Broadridge Financial Solutions has announced that it has acquired iJoin, a retirement plan technology provider which specialises in participant onboarding, engagement, and analytics solutions for the retirement industry.
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 company says that 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 personalised education and outreach campaigns.
Mike Tae, group president of funds, issuer, and data-driven Solutions, Broadridge, says: “With increasing demand for personalisation, 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.”
Tae adds that there are strong synergies between iJoin’s innovations in plan participant data aggregation and standardisation, its managed account and income technologies, and Broadridge’s retirement plan servicing capabilities.
Steve McCoy, CEO of iJoin, says: “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 personalised, goal-based solutions that lead to better outcomes.
“Partnering with Broadridge takes that mission to the next level.”
The firm says that the transaction is not expected to have a material impact on Broadridge’s financial results.
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