Broadridge Financial Solutions has strengthened its advisor compensation capabilities by acquiring San Diego-based Financial Database Services (FDS), Broadridge said Tuesday without disclosing the purchase price.
FDS, founded in 1989, developed Caesar, a back-office management solution for BDs, according to its LinkedIn profile. The company employs 18 people and Broadridge was planning to offer each of them jobs, according to Broadridge spokesman Gregg Rosenberg.
In addition to compensation management, FDS also provides compliance and advisor onboarding solutions for the wealth management industry, Broadridge said in its announcement. FDS’ suite of Caesar products “provides a modular suite of compensation and compliance tools to the marketplace, including advisor onboarding and analytics solutions,” according to Broadridge.
Following the Securities and Exchange Commission’s recently adopted Regulation Best Interest rules, the FDS solutions strengthen Broadridge’s position to help clients with adoption and compliance, it said.
The purchase “expands Broadridge’s current market-leading advisor compensation management capabilities and underscores its commitment to bringing value-added technology solutions to the wealth management industry,” according to Broadridge.