Fintech company Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it has acquired iJoin, a retirement plan technology provider specializing in participant onboarding, engagement, and analytics solutions for the retirement industry.
“With increasing demand for personalization, growing interest in lifetime income options, and the convergence of retirement and wealth management, there is a greater need for advanced tools and technology to enable record keepers, plan advisors, asset managers, and insurers to deliver plan participants better onboarding experiences, education and advice,” said Mike Tae, Group President of Funds, Issuer, and Data-driven Solutions, Broadridge. “There are strong synergies between iJoin’s innovations in plan participant data aggregation and standardization, its managed account and income technologies, and Broadridge’s retirement plan servicing capabilities. Together, the solutions will help providers across the retirement ecosystem deliver stronger participant outcomes, accelerate growth and enhance efficiency.”
Broadridge’s retirement plan investment servicing, custody, analytics, and participant communications solutions will be complemented by iJoin’s participant onboarding, managed accounts, retirement income, and data-driven engagement services. The combination will enable Broadridge to more holistically serve providers across the retirement ecosystem with leading retirement enrollment, data, and insights solutions.
“iJoin was founded on the belief that retirement should be more personal for everyone. Our mission has always been to help record keepers, plan advisors, and plan sponsors connect participants to highly personalized, goal-based solutions that lead to better outcomes,” said Steve McCoy, CEO of iJoin. “Partnering with Broadridge takes that mission to the next level. Their scale and trusted relationships create new opportunities to accelerate innovation, broaden our reach, and deliver greater value to clients and participants.”
iJoin’s capabilities enable record keepers to streamline participant enrollment into 401k plans, asset managers and insurers to more efficiently deliver managed account and income solutions, and advisors and their home offices to better identify participant cohorts and execute personalized education and outreach campaigns.
The transaction is not expected to have a material impact on Broadridge’s financial results.
