Broadridge Financial (BR), a provider of financial services solutions and investor communications, says a new rule adopted by the SEC aimed at reducing the length of mutual fund and ETF summary documents will also reduce the company’s sales. The shorter reports are to be distributed in lieu of long-form annual and semi-annual fund reports, which Broadridge charges funds to provide.

In its latest quarter filing, Broadridge quantified the new rule’s impact:

“...we currently estimate a reduction in our annual Recurring revenues of approximately $30 million phasing in over fiscal years 2025 and 2026, assuming no offset from new services.”