Broadridge Financial Solutions has launched a Wealth Lending Network marketplace to connect wealth managers to banks and other financial services institutions.
The marketplace will enable wealth managers of all sizes to offer Securities-Based Lending (SBL) services to their clients using Broadridge’s end-to-end SBL technology platform. The Bancorp, Inc. (NASDAQ: TBBK) is joining the marketplace as its inaugural funding partner through its subsidiary, The Bancorp Bank.
“The Wealth Lending Network is an exciting evolution of the market’s dynamic – connecting the supply-and-demand sides on a trusted lending platform that creates value for lenders, advisors and their clients,” says Mike Alexander, President of Wealth Management, Broadridge. “We are focused on building value-added services in a way that makes business substantially easier and more robust for our clients – whatever their size. The marketplace opens up the SBL market to drive growth for clients by facilitating market access, funding, technology, credit risk management and sales enablement.”
Demand for SBL credit continues to grow, proving attractive to both borrowers looking to access liquidity in their portfolios and to lenders as a low-cost, low-risk credit offering. For lenders, SBL offers a high-quality revenue stream with a low-risk profile and a low cost of capital. The Broadridge Wealth Lending Network extends current lending models, enabling financial institutions, such as independent broker dealers, financial advisors and RIAs, to offer SBL to clients on a turnkey basis. By providing flexible credit offerings, advisors can deepen relationships with clients, safeguarding existing AUM and attracting new assets. What had traditionally been a slow and manual process is now digitised, delivering a streamlined and frictionless customer experience.”
“The Bancorp is excited to join Broadridge’s Wealth Lending Network as its initial funding partner, tapping into this new channel built on Broadridge’s market access and proven end-to-end SBL technology,” says Jeff Hazelwood, Managing Director of Institutional Banking Solutions, The Bancorp. “Our participation in Broadridge’s Wealth Lending Network builds on The Bancorp’s ongoing strategic investment in our SBL market leadership.”