One of the year’s biggest headlines in the financial services and investment advisory world recently emerged as it was announced that Broadridge Financial Solutions, Inc. (“Broadridge”) would be acquiring FI360, Inc. (“FI360”).  The acquisition, which is expected to be finalized in November, will be bringing together two major players in the retirement plan industry.

Broadridge, which also acquired TD Ameritrade over the summer, has been steadily expanding its footprint in the retirement space.  Historically, Broadridge has primarily been known for its trading platform, but has been looking to offer more in the way of fiduciary services.  While making this announcement, Broadridge noted that this acquisition was driven by the notable shift in the retirement plan industry toward increased fiduary oversight and regulations.

FI360, who is a leader in fiduciary software/technology, designations, and compliance, has also risen in prominence over the last few years as the concept of “Fiduciary” has moved to a more prominent light among investment advisors.

DirectAdvisors currently uses many of the tools, research, and databases that Broadridge offers, and also utilizes FI360’s fiduciary toolkit for much of its day-to-day operations and analytical work.  Five of our team members are credentialed through FI360 as Accredited Investment Fiduciaries and Accredited Investment Fiduciary Analysts.  As a result, we are especially excited about how Broadridge and FI360, now operating under one umbrella, can leverage each other’s strengths and resources to further enhance our offerings to our clients and Plan participants.

We look forward to letting you know more about this exciting development when more information becomes available in November.