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Practice Management > Compensation and Fees

Broadridge’s Latest Acquisition Is Financial Database Services

By Jeff Berman

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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.

The acquisition represents the “latest example of Broadridge expanding our wealth capabilities and growing our client base,” according to Michael Alexander, head of North American Wealth and Capital Markets Solutions for Broadridge. “Compensation management and compliance are key industry areas in need of transformation, and we look forward to extending our industry leading capabilities,” he said in a statement.

The transaction, which closed Tuesday, marked the first acquisition announced by Broadridge this fiscal year, which started July 1. The company paid a combined $406.4 million for three major acquisitions that the company made in its fiscal year that ended June 30, according to a 10-K filing with the SEC.

Those acquisitions included Rockall, a provider of securities-based lending and collateral management solutions for wealth management firms and commercial banks, for $41.9 million, completed in May; RPM Technologies, a provider of enterprise wealth management software solutions and services, for $302.9 million in June; and the retirement plan custody and trust assets of TD Ameritrade Trust Co., for $61.5 million, also in June.

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Jeff Berman

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