Broadridge acquires iJoin to expand retirement tech solutions

NEW YORK and ARIZONA, UNITED STATES — Global fintech provider Broadridge Financial Solutions has acquired retirement technology provider iJoin in a strategic move to enhance its retirement plan servicing offerings.

The acquisition combines Broadridge’s existing investment servicing and analytics capabilities with iJoin’s specialized participant onboarding, engagement, and retirement income solutions to address growing demand for personalized retirement services.

Broadridge expands in retirement plan technology

The acquisition will help Broadridge respond to this growing convergence of retirement and wealth management by combining the iJoin use of participant onboarding and engagement technologies with the current Broadridge retirement plan investment servicing, custody, analytics, and participant communications solutions. 

Mike Tae, Group President of Funds, Issuer, and Data-driven Solutions at Broadridge, observed that the increased interest in lifetime income options and demand for personalization necessitate highly developed tools among record keepers, plan advisors, asset managers, and insurers. 

“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,” Tae explains.

“Together, the solutions will help providers across the retirement ecosystem deliver stronger participant outcomes, accelerate growth and enhance efficiency.”

The tie-up aligns iJoin’s innovations in plan participant data aggregation and standardization and Broadridge’s retirement plan servicing.

iJoin’s technology enables record keepers to streamline 401(k) plan enrollment while helping asset managers and insurers deliver managed account and income solutions more efficiently. 

Steve McCoy, Chief Executive Officer (CEO) of iJoin, emphasized that partnering with Broadridge accelerates their mission to make retirement more personal for everyone by leveraging Broadridge’s scale and trusted relationships to broaden reach and deliver greater value to clients and participants across the retirement ecosystem.

“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,” he said.

Strategic fit for Broadridge and iJoin

Broadridge, incorporated in the S&P 500, is a global leader in technology and operations for the financial services sector, with more than 15,000 employees in 21 countries. The company’s platforms support the processing and distribution of over 7 billion communications annually and underlie daily trading volumes exceeding $15 trillion globally. Broadridge is renowned for its outsourcing, investing, governance, and communication services, acting as a core partner for both back-office processing and client-facing financial operations worldwide.

iJoin, prior to the acquisition, was recognized for its innovations in personalized retirement planning, focusing on data aggregation and participant experience solutions for record keepers and plan advisors. Its managed account technologies offered vital outsourcing potential for retirement service providers seeking to enhance efficiency and participant outcomes.

Broadridge stated the deal will not have a material impact on its financial results. The acquisition signals continued consolidation and technological sophistication in outsourcing and fintech-enabled retirement services.

The joint venture will provide more holistic services to retirement providers, such as best-in-class retirement enrollment, data, and insights solutions designed to achieve better participant outcomes, along with greater efficiency and faster growth.

Implications for fintech, outsourcing sector

This deal marks the next round of mergers in the fintech industry as some of the largest vendors, such as Broadridge, aim to provide end-to-end solutions to a variety of financial services. 

In the case of the outsourcing industry, especially companies that deal with retirement plan administration and financial services operations, this move increases the competitive bar; it generates bigger and more integrated service providers, which can deliver all the services, including participant enrollments and investment servicing, as well as communications.