Canadian First Time Home Buyers on the Rise as Record Volume of FHSA Activity Soars According to Broadridge

18 financial institutions currently leveraging Broadridge's solution to help first time homebuyers achieve the dream of buying a house

NEW YORK and TORONTO, April 29, 2024 /CNW/ -- Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, announced their continued success in modernizing wealth management in Canada with a First Home Savings Account (FHSA) solution which allows first time homebuyers to save for their first home purchase. Since launching the solution in June 2023, Broadridge clients were first to market with FHSA capabilities and today, Broadridge's solutions administer over 440,000 accounts allowing investors to meaningfully save over $1.8 billion in CAD AUM for this important life milestone.

"The introduction of the FHSA has been a tremendous success and continues to be one of the most in-demand rollouts we've experienced," said Praneil Ladwa, Chief Product Officer and Head of International Operations, Questrade Financial Group. "Our success would not have been possible without our trusted partner, Broadridge, who was not only a key contributor towards ensuring that we were first to bring the FHSA to market, but also in delivering on our commitment to be there for Canadians as they take the important steps towards home ownership."

Originally announced in 2022 to encourage investors to save for their first home, an FHSA is a registered plan that allows Canadians to save for their first home tax-free (up to certain limits).

"Broadridge is very proud that our FHSA offering is helping so many of our Canadian clients and their customers make the dream of homeownership a reality," said Karin Kirkwood, President of Broadridge Canada. "Our digitally enabled solution delivers significant value, by helping financial organizations improve the customer and advisor experience by offering a single account holding multiple investment products all in one place, in a way that streamlines technology and operations to reduce overall costs."

Broadridge's solution has a strong focus on customer satisfaction, addressing the unique needs and challenges faced by the Canadian wealth industry. The Broadridge FHSA offering is seamlessly integrated with Broadridge's existing Canada Wealth components and provides a consistent and scalable solution for enterprise digitization. Since launching in June 2023, 18 financial institutions, across all industry sectors, have implemented Broadridge's solution, highlighting the richness and configurability of the solution.

Overall, Broadridge's Wealth Platform solution demonstrates how Canadian financial institutions can use Broadridge offerings to create market impact, service investors and build relationships for life, as a result of leveraging this momentous milestone.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work^®, Broadridge is part of the S&P 500^® Index, employing over 14,000 associates in 21 countries.

For more information about us, please visit www.broadridge.com.

Broadridge Contacts:

Investors: 
Edings Thibault
Head of Investor Relations, Broadridge
[email protected]

Media:
Gregg Rosenberg
Global Head of Corporate Communications
[email protected]

SOURCE Broadridge Financial Solutions, Inc.