The retirement industry was already fast-paced and dynamic before 2020, as an aging population prompted providers to evolve their retirement plans and practices. Flexibility and efficiency have become standard as firms face increased competition, regulation and complexity. Layer in the uncertainties and catalysts over the past several months and the pressure has only heightened.
One of the major responses from the industry to evolve alongside these transitions has been consolidation. From big banks to household name insurance providers, mega-deals are happening consistently. Companies are teaming up to cross-sell to attract new customers and achieve profitability by scale.
A critical instrument in that fight is the ability to improve customer experience and deliver digital tools to improve engagement among plan participants. Retirement plan providers need to empower plan participants to make educated choices for their future. Those providers that can deliver engaging, informative offerings can increase engagement and retention.
Delivering cutting-edge financial wellness tools isn’t easy, so large retirement providers are turning to the technology community for help and support. Establishing partnerships with technology providers like SS&C can reduce complexity, increase efficiencies, lower servicing costs, drive engagements and improve outcomes. Technology specialists like SS&C Retirement are helping clients transform customer engagement with a more personalized experience.
Over the past 30 years, SS&C Retirement Solutions has grown a community of more than 300 clients servicing more than 10 million plan participants. Over the last several months, the SS&C ecosystem grew even further with new partnerships with the most well-known retirement institutions in the world:
JPMorgan Chase has engaged SS&C as the underlying recordkeeper for Everyday 401(k), enabling the firm's thousands of small business clients and their employees to plan, save and invest for retirement.
Nationwide, a leading insurance and financial services company now works with SS&C to support and enhance its advisor-sold retirement plan platform. The strategic partnership will enable Nationwide to expand its advisor-sold retirement plan business by providing enhanced capabilities using the same service model and relationship management with clients.
A major provider in the 457 space now works with SS&C as a strategic technology partner to advance the next generation of its recordkeeping, digital, and operational technologies. The partnership expands the client’s ability to deliver on its mission of building retirement security for those who serve its communities.
QUODD Financial now partners with SS&C to offer enhanced data service for retirement clients. This new integration provides SS&C clients access to high-quality dividend data, reduces risk and streamlines dividend processing.
Both ProNvest and Stadion managed account services are now accessible to all retirement plan service providers that use SS&C's recordkeeping platform. These partnerships expand recordkeeping relationships with minimal additional development and implementation work. SS&C's TRAC platform supports plans of all sizes with a wide range of flexible, cost-effective outsourcing service solutions.
Ultimately, providers in a crowded retirement field are transforming with the help of technology. Partnering with an independent technology provider like SS&C makes this transition seamless and scalable, dramatically reducing servicing costs, IT footprint and overhead. Putting trust in SS&C helps put technology to use, ultimately improving the variety of retirement plan options and helping a generation of consumers receive a greater choice, flexibility and top-quality support.
For more information on SS&C Retirement, discover the solutions we offer across the retirement ecosystem.
Written by Kevin Rafferty
General Manager, SS&C Retirement Solutions