Broadridge taps MX to provide financial advisors with 360º customer view

Rick Steves

“Investors today have an unprecedented level of control over their assets, but the current market environment has reminded us that it is still beneficial to have access to the personal touch of an advisor.”

Broadridge Financial Solutions has partnered with open finance specialist MX to utilize the company’s financial data aggregation and personalized financial management automation solutions.

The move will help provide financial advisors with an innovative holistic view into all aspects of an investor’s financial journey, thus optimizing advisor productivity and insights for client growth and transformation.

Complete access to actionable information

WIth a 360° customer view, financial advisors will have complete access to actionable information across their clients’ assets and liabilities, better equipping them to provide relevant recommendations for long-term financial success, namely with personalized financial insights at scale.

Mike Alexander, President of Wealth Management at Broadridge, said: “Investors today have an unprecedented level of control over their assets, but the current market environment has reminded us that it is still beneficial to have access to the personal touch of an advisor.

“Through this strategic partnership with MX, we are ensuring that the advisor’s touch is not just personal, but also timely and driven by intelligence and data. By combining Broadridge’s expertise in investment data with MX’s deep understanding of frictionless money experiences, our financial advisor clients will now have access to a new comprehensive offering that provides a more personal and holistic view to financial planning.”

Don Parker, Executive Vice President of Partnerships, MX, commented: “Our integration with Broadridge demonstrates our shared commitment to power the open finance economy by empowering financial institutions and the investment community, with data driven insights. MX makes data accessible and actionable, and our partnership with Broadridge will help advisors and investors build a stronger, more modern data infrastructure.”

The MX tools that are being integrated and embedded in Broadridge’s Data Aggregation solution will provide advisors with a robust suite of financial wellness capabilities that are easy-to-use digital tools to provide insight into a client’s everyday financial life.

MX is led by Jim Magats

MX is now led by Jim Magats, who was appointed Chief Executive Officer in July and joined the fintech from Paypal, where he was most recently Senior Vice President for Omni Payments Solutions.

He spent 18 years as a senior executive at PayPal Inc., helping spearhead the firm’s transformation into one of the most valuable and innovative fintech companies in the world. He was a member of PayPal’s 12-person Operating Group charged with ensuring that the organization met its strategic and financial targets.

As Senior Vice President for Omni Payments Solutions he oversaw PayPal’s open banking strategy and solutions, as well as a partnership network of more than 150 financial institutions and networks.

In August, the firm hired ex-PayPal Wes Hummel as Chief Technology Officer, in charge of overseeing the company’s engineering and information security teams and reporting to MX Chief Executive Officer Jim Magats.

Wes Hummel has spent the past 25 years building global engineering teams in financial services, most recently serving as PayPal’s Vice President, Site Reliability and Cloud Engineering. At Paypal, he was responsible for creating the company’s infrastructure and operations vision and strategic direction, with a strong emphasis on security, availability, quality, enablement, modernization, and efficiency.

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