UBS Wealth Management USA in wealthtech revamp with Broadridge
US wealthtech: Broadridge in major deal with UBS
Broadridge Financial Solutions and UBS have unveiled an “innovative strategic partnership”, where UBS’s wealth management arm in the US will become “the anchor client” on Broadridge’s new wealth management platform.
The recently launched Broadridge Wealth Platform is touted by the vendor as “a next-generation open platform”. It will provide UBS Wealth Management USA with “an integrated and modern front-to-back office solution that optimises financial advisor productivity, creates a richer client experience, and digitises enterprise-wide operations”, Broadridge states.
Tim Gokey, president and COO of Broadridge, describes the project with UBS as “a major milestone in creating the wealth management industry platform of the future”. The new solution, he believes, “will create a new industry business model by enhancing the advisor and client experience while mutualising key front-, middle- and back-office functions”.
Tom Naratil, co-president of UBS Global Wealth Management and president of UBS Americas, claims that Broadridge is “the only fintech leader with the proven technology, scale and experience to deliver such a transformational solution”.
According to Broadridge, its new platform will include a modernised advisor desktop and customisable tool set. Key advisory features will include performance reporting, managed accounts support, and sleeve accounting; multi-market order management and trade routing, and full back-office functionality that handles multi-currency, global clearance and settlement, asset servicing, and integrated workflow across the entire enterprise to accelerate client on-boarding and other key service tasks.
The vendor emphasises its offering “will be fully open with a comprehensive, real-time data fabric and API structure that enables seamless connectivity to UBS’s proprietary and third-party applications”.
