Broadridge Brings Retirement, Workplace Services Under One Roof

The financial solutions firm will now provide workplace and retirement plan programs from one division as retirement savings and wealth management draw closer together.

Broadridge Financial Solutions, a financial technology firm serving the retirement workplace savings and wealth management industries, is merging its retirement and workplace divisions to provide a more consolidated approach for advisers to work with employers and plan participants, the firm announced Monday.

Broadridge is merging Matrix Financial Solutions, which provides trust, custody and agent services for retirement plans, with Fi360 Solutions, its fiduciary training, technology and analytics division, calling the combined unit Broadridge Retirement and Workplace. The unified division is being created to allow advisers to work across fiduciary needs, retirement plan offerings, workplace benefits and wealth management in a more seamless way, according to the Lake Success, New York-based firm.

“Unifying under one name reflects the highly integrated way we’ve been delivering best-in-class solutions across retirement and wealth management from compliance tools, training, mutual fund trading and trust services, to data and insights,” Cindy Dash, general manager and senior vice president of Broadridge Retirement and Workplace, said in a statement. “This natural progression of grouping under the Broadridge master brand will make it easier to communicate the many ways clients can leverage our capabilities going forward.”

The newly created Broadridge Retirement and Workplace currently serves about  30,000 advisers, 12,000 investment fiduciaries and 500 financial services providers of all sizes across recordkeepers, third-party administrators, broker/dealers, registered investment advisers, banks and trust companies, according to the firm. The group has been structured to support three main areas for clients: growth acceleration, risk management and operational efficiencies, according to the firm.

The unification comes more than a decade after Broadridge expanded its workplace solutions by acquiring Matrix Financial Solutions in 2011, followed by acquisitions of trust assets from Wilmington Trust in 2015, and, in 2019, the retirement plan assets of TD Ameritrade Trust Co. and Fi360’s fiduciary-focused software, education, business intelligence and analytics.

Fi360 has been active in connecting retirement industry firms to work together on retirement income via a consortium designed to bring guaranteed income annuities into defined contribution retirement plans. In April, the firm announced a partnership with payroll provider Paychex Inc. on a turnkey 401(k) startup solution for businesses.