Financial advisors using Morningstar Advisor Workstation will now have access to the securities-based lending tools from Broadridge Financial’s Wealth Lending Network marketplace.
The newly announced integration means that the more than 150,000 US financial advisors that use Morningstar’s product will be able to use the Broadridge solution to determine their clients' SBL borrowing potential and connect with WLN partner banks to support their clients' lending needs.
This will open up an alternative option for clients to liquidating investment portfolios, offering tax benefits, convenience, and the flexibility of an evergreen credit facility for ongoing financial needs.
"Our mission at Broadridge is to provide trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow," said Mike Alexander, president of Broadridge Wealth Management. "This collaboration helps advisors respond to the growing demand for flexible, simplified, and integrated financial solutions, including borrowing against their securities portfolio, allowing them to better align with their clients' evolving goals, and provide expanded service offerings that strengthen their client relationships."
Access will be via a single sign on and will also offer access to advanced predictive prospecting, sales and educational capabilities via the WLN platform. WLN enables RIAs, independent broker-dealers, non-bank affiliated broker dealers, and wealth management firms to offer SBL solutions to their clients and help them compete against wirehouses and big banks.
"Today's advisors recognize the importance of offering expanded services to add value for their clients. As highlighted in Morningstar's 2024 Voice of the Advisor Survey, advisors who offered a broader range of services were more confident in their ability to support their client with meaningful financial plans" said Vimal Vel, chief product officer for Enterprise Solutions at Morningstar. "Our collaboration with Broadridge equips advisors with a tool for advanced lending options, enabling them to provide a more comprehensive suite of services and elevate the industry standard for the value advisors offer clients."
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