Broadridge Acquires iJoin to Strengthen Retirement Plan Technology Capabilities

The company said in a release on Tuesday that the move is aimed at expanding its capabilities across participant onboarding, engagement and analytics.

The financial technology group said the combination would strengthen its ability to support record keepers, advisers, asset managers and insurers with more personalised tools for retirement plan participants. 

iJoin’s services include data aggregation, managed accounts and retirement income solutions, which will complement Broadridge’s investment servicing, custody, analytics and participant communications offerings.

“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,” said Mike Tae, group president of funds, issuer, and data-driven solutions at Broadridge.

Steve McCoy, iJoin’s chief executive, said: “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 companies said the deal would allow providers to streamline 401k enrolments, improve the delivery of managed account and income solutions, and enable advisers to better target cohorts of participants.

Broadridge added that the acquisition is not expected to have a material impact on its financial results.