UBS Outsources Advisor Technology

Fintech company Broadridge has scored its first major client for its wealth management technology platform: UBS .

The Swiss bank announced Thursday it will buy Broadridge’s technology tool, which UBS advisors and their staff will use for tasks including opening client accounts, trade routing and order management, Reuters reports.

One thing that’s notable about Broadridge’s platform: If other firms begin using it, they will all share the costs of certain services such as regulatory compliance, Tim Gokey, Broadridge’s COO told the news agency.

Such services are “things that everybody has to do, and we have to do them in the same way, but they don’t differentiate our firm to our clients or advisers,” Thomas Giacalone, UBS head of operations for wealth management in the Americas, was quoted saying.

He added that by relying on Broadridge’s platform, UBS wouldn’t have to worry about building its own software or managing multiple third-party technology providers.

“Having the best back-office and middle-office technology and being able to moderate those expenses is one of the keys to making us more efficient,” Giacolone was quoted saying.

UBS and Broadridge did not provide financial details of their agreement.

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