Fiduciary-related education and technology provider Fi360 said Tuesday that it’s acquired the Center for Fiduciary Management (CFFM), an investment management technology provider for retirement plan advisors.
The acquisition ties together two preeminent providers of fiduciary-focused tools and training in the industry today, according to the companies.
“The addition of CFFM brings important functional capabilities and great people,” said John Faustino, chief product and strategy officer with Fi360. “We’re excited at the opportunities this merger opens-up to both client bases in the immediate term. CFFM’s RFP Director and Stable Value Navigator offerings represent capabilities our clients have been asking us to provide. We believe Fi360’s Fiduciary Score, designations, and data aggregation services will receive strong interest from CFFM’s clients.”
The acquisition adds CFFM’s four advisor-focused tools to Fi360’s suite of solutions, which includes the Fiduciary Focus Toolkit and Fi360 Fiduciary Score offerings, as well as its Accredited Investment Fiduciary (AIF), Accredited Investment Fiduciary Analyst (AIFA) and Professional Plan Consultant (PPC) designations.
“Fi360 is moving quickly to meet the growing needs of advisors within the independent, broker-dealer and wirehouse communities,” Bill Mueller, Fi360’s CEO added. “The acquisition of CFFM expands the platform we offer to our financial industry partners with additional tools and customization options to help them work effectively and efficiently while maintaining the fiduciary standards of loyalty and care.”
The acquisition comes as the fiduciary rule continues to be debated.
“The current regulatory environment is evolving, but there are steady and significant market forces supporting advisors and firms who have embraced fiduciary standards to elevate themselves in the marketplace,” said Mueller. “We are enabling advisors’ success by providing a wider and deeper suite of fintech solutions to help them scale their practice, maintain compliance, and better serve their clients.”
CFFM, led by Scott Revare since its founding in 2003, provides solutions for retirement plan advisors and financial services professionals.
The firm offers four flagship products that are widely used among financial advisors, including FiRMPlus, an investment due diligence platform, RFP Director, a research and RFP management platform for providers, Stable Value Navigator, with data and insight on stable value funds along with an opportunity to compare products, and Fiduciary Pilot, which is a standardized, automated due diligence reporting platform.
“We have committed our business to providing financial services industry professionals with the tools they need to be successful,” Revare, who will assume the role of Managing Director at Fi360, said. “Today’s environment is challenging advisors to be increasingly diligent in their approach, and strategically designed tools that are built with the advisor in mind can be of significant benefit as they operate in the new normal. Fi360 is a partner who mirrors our commitment to the fiduciary standard and gives us the opportunity to extend our reach and ability to help advisors. We are thrilled to align with Fi360.”
The combined firms will service 55,000 investment professionals and over 120,000 retirement plans and amplifies Fi360’s reach among institutions, including multiple wirehouses and some of the nation’s other largest broker-dealers.