Broadridge partners with Apex to improve tax experience for wealth managers

Broadridge Financial Solutions, one of the largest fintech companies, has announced a partnership deal with Apex Silver. The deal seeks to offer comprehensive solutions for cost-basis processing. The two companies will also report tax information for the financial service sector.

Broadridge Capital partners with Apex Silver

Through this partnership, wealth managers will have a better integrated offering that will improve the tax experience of clients. The move will also lower the ownership costs while bringing in a new management model and common data sourcing. Wealth managers will also access seamless, flexible, and scalable integration.

The President of Broadridge Tax Services, Thomas Burke, noted that the partnership offered a comprehensive reporting solution that lowers the costs and brings in a seamless experience in tax treatment.

Broadridge will work with Apex Silver to provide an all-around reporting solution that meets regulatory requirements. The solution will support the evolving tax regulatory environment and new asset classes, such as digital assets.

This reporting solution will allow clients to access scalability as they trade high volumes. Wealth managers will be able to stay ahead of the market, offering a superior client experience and contributing to operational efficiencies.

The CEO of Apex Silver, Blake Henry, said, “Our cloud-based, API-driven cost basis offering supports tens of millions of investment accounts and multiple Tier 1 financial institutions, including several firms that are also Broadridge tax information reporting clients. We look forward to working on this exciting initiative together.”

Broadridge and Apex Silver are two of the largest fintech providers globally. The partnership will allow financial institutions to work with one vendor to access integrated tax data and basis reporting solutions. Apex Silver already has a significant presence as a technology solutions provider in the investment sector.

Broadridge makes efforts to expand offerings

Broadridge has been actively looking to expand its offerings. In March, the company secured a partnership deal with CQG to integrate its Order Management System and Execution Management System.

In February this year, it partnered with Point Focal. Through this partnership, Broadridge was able to provide clients access to advanced alternative data-driven quantitative insights and portfolio analytics.

Broadridge is also expanding its executive team in Europe to broaden its offerings. The company announced the addition of two industry professionals in Europe: Guillaume Bunouf and Alvaro Del Pino Aguilera. The two executives were appointed to help Broadridge pursue opportunities in the European market.

Broadridge released its financial results for Q2 2023 a month. The financial results showed that the total revenues at the firm increased by 3% annually to around $1.3 billion. On the other hand, the recurring revenue was up by 6% to $840 million.

The financial results by Broadridge also showed that the operating income increased by 57% to $108 million, while the margin was up by 8.3% from the previously reported 5.5%. The company also reported an adjusted operating income of $173 million, a notable increase from the previously reported $141 million.