Boring Money, a financial data and intelligence company, has partnered with global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) to provide a single source of data and insights for asset managers that combines product analysis with a consumer perspective to holistically address UK Consumer Duty Regulation requirements.
“The Broadridge and Boring Money partnership is exactly what is needed in the market to help asset managers meet the requirements of the Consumer Duty Regulation and is in line with Broadridge’s strategy to provide data-driven solutions to their regulatory needs” , said Devin McCune, vice president. governance, risk and compliance services for Broadridge’s Distribution Insights business. “The combined offering will provide insights into end-investor awareness, usage and sentiment about the products, combined with quantitative metrics, creating the most comprehensive solution possible for asset managers and fund boards.”
“Asset managers struggle to find the information they need today, relying on distributors for incomplete data sets. The goal of this partnership is to provide a clear view of both end-customer and product and benchmarking of information against peers, enabling asset managers to provide independent source data in dashboards while focusing in improvements that can be made,” said Holly Mackay. CEO of Boring Money. “We are excited to be working with Broadridge to combine our respective expertise and deliver a solution that helps asset managers meet their requirements while protecting UK private investors’.
The partnership combines Broadridge’s value reporting, fee and performance data and advisory services with Boring Money’s end-investor demographic and perception data, enabling asset managers to better understand and serve the retail investors who buy their funds through intermediaries. The resulting solution provides asset managers and fund boards with an unparalleled, holistic view that correlates quantitative and qualitative information on fund distribution and regulatory compliance in the UK.
Broadridge’s regulatory solutions range from the long-established 15c requirement in the US to Valuation in the UK and will support upcoming Irish and European requirements. Broadridge’s comprehensive capabilities include services to fund boards that are required to assess the soundness of their fund against cost and performance, and include support for data sharing through the Distributor Feedback Template (DFT), which helps managers assets to support their Customer Understanding and Support obligations.
Boring Money helps asset managers understand their end clients, how well their products serve them and demonstrate whether they deliver reasonable value and support the outcomes retail investors want. Boring Money has been collecting consumer data on wealth management clients since 2019 and can provide insights into client demographics, wealth, time frames, risk appetite and more.