational materials on investments. Clients will also have portfolio management tools to track and report.

In a sea of similar offerings, the Proteus solution stood out as differentiated,” David Hunter, head of investor relations at Cynosure, said in a statement. “Proteus presented an idea that redefined the concept of feeder funds and we believe will deliver tremendous benefits to our participating investors.”

$1.6B Kemba Credit Union Picks CUSO Financial as Broker/Dealer

CUSO Financial Services LP, a subsidiary of Atria Wealth Solutions Inc., has signed a multi-year agreement to be the broker/dealer for Kemba Credit Union to support and grow its wealth management program, Kemba Investment Services.

San Diego-based CFS will provide investment services to the $1.6 billion credit union operating 12 branches and serving more than 125,000 members out of its headquarters in West Chester, Ohio.

“CFS delivers high-touch, personalized support, making it easier for us to engage in more meaningful interactions with our members,” Dan Sutton, CEO of Kemba Credit Union, said in a statement.