Broadridge Financial Solutions and Boring Money have launched a Consumer Duty data solution for asset managers.
The solution allows asset managers access to a single source of data and insights by pulling together product analysis with a consumer perspective, to help inform firms on fund distribution and regulatory compliance.
Holly Mackay, CEO of Boring Money, said: “Asset managers are struggling to find the information they need today, relying on distributors for incomplete data sets. The goal of this collaboration is to provide a clear picture of both the end customer and the products, and to benchmark the information against peers, enabling asset managers to provide independently sourced data to boards while also focusing on actionable improvements.”
As part of the collaboration, Broadridge will provide value reporting, fee and performance data while Boring Money will contribute end-investor demographic and perception data.
The solution aims to help asset managers to better understand and service the retail investors that purchase their funds through intermediaries.
Devin McCune, vice president of governance, risk and compliance services for Broadridge’s distribution insights business, said: “The combined offering will provide insights into end investors’ product awareness, usage and sentiment, coupled with quantitative metrics, creating the most comprehensive solution possible for asset managers and fund boards.”