A bold aim to “redefine wealth management” has taken a major step forward by signing the world’s largest wealth manager as a its anchor client.
FinTech firm Broadridge has announced a strategic partnership with UBS Wealth Management USA with UBS becoming the anchor client on Broadridge’s new wealth management industry platform.
The Broadridge Wealth Management Platform aims to solve key industry issues with a ‘best-in-class’ tech solution enabling wealth managers to drive their business through shared technology, innovation, and security.
“Working with UBS, the largest global wealth manager, is a major milestone in creating the wealth management industry platform of the future,” said Tim Gokey, President and COO of Broadridge. “The Broadridge Wealth Platform will create a new industry business model by enhancing the advisor and client experience while mutualizing key front-, middle- and back-office functions. This partnership showcases Broadridge’s technology and innovation capability to deliver industry-level solutions.”
Rapid changes in wealth management
Broadridge says that rapid changes in the wealth management industry, driven by generation expectations, means that financial advisors’ roles are evolving.
It says that regulatory changes and a desire for low-cost passive products is fuelling demand for solutions.
The firm believes its platform will help advisors embrace the new reality and create both efficiencies and revenue opportunities.
“Broadridge is the right partner and the only Fintech leader with the proven technology, scale and experience to deliver such a transformational solution,” said Tom Naratil, Co-President, UBS Global Wealth Management and President, UBS Americas. “This innovative partnership will build the next generation of technology to enhance advisor productivity, create a superior client experience and drive enterprise efficiency. This represents UBS’s forward-looking approach as we continue to take a leading role in redefining wealth management.”
The new platform
The new platform includes performance reporting, managed accounts support, and sleeve accounting; multi-market order management and trade routing, and full back-office functionality that handles multi-currency, global clearance and settlement, asset servicing, and integrated workflow across the entire enterprise to accelerate client on-boarding and other key service tasks.
The fully open platform enables seamless connectivity to UBS’s proprietary and third-party applications.
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