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Broadridge Expands Wealth Management, DOL Compliance Capabilities: Tech Roundup

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Broadridge announced on Friday that it has acquired M&O Systems to offer more comprehensive wealth management and DOL fiduciary rule compliance capabilities.

M&O Systems is an advisor compensation management tool. With the acquisition, Broadridge will be able to offer advisor compensation and incentive management, advisor commission portal, account opening and client books and records solutions, according to a statement.

“The acquisition of M&O adds best-in-class, back-office agnostic compensation management solutions to Broadridge’s market-leading product set,” Charlie Marchesani, president of global technology and operations at Broadridge, said in a statement. “As a result, Broadridge can now offer broker-dealers and wealth management firms a more complete suite of front- and back-office solutions ranging from advisor marketing and practice management capabilities to mission-critical brokerage investment platforms.”

He said the acquisition will help Broadridge users comply with the DOL fiduciary rule by “by calculating, monitoring and reporting on compensation and tracking of Best Interest Contract [Exemptions] (BICE) and grandfathered accounts.”

Sean Haggerty, chief executive officer and chief financial officer of M&O Systems, said, “Broadridge’s market-leading securities processing capabilities, operational expertise and commitment to serving its client base will enable us to bring greater value to our customers.”

M&O Systems will be rebranded as Broadridge Advisor Compensation Solutions. Terms of the deal were not disclosed.

Earlier this week, SS&C Evare announced that it has integrated with Schwab PortfolioCenter to help advisors on the PortfolioCenter platform aggregate client data in held-away accounts. Evare’s proprietary aggregation tool will stream non-standard data from various custodians to Schwab’s platform, and does not require users to download new software or install hardware.

“The encrypted solution offers better protection and more granular data than traditional screen scraping methods,” according to the statement.

Christy Bremner, senior vice president of institutional and investment management for SS&C Technologies, said in a statement that “customers using Evare to aggregate clients’ held-away account data are able to get a holistic understanding of their holdings and make better informed investment decisions on their behalf.”

She added, “Time spent collecting and reconciling data can now be used to improve our client relationships and scale their businesses.”

Last week, SS&C announced it had acquired CRM provider Salentica to work with its Black Diamond wealth platform.

— Read Fund Giant Vanguard to Open Tech Lab in 2017 on ThinkAdvisor’s TechCenter. 


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