Broadridge Financial Solutions, Inc (NYSE:BR) announced today that Automatic Data Processing, Inc. (ADP), one of the largest providers of business processing and cloud-based solutions and a leading provider of retirement services, has implemented Broadridge's Defined Contribution Data Management Service offering to provide unprecedented insights into the defined contribution marketplace.
Broadridge's Access Data business team will aggregate and enrich ADP's sales and asset data to empower ADP's marketing and sales teams to better service current business partners, as well as identify new growth opportunities.
"Identifying advisors selling defined contribution assets represents a significant opportunity for retirement plan providers like ADP that partner with distributors to grow defined contribution assets under management. Our solutions will provide ADP with actionable intelligence about advisors that specialize in defined contribution business," stated Frank Polefrone, Senior Vice President, Broadridge. "Our expanding and unique suite of offerings for the retirement space makes us well-positioned to help all of our clients, retirement recordkeepers and DCIO fund providers alike, capitalize on the growth in the defined contribution marketplace."
Broadridge supports retirement and fund providers with a comprehensive service offering for regulatory and marketing communications and mutual fund trade processing, as well as data, analytics and reporting to enable business growth. Now, Broadridge's Defined Contribution Data Management and Retirement Advisor Intelligence solutions will deliver the industry's most comprehensive view of the defined contribution marketplace. Broadridge's Access Data team also provides data services and reporting to the leading DCIO fund firms in the industry to help those firms track defined contribution sales made by advisors that partner with leading independent recordkeeping platforms like ADP, Schwab, The Standard, and others.
"We decided to partner with Broadridge for this important offering because of its suite of products and services for the retirement services industry, but also the specific expertise of its Access Data team to manage and enhance defined contribution data. This offering is a critical aspect of our plans to service our distribution partners, provide information to our fund d partners, and assist our sales and marketing teams to grow our business," said Chris Augelli, Vice President, Product Marketing and Business Development, ADP Retirement Services. "They bring a comprehensive view of the market and the expertise to effectively mine the industry's big data sets, which empower us to target and win new business," added Mr. Augelli.
Defined contribution assets are forecast to grow to $6.7 trillion over the next five years. The key to unlocking that growth lies in knowing where those opportunities exist. The fastest growth segment for defined contribution assets is generated by the small to medium-sized plan segment supported by independent recordkeeping platforms.