1. Communicating with the Future
A Strategic Planning Analysis
By Johnnies Graduate Consultants
Jennifer Chabra
Matthew Leo
Lisa Maola
Brendan McKevitt
Ze Shao
EIRP Spring 2016

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Table of Contents
1. Executive Summary Page 4
1.1. BriefoverviewofBroadridge Page 4
1.2. Business Overview Pages 4-5
2. Situational Analysis Page 6
2.1.2. Market Needs Page 6
2.1.2.1. Changes Influencing the Market Page 6
2.1.2.2. Breakdown ofthe Current Market Pages 7-10
2.2. Millennials Page 10
2.2.1. Growth in Affluence Pages 10-11
2.2.2. Characteristics ofMillennials Page 11
2.2.2.1. Technologically Inclined Pages 11-12
2.2.2.2. Social Generation Pages 12-13
2.3. Megatrends influencing Finance Industry Page 13
2.3.1. Demographics: Millennial Impact Pages 13-17
2.3.2. NewFiduciary Duties Pages 17-19
2.3.3. Technology Pages 19-21
3. Broadridge Page 21
3.1. SWOT Analysis Pages 21-22
3.2.1. Porter’s Five Force Analysis ofEach Area ofBroadridge Page 22-23
3.2.2. Competition Page 23
3.2.2.1. Direct Competition/ Indirect Competition Page 23
3.2.2.1.1. Bank ofNewYork Mellon Corp. (NYSE: BK) Page 23-24
3.2.2.1.2. R.R.Donnelly & Sons Company (NASDAQ: RRD) Pages 24-25
3.2.2.1.3. Fidelity National Information Services,Inc. (NYSE: FIS) Page 25
3.2.2.1.4. Fiserv,Inc. (NASDAQ: FISV) Pages 25-26
3.2.2.1.5. DST Systems, Inc. (NYSE: DST) Pages 26
3.3. Value Proposition Page 26
3.3.1. Broadridge Areas ofFocus Pages 26-27
3.4. Marketing Objectives Page 27
3.4.1. Target Market Strategy Page 27
3.4.1.1. Financial Needs ofMillennials Pages 27-28
3.4.1.1.1. Retirement Planning Pages 28-29

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3.4.1.1.2. Major Investments Page 29
4. Growth Page 29
4.1. Issue Pages 29-30
4.2. Opportunities for Utilization ofVideo Communications Pages 30-31
4.2.1. Advancement ofBroadridge Employee Training and Seminar Services Pages 31-32
4.2.2. Advancement ofBroadridge Onboarding Services Pages 32-34
4.2.3. Use ofVideo Communications for Robo-Advising Pages 34-37
4.2.4. Acquiring Video Technology Page 37
4.2.4.1. Possible Acquisition Targets Page 37
4.2.4.1.1. SundaySky Overview Page 37-38
4.2.4.1.2. BLUERUSH Media Group Corporation Overview Pages 38-39
4.2.4.1.3. Comparison ofAcquisition Targets Pages 40-41
4.2.4.2. Financial Analysis ofRecommended BLUERUSH Acquisition Page 41
4.2.4.2.1. Financial Ratio Analysis Page 41
4.2.4.2.1.1. Income Page 41
4.2.4.2.1.2. Operating Performance Page 41
4.2.4.2.1.3. Operating Efficiency Page 42
4.2.4.2.1.4. Short-term Liquidity Page 42
4.2.4.2.1.5. Financial Leverage Page 42
4.2.4.2.2. Valuation Methods Page 43
4.2.4.2.2.1. Discounted Cash FlowValuation (DCF) Page 43
4.2.4.2.2.2. Market Value Premium Valuation Page 43
4.2.4.2.2.3. Revenue Multiplier Valuation Pages 43-44
5. Conclusion Pages 44-45
Works Cited Pages 46-49
Appendix Page 50

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1. Executive Summary
1.1. BriefoverviewofBroadridge
Broadridge is the leading provider of investor communications and technology-driven solutions for
wealth management, asset management, and capital market firms. Broadridge helps clients drive
operational excellence to manage risk, accelerate growth,and deliver real business value. The
technology-driven solutions power the entire investment lifecycle, enabling its clients to successfully
manage the complexity and operational requirements of today’s capital markets. Broadridge is at the
forefront of multi-channel communications, strengthening its clients’ capabilities to communicate with
their clients and investors and meet regulatory requirements.
With 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 90%
of public companies and mutual funds in North America, and processes more than $5 trillion in fixed
income and equity trades per day. Broadridge is the leader in corporate governance activities,
processing approximately 85% of the outstanding shares in the United States and approximately 72% of
the shares voted outside the U.S. in the performance of its proxy services. Broadridge enables over 2
billion multi-channel communications to investors annually. Moreover, it provides transparency
through the distribution of over 90% of mutual fund and ETF assets. Broadridge is a NYSE traded
company with over five decades of experience and has a 98% client retention rate and a 98% client
revenue retention rate over the past three years.
1.2. Business Overview
Broadridge helps financial institutions and corporate issuers through technology and operations
outsourcing, and across a number of business categories. Because of its deep experiences and world-
class capabilities, clients entrust Broadridge with mission-critical responsibilities. Across a wide range
of needs, Broadridge offers not only services, but solutions for their clients’ business.

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Table 1: Broadridge’s Major Product and Service Offerings
1. Bank & Broker–Dealer
Investor Communications
● Proxy & Regulatory Communications
● Client & Marketing Communications
● Document Management & Archival Solutions
● Tax Services
● Global Investor Communication Solutions
● Trust Services
2. Global Technology &
Operations Solutions
● Securities Processing
● Managed Services
● Investment Management Solutions
● Expense Management
● Reconciliations & Process Control
● Data Management
● Risk Management
3. Mutual Fund & Retirement ● Retirement Services
● Health & Benefits Communications
● Mutual Fund Trade Processing
● Enterprise Data Management,Analysis & Reporting
● Marketing & Customer Communications
● Proxy & Regulatory Communications
● Document Management & Archival Solutions
4. Corporate Issuer &
Institutional Investor
● Transfer Agent Services
● Shareholder Communications
● Annual Meeting Services
● Registered & Beneficial Proxy Solutions
● Corporate Treasury Solutions
5. Advisor & Wealth
Solutions
● Advisor Solutions
● Marketing & Communications
● Revenue & Expense Management
● Wealth Solutions

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2. Situational Analysis
The financial services industry includes a variety of sectors: retail banking, commercial banking,
capital markets, asset management,real estate,insurance, private wealth management along with many
additional segments. Since the 2008 recession, the industry as a whole has been characterized by
increased regulation. Formal reforms were passed,most notably in the form of the Dodd-Frank Act,
and protecting consumer rights became a primary focus for the U.S. government (Aerotek.com Business
Insights). Firms within the financial industry have increased their compliance efforts and engaged in
improved risk management techniques to avoid losses similar to those experienced in 2008.
2.1.2. Market Needs
The financial services industry is being transformed by the changes in regulation and the increase in
dependence on technology. Market needs are being transformed by upcoming changes caused by an
increase in technology; data governance and other compliance aspects will be deeply integrated, and
there will be an integration of trade and portfolio and advisor applications. The importance of risk and
regulatory data will be a top priority, as well as,the retail side of banking will focus on ways to improve
their understanding and marketing towards clients (O’Dowd). With such vast changes expected in the
upcoming future, it is imperative for firms in this market to continue to change to according to the
changing market to remain competitive.
2.1.2.1. Changes Influencing the Market
In addition to the challenges the industry has confronted since 2008, new challenges and underlying
trends continue to shape the financial industry as it moves into the future. One example is the debate
over whether or not active management or passive management is most efficient. The concept of the
“robo-advisor,” or in other words, an automated investment platform, has been tested in the market and
consumers have clearly shown an affinity for it. This model may require some modification once the
recent Department of Labor ruling regarding fiduciary responsibilities for advisors managing retirement
accounts is understood and applied (Deloitte 2016 Mutual Funds Industry Outlook). Moreover,this

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ruling could also dramatically affect the nature of investment advice for all relatively low-balance
accounts, a common target market for automated platforms. Technology obviously underscores this
trend, and will certainly be a trend all its own as the financial industry continues to adapt to new
consumers.
2.1.2.2. Breakdown ofthe Current Market
An additional trend that will influence the financial industry is a demographic shift. This trend, more
specifically the growth of the millennial generation, is expected to alter the very nature of the services
provided by the financial industry and the channels those services are provided through. What is even
more fundamental, however, is the manner in which the wealth will transfer between and through
generations. In a recent report, Deloitte stated an expectation that “U.S household assets will increase
from $87 trillion [in 2015] to over $140 trillion by 2030” (Deloitte University Press). Therefore,it
would be prudent for every firm within the financial industry to position itself to service the generation
of consumers currently holding the majority of the wealth, as well as, the generations that will hold it in
future, both short-term and long-term. For clarity, generations are defined in terms of age in 2015:
silent generation (age 70-87), baby boomers (age 51-59), generation X (age 35-50) and millennials (age
18-34).

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The overriding trends for each generation are rather interesting. The silent generation is expected to
have its most significant impact through bequests. Baby boomers are currently the wealthiest
generation, and will continue to be through 2030. Generation X’ers are currently entering the most
financially rewarding stages of their lives, and are likely to be the next big fee pool for the financial
industry. Lastly, millennials will experience the most rapid growth in assets through 2030, but many
firms fear that the millennial impact on the industry will be more wide spread than merely wealth
distribution. Millennials may force a change in the nature of the industry itself based on how they
consume information and choose to purchase goods and services.

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For the near future, baby boomers are expected to continue to be the prime consumer for the financial
industry. This is largely due to the fact that there are expected to still be more than 61 million baby
boomers in 2030, at which point the youngest boomer will be 66 years old (Deloitte University Press).
The volume of people combined with the significant current wealth clearly identify this generation as a
target market for the industry for at least 15 more years.
Beyond 2030, generation X’ers and millennials will become the target market for the financial industry.
Through 2030, generation X’ers are expected to grow their assets at a compound annual growth rate of
11%. X’ers were the hardest hit generation by the 2008 recession and housing market crash, but they
are in the peak of their earning potential and will be the next significant revenue source for the
industry. The millennials will follow quickly. Millennials are burdened by significant debt, most
notably student loan debt, but the generation is the largest in U.S. history. Moreover, millennials are
expected to exhibit the highest growth rate of wealth through 2030; growth in assets is expected at a
compound annual growth rate of nearly 15%. Millennials are still joining the labor force,and as they
are promoted to higher paying positions, wealth within this generation will grow at a rapid pace
(Deloitte University Press).

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Millennials are also projected to fundamentally change the way the financial industry serves its clients.
The generation is viewed as quirky, value-conscious, unimpressed by expert advice, and willing to
make decisions based on the “wisdom of their tribe” (Deloitte University Press). Millennials are
skeptical of the value of traditional banking. In a recent report issued by Viacom, it was noted that
“73% [of millennials] would rather handle their financial service needs with Google, Amazon, Apple,
PayPalor Square than from their own nationwide bank” (Aerotek.com Business Insights). The nation
has already experienced a shift in retail markets based on how millennials shop, what mediums they
choose to use to shop, and how they consume information. A similar shift is expected in the financial
industry in an effort to serve this generation.
2.2. Millennials
2.2.1. Growth in Affluence
Millennials, also known as Generation Y, make up a population cohort that consists of the individuals
that were born between 1980 and 2000, as discussed. In the United States alone, there are over 80
million millennial consumers, which make up a fourth of the consumer market and have $200 billion in
annual buying power (Schwabel). As the largest generation in U.S. and world history, millennials will
3.

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be spending $10 trillion over their lifetimes. With a large spending power, millennials have the
attention of all businesses, as they will become the premier customer in the near future (Schwabel).
2.2.2. Characteristics ofMillennials
Millennials are characterized according to their connection with technology, especially mobile
technology, as being a generation that socializes about the products and services they use or wish to
use, and has an eagerness for connection, as shown by their activity on sites such as Facebook, Yelp,
Expedia, etc. Marketer Jeff Fromm characterizes them according to their shopping tendencies. “A
shopping habit that sets millennials apart from non-millennials is their tendency to shop in groups and
seek the opinions of others (Shin).” As a result, more than two-thirds of millennials consult with people
they trust before they make a major decision compared to around half of all non-millennials, because
seventy percent of millennials are “more excited about a decision they’ve made when their friends
agree with them, compared to 48% of non-millennials (Shin).”
According to authors Winograd and Hais: While growing up, “young millennials were revered,praised,
sheltered, befriended and carefully guided by their parents to lead well-structured lives based on
adherence to clear and mutually agreed-upon rules. Thus, they are individuals that have high values,
and interact with businesses that share those values. In addition, they are a group of going people that
is by most measures,accomplished, self-confident, group-oriented and optimistic. They were taught
that every voice matters, that bullying is bad and equality is worth fighting for. As a result, more
millennials than non-millennials integrate their beliefs and causes into their choice of companies to
support, as well as, their daily purchases and advertise their choices on social media (Mercado).
2.2.2.1. Technologically Inclined
Millennials’ affinity for technology is playing a big role in redefining a majority of businesses. The
constant connection with the internet has made millennials able to do a lot more research than previous
generations, and thus require a lot more transparency. With a click of a button, they are able to receive
information such as product reviews and price comparisons. Thus, they are leaning towards brands that
are able to provide convenience and low cost (goldmansachs.com).

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The constant connection to the internet has allowed Millennials to be more likely to do their own
research than any other generation, having them to be characterized as soloists. Statistics show that this
trend will shape the financial industry, as forty-nine percent of Millennials preferred to do their own
research and make their own choices without the help of an advisor. Furthermore, 46% of millennials
said they would prefer to do their own research and then validate their choices with an advisor.
Whereas,only 5% of millennials said that they would prefer to mostly or only consult with an advisor.
This is a dramatic decrease from the current market of Gen X’ers, with 23% leaning more or only on
advice from an advisor. Such a change in behavior of the target market of the financial industry
requires that these firms provide more information to prospective clients. As Broadridge provides
communications for firms in the financial industry, it can seize these upcoming opportunities by
providing new outlets of communication to their business clients that will allow them to better attract
their changing clientele.
2.2.2.2. Social Generation
In addition to being technology savvy individuals, millennials are a social generation with an eagerness
to connect. They are obsessed with social networks, and base a majority of their decisions based on the
information found on these sites. Studies found that 52% of affluent millennials are willing to seek
information from financial companies on a social network, 59% would seek information for personal
finance and investment decisions on a social network, 89% of affluent millennials would seek thought
leadership content about financial markets on a social network, and 91% of affluent millennials would
use a social network to obtain opinions on financial markets or events, as compared to only 53% of
affluent Gen X’ers. Furthermore, 81% of affluent millennials would look to a social network for
reviews from current customers about financial products and services, which is up from 44% of affluent
Gen X’ers that would do the same. Dependence on their peers for information is also evident by the
increase in affluent millennials that would obtain information from social networks about retirement
planning being 80%, up from 19% of affluent Gen X’ers. Moreover, 76% of affluent millennials would
seek information about personal investing on a social network, as opposed to just 18% of the affluent

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Gen X'ers. Thus, it is essential that firms make their financial information available on social networks
to accommodate millennials, as one in five affluent Millennials believes that, in the future, social
networks will be the hub of all their financial information (Strohm).
In addition to working with their peers,millennials are known to collaborate with brands and
businesses, especially when it comes to providing firms with feedback to improve their company or
advertise about a service or product they trust, as they don’t necessarily see a clear boundary between
the customer and the brand, the customer and marketer, and the customer and service provider
(Solomon).
2.3. Megatrends influencing Finance Industry
2.3.1. Demographics: Millennial Impact
As mentioned, the demographics are slowly changing, especially with newer age groups being more
involved with their financial issues. Millennials have different social values on how they deal with their
finances, as well. This shift to millennials will have different implications for the financial industry that
will have to be tackled by the firm in order to adapt and be successfulin their industry.
Our population is aging, and therefore more money is in the hands of younger generations. Younger
generations are also expected to inherit trillions of dollars that they will need assistance in dealing with.
As people are aging, life expectancies are increasing, especially with medical advancements that are
being made. Increased life expectancy can be a great opportunity for financial institutions, but can also
pose quite a challenge, as well. The challenge lies more with investment management, in that they need
to better provide individuals with expected retirement lifestyles. To retire comfortably, people are now
working their careers longer and retiring at later ages, since they are expected to now live many years
after the current average retirement age. Advisors will have to analyze how to better control this issue,
and adapt to the changing needs of these consumers (KPMG).
Another demographic change that is going to affect the financial industry is the changing role of women
and how advisors will have to change their tactics to better suit the needs of women. As women are
becoming more prominent in the workforce, they are now controlling a greater portion of financial

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assets and financial decision-making. Women are currently controlling sixty percent of all household
wealth and also around eighty percent of all the household consumption. Since they control the
majority, financial institutions should gear their products more to women (KPMG).
Millennials are going to be a driving force in the future changes in the financial industry. Millennials
will interact in the financial services world completely differently than their parent’s generation. They
are largely digital natives with high media consumption rates. Millennials can be broken down into
three different profile groups on how they deal with financial information and their financial needs.
The first profile will be Younger Millennials. This group will be around the ages 18 to 22. Typically,
consumers in this age group are single and still going to school. Since in school, a majority will be
getting financial support from their parents and, therefore, also asking their parents for financial advice.
One third of this age group had student loans that they are currently paying. Besides student loans,
younger millennials are beginning to try to save for a house, a vacation and/ or to further their
education. Information about financial planning and services will come from their parents,and classes
taken in school (The Financial Brand).
The next group is Middle Millennials, typically ages 23-29. This contains a split of people who are
married and single. Millennials in this age group are more likely than the other two profiles to make a
budget for their finances. They are also saving to buy a house more actively that the other age groups.
More than half of them are paying student loans if they went to college, but are also saving for
vacations, as well. For financial information they are still looking to their parents for guidance, as well
as, recalling what they learned in school. They will be somewhat more likely than the younger
millennials to seek assistance from a financial advisor (The Financial Brand).
Lastly, there is the group of Older Millennials. This group consists of individuals aged 30 and older,
who are mostly married and working. Since they are older, they have more savings than the other
profile groups and are starting to save for retirement and the education of their children. Large portions
of these millennials still have student loans that they are paying, as well. Therefore they make monthly

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budgets and savings goals. To gather financial information they go to professional financial advisors,
their employers and scholarly sources (The Financial Brand).
Since millennials have grown up around more technology and digital innovation than older generations,
their financial behaviors can actually redefine how financial service companies interact with consumers.
They rather have less face-to-face interaction, and have their financial services more digital and at the
touch of their hands. Seventy-one percent of millennials even say that they rather go see the dentist
than go to a bank and hear what they have to say about their finances. Millennials definitely do not
view financial institutions with the same amount of importance as previous generations and one third
even believe that they will not need a bank at all in the next five years. This thinking will have to be
analyzed by financial institutions to see how they can adapt their services and continue to attract
millennials, since they will be the prominent financial players in the next few years (The Financial
Brand).
Since many millennials do not see the real need for financial institutions, they do not have much trust or
loyalty to their current institution. Studies show that less than half of millennials see themselves
remaining with their financial service companies over the next few years. They even see themselves
switching institutions within the next 90 days. A big factor that influences their decision to change
institutions is if the other institution offers better products or services. Millennials see obsolescence,
especially since they have experienced a great amount of technology obsolescence in their lives already.
This causes them to realize that things can easily be replaced, changed and better things come along
easily (Shin, 2015).
Since millennials are not loyal to their financial institutions, banks need to analyze aspects of their
company that frustrates the consumer and how they can make the changes needed to attract millennials.
The top aspect that frustrates Millennials when dealing with a bank is the difficulty involved with
resolving problems. Thirty-seven percent of them also dislike standing in the long lines at institutions,
which is why mobile sources are preferred. Twenty-nine percent of millennials will also be frustrated
and more inclined to change banks if they are unable to easily carry out their financial transactions

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online. When a millennial has a bad experience with a bank, they are 54 percent more likely to tell
everyone they know about the negatives of the firm. Banks need to be cautious about this because it
can pull away many consumers or potential consumers (The Financial Brand).
As discussed, a great amounts of millennials are considered ‘soloists’ when dealing with financial
information. Forty-nine percent prefer to do their own research and make a choice without any help
from a financial advisor. Additionally, 46 percent like to do their own research,but then validate their
financial decisions with an advisor (Shin). Since they are performing in-depth financial research,74
percent of millennials have high levels of confidence in their financial decisions and habits. They also
have confidence that they are financial fit and that they are qualified to effectively manage their
personal finances (The Financial Brand, 2016).
Our generation has grown up having technology at our fingertips and constantly using some form of
technological devices and platforms. Because of this, most will turn to online banking applications for
their financial needs. Seventy-two percent of millennials access their banking app a few times a week,
or more with 24 percent of these using it at least one time a day. Most of these apps allow consumers to
perform all of their banking needs in their hands, with a few having the exception of depositing or
withdrawing cash. This shows how the generations operate differently. One in five millennials have
never even written out a physical check before to pay their bills. Since all of their billing is done using
the Internet, this practice is becoming more and more rare (The Financial Brand).
Even though a higher percentage of millennials do not believe that bank branches are all that necessary
anymore, when asked if they have visited a bank branch within the last month, 52 percent have said
they have. With this group largely starting to save to buy homes, it would be more necessary for them
to visit a branch to try to get a loan to do this. For this reason, millennials are saying that they would
like an easier loan application process with a digitally-savvy lender that has a faster review process for
faster approval. Technology has fostered a greater need for speed and consumers become more
impatient when they do not get this from their financial institutions (The Financial Brand).

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A last important aspect of the changing generations that will affect the financial industry is the changing
role of social media. This again stresses the importance of technology to millennials and how it is
greatly impacting their lives. Millennials are very comfortable in turning to social media networks for
their financial advice and help with making their financial decisions. They use their research on social
media platforms to replace having to trust in a financial advisor. Ninety-one percent of millennials
even say that they will use a social network to get opinions about financial markets, and 81 percent say
that they use social media to seek reviews about financial services and products from current customers.
It is very easy for one bad comment from a current customer to change a consumer's mind. It is
important for financial companies to stay on top of this, maybe by even keeping up with social media to
quickly correct any problems that their customers are facing (Shin). Social media will help create an
ability for investment managers to better connect and interact with their clients and also could create
new investment opportunities that can help the firm benefit from these technologies (KPMG).
2.3.2. NewFiduciary Duties
The environment of financial institutions is also about to drastically change because of the new
fiduciary rules that will have to begin to be implemented. Although the new rules do not have to be
practiced until January 18th
, financial firms are going to have to take the time to adapt their culture to
the new legislation. More training may also need to take place for financial advisors to ensure that they
are offering what is best to their clients.
The new fiduciary standard has been set by the US Department of Labor. It is a standard for financial
advisors who work with clients’ retirement accounts. Advisors have abundant time to prepare for
compliance with this rule, since it does not take full effect for another year and a half. It allows for
greater transparency of information for advisors and the clients that they are dealing with. The
fiduciary standard will have the greatest impact on advisors that get commission off of the financial
products that they sell to investors. These advisors may convince the clients to buy more expensive
products since their commission will be larger, even if the product does not really have the greatest
benefit for the client (Callison).

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This fiduciary standard is needed because of the increased assets that people are expected to have, such
as the large expected inheritance of millennials. Current compensation structures of advisors are mostly
misaligned with client’s interests. They are creating strong incentives for advisors to direct customers
to invest in particular products just so that they make more money. Since the fiduciary standard is
enforcing greater transparency,it will be more difficult for advisors to sell products just to make greater
commission. This is going to make a better investment environment for clients, knowing that their best
interests have to be regarded when making investments (Callison).
What exactly does the new rule mean? Advisors need to now make decisions that are in the best interest
of their clients rather than just having to stick to a ‘suitability’ standard for retirement investments. A
suitability standard is when an investment profitable to the advisor may be suitable for a client, but not
in the client’s best interest. If an advisor is recommending a client to purchase a commission-based
product, the advisor must disclose commission information and submit a best interest contract
exemption form with the Securities and Exchange Commission (SEC). A regulation like this is
definitely more wanted by clients than by the advisors who may now lose the high commission they
were getting (Callison).
The White House is estimating that the conflict of interest that advisors have when selling products to
make commission cost consumers that are saving for retirement $17 billion each year. This can
increase clients’ savings significantly, since now advisors will have to act in their best interest. Clients
may actually be inclined to buy more financial products once the rules become effective because they
will have much higher trust with the advisors. Although advisors need to adapt to this standard, they
have a lot of time to do so and can get used to the new culture. If they adapt well, clients will continue
to trust their advice and continue to work with the advisor. Advisors still have a chance to gain their
commission on existing investments because previously acquired assets will continue to be subject to
the old rules. Advisors will still be allowed to recommend that their clients hold these previous
investments (Brandon).

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The new fiduciary standard seems like it will be beneficial to the consumers, but may pose difficulties
to the financial industry. There are going to be high costs involved for firms having to implement the
new rule. It can also pose problems to the investors, as well. A study shows that it will cost the
financial services industry almost $3.9 billion to implement new standards. They have to adapt and
adjust their current practices to meet the needs of the clients and to fulfill the new ruling. It is also going
to be difficult for advisors to take on new clients. This is because more time is going to be needed to
get to know clients and understand what their needs really are,and the best way to act in the interests of
the consumers (Waddell).
The ruling is going to also hurt investors that have low-balance accounts. IRA’s will start to fail to
qualify for advisory accounts due to the low balance. Therefore,the smaller accounts will lose access
to advisors for retirement advice and support. Millennials may not see this as too much of a problem
right now, since they are prone to perform their financial decisions digitally, but this may change when
they start to receive their inheritances. It is estimated that as many as 360,000 less IRAs will be opened
each year because of this ruling (Milloy).
Other costs that advisors, investors and firms will incur can also pose a huge threat to the financial
industry. Investors will now have less investment choices to choose from, since advisors need to direct
them to ones that meet their interests. The investment strategies will be homogenized, which are riskier
for investors, as well. Robo-investing will become more prominent, which can be bad and risky for
investors who have no investment experience yet and do not know what will be right for them. Firms
will have to deal with higher costs for training and licensing advisors to better meet customer needs.
Lastly, they will also see increased costs in dealing with disclosure requirements and the costs of higher
amounts of the needed record keeping of transactions (Milloy).
2.3.3. Technology
Technology has played an increased role in all industries in recent generations. It is a main tactic for
people when gathering information on something and also a great communication source. In the
financial industry, technology has created more flexible and efficient platforms as resources for

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consumers. There have been new innovations, growth of data availability, increased Internet
connectivity and a fast paced technological change. With fast paced technological changes,firms need
to try to stay ahead of innovations in order to continue to attract their clients. It takes a much shorter
period of time for new platforms to reach an abundance of users,and therefore firms need to take the
time to perfect these platforms before releasing them when problems can easily arise for consumer use
(KPMG).
Seventy five percent of the global population has access to mobile phones, and can use them in virtually
any capacity with the advanced technology being offered. The technology has become prominent in
every aspect of their lives, which poses a great opportunity for financial institutions to take advantage
of it while they still can. The technology being used often will include the bank’s mobile apps, where
check deposits are even made easier. Financial institutions need to analyze how they can further build
on apps like this and convert their products to easy-to-use platforms on mobile devices.
Technology and innovations can pose challenges to the financial world in the upcoming years.
Innovators are seeking new products to come out with that can disrupt how the financial sector
operates. New products and services are becoming highly focused. Aggressive targeting of these
products is trying to reduce the profitability of the most valuable products of their competitors, by
correcting issues that consumers find give them high frustration, when dealing with finances. These
new products and services attract high volumes of consumers, taking business away from other firms.
Advances in technology and how firms use the technology is making this occur more and more often
(McWaters).
Manual processes have also been greatly automated with the increased use of technology. Some firms
are using more robo-advisors with the technology, which is more convenient to millennials and hurting
the business of financial advisors. These robo-advisors contain a full suite of services from asset
allocation, to complicated tax services. These services are also being offered at a fraction of the cost of
a traditional advisor. Combining the financial offerings with the ease of technology is going to be a big
attracting attribute for millennials to use these platforms (McWaters).

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A last technological trend that is disrupting the financial industry is the increase use and access of big
data. Big data can help a company transform their processes and organizations. Big data is going to
help to improve client relationships, which will greatly help with the new fiduciary standard. To keep
up with the ever-changing technology, analysis using big data can be done instantaneously. It allows
the firm to make a right offer to the right customer and through the proper channel. It can be a
beneficial resource for financial institutions to use to attract many new customers and investors.
Banks and financial institutions can use this intelligence to get more in-depth customer information. It
will help them to reduce risks within the firm and meet the various regulatory objectives that they have.
On a larger scale and with greater confidence, this data analysis can assist the finance industry in
adopting various solutions to manage their internal operations and also activities involved with facing
their clients. As the fiduciary standard requires that advisors act in the client’s best interest, big data
research can allow advisors to get to know the client before interacting with them by analyzing their
demographic data and current activities that the client partakes in on a daily basis (O’Dowd).
Bid data is going to also allow institutions to better integrate trades, portfolio management and different
advisor applications in software and platforms provided to customers. It will make investing easier and
more transparent for clients. Greater speed with processes,efficiency and accuracy will also be
provided by big data analysis to better meet the client’s needs, and help the financial industry to grow
even further in innovations. Lastly, big data will aid the firm with risk management and regulatory
management of their abundance of data that they have stored. Reducing risks is important for any firm,
and will allow them to continue to strive and adapt to changes as time goes on (O’Dowd).
3. Broadridge
3.1. SWOT Analysis

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Table 2: SWOT Analysis ofBroadridge
SWOT Analysis
Strengths
1. Strong brand name and good financial position globally
2. Large Consumer base
3. Large Market Share
4. Diverse Products & Offerings
5. Business done with reputable companies
6. Client Retention
7. As a provider of technology, their need by consumers is
increasing
Weaknesses
1. Growth of competition
2. Inability to change according to environment
3. Market Saturation
4. Dependence on paper communication
Opportunities
1. Shift towards technology creates consumer need
2. Data Management
3. Changing regulations require more communication products
for consumers
4. Mergers and acquisitions and JVs
Threats
1. Breaches in security for online banking
2. Changing government regulations and financial crisis like
recessions
3. Investment banking pressures on the rise
4. Stiff competition
5. Changes in target market behavior
3.2.1. Porter’s Five Force Analysis ofEach Area ofBroadridge
1. Bargaining power ofSupplier - Weak

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Broadridge has an 80%+ market share,which puts the company in an excellent, strategic position.
Technology implementation also hurts the bargaining power of Broadridge’s suppliers.
2. Bargaining power ofBuyer - Weak
Once again, the size of Broadridge, its market share,and the diversity of the products and services they
offer puts them in the driver seat with bargaining power of buyers. They are able to keep costs low due
to the amount of business they conduct.
3. Competitive Rivalry within the Industry - Weak to Mid
On the scale of Broadridge as a whole, the competitive rivalry is weak. Broadridge’s control of their
market allows them to keep ahead of rivals. If focusing on a smaller granularity, the competitive rivalry
is a bit stronger. However,with Broadridge being active in mergers, acquisitions, and strategic
alliances, they still retain a powerful position in their respective markets.
4. Threat ofSubstitute Products - Strong (Weak to Mid)
There are many competitors out there, each focusing on a specific product or service to offer clientele.
This can eat at Broadridge’s market share. However,Broadridge is so large that it can stay competitive
by keeping prices low. It also offers such a wide array of products and services that it acts as a one-stop
shop for clients. The changes in technology and digitalization are causing a threat to print
communication.
5. Threat ofNewEntry - Weak
Broadridge retains such a large market share that it would be hard for new entrants to compete. The
equipment and facilities this specific market requires is also an expensive overhead cost, making it
difficult barrier to entry. There is an opportunity for new entrants through digital technology, but
Broadridge continues to stay ahead of the competition through mergers, acquisitions, and strategic
alliances.
3.2.2. Competition
3.2.2.1. Direct Competition/ Indirect Competition
3.2.2.1.1. Bank ofNewYork Mellon Corp. (NYSE: BK)

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The Bank of New York Mellon Corp. operates as a bank holding company, which engages in global
financial services. It provides financial services for institutions, corporations and high-net-worth
individuals, offering investment management and investment services through a worldwide client-
focused team. The company operates through three segments: Investment Management, Investment
Services and Other. The Investment Management segment includes the former asset management and
wealth management businesses. The Investment Services segment includes the former asset servicing,
issuer services and clearing services businesses, as well as, the cash management business previously
included in the former treasury services business. The Other segment includes credit-related activities
previously included in the treasury services business, the lease financing portfolio, corporate treasury
activities, including the investment securities portfolio, equity investments in Wing Hang Bank and
ConvergEx group, business exits and corporate overhead. The Bank of New York Mellon traces its
roots back to Bank of New York which was founded by Alexander Hamilton in 1784. The company
was founded on July 1, 2007 and is headquartered in New York,NY.
3.2.2.1.2. R.R.Donnelly & Sons Company (NASDAQ: RRD)
R.R. Donnelley & Sons Co. provides integrated communications. It helps organizations communicate
by working to create,manage,produce, distribute and process content on behalf of their customers. The
company provides Internet-based services and other resources to premedia, printing, logistics and
business process outsourcing services to clients in private and public sectors. It operates business
through four segments: Publishing & Retail Services, Variable Print, Strategic Services and
International. The Publishing & Retail Services segment includes magazines, catalogs, retail inserts,
books, and directories. The Variable Print segment includes commercial and digital print, direct mail,
labels, statement printing, forms, and office products. The Strategic Services segment includes logistics,
financial, digital and creative solutions, and domestic-based sourcing all of which are value-added
offerings that complement its core print business. International: product and service offerings in Asia,
Latin America,Europe and Canada, Business Process Outsourcing, and Global Turnkey Solutions, an
international supply chain offering that delivers value-added solutions to the consumer electronics, life

25. 25 |
sciences and telecom sectors. The company was founded by Richard Robert Donnelley in 1864 and is
headquartered in Chicago, IL.
3.2.2.1.3. Fidelity National Information Services,Inc. (NYSE: FIS)
Fidelity National Information Services, Inc. operates as a global provider of banking and payments
technologies. It offers core banking solutions, outsourcing solutions for community banks, credit
unions, and other financial institutions, item processing services,card issuer services, risk management
solutions, EFT services, prepaid/gift card processing, as well as solutions for global organizations and
for those domiciled outside of North America. It operates through the following segments: Integrated
Financial Solutions, Global Financial Solutions, and Corporate and Other. The Integrated Financial
Solutions segment focuses on serving the North American regional and community bank market for
transaction and account processing, payment solutions, channel solutions, digital channels, risk and
compliance solutions, and services, capitalizing on the continuing trend to outsource these solutions.
The Global Financial Solutions segment serves the largest financial institutions around the globe with
banking and payments solutions, as well as consulting and transformation services. The Corporate and
Other segment consists of corporate overhead expense, certain leveraged functions and miscellaneous
expenses that are not included in the operating segments. The company was founded in 1968 and is
headquartered in Jacksonville, FL.
3.2.2.1.4. Fiserv,Inc. (NASDAQ: FISV)
Fiserv, Inc. provides financial services technology. Its operates its business through two segments:
Payments and Industry Products and Financial Institution Services. The Payments and Industry
Products segment provides financial institutions and other companies with the products and services
required to process electronic payment transactions. The Financial Institution Services segment
provides banks, thrifts and credit unions with account processing services,item processing and source
capture services,loan origination and servicing products, cash management and consulting services,
and other products and services that support numerous types of financial transactions. The company

26. 26 |
was founded by Leslie M. Muma and George D. Dalton on July 31, 1984 and is headquartered in
Brookfield, WI.
3.2.2.1.5. DST Systems, Inc. (NYSE: DST)
DST Systems, Inc. engages in the provision of proprietary technology-based information processing
and servicing solutions. It operates through the following segments: Financial Services, Healthcare
Services and Customer Communications. The Financial Services segment provides investor and asset
distribution services. The Healthcare Services segment comprises of solutions to health plans and
managed care organizations, including claims adjudication, benefit management, care management,
business intelligence, and other ancillary services. The Customer Communications segment offers a
range of integrated print, mail, and electronic communications services to clients in the United States of
America, Canada,and the United Kingdom. The company was founded in 1969 and is headquartered in
Kansas City, MO.
3.3. Value Proposition
As discussed, Broadridge is a company with multiple departments designed for streamlining technology
and communications for businesses, so they can better serve their clients. Based on their vast amount
of offerings that promote efficiency and cost savings, they have been able to reach an 80% market
share. Their reputation is backed by their ability to serve clients across severalindustries, as well as,
their ability to meet the regulation needs that each firm needs to meet. Although Broadridge may not
have many direct competitors, it does have multiple indirect competitors that compete against smaller
divisions of the firm. Thus, to ensure its position as market leader, it must make sure that it continues to
bring value to the firms that it serves. This requires that they forecast changes in behavior of the clients
of the businesses they serve.
3.3.1. Broadridge Areas ofFocus
One of the major areas of focus that are rapidly changing as this demographic shift towards millennials
is occurring is the area of communication. As the shift towards greater technology occurs,Broadridge
must anticipate changes in their method of communication. It must ensure that it is offering cutting

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edge technology, so it does not lose its consumers to competitors. Since the market is trending towards
greater dependence on technology, Broadridge can offer communication products that are supplemented
with a greater amount of technology in an effort to bring product differentiation to the market.
3.4. Marketing Objectives
The upcoming shift in buying power causes all types of businesses to adjust their practices according to
the changing market. In order to better address the needs of millennials, firms must understand their
behavior. It is essential that a firm is able to characterize this market according to the needs discussed.
A better understanding of their needs and values allows for a better prediction of their future buying
behavior, and is essential for the growth of a majority of businesses offering products and services.
Particularly, financial firms must make sure that they address the needs of their market, as about 48% of
affluent Millennials say they’re open to switching to another company offering better products and
services (Shin).
3.4.1. Target Market Strategy
In addition to the vast amount of wealth that will be in the hands of this generation in the very near
future, the financial industry has to address this generation as it's soon to be target market due to the
financial issues they may be currently or will be facing. Millennials are individuals in their 20s and
early 30s that are uneasy with the U.S. financial system because they witnessed a weak economy and
saw firsthand, their parents lose a good chunk of their retirement savings in the Great Recession. As a
result of the recession and the weak economy, they are also struggling more financially by facing
greater difficulty than generations before them, specifically because of student loan debt and economic
uncertainty (Strohm). It is imperative that firms alter their targeting strategy to meet the needs of
millennials, so that they are less reluctant to work with the financial services industry.
3.4.1.1. Financial Needs ofMillennials
As a firm that aids in the communications and technology sector in the financial industry, it is essential
that Broadridge anticipate how changes in the market demographics will affect the clients for the
businesses they service. In order to better serve these businesses, Broadridge must anticipate the

28. 28 |
changes in buying behavior. Combining the needs of millennials with their characteristics allows for a
better understanding of new products and services Broadridge can offer. In terms of their preferences
in regards to financial institutions, millennials are not impressed with the number of years a firm has
been in business; rather,they are concerned with a few other factors. Millennials value a firm that
demonstrates transparency; they do not like dishonesty or gray areas. They do not mind having
multiple accounts,but do not want to have to fill out forms of information for each. In addition to
valuing convenience, they prefer to have real-time solutions from people with real decision-making,
rather than having to be outsourced to a call-center. They want financial firms to be more proactive in
terms of their communication with them, rather than being reactive (Merritt). Based on their values and
experiences, millennials need to turn to the financial services industry when it comes to retirement
planning and major investments.
3.4.1.1.1. Retirement Planning
A tumultuous economy has not only influenced the outlook millennials have towards financial
institutions, but also their needs that have to be met by the financial industry. Many millennials have
entered the working world later in their lives due to the weakened economy and lack of opportunities.
This late start in the working world has impeded on their ability to begin planning for the end of those
careers. As this generation is still struggling to find meaningful employment to cover current expenses
and crushing student loan payments, the amount of time they have to save for retirement is decreasing.
In addition to starting work late, young workers earn lower wages than those with longer tenures; in
addition, in the years between 2007 and 2013, the incomes of workers under 35 fell more than the
wages of the general population. As a result, saving for retirement is a luxury that many in the
millennial generation, also called Gen Y,can't yet afford, and thus need the assistance of finalism
institutions. According to Fidelity, before 2015, only 38% of Americans were prepared for retirement
and in 2015 that number jumped to 45%. This provides a huge market opportunity to financial
institutions (Mondalek).

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Although balances in retirement accounts have risen, the number of retirement accounts has actually
fallen since 2007 and Bankrate's recent survey on retirement and saving attitudes found that only 29
percent of individuals surveyed between the ages of 18 and 29 are satisfied with their current level of
saving for retirement (Steiner).
3.4.1.1.2. Major Investments
Currently, millennials have a strong aversion when it comes to big purchases,such as a car or home,
and to loans. They detest debt more than any other generation, and thus statistics shows that 63% of
millennials do not have a credit card, but use debit or prepaid cards (Merritt). However,as Millennials
enter their peak home-buying years,their reluctance to enter the housing market could change. The
cohort’s sheer size, plus its desire to settle down in the future, could lead to a surge in home sales
(goldmansachs.com). This could lead to many opportunities for the financial industry. In terms of
major purchases,they seem to have a stronger brand loyalty than they would otherwise. They also tend
to mimic the buying behavior of their parents. Thus, if firms work with these consumers now, they will
be more likely to stick with buying from the firm when they have a greater amount of wealth
(Solomon).
4. Growth
4.1. Issue
Analysis of the financial industry shows that there are three macro-environmental trends that will
revolutionize the industry. Changes in demographics of the market, the environment, and technology
are influencing the target market of the industry and how these financial institutions are able to do
business. These changes pose severalopportunities for Broadridge in the near future. Focus on the
changes in demographics are causing a great shift in effective forms of communications and marketing.
Print communication is a major product that Broadridge offers its clients. However,as the shift in
effective communication occurs from print communication to more technology infused methods of
communications, it is imperative for Broadridge to maintain and grow its business. It can do so by
making sure that it is ahead of the trend. As consumers become more technology obsessed,it is

30. 30 |
important that Broadridge offers the businesses it works with the ability to successfully reach their
clients. To add to its digital solutions, Broadridge can offer video communications that would aid in
multiple areas. Studies show shoppers who view video are 1.81x more likely to purchase than non-
viewers (Lloyd). Thus, video communications can supplement multiple print communications that
Broadridge currently offers, and can replace print communications if necessary in the future, especially
since Syndacast predicts 74% of all internet traffic in 2017 will be video (Wangphanitkun). As B2C
marketers place more importance on visual content than B2B marketers -- and a whopping 40% of B2C
marketers say visual content is the most important type of content, the opportunities available for
Broadridge are numerous (Stelzner).
Print communications are distributed for a variety of purposes, but not all of the print communications
can be replaced or supplemented with video communications. Broadridge can offer video
communications to supplement or replace brochures or pamphlets that outline the changing roles of
financial advisors that is influenced by the changing government regulations, or by the institution of
robo-advisors. Specifically, millennials would rather watch a video summarizing the major points of an
insurance policy, a retirement plan, or a mutual fund. Furthermore, video communications can aid in
training communications that are offered to employees or to consumers in the onboarding process. It
can also be utilized in lieu of seminars. Video seminars allow for instant distribution of information
and eliminate limitations of travel and time specificity. To successfully be able to offer video
communication methods, Broadridge would have to acquire a digital solutions company.
4.2. Opportunities for Utilization ofVideo Communications and such Technology
Video communications or video conferencing provides multiple benefits over paper communication. It
provides a more interactive experience, with information that can be obtained on the go. Video
communications have gained so much popularity because they provide convenience, affordability, and
portability (SQL). Broadridge provides businesses with the ability to inform and educate their
employees with training information, as well as,the ability to provide the firms they work with seminar
services and the ability to educate their clients with the investor onboarding process. In terms of

31. 31 |
financial advisor training, the video communications will replace or supplement any pamphlets or
brochures that outline changes in regulations that might affect the role of the advisor or the firm, new
certification or training programs that the advisor has to participate in, or new products that the advisor
must become familiar with. The training methods are designed to increase the productivity of
employees by providing them with the knowledge and information required to complete the tasks
required of the role efficiently (Silver). In addition to educating their employees through training
programs, pamphlets, and seminars, firms use seminars to educate their clients. In the same light, as
consumers are being onboarded to a company, they face a plethora of information describing products
and how they relate to the consumer. As studies show that the onboarding process needs to be more
effective at capturing and maintaining the interest of the consumer, video communications will be more
interactive and keep the attention of the potential consumer. Furthermore, they will be more interactive
and demonstrate the use of the resources the firm provides.
4.2.1. Advancement ofBroadridge Employee Training and Seminar Services
Currently, Broadridge offers Forefield seminars, which include a 30-45 minute presentation that
consists of 20-30 PowerPoint slides, a script, and client workbook. The seminar also comes with a 3-4
minute video version that allows the firm to engage its prospects by emailing out the video or posting it
to the website. This demonstrates that Broadridge understands the importance of video content in
engaging the viewer. Seminars require individuals to meet at a specific location and time to listen to a
presentation. This requires the firm to pay for a location and additionally plan or pay for the planning
of the seminar. It also limits the potential audience according to the time and location of the event.
These variables limit the potential audience for the seminar. In addition, this is not the way that the
upcoming target market of millennials has been trained. Millennials are visual learners that are
accustomed to learning at their own pace. Thus, if Broadridge offered webinars or video seminars that
informed the client, on behalf of a company, of programs including the current seminars that
Broadridge offers,such as Estate Planning Basics, Retirement Basics,College Planning, and Investment

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Basics, among others, clients of Broadridge would be able to reach a greater demographic due to the
increase in technology, as well as, eliminate the limitations posed based on time and location (Rao).
The cost of a video conference would be less than the cost of renting a location and planning the event.
It allows for cutting of travel costs,loss of productivity of employees during days of travel, and
increases participation. Rather than having multiple seminars at different locations to educate several
regions a firm serves,the same seminar can be used for all of the regions, cutting costs for the firm
dramatically. Furthermore, it allows the viewer to view the information at his or her own pace,and
repeat any sections that may need clarification. These advantages can be conveyed to Broadridge
consumers to convince them of the value earned by switching to video conferencing. Just as
Broadridge offers seminar services based on a generic template that can be customized to meet the
needs and display the brand image of the firm, the same can be done with its video seminars. The
length of the seminar can be based on consumer needs,being comparable to the seminar services
currently offered. This allows the firm to feel that variables such as time and quality are static and
comparable to the seminar services currently obtained, the only difference is the delivery.
4.2.2. Advancement ofBroadridge Onboarding Services
In addition to the educational opportunities that Broadridge offers with seminar services,it offers client
onboarding services. Studies of the onboarding process show that in order for a firm to successfully
attract and retain consumers, the onboarding process should be targeted to the individual, rather than a
technology solution that contains a plethora of information. Since new customer onboarding is one of
the most effective sales strategies for banks and credit unions that want to improve consumer
engagement, increase consumer spending, retention and the value of a consumer relationship, this
provides an area of opportunity for Broadridge (Marous). Currently, Broadridge offers Imaging and
Workflow as an automated service that offers new account document processing, manual processing
applications which include stock plan administration, household processing, and retirement plan
processing, among others. By offering video communications in addition to the paper communications
that aid in investor onboarding, Broadridge will be able to attract businesses by providing product

33. 33 |
differentiation. Current studies show that the importance of investor onboarding has increased, and the
method by which it is done is dated. In order to better attract potential clients, the firm must be have an
onboarding process in place that meets the needs of clients. The process should be active and engaging,
be well-organized, convey honesty and transparency,and inviting towards the brand (Raytek).
It is important that the onboarding process for potential clients be one that assesses the product needs of
these clients, so that the firm can educate the consumer with the information they need to make a
decision about a product. To make the onboarding process seem less like a task and more like an
interactive experience,firms are trying to develop an interactive onboarding computer game or are
incorporating other gamification methods. Consumers have the ability to select from game modules on
product basics, detailed information on the benefits and use of the products, and more detailed
information on the regulations (Rampton). “Financial institutions that get customer onboarding right
can improve customer satisfaction, lower churn, and gain better insights into customer preferences and
desires, all while reducing costs and enhancing regulatory compliance (Marous).”
Broadridge can capitalize on the shift of businesses toward onboarding by offering video
communications or an interactive onboarding process. The advantages of this method over print
communications are numerous, especially since they meet the needs of the current market; this method
provides the consumer with more engaging information, and information on the brand and transparency
of the firm, which is important to any consumer of the financial services industry. The overall goal of
the onboarding process is to increase consumer engagement. Studies show that 65% of video viewers
watch more than ¾ of a video and in an eye-mapping study of Search Engine Results Pages (SERPs),
video results commanded more attention than other listings (Cote). The key to an effective onboarding
program is all about engagement. The costs of incorporating an onboarding program is offset by the
increases in consumer engagement, fosters the business-client relationship, and will win the firm more
business. The revenue difference between an inactive customer and one that actively uses their
checking account, for example, is over $200 according to research done by Javelin Strategy for Deluxe.
J.D. Power has found that conducting a complete needs assessment of a consumer expresses business

34. 34 |
interest and increases customer satisfaction. It also provides the foundation for personalized
communication later in the onboarding process (Marous).
Broadridge offers Forefield Websites, which allow firms to create a professional, high-quality website
based website template that can be customized according to the firm’s content. In a similar manner, it
can offer firms an onboarding software or video communication that is based on a generic template.
Businesses can customize the template according to their brand image, the products they are offering,
and information they want to highlight. Broadridge will benefit the firm by ensuring that the
compliance and regulation laws are met, and the technology is of high quality and protected by high
security.
4.2.3. Use ofVideo Communications for Robo-Advising
With the new fiduciary standard that financial advisors will have to follow within the next couple of
years,robo-advisors are going to become more and more prominent. This is especially true with
investors that have lower balances and will no longer be able to afford using a realadvisor for their
financial needs. These platforms are also becoming more and more popular with the younger
generations due to their dependence on technology. Banks and lenders are even racing to release their
own automated platforms and are investing a great deal in the new technology (Collins).
Using video communications for the further introduction of robo-advisors will require financial
institutions to spend less time on explaining to the consumers what they should expect from these
platforms and how to better use them. It will allow consumers to be well informed about the robo
platforms and can show users exactly how to navigate these platforms. This can help to create trust
between the consumer and the financial institution launching the platform because it shows the
consumer that the institution cares about transparency. It also shows that they care that their consumers
are obtaining the proper financial information when they are no longer able to use or can afford to speak
to an advisor.
These videos can be sent out to financial institutions to use on their platforms to show consumers how
to navigate through all of their offerings on it. Before the fiduciary standard changes go into effect,a

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video can be sent to all consumers explaining their new rights and how the advisors must act in their
best interest. It is much more effective to explain this in a video instead of just sending out print
notifications because consumers today are more digitally inclined. They are much more likely to watch
a video then to read through a packet of information explaining the new standard.
Using video over other communication tactics can offer a lot of value to a firm. Today consumers are
skeptical about receiving phone calls. It is difficult to determine if the phone call is going to be
someone trying to rip off the consumer, sell the consumer something or try to get information from the
consumer for identity theft. Many younger consumers barely even know how to hold a conversation on
the phone since they are so used to text messages. On a phone call, it is also difficult for the consumer
to visualize what they are talking about, and may also interpret things differently then what is meant.
Lastly, it is also difficult for consumers to obtain each bit of information that is given to them over a
phone call, with no way to access it again if need be.
Although social media has become more and more prominent, many people do not trust social media
with information about their personal financial decisions. They do look to social media for information
about financial institutions from friends and peers,but not the finances and financial product
information itself. The informational videos could actually be launched onto social media platforms if
needed, so that more consumers better understand how robo-advisors will change the financial industry.
It is much easier to listen or watch a video than to search through social media about information that
the consumer would need. Video offers convenience and access to the information at anytime the
consumer would want.
Paper communications are a thing of the past, especially with more people wanting to ‘go green’ and
save paper. Not having to print and send all of the information saves the firm money on paper, ink and
the time it takes to do all of this. When sent a booklet of information, people barely have the time to
read them. Consumers are constantly on the go and reading a packet may simply be out of the question.
Having a video communication can allow consumers to watch or listen in the car,while on a quick
lunch break or even while at the gym. Most paper communications tend to use big words and more

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legal verbiage. This can be confusing to consumers and they may not understand what the firm is
trying to get across to them. Something still would have to be given in a hard copy because of
compliance issues. However,pairing a video with the hard copy communications can create greater
transparency,as preferred by the consumer. This will help consumers have a better understanding of
the fiduciary standards that advisors will soon be accountable for. Thus, this will increase consumer
engagement.
Communications using video are growing in popularity. Four out of five business executives agreed
that videos improve a firm’s productivity and organizational efficiency. There are different factors in
business today that show the increasing adoption of video communications. The first factor is increased
mobility. There are many different platforms in which an organization can launch a video, which will
optimize video flow and easily get them out to many consumers. Video communications also help to
increase engagement. Videos can be stored and referenced later on, which engages more consumers to
watch the videos maybe even multiple times. A video that takes a consumer step-by-step through their
robo platform, will engage more consumers in using the platform for their finances (Hanzlik).
Video is an effective tool especially since it combines seeing and hearing. When combining the two it
has a greater impact on the viewers. Informational studies show that 80% of the information is actually
retained when someone sees and hears information, as opposed to 10% for hearing alone and 20% for
seeing alone. Video communications are providing the ability to reach consumers. A video can be sent
anywhere in the world or to any device, especially with the evolving technology. It offers fast and easy
interaction with consumers. Since working with many companies located globally, this will be an
important aspect of video communications that will make it much easier than other methods
(Berkowitz).
Based on the following statistics, it can be seen that video communications now will be very successful
in the future. In 2017, it has been reported that 74% of all Internet traffic will be videos. This shows
how crucial it is to create the videos now and stay ahead of the game. 65 % of video viewers will watch
more than ¾ of the video. If sending a paper communication, the business is not likely to get nearly

37. 37 |
this amount of engagement. Therefore,the message in a video will get to consumers more efficiently
than printed materials. More attention is going to be given when a video is sent out, and people will
actually retain more of the information (Cote).
When a video communication is sent in an email, the opening rates of that email increases by 20%.
Important communications may not be ignored or accidentally deleted when a video is involved.
Worldwide B2B marketers actually say that video communications are one of the top three effective
tactics that are currently being used. Lastly, because of the easy access, 86.8 million Smartphone users
watched a video on their device at least monthly. This is an abundant amount of consumers that can be
targeted and reached by video communications and can product a great amount of growth in the firm
(Cote).
4.2.4. Acquiring Video Technology
The opportunities that would become available to Broadridge upon offering video communications to
the businesses they serve are numerous. However,it is important to understand that Broadridge does
not have the ability to offer such technology. In order for a firm like Broadridge to capitalize on the
changes in effective communication methods and to remain a market leader it must acquire the video
technology. Analysis of firms that would offer such capabilities to Broadridge led to the further
investigation of two digital communications firms, SundaySky and BlueRush.
4.2.4.1. Possible Acquisition Targets
4.2.4.1.1. SundaySky Overview
SundaySky, founded in 2007, is a privately owned, B2B, digital solutions company that serves clients
internationally. It presently is headquartered in NYC, and has offices in Tel-Aviv, and Tokyo.
SundaySky crafts videos tailored to an audience of one with information relevant and specific to each
customer, through its unique ability to leverage and synthesize real-time data. It enables industry-
leading platforms, providers and partners to empower businesses to personalize communications at
every stage of the customer lifecycle, setting a new standard for effective customer engagement. The
SmartVideo Platform offers data activation, strategic storytelling, programmatic personalization,

38. 38 |
multichannel distribution, intelligent optimization, allows the firm to sell products and services,and
share information and benefits. SundaySky serves firms across industries including AT&T,Citi,
Comcast, and Capital One,among others.
The management team consists of Jim Dicso, the President, Ben Reisch, the Vice President of R&D,
Shmulik Weller, the co-founder and CEO, and Yaniv Axen, the co-founder, and Chief Technology
Officer. It has an estimated revenue of $5 million, thus far. Overall, historical analysis of the firm’s
investment history shows that SundaySky doubled its staff and tripled revenues in 2012, and continued
to grow in 2013. Since 2011, 500 million SmartVideos have been generated in real time by its
platform. Its investors include Carmel Ventures and Norwest Venture; partners include Globespan
Capital partners and Comcast. Its closest competitors are BlueRush and Pitney Bowes’ Engage One
Video Platform, which both offer personal, video communications. Overall, it is a small company that
would successfully provide Broadridge with the video communications technology (SundaySky.com).
4.2.4.1.2. BLUERUSH Media Group Corporation Overview
BLUERUSH Media Group Corp. provides media solutions through its wholly owned subsidiary,
BLUERUSH Digital Media Corp. It is a digital marketing company that helps companies design,
develop and manage their end-to-end digital media strategy. The company creates innovative, rich
media solutions for distribution across all new emerging medias, which include Internet, Web TV,
iPods, Mobile Phones and Digital Signs. BLUERUSH Media Group was founded by Laurence Lubin
on April 6, 2004 and is headquartered in Ontario, Canada. BLUERUSH offers two products,
INDIVIDEO and DIGITALREACH. Their closest competitors are SundaySky and Pitney Bowes’
Engage One Video Platform, which both offer personal, video communications.
INDIVIDEO,the product focused on, is a digital, video communications product that allows a
company to engage clients with a personal touch. This unique product is the future of digital
communications and is scalable through the use of monthly statements,onboarding, upselling and cross
selling, generating leads, and describing new products and services. INDIVIDEO has four main
categories of use, such as: onboarding, client care,marketing and promotional videos, and video billing

39. 39 |
and statements. The product also offers evolutionary metrics by collecting data on how every client
utilizes and interacts with their personalized content. It will collect metrics on how many times the
video is viewed, time spent watching, where it was viewed, if it was shared,and what actions the client
took after watching the video. These create benefits to companies like sales leads, improved customer
loyalty, and lowered cost of customer acquisitions.
BLUERUSH works in the finance and healthcare industries. In the finance industry, the company is
experienced in insurance, retail and mortgage banking, and investments. They are successfulat
maximizing effectiveness providing bankers, financial advisors, and trade agents with tools and
calculators needed to communicate with their clients, as well as onboarding and training of staff.
INDIVIDEO is a key component of this and helps illustrate complicated financial concepts. In the
healthcare industry, INDIVIDEO is used to communicate patient support, continuing medical
education, and sales support. BLUERUSH current clients include industry leaders like Broadridge,
CIBC, Edward Jones, Fidelity, John Hancock Financial Network, London Life, Pacific Life, RBC,
Bristol-Myers Squibb, Eli Lilly, GlaxoSmithKline, Merck, Pfizer, and AstraZeneca. Most recently,
BLUERUSH won 8 IAC Awards,including “Best Insurance Online Video” with their INDIVIDEO
product (BLUERUSH).

40. 40 |
4.2.4.1.3. Comparison ofAcquisition Targets
Table 3: Side-by-Side Comparison ofAcquisition Targets
SundaySky BLUERUSH
Pros
Primary Offering SmartVideo INDIVIDEO
Multichannel Distribution X X
Optimization X X
Already focused on financial
and healthcare
X
Provides product
differentiation
X X
Offers valuable technology
Broadridge
X X
Provides access to firms that
may be outside
X X
Cons
Relatively young company X X
Lack of experience with firm X
Clashes between cultures of
firm
X
Drawbacks in malfunctioning X X
Both SundaySky’s SmartVideo and BLUERUSH’s INDIVIDEO would offer Broadridge the
technology in producing video communications much needed to engage the younger demographic.
They both would give Broadridge the ability to have a multichannel distribution platform across
different forms of media, including mobile devices. These two products also offer differentiation from
the typical paper and/or PDF communications. Although there are these benefits to each company’s
product, they are both relatively young companies that are attempting to grow in a young market

41. 41 |
segment. This builds a trust issue in the companies themselves and the products they offer. Without a
strong proof of concept, both in the companies and in the market segment they are developing, it is not
yet known whether or not it will scale; however, our research shows that with the trend shifting towards
the younger generations and the want of ease and transparency,it will be a necessary tool.
After reviewing the two companies closely, BLUERUSH is the recommended target acquisition due to
an already developed relationship with Broadridge. It is assumed that continuing business between the
two companies has developed a level of trust and future business can be developed. BLUERUSH is
also already focused on the financial and healthcare industry, which aligns with the market Broadridge
currently serves and their clientele needs.
4.2.4.2. Financial Analysis ofRecommended BLUERUSH Acquisition
4.2.4.2.1. Financial Ratio Analysis
4.2.4.2.1.1. Income
Earnings before Interest Taxes Depreciation & Amortization (EBITDA) has been rather healthy,
although inconsistent in 2009, 2012, and 2014. BLUERUSH has posted EBITDA of $323.5 thousand
in 2008, $794.5 thousand in 2011, and $560.6 thousand in 2015 (Factset). They have had an average
annual growth rate of 73.29% over the course of the past 8 years,proving that the company is
consistently growing in their market.
4.2.4.2.1.2. Operating Performance
Return on Equity is being used to measure the profitability by revealing how much profit is generated
with the use of the shareholders investments. BLUERUSH has a 5-year average ROE of 8.32%; this
average is skewed due to negative returns in 2012 and 2014. Otherwise BLUERUSH has shown strong
ROE of 35.91% in 2010, 35.09% in 2011, 19.25% in 2013, and most recently 23.8% in 2015 (Factset).
BLUERUSH is prevailing in ROE compared against the investment services software and technology
industry average of 14%. The growth rate of ROE over the past three years is 23.64% and can be
predicted to continue to grow along with the demographic trend of millennials and the use of mobile,

42. 42 |
video technology. This proves that management of the company is making good decisions on behalf of
the shareholders.
4.2.4.2.1.3. Operating Efficiency
Fixed asset turnover is being used to judge BLUERUSH’s operating efficiency; this is due to the fact
that they do not have true inventory and the majority of their business is conducted by the use of their
computer hardware and software technology. BLUERUSH is showing extremely positive turnover
numbers in this category, posting 44.79x in 2008 and improving to 93.51x in 2015. They are showing
an average annual growth rate in fixed asset turnover of 108.77% over this period of time.
4.2.4.2.1.4. Short-term Liquidity
Current ratio is being used to analyze the short-term liquidity of BLUERUSH. The company had
current assets of $1.17 million in 2008 and has increased their assets to $2.63 million in 2015 by
reinvesting back into the company and the technology they use (BLUERUSH 10K). This is an average
annual growth rate of 124.79%. Their current liabilities of 2008 were $0.31 million and increasing to
$0.52 million in 2015, with an average annual growth rate of 67.74%. The current ratio of 2008 was
3.77 and improving to 5.06 in 2015. This is showing that the company is very capable of paying its
short-term and long-term obligations. This is a positive outlook of the health of the company.
4.2.4.2.1.5. Financial Leverage
To analyze BLUERUSH’s long-term solvency and debt capacity, long-term debt to total equity is used.
This is especially important for evaluating young companies, in order to understand how much debt
they are using to finance assets relative to the amount of value represented in their shareholders’ equity.
BLUERUSH currently has a debt to equity of 50.33%, meaning that they would have to use half of their
shareholders’ equity to pay off their debt. It is important to know that BLUERUSH had zero debt over
the years of 2010 to 2014 (Factset). They just acquired about $1.3 million dollars of debt to finance
their operations and will begin making term payments for 5 years in July of 2016 (BLUERUSH 10K).

43. 43 |
4.2.4.2.2. Valuation Methods
4.2.4.2.2.1. Discounted Cash FlowValuation (DCF)
Three approaches were taken to valuate BLUERUSH for an acquisition offer. The first approach that
was used for the valuation was a Discounted Cash Flow (DCF). In this valuation model, Free Cash
Flow (FCF) was forecasted using the estimated growth rate of BLUERUSH of 11.1% over the next 5
years (Factset). The FCF of each year was then discounted back to 2016 to calculate the present value
of the respective years FCF. The terminal value of all years after 2020 was calculated using the
Weighted Average Cost of Capital of Broadridge, 9.4%, and a conservative growth rate of 3% (Guru
Focus). The terminal value was also discounted to calculate the present value in 2016 of the future cash
flows. The sum of the cash flows from 2016-2020 and the terminal value of the future cash flows were
valued to be $7.18 million and a price per share of $0.24, where as it is currently being traded at $0.07
(Factset).
4.2.4.2.2.2. Market Value Premium Valuation
Due to the small and young nature of BLUERUSH a valuation using a premium on top of their market
value was performed. A sensitivity analysis was created to visualize the best premium rate to utilize.
After researching recent merger & acquisition deals, premiums were found to be in the 25-35% level
(Bloomberg). The sensitivity analysis was conducted using a premium range of 20-55%. With a
current market value of $2.5 million, the sensitivity analysis had a range of $3-$4 million. This method
did not seem logical when taking consideration of the forecasted growth of the company and the DCF
valuation of $7.9 million.
4.2.4.2.2.3. Revenue Multiplier Valuation
With the market value premium valuation being significantly low compared to the DCF,a revenue
multiplier valuation was performed using a sensitivity analysis. It was decided due to the small size of
BLUERUSH and low volume of shares traded on average,BLUERUSH should be treated as a private
company and valuated using this method. Research showed that recent M&As had a median revenue
multiplier of 3.70x, with a range of 1.44x-6.1x. The range used in the sensitivity analysis was 2.0x-

44. 44 |
7.0x, with the median of previous deals included. The range of the analysis was $6.6-$23 million. The
median multiplier of 3.7x calculated the valuation to be $12.2 million (Please refer to Chart 1 in the
Appendix).
5. Conclusion
A demographic shift is causing a change in the upcoming target market that is forcing businesses to feel
the need to prepare for the future. The shift towards millennials, who are more technologically savvy
and less trusting of financial firms, is causing a stir in the financial industry. In order to increase
engagement of these consumers, who will have over $200 billion in buying power in the very near
future, firms must make sure they are targeting them well. As this market is less affected by traditional
forms of communication, such as print, firms such as Broadridge that offer a variety of print
communications to the businesses they serve,feel the pressure to advance their communications
offerings or face the risk of being replaced by competitors. Studies show that video communications
are a lot more effective in relaying information, and are the means that millennials turn to for
information. Broadridge can demonstrate its understanding of the new market by offering businesses
with customizable video communications that allow for supplementation of financial marketing
communications, communications that outline the upcoming changes in the fiduciary standard, the
robo-advising platform, or communications that are distributed in the onboarding of employees or new
clients. Being able to offer such a technology would require Broadridge to acquire a firm. Through
research of the digital marketing industry, it is recommended that Broadridge proceed with an
attempted acquisition of BLUERUSH Media Group Corp. The financial analysis of BLUERUSH
shows strength in the company along with great growth over the past 8 years, although there were some
inconsistencies within a few years of operation concerning EBITDA. BLUERUSH’s operating
performance and efficiency demonstrates a management team that is making conscientious decisions in
regards to the shareholders and the company. The company also shows strength in liquidity and
financial leverage, not taking on debt until the most recent fiscal year of 2015. The discounted cash
flow shows that the company is undervalued; BLUERUSH could be purchased at a discount and would

45. 45 |
be a great acquisition in terms of future profits and market value. The issue is that management most
likely sees the potential growth in the company and would need to see a premium of goodwill in order
to consider a buy-out. That is why the revenue multiplier valuation was used and an offering of $12.2
million would be a reasonable target price, calculated using recent M&A revenue multipliers of 3.7x,
$10 million greater than BLUERUSH’s current market value. This additional $10 million would be
considered as a premium of goodwill, knowing the potential growth of the company. With the large
cash flow of Broadridge, this $12.2 million offer would not damage the financial structure of
Broadridge. Broadridge also has previously developed a relationship with BLUERUSH in the use of
the DIGITALREACH product, which is known as SMARTADVISOR for Broadridge’s use. This
relationship and the small employee size of BLUERUSH,would make integration seamless and an easy
transition into the Broadridge family of companies. Acquiring the company is acquiring the
technological equipment and strength of knowledge the employees of BLUERUSH have in developing
the digital technology to create the custom videos. With the availability of Broadridge’s current client
base and the proof of concept that BLUERUSH offers with INDIVIDEO,this platform would grow this
business segment on an unprecedented level.
Overall, Broadridge may choose to acquire a different digital solutions company, other than the two
discussed. What is of utmost importance is that it does not pass up the opportunity to offer video
technology to the firms that it serves,as these are effective communications of the future.

46. 46 |
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Appendix

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Chart 1: Revenue Multiplier
Multiplier Enterprise Value
2.0 $ 6,590,000
3.0 $ 9,885,000
3.7 $ 12,191,500
4.0 $ 13,180,000
5.0 $ 16,475,000
6.0 $ 19,770,000
7.0 $ 23,065,000
BLUERUSH 2015 10K Annual Report