The FHSA was designed to help first-time homebuyers
Global Fintech leader Broadridge Financial Solutions has announced that its First Home Savings Account (FHSA) solution has been successful as it had administered over 440,000 accounts among all of its clients.
First launched in June 2023, Broadridge’s FHSA solution allowed first time homebuyers to save up in order to purchase their first home. The firm’s clients were the first ones who were able to utilize the solution which has led to investors saving up over $1.8 billion AUM.
Praneil Ladwa, chief product officer and head of international operations at brokerage firm Questrade Financial Group had expressed how the FHSA’s introduction to its businesses had been one of the most in-demand rollouts it had seen.
“Our success would not have been possible without our trusted partner, Broadridge, who was not only a key contributor towards ensuring that we were first to bring the FHSA to market, but also in delivering on our commitment to be there for Canadians as they take the important steps towards home ownership,” said Ladwa.
Broadridge Canada President Karin Kirkwood said that the firm was proud that its offering had been beneficial to its clients in Canada as well as their customers in their steps towards becoming a homeowner.
“Our digitally enabled solution delivers significant value, by helping financial organizations improve the customer and advisor experience by offering a single account holding multiple investment products all in one place, in a way that streamlines technology and operations to reduce overall costs,” said Kirkwood.
The FHSA serves as a registered plan that allowed Canadian first-time homebuyers to save up for their first home without tax, which is still subjected to certain limitations. Since its launch, about 18 financial institutions from across the industry sector has implemented the solution which can be seamlessly integrated to the Fintech’s existing Canada Wealth components.
