Michael Alexander, President, Broadridge Wealth and Capital Markets Solutions

Broadridge Financial Solutions Inc., a global Fintech firm, has acquired California-based Financial Database Services, a provider of compensation management, compliance and advisor onboarding solutions for the wealth management industry.

The announcement was made on Tuesday by Broadridge however, the terms of the deal were not disclosed.

The acquisition is expected to boost Broadridge’s current advisor compensation management capabilities and help it bring value-added technology solutions to the wealth management industry.

“Compensation management and compliance are key industry areas in need of transformation, and we look forward to extending our industry-leading capabilities,” Michael Alexander, head of North American Wealth and Capital Markets Solutions for Broadridge commented.

Financial Database Services is a developer of the CAESAR suite of products and provides a modular suite of compensation and compliance tools to the marketplace, including advisor onboarding and analytics solutions. With the US Securities and Exchange Commission’s recently adopted Regulation Best Interest rule, the solutions strengthen Broadridge’s position to help clients with adoption and compliance, according to the statement.

“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,” David Woltman, President of Financial Database Services said.

Broadridge Financial Solutions is a $4 billion worth Fintech company and a provider of investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers globally. Broadridge’s investor communications, securities processing, and managed services solutions aid the clients in reducing their capital investments in operations infrastructure, allowing them to increase their focus on core business activities.

 

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by Sheeba Bhagat Dawar
Market Analyst at IBS Intelligence
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