Broadridge Financial Solutions Acquires iJoin
Broadridge Financial Solutions has acquired retirement plan technology provider iJoin, the firms announced in a release today.
The merge will help Broadridge service retirement plan providers with enrollment, data, and insights solutions. Among iJoin’s services include participant onboarding, managed accounts, retirement income, and engagement tools.
“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.”
Broadridge, a technology provider, delivers retirement plan investment servicing, custody, analytics, and participant communications solutions and generates over seven billion communications annually.
“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 at 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 says the transaction is not expected to have a material impact on its financial results.
The news comes just a week after iJoin announced its partnership with retirement plan consolidator Manifest to help participants transfer old 401(k) plans into one account. With Manifest’s plan-to-plan digital solutions, participants with iJoin could transfer old accounts in a few minutes while doing away with paperwork and administrative burdens.
“Our mission is to remove friction from every part of the retirement journey,” said McCoy at the time. “By embedding Manifest into the iJoin experience, we’re helping participants make informed decisions with a more complete picture of their retirement savings.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
