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BLOG. 2 min read

Is Your Legacy Retirement Platform Holding You Back?

In the retirement industry, the need to simplify, streamline, and modernize operations is becoming increasingly evident. This often entails updating technology and moving away from outdated, legacy platforms. Unfortunately, the providers of legacy platforms may lack the incentive or expertise to update their technology infrastructure, leaving firms grappling with inefficiencies and outdated systems. Legacy systems can also hinder the integration of newer technologies, leading many organizations to cobble together various platforms to access the capabilities they require.

Amid these challenges, firms often opt to transition to a new platform. However, selecting the wrong one can result in unintended repercussions. For instance, if the chosen platform lacks a track record of continuous investment in its core recordkeeping platform, it may face difficulties in modernizing. Consequently, its capacity to drive efficiencies over time could be compromised. Without a growth-forward platform, you may encounter limitations in scalability and flexibility, impacting your time to market and new product needs. Furthermore, the provider's lack of ongoing investments may affect their ability to ensure data security and comply with regulatory changes.

This is why choosing the right provider is so crucial. It should be a proven leader committed to investing in technology infrastructure. Moreover, the provider should offer a scalable solution and have experience implementing the platform with minimal disruption to clients. By selecting a single provider with a customizable platform, you can easily scale up your operations without the hassle of managing the system yourself. This allows you to focus on what matters most—your business.

Enter TRAC®— SS&C Retirement Solutions' account servicing platform, a proven solution backed by SS&C Technologies’ commitment to technology investment and development. With our comprehensive suite of global tools and portals, we partner with you to meet the industry's evolving needs for dynamic interactions and superior customer experiences. Our rules-based application, integrated within our ecosystem, helps eliminate maintenance costs, future-proof your cost model, and facilitate seamless integration.

We offer common BPO offerings across regions and business lines, delivering standardized and secure processing models embedded with intelligent workflows and digital capabilities. Our dedication to innovation and service excellence ensures our clients remain industry leaders.

Transitioning from legacy platforms to modern solutions like TRAC is essential for firms in the retirement industry to stay competitive and efficient. With our proven track record, commitment to innovation and unmatched service, we empower our clients to thrive in an ever-evolving landscape. To learn more about what to look for in a provider, read our "Six Key Questions to Consider When Thinking of Retirement Outsourcing" whitepaper. Or if you want to take a deeper dive into how TRAC can help your business, listen to our “Modernizing and Transforming Recordkeeping with TRAC” webinar.

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