Financial Data and Key Metrics Changes - Broadridge reported an 8% growth in recurring revenue on a constant currency basis and a 51% increase in adjusted EPS [6][27] - Adjusted operating income margin expanded by 280 basis points to 15.8% [27][37] - Total revenue increased by 12% to $1.6 billion, driven by recurring revenue growth and higher event-driven revenue [35][27] Business Line Data and Key Metrics Changes - Governance revenues rose by 5%, driven by sales and healthy position growth [8][28] - Capital markets revenues grew by 6%, supported by new sales and higher trading volumes [14][30] - Wealth and Investment Management revenues surged by 22%, attributed to solid organic growth and the SIS acquisition [19][31] Market Data and Key Metrics Changes - Total equity position growth was 12%, with managed accounts driving this increase [9][32] - Fund position growth was 2%, impacted by the timing of communications, but mid-single-digit growth is expected for the full year [8][32] - Trade volumes rose by 17% for the quarter, indicating strong demand in both equity and fixed income markets [32][93] Company Strategy and Development Direction - Broadridge is focused on democratizing and digitizing investing, simplifying trading, and modernizing wealth management [6][22] - The company is investing in new governance solutions, expanding tokenization capabilities, and pursuing value-added acquisitions [5][6] - Tokenization is viewed as a megatrend that will drive long-term growth and democratization in financial services [17][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the higher end of the 5% to 7% recurring revenue growth range and reaffirmed guidance for 8% to 12% adjusted EPS growth [7][26] - The positive economic backdrop and healthy capital markets are benefiting financial services clients [4][5] - Management highlighted the importance of innovation in driving long-term position growth and adapting to market changes [78][66] Other Important Information - Broadridge repurchased $150 million of its shares and completed two tuck-in acquisitions totaling $56 million [25][40] - The company recorded a $46 million unrealized gain on digital asset holdings, which was excluded from adjusted EPS calculations [27][38] - The Canton network is expected to serve as an operating system for tokenized institutional markets, with Broadridge contributing to its development [18][66] Q&A Session Summary Question: Recurring revenue outlook and EPS guidance - Management explained that the recurring revenue guidance increase is primarily driven by acquisitions and strong underlying business performance, while EPS guidance remains conservative due to expected normalization of event-driven revenue [46][50] Question: Impact of government shutdown on sales cycles - Management indicated that there has been no slowdown in client conversations or deal closures due to the government shutdown, maintaining a stable selling environment [60][62] Question: Role of digital assets and tokenization in business - Management views digital assets and tokenization as a significant opportunity, with plans to integrate these innovations across various asset classes [64][66] Question: Position growth trends - Management reported strong position growth in equities and funds, with direct indexing driving managed account growth [75][78] Question: Canton network and super validator role - Management clarified that the super validator role is separate from the distributed ledger repo platform, and payments for this role are commonly made in coins [80][82]

Core Insights - The company positions itself as an integrator of top-tier technology for financial advisors, catering to high-net-worth clients without requiring them to be billion-dollar clients [1][5][12] - Emphasis is placed on data protection and cybersecurity, which are critical for maintaining client trust and safeguarding sensitive information [4][19] - The technology stack is designed to provide comprehensive solutions, including advanced performance reporting and client management tools, enhancing the capabilities of financial advisors [6][16][18] Technology Integration - The company has invested significantly in identifying and integrating the best technology tools available in the market for advisors [5][6] - A diverse technology stack is claimed to be the broadest in the Registered Investment Advisor (RIA) space, allowing for tailored solutions for various client needs [6][8] - The integration of AI technologies is being explored to improve lead generation, performance reporting, and data analysis [16][17] Client Management - The company offers custodial options from multiple providers, allowing advisors to be custodial agnostic and focus on delivering value to clients [12][13] - There is a focus on managing clients' retirement assets, particularly 401(k) plans, to ensure comprehensive financial oversight [18] - The approach is to treat all client assets as part of a holistic financial strategy, reinforcing the role of advisors as fiduciary advocates [18][19] Performance Reporting - The company utilizes various financial planning tools, with a preference for eMoney for cash flow analysis and data gathering [9][10] - The goal is to help advisors meet or exceed index performance while also exploring alternative strategies for generating alpha [14][15] Market Positioning - The company differentiates itself from competitors by not taking bribes for technology use and ensuring a secure ecosystem for advisors [2][4] - The competitive landscape includes major players like Salesforce and Addepar, with the company aiming to provide superior technology solutions tailored for high-net-worth clients [2][8]

Core Insights - Orion has launched Tailored Allocation Portfolios, integrating direct indexing services with third-party model portfolios to enhance investment strategies for advisors and clients [1][5] Group 1: Product Offering - Tailored Allocation Portfolios combine Orion's direct indexing with model portfolios from First Trust Advisors, Janus Henderson, and Russell Investments, with plans for additional third-party managers in the future [1] - The portfolios are designed for investors with concentrated positions, legacy holdings, or unique tax situations, allowing advisors to transition assets into ETF and mutual fund-based models using proprietary tax-transition technology [2] Group 2: Cost Structure - There are no additional costs for advisors or investors, as participating asset managers fund the platform [3] Group 3: Market Demand - A report from Cerulli Associates indicates that tax harvesting and ETF integration are highly valued by advisors in portfolio construction [4] - Broadbridge Financial Solutions reported a 5.5% increase in model assets among RIAs in the first quarter, reaching $883.5 billion, highlighting strong demand for such investment products [4] Group 4: Strategic Vision - Orion's president emphasized the importance of personalizing portfolios to meet clients' goals and tax needs while maintaining cost efficiency and simplicity [5] - The Tailored Allocation Portfolios aim to provide tax efficiency, risk management, customization, and scalable automation, aligning with Orion's vision for impactful, tech-enabled investment management [5] - The portfolios were soft-launched in August 2025 and are now available across various Orion advisor platforms [5]

Core Insights - The firm emphasizes the importance of net returns after fees, taxes, and inflation, managing most fixed-income and equity assets in-house to avoid high third-party management fees [1][4][19] Client Relationships - The firm has significant client relationships, with an average household investment between $15 million and $30 million, and a median net worth exceeding $25 million [2] - Clients are typically multi-generational families with complex financial situations requiring tailored advisory services [2][3] Investment Strategy - The firm manages approximately $2.3 billion in assets under management (AUM) and serves around 130 families, often managing multiple family units [3][4] - Fixed-income strategies are tailored to individual client tax situations, allowing for tax-loss harvesting and investment in both taxable and tax-free bonds [5][6][7] - In equity markets, the firm employs direct indexing and tax-loss harvesting without incurring additional fees, aiming to outperform benchmarks like the Russell 1000 or S&P 500 [8][9][10] Private Markets Investment - The firm invests in private markets across four main areas: private real estate, private debt, private equity, and infrastructure, with some clients allocating up to 50% of their portfolios to these assets [12][13][14] - The firm has adapted to the evolving private markets landscape, utilizing both drawdown funds and evergreen funds to provide clients with liquidity and access to diverse investment opportunities [11][15][16] Manager Selection - The firm prefers established asset managers for private market investments, focusing on long-term relationships and thorough due diligence processes [20][21] - For fixed-income and equity investments, the firm primarily manages assets in-house but may utilize third-party managers for specific niches like mid-cap, small-cap, and international markets [17][18] Portfolio Management - The firm has a seven-person investment committee that meets weekly to discuss market outlooks and client allocations, with monthly market reports and quarterly webinars to keep clients informed [22][23] - Rebalancing of portfolios is typically assessed quarterly but executed during periods of market volatility [24] Cryptocurrency Investments - The firm assists clients interested in cryptocurrencies, primarily through ETFs or closed-end funds, while acknowledging the evolving nature of the cryptocurrency market [25][26] International Market Exposure - The firm maintains a home country bias in international investments, typically allocating 15% to 20% of portfolios to international assets, with a focus on emerging markets and currency exposure [27][28] Cash Management - The firm generally holds minimal cash in managed accounts, typically between 1% and 3%, influenced by client preferences for opportunistic investments [29]

Core Insights - The article discusses the launch of Evergreen Wealth, a new wealth management firm that combines traditional fiduciary advice with an AI-driven advice engine to enhance financial decision-making for clients with significant assets [4][5][6]. Company Overview - Evergreen Wealth is founded by Bill Harris, a seasoned entrepreneur with a background in finance and technology, including previous roles at PayPal and Intuit [5][4]. - The firm employs a team of 50 professionals and targets clients with a minimum of $250,000 in investable assets, focusing on those with a net worth between $1 million and $10 million [3][4]. AI Integration - The company utilizes a proprietary AI advice engine that integrates investment, tax, and financial databases to create personalized and tax-optimized portfolios [3][6]. - AI is used extensively for portfolio management, allowing for automated decision-making and trade execution, which enhances efficiency and complexity management [6][10]. Investment Strategy - Evergreen Wealth prioritizes direct indexing over traditional ETF or mutual fund investments, allowing for greater customization and tax efficiency [9]. - The firm employs daily tax loss harvesting strategies, making over 100,000 buy-sell decisions for each client daily, which significantly enhances tax optimization [10]. Client Personalization - The firm emphasizes a high level of personalization in investment strategies, taking into account individual client preferences, risk appetites, and specific investment concerns [11]. - The approach includes considerations for ESG (Environmental, Social, and Governance) factors, allowing clients to align their investments with their values [11].

We're seeing some pressure on Nvidia, right. Obviously, a lot of retail investors, a lot of institutional investors hold this company. Yeah.Did you expect these US trying to trade trade talks to actually have a market impact. Because I talked to a lot of traders. They said, "No, not really. It's kind of a non-event." Yeah, that'd be something I think gets shrugged off right away, but we'll we'll see as it develops whether or not it does get shrugged off or we head back to those all-time highs or this is mat ...

Wealthfront beats out Fidelity, Schwab and Vanguard when it comes to direct indexing and tax loss harvesting. https://t.co/mRmeE8WgRF https://t.co/TFbhnaigcQ ...