The first day of the Broadridge Fi360 Annual Conference kicked off with talks of artificial intelligence (AI) technologies, the future of SECURE 2.0, and even a rebrand.
Key leaders at Broadridge, including President Chris Perry, General Manager and SVP Cindy Dash, and Head of Broadridge Fi360 Solutions John Faustino, newly announced the group’s makeover to Broadridge Retirement and Workplace. Broadridge execs also revealed the conference’s return to Austin, Texas next year, now also under a new name as the Broadridge 360 Advisor Summit.
Under Broadridge Retirement and Workplace, retirement plan advisors can select their preferred plan recordkeeper, connect with an array of end-to-end solutions and support, undergo fiduciary training, use technology solutions for management and reporting needs, and more.
“Much of this exercise that we’ve been through is to make it easier to work together,” commented Dash on the rebrand.
The new naming combines Matrix Financial Solutions and Fi360 Solutions under a single name, allowing clients to align effectively with products and services that enhance their offerings. Broadridge first expanded its fintech workplace solutions for the industry in 2011 when it acquired Matrix Financial Solutions, followed by acquiring certain trust assets from Wilmington Trust, the retirement plan assets of TD Ameritrade Trust Company, and Fi360’s fiduciary-focused software, education, business intelligence and analytics.
Broadridge has structured its retirement and workplace solutions into three main capabilities: growth acceleration, risk management and operational efficiencies. This unified solution set can help clients scale their businesses, leverage technologies, better manage risk, and accelerate topline growth.
The rise of AI and ChatGPT
As more investors favor AI for financial advice rather than human pros, it was unsurprising to find that most attendants at the conference believe AI, digital engagement, and ChatGPT to be a prime trend in the industry throughout the upcoming years. During polling, 37% of attendants said AI will be a major focus in the retirement space for the next five years.
Perry, president of Broadridge, connected current discernment across the financial services industry for the shift in investors’ attitudes. Swift bank shutdowns, including those of Silicon Valley Bank and Silvergate Capital, had amplified an existing skepticism connected to the financial services sector. In return, consumers would now rather trust AI systems and chat boxes rather than risk their investments and assets with a human professional connected to the industry, he said.
“People are not trusting in the world we operate in. We have to listen to our investors,” Perry urged to advisors. “They are likely to listen to a robot in their future, unless we change the way we listen to them and enable them to have a secure retirement.”
The future of SECURE 2.0
The session closed with discussions surrounding outlooks for SECURE 2.0, and how advisors can use the legislation to advance their clients and practice.
Faustino, head of Broadridge Fi360 Solutions, predicted the success of SECURE 2.0 will shift smaller retirement plans to a more competitive environment—one that wealth-centric advisors will likely move to capitalize on.
“A lot of their clients are small plan sponsors,” he noted. “If you don’t help with their needs, you can bet that someone else will. It really will be a defensive play.”
For those still cautious on working with smaller clients, Dash said to look around the market environment and its current difficulties with fee compression and regulatory strife (to name a few), and ahead at innovations that could push forward client experiences. “Think about ways we can add value to connect with that participant and drive that investor journey,” she said. “Achieving goals is an opportunity for everyone versus how we can make money.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
