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Broadridge Financial Solutions, a global provider of communications and tech services to financial firms, said Thursday that it plans to acquire Fi360, a provider of fiduciary-focused software, data and analytics for advisors and intermediaries.

With the acquisition, which is expected to close in November, Broadridge states that it will enhance its existing retirement solutions by providing wealth and retirement advisors with fiduciary tools that complement its Matrix trust and trading platform.

Raymond James & Associates is acting as financial advisor to Fi360 in the transaction. Terms of the deal were not disclosed.

“The shift to fee-based advice and imminent regulatory changes, including the SEC’s Regulation Best Interest, are increasing the scrutiny on firms to ensure that they are demonstrating prudent advisory practices,” said Michael Liberatore, head of Broadridge’s Mutual Fund and Retirement Solutions business, in a statement. “Our goal is to help firms stay ahead of this evolving regulatory landscape. Integrating Fi360’s solutions set with Broadridge’s leading wealth and retirement solutions will enable better support for clients as they build and maintain responsible fiduciary practices.”

The acquisition will also further strengthen Broadridge’s data and analytics tools and solutions suite that enable asset managers to grow their businesses by providing greater transparency into the retirement market.

Fi360 also provides the accreditation and continuing education for the Accredited Investment Fiduciary (AIF) designation, the leading designation focused on fiduciary responsibility. The AIF designation has been awarded to more than 11,000 advisors since 2003.

“We’re delighted to become part of Broadridge. Leveraging Broadridge’s scalable technology and position within the financial services network will enable us to offer the best possible solutions to help clients provide a fiduciary standard of care,” added Fi360 CEO Bill Mueller.

Fi360’s analytics products enable broker-dealers to automate compliance procedures and identify at-risk assets.


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